• November 27, 2020

US rig count down two as oil prices increase - Odessa American: Weekly Rig

US rig count down two as oil prices increase

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Posted: Friday, November 20, 2020 2:30 pm

The rig count in the Permian Basin was up two this week, the latest count Friday by Baker Hughes shows, with 156 rigs active in the region. A year ago, 405 rigs were active in the region.

Nationally, the oil and gas rig count is down two from last week at 310 rigs. A year ago, 803 rigs were active. The count shows that 231 rigs sought oil, down five from the previous week, and 76 explored for natural gas, up three from the previous week.

The U.S. rig count peaked at 4,530 in 1981. It bottomed out in August of 2020 at 244.

The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $38.50 per barrel, up $1.75 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $42.15 per barrel, up $2.02 from the previous week.

Reference Links

DAILY OIL PRICE: November 24

  • Crude Oil: 44.91   (+1.85).
  • Nymex MTD AVG:  40.2075.
  • Natural Gas: 2.775   (+0.064).
  • Gasoline: 1.2582   (+0.0542).
  • Spreads: January/February   (-0.20)   February/March   (-0.14).
  • Plains WTI Posting: 41.50   (+1.75).
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