Aug. 24–The rig count in the Permian Basin fell by one from the prior week, the latest count by Baker Hughes shows, with 485 rigs active in the region.
Nationally, the oil and gas rig count plunged 13 to a total of 1,044 rigs. A year ago, 940 rigs were active. The count shows that 860 rigs sought oil, a drop of nine from the previous week, and 182 explored for natural gas, a drop of 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 $65.25 per barrel, up $2.75 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $68.72 per barrel, up $2.82 from the previous week.
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