• October 26, 2020

US rig count steady as oil prices rebound - Odessa American: Weekly Rig

US rig count steady as oil prices rebound

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Posted: Friday, September 18, 2020 2:30 pm

The rig count in the Permian Basin was down one this week, the latest count Friday by Baker Hughes shows, with 123 rigs active in the region. A year ago, 417 rigs were active in the region.

Nationally, the oil and gas rig count is up one from last week at 255 rigs. A year ago, 868 rigs were active. The count shows that 179 rigs sought oil, down one from the previous week, and 73 explored for natural gas, up two 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 $37.50 per barrel, up $3.75 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $41.11 per barrel, down $3.78 from the previous week.

Reference Links

DAILY OIL PRICE: October 16

  • Crude Oil: 40.88   (-0.08).
  • Nymex MTD AVG:  39.8317.
  • Natural Gas: 2.773   (-0.002).
  • Gasoline: 1.1688   (-0.0112).
  • Spreads: November/December   (-0.24)   December/January   (-0.30).
  • Plains WTI Posting: 37.25   (-0.25).
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