Energy News Today

Basin rig count up nine while oil prices drop

Posted: Friday, October 30, 2020 2:30 pm

Basin rig count up nine while oil prices drop

Odessa American
oanews@oaoa.com

Odessa American

The rig count in the Permian Basin was up nine this week, the latest count Friday by Baker Hughes shows, with 142 rigs active in the region. A year ago, 416 rigs were active in the region.

Nationally, the oil and gas rig count is up nine from last week at 296 rigs. A year ago, 822 rigs were active. The count shows that 221 rigs sought oil, up ten from the previous week, and 72 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 August of 2020 at 244.

The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $32.25 per barrel, down $4.00 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $35.79 per barrel, down $4.06 from the previous week.

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Friday, October 30, 2020 2:30 pm.


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2020-10-30 14:30:00

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