The rig count in the Permian Basin was up two this week, the latest count Thursday by Baker Hughes shows, with 334 rigs active in the region. A year ago, 227 rigs were active in the region.
Nationally, the oil and gas rig count is up four from last week at 693 rigs. A year ago, 439 rigs were active. The count shows that 548 rigs sought oil, up two from the previous week, and 143 explored for natural gas, up two 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 Thursday at $103.43 per barrel, up $8.69 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $106.95 per barrel, up $8.69 from the previous week.
