Home / Business and Economy / US Oil and Gas Rig Count Rises Amid Price Jump
US Oil and Gas Rig Count Rises Amid Price Jump
18 Jul
Summary
- Permian Basin rig count increased by three, reaching 259 active rigs.
- National oil and gas rig count climbed seven to 588 active rigs.
- West Texas Intermediate crude prices surged by $11.08 last week.
The national oil and gas rig count has risen by seven from the previous week, bringing the total number of active rigs to 588 as of the latest report. In the Permian Basin, the rig count saw an increase of three, reaching 259 active rigs.
This increase in operational rigs occurred alongside a substantial rise in crude oil prices. The national benchmark West Texas Intermediate crude closed at $82.49 per barrel, marking an $11.08 increase from the prior week's close. The regional benchmark, Plains-West Texas Intermediate Posting, also experienced a significant gain, closing at $78.97 per barrel.
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