Short week ahead for crude oil trading following last Friday’s gain in prices
A short week of trading lies ahead for crude oil prices following the long Memorial Day weekend, after...
A short week of trading lies ahead for crude oil prices following the long Memorial Day weekend, after which they gained 1% on Friday’s trading. Prices finished the week down because of continued concerns over high interest rates in the U.S.
An Israeli airstrike in Rafah caused fires and explosions in a tent...
An Israeli airstrike in Rafah caused fires and explosions in a tent camp of displaced Palestinians that killed at least 45 people and wounded 200, according to Gazan authorities. The strike, which Israel’s military said killed two senior Hamas officials, quickly drew international rebuke from Arab and European countries. Israeli Prime Minister Benjamin Netanyahu said the military was investigating and that something had gone wrong “despite our best effort, not to harm those not involved.” The strike could “hinder” cease-fire talks, which are scheduled to resume today, mediator Qatar said.
Powerful storms that created tornadoes blew through Texas, Oklahoma,...
Powerful storms that created tornadoes blew through Texas, Oklahoma, Arkansas, and Kentucky over the weekend, killing at least 21 people and leaving destruction and power outages in their wake. Meanwhile, a heat wave occurred across the South. Storms continued in the Northeast, where 30+ million people spent Memorial Day under severe weather warnings. READ STORY
A pivotal election will take place in South Africa: The...
A pivotal election will take place in South Africa: The African National Congress—the party of Nelson Mandela—is in danger of losing outright power for the first time since it helped end apartheid in 1994. Voters will head to the polls Wednesday against the backdrop of ANC corruption scandals, high unemployment rates, and poverty that disproportionately affects Black South Africans. While the ANC is still expected to be the largest party, a lack of a clear majority would usher in a new era of coalitions with other parties in Africa’s most industrialized country.
The government of Papua New Guinea estimates that 2,000 people were buried in a landslide on Friday and has requested international help.
Furiosa used her warrior ways to edge out lasagna-loving cat Garfield for the No. 1 spot at the box office with ~$32 million in ticket sales, but it was Hollywood’s worst Memorial Day weekend in decades (except 2020 when theaters were closed by Covid).
Bill Walton, the NBA Hall of Famer-turned-commentator, died of cancer at age 71.
Grayson Murray’s parents said their son had died by suicide one day after the two-time PGA Tour winner withdrew from a PGA Tour event.
The FBI is investigating missing pieces from the British Museum’s collection that American buyers purchased on eBay.
President Joe Biden marked Memorial Day, which honors those who died while serving in the US military, with a speech at Arlington National Ceremony, saying, “Freedom has never been guaranteed—every generation has to earn it.”
US drillers cut oil and gas rigs for fourth time in five weeks
U.S. energy firms this week cut the number of oil and...
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the fourth time in five weeks, energy services firm Baker Hughes said in its closely followed report on Friday. Oklahoma lost 1 rig, down to 43 rigs now running.
The total oil and gas rig count, an early indicator of future output, fell by four to 600 in the week to May 24, the lowest since January 2022. Baker Hughes said that puts the total rig count down 111, or 16%, below this time last year.
Oil rigswere unchanged at 497 this week, while gas rigsfell by four to 99, their lowest since October 2021.
That cut the rig count in several states and one basin to their lowest levels in years.
In Texas, the state with almost half of the country's operating rigs, the count fell by three to 287, the lowest since February 2022, while in West Virginia, drillers cut two rigs, leaving just six active units, the lowest since August 2020.
In the Marcellus in Pennsylvania, West Virginia and Ohio, the nation's biggest shale gas-producing basin, the rig count fell by three to 26, the lowest since October 2021.
