S & P Global (Jan. 16, 2021) – The total US oil and gas rig count leaped by 18 to 424 in the week ending Jan. 13, rig data provider Enverus said, with the Permian seeing its largest weekly gain since the pandemic began to affect markets last March.
The Permian Basin of West Texas and New Mexico gained 14 rigs on the week for a total 190, the most added in the basin since a gain of 13 during the last week of November 2020.
The increase coincided with oil breaking the $50/b price barrier during the week—a level not seen since February 2020—and staying there. NYMEX February WTI settled Jan. 14 up 66 cents on the day at $53.57/b.
Oil & Gas Rig Count Jumps 18 After Prices Exceed $50/Barrel
