US rig count up by five

The rig count in the Permian Basin was up two this week, the latest count Friday by Baker Hughes shows, with 231 rigs active in the region. A year ago, 175 rigs were active in the region.

Nationally, the oil and gas rig count is up five from last week at 453 rigs. A year ago, 339 rigs were active. The count shows that 352 rigs sought oil, up eight from the previous week, and 100 explored for natural gas, down 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 $61.85 per barrel, up 47 cents from last Friday’s close. National benchmark West Texas Intermediate crude ended at $65.37 per barrel, up 47 cents from the previous week.