July 27–The rig count in the Permian Basin increased by four in the week ending Friday, the latest count by Baker Hughes shows, with 480 rigs active in the region.
Nationally, the oil and gas rig count increased by two to a total of 1,048 rigs. A year ago, 958 rigs were active. The count shows that 861 rigs sought oil, up three from the previous week, and 186 explored for natural gas, down one 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 $65.25 per barrel, down $1.75 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $68.69 per barrel, down $1.77 from the previous week.
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