US rig count up 16 as prices finish lower

The rig count in the Permian Basin was up nine this week, the latest count Friday by Baker Hughes shows, with 332 rigs active in the region. A year ago, 224 rigs were active in the region.

Nationally, the oil and gas rig count is up 16 from last week at 689 rigs. A year ago, 432 rigs were active. The count shows that 546 rigs sought oil, up 13 from the previous week, and 141 explored for natural gas, up three 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 $94.74 per barrel, down $1.01 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $98.26 per barrel, down $1.01 from the previous week.