US rig count up eight as prices continue to climb

The rig count in the Permian Basin was up five this week, the latest count Friday by Baker Hughes shows, with 229 rigs active in the region. A year ago, 198 rigs were active in the region.

Nationally, the oil and gas rig count is up eight from last week at 448 rigs. A year ago, 374 rigs were active. The count shows that 344 rigs sought oil, up two from the previous week, and 103 explored for natural gas, up seven 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 $61.38 per barrel, up $1.32 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $64.90 per barrel, up $1.32 from the previous week.