Aug. 31–The rig count in the Permian Basin is up by one from the prior week, the latest count by Baker Hughes shows, with 486 rigs active in the region.
Nationally, the oil and gas rig count increased by four to a total of 1,048 rigs. A year ago, 943 rigs were active. The count shows that 820 rigs sought oil, up two from the previous week, and 184 explored for natural gas, up two 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 $66.25 per barrel, up $1 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $69.80 per barrel, up $1.08 from the previous week.
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