The rig count in the Permian Basin was up three this week, the latest count Friday by Baker Hughes shows, with 352 rigs active in the region. A year ago, 280 rigs were active in the region.
Nationally, the oil and gas rig count is up two from last week at 784 rigs. A year ago, 569 rigs were active. The count shows that 627 rigs sought oil, up four from the previous week, and 155 explored for natural gas, down 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 Wednesday at $74.42 per barrel, down $2.14 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $76.28 per barrel, down $3.80 from the previous week.
