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• US drillers cut oil and gas rigs for third quarter in a row
  U.S. energy firms this week cut the ...

  U.S. energy firms this week cut the total number of oil and natural gas rigs operating for a second week in a row, reducing the rig count for a third consecutive quarter, energy services firm Baker Hughes said in its closely followed report on Friday.

  
  

  The total oil and gas rig count, an early indicator of future output, fell by seven to 623 in the week to Sept. 29, the lowest since February 2022. U.S. oil rigs fell by five to 502 this week, their lowest since February 2022, while gas rigs dropped by two to 116.

  
  

  For the month, total oil and gas rigs in September fell by nine, their smallest monthly decline since April, dropping for a fifth month in a row.

  
  

  Oil rigs fell for the 10th month in a row in September and for a third straight quarter, while gas rigs rose by one in September after falling by 13 in August.

  
  

  While the total rig count fell by 51 in the third quarter, the cuts have slowed compared with a reduction of 81 in the second quarter as oil prices have rebounded due to tightening supplies.

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• Closing Oil & Gas Prices for Friday
  Benchmark U.S. crude oil for November delivery fell...
  Benchmark U.S. crude oil for November delivery fell 92 cents to $90.79 a barrel Friday. Brent crude for November delivery fell 7 cents to $95.31 a barrel.
  
  Wholesale gasoline for October delivery fell 7 cents to $2.44 a gallon. October heating oil rose 4 cents to $3.36 a gallon. November natural gas fell 2 cents to $2.93 per 1,000 cubic feet.
  
  
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• Market Closing Details for Friday
  U.S. stocks finished mostly down Friday after investors weighed the latest data from the Federal...
  U.S. stocks finished mostly down Friday after investors weighed the latest data from the Federal Reserve’s preferred inflation gauge at the tail end of a turbulent month for stocks.
  

  
  
  • The Dow Jones Industrial Average DJIA fell 158.84 points, or 0.5%, to close at 33,507.50.
  
  
  • The S&P 500 SPX shed 11.65 points, or 0.3%, to finish at 4,288.05.
  
  
  • The Nasdaq Composite COMP edged up 18.05 points, or 0.1%, to end at 13,219.32.
  
  

  
  For the week, the Dow fell 1.3%, the S&P 500 dropped 0.7% and the Nasdaq Composite eked out a 0.1% gain. All three benchmarks booked both monthly and quarterly losses.
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• Energy Sector Commentary
  Energy stocks are set to close...

  Energy stocks are set to close out the final session of the third quarter in the green, tracking higher broader index futures and oil prices.  Rates are backing off, with the 10-year back below 4.6%, trading around 4.53%.  Sector news flow is light as quiet periods are set to commence ahead of earnings season next month.

  
  

  Oil prices rose on Friday and were headed for a gain of about 3% for the week, driven by tight U.S. supply and expectations of strong fuel demand in China. A backdrop of tight supplies in the U.S. provided further price support, with storage at Cushing, Oklahoma, the delivery point for U.S. crude futures, already at its lowest since July 2022. "Any additional decline would threaten to bring them down to a critical level, which could make further withdrawals difficult," said Commerzbank analyst Carsten Fritsch.

  
  

  Natural gas futures are lower by 3%, consolidating gains after touching 7-week highs yesterday.

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• ☕️What Else is Brewing Friday Morning
  U.S. stocks opened higher on Friday, on track to rise for a third straight day after an inflation gauge...
  U.S. stocks opened higher on Friday, on track to rise for a third straight day after an inflation gauge favored by the Federal Reserve showed price pressures easing to their slowest pace in two years, a welcome sign for the market at the close of what has been a difficult September. The DJIA rose 100 points, the S&P 500 SPX gained 25 points and the Nasdaq Composite COMP rose by 144 points,
  
  The United Auto Workers union reportedly plans to expand strikes at GM, Stellantis, and Ford again if talks don’t progress today.
  
  FC Barcelona has been charged with sending more than $7 million in bribery payments to companies linked to the former vice president of Spanish football’s refereeing committee.
  
  Epic Games, the maker of Fortnite, is laying off 870 employees, or 16% of its workforce.
  
  McMurdo Station in Antarctica will soon ban its bars from serving alcohol amid growing concerns over sexual misconduct at the remote research facility.
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