Home / Business and Economy / Permian Basin Rig Count Falls Amid Rising Oil Prices
Permian Basin Rig Count Falls Amid Rising Oil Prices
25 Jul
Summary
- Permian Basin rig count decreased by one to 258 active rigs.
- Nationally, the oil and gas rig count is down one to 587.
- Oil prices saw a significant increase, with WTI reaching $89.31 per barrel.
The Permian Basin's active oil and gas rig count has seen a minor reduction, with one less rig operating this week, bringing the total to 258. This figure is marginally lower than the 260 active rigs recorded in the same week last year.
Nationally, the United States rig count has also decreased by one from the previous week, now totaling 587 operational rigs. Of these, 450 are dedicated to oil exploration, a decrease of two, while 127 are exploring for natural gas, an increase of one. The count for miscellaneous rigs remained unchanged.
This decrease in rig activity occurred as oil prices experienced a significant upward trend. The regional benchmark, Plains-West Texas Intermediate Posting, concluded the week at $85.79 per barrel, marking an increase of $6.82. Similarly, the national benchmark, West Texas Intermediate crude, closed at $89.31 per barrel, also up by $6.82 from the prior week's closing price.
