Basin rig count rises slightly as oil prices jump

The rig count in the Permian Basin was up by one this week, the latest count Friday by Baker Hughes shows, with 488 rigs active in the region. A year ago, 403 rigs were active in the region.
Nationally, the oil and gas rig count is unchanged from last week at 1,075 rigs. A year ago, 939 rigs were active. The count shows that 873 rigs sought oil, down four from the previous week, and 202 explored for natural gas, up four from the previous week.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.
The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $48 per barrel, up $3.50 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $51.59 per barrel, up $3.63 from the previous week.