US rig count down 11

The rig count in the Permian Basin was up one this week, the latest count Friday by Baker Hughes shows, with 250 rigs active in the region. A year ago, 125 rigs were active in the region.

Nationally, the oil and gas rig count is down 11 from last week at 497 rigs. A year ago, 256 rigs were active. The count shows that 394 rigs sought oil, down 16 from the previous week, and 102 explored for natural gas, up five 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 $65.77 per barrel, up 55 cents from last Friday’s close. National benchmark West Texas Intermediate crude ended at $69.29 per barrel, up 55 cents from the previous week.