The latest data from Baker Hughes reveals that the rig count in the Permian Basin has remained steady, with 289 rigs currently operational. This marks a decline from the same period last year, when 318 rigs were active. Across the United States, the total number of oil and gas rigs has increased by two from the previous week, now totaling 585 rigs. This figure is lower compared to a year ago, which saw 619 rigs in operation.
Breaking down the current national rig count, 481 rigs are focused on oil exploration, which is an increase of one from the prior week. Additionally, 98 rigs are engaged in natural gas exploration, also rising by one. The number of miscellaneous rigs remains unchanged at six.
Historically, the U.S. rig count reached its peak in 1981 with 4,530 rigs. In contrast, it hit a record low in August 2020, with just 244 rigs in operation.
In terms of oil prices, the regional benchmark Plains-West Texas Intermediate Posting concluded on Thursday at $61.16 per barrel, showing an increase of $3.18 compared to last Friday’s closing rate. Similarly, the national benchmark West Texas Intermediate crude closed at $64.68 per barrel, reflecting the same increase over the previous week.
