July 27, 2020
The Permian Basin saw its first weekly increase in active oil rigs since mid-March, according to data from energy services firm Baker Hughes. The rig count rose to 126 for the region, although that’s down more than 70% from the 443 active rigs in the basin a year ago.
Nationally, U.S. energy firms cut the number of oil and natural gas rigs to a record low of 251 for a 12th straight week, Reuters reported. The peak U.S. rig count was 4,530 in 1981. However, the number of oil rigs saw a net gain of one as the natural gas rig count declined by three for an all-time low of 68.
Per-barrel pricing for both the regional benchmark West Texas Intermediate Posting and the national benchmark West Texas Intermediate crude rose slightly last week. More than half the nation’s oil rigs are in the Permian Basin and Eastern New Mexico.
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