US rig count down eight as prices drop

May 3—The rig count within the Permian Basin was down one this week, the newest count Friday by Baker Hughes reveals, with 316 rigs lively within the area. A 12 months in the past, 356 rigs have been lively within the area.

Nationally, the oil and gasoline rig count is down eight from final week at 605 rigs. A 12 months in the past, 748 rigs have been lively. The count reveals that 499 rigs sought oil, down seven from the earlier week, and 102 explored for pure gasoline, down three from the earlier week. The count additionally reveals 4 miscellaneous rigs, up two from the earlier week.

The U.S. rig count peaked at 4,530 in 1981. It bottomed out in August of 2020 at 244.

The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $74.59 per barrel, down $5.74 from final Friday’s shut. National benchmark West Texas Intermediate crude ended at $78.11 per barrel, down $5.74 from the earlier week.

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