Home / Business and Economy / Permian Rigs Drop Amid Oil Price Surge
Permian Rigs Drop Amid Oil Price Surge
11 Jul
Summary
- Permian Basin rig count decreased by five this week.
- National oil and gas rig count increased by one this week.
- Crude oil prices saw a significant increase of $2.72 per barrel.
The Permian Basin has seen a reduction in its active oil and gas rigs, with five fewer operating this week, bringing the total to 256. This count is lower than the 256 rigs active in the region a year ago. Nationally, however, the oil and gas rig count has risen by one from the previous week, reaching 581 active rigs. This marks an increase from the 537 rigs active nationally at this time last year.
Exploration for oil remained steady, with 445 rigs seeking crude, while natural gas exploration also held at 126 rigs. The national rig count has seen historical fluctuations, peaking at 4,530 in 1981 and reaching a low of 244 in August 2020.
Simultaneously, oil prices showed upward momentum. The regional benchmark, Plains-West Texas Intermediate Posting, closed Friday at $67.89 per barrel, an increase of $2.72 from the prior Thursday. The national benchmark, West Texas Intermediate crude, also climbed by $2.72 from the previous week, ending at $67.89 per barrel.
