US Oil and Gas Rig Count Rises Amid Rising Prices
The US oil and gas rig count has seen an increase of five rigs from last week, reaching a total of 593 active rigs. This is according to Baker Hughes' latest count, which also shows that the Permian Basin had two more rigs this week than last, with a total of 265 rigs active in the region.
Compared to a year ago, there are currently 54 more rigs active nationally, and 26 more rigs in the Permian Basin. The increase in rigs is likely due to the rising prices of oil and natural gas, with the regional benchmark Plains-West Texas Intermediate Posting ending at $78.88 per barrel on Friday, up from last week's close.
The national benchmark West Texas Intermediate crude ended at $82.40 per barrel, also up from last week's close. The rig count peaked in 1981 at 4,530 and bottomed out in August 2020 at 244 rigs.