Nov. 16–The rig count in the Permian Basin is up by one from the prior week, the latest count by Baker Hughes shows, with 493 rigs active in the region.
Nationally, the oil and gas rig count is up one at 1,082 rigs. A year ago, 915 rigs were active. The count shows that 888 rigs sought oil, up two from the previous week, and 194 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 $53.00 per barrel, down $3.75 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $56.46 per barrel, down $3.73 from the previous week.
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