Basin Rig Count Increases as Prices Rise
The rig count in the Permian Basin has seen a slight increase, with one additional rig now active, bringing the total to 239. This update, reported by Baker Hughes, highlights a significant decrease from the 304 rigs active in the region a year ago.
National Rig Count Stays Steady
On a national scale, the oil and gas rig count remained unchanged this week at 551 rigs. This is a drop from the 588 rigs recorded a year prior. The breakdown indicates that 409 rigs are focused on oil extraction, while 133 are dedicated to natural gas exploration. There are also nine miscellaneous rigs, maintaining the same count as the previous week.
Historical Context
The U.S. rig count reached its peak in 1981 at an impressive 4,530 rigs, while it hit a low point of just 244 in August 2020.
Price Movements
The regional benchmark, Plains-West Texas Intermediate Posting, concluded Friday at $62.87 per barrel, marking an increase of $3.50 from last week's close. Similarly, the national benchmark, West Texas Intermediate crude, finished at $66.39 per barrel, also up by $3.50 over the past week.
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