Nov. 02–The rig count in the Permian Basin is down by two from the prior week, the latest count by Baker Hughes shows, with 487 rigs active in the region.
Nationally, the oil and gas rig count is down one at 1,067 rigs. A year ago, 898 rigs were active. The count shows that 874 rigs sought oil, down one from the previous week, and 193 explored for natural gas, no change 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 $63.14 per barrel, down $4.45 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $59.50 per barrel, down $4.50 from the previous week.
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