US rig count up by nine

The rig count in the Permian Basin was up one this week, the latest count Friday by Baker Hughes shows, with 237 rigs active in the region. A year ago, 132 rigs were active in the region.

Nationally, the oil and gas rig count is up nine from last week at 470 rigs. A year ago, 266 rigs were active. The count shows that 373 rigs sought oil, up eight from the previous week, and 97 explored for natural gas, up one 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 $68.12 per barrel, up 73 cents from last Friday’s close. National benchmark West Texas Intermediate crude ended at $71.64 per barrel, up 73 cents from the previous week.