U.S. drillers add oil and gas rigs for fourth time in five weeks
U.S. energy firms this week added oil and natural gas rigs for the fourth time in five...
U.S. energy firms this week added oil and natural gas rigs for the fourth time in five weeks as production growth slows despite relatively high oil prices.
The total oil and gas rig count, an early indicator of future output, rose seven to 769 in the week to Oct. 14, returning to its highest since March 2020 after slipping for the past couple of months.
U.S. oil rigs rose eight to 610 this week, their highest since March 2020, while gas rigs fell one to 157, their lowest since July.
Oil prices plummeted more than 3% on Friday as global recession fears and weak oil demand,...
Oil prices plummeted more than 3% on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target.
Brent crude futures dropped $2.94, or 3.1%, to settle at $91.63 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell $3.50, or 3.9%, to $85.61.
The Brent and WTI contracts both oscillated between positive and negative territory for much of Friday but fell for the week by 6.4% and 7.6%, respectively.
U.S. core inflation recorded its biggest annual increase in 40 years, reinforcing views that interest rates would stay higher for longer with the risk of a global recession. The next U.S. interest rate decision is due on Nov. 1-2.
U.S. natural gas drops for eighth straight week as production poised for record
U.S. natural gas futures fell more than 4% to a near three-month...
U.S. natural gas futures fell more than 4% to a near three-month low on Friday, as record production and reduced exports of liquefied natural gas allowed utilities to inject much larger than normal amounts of gas into storage for the winter in recent weeks.
Front-month Nymex natural gas (NG1:COM) for November delivery settled -4.3% to $6.4530/MMBtu, wrapping up an eighth straight weekly decline, during which losses have surpassed 30%; U.S. natural gas is still up 73% YTD.
Dow closes down nearly 400 points Friday, but books a weekly gain
U.S. stocks finished a week of extreme volatility sharply lower...
U.S. stocks finished a week of extreme volatility sharply lower on Friday, even as the Dow posted a second weekly advance after inflation data showed little signs of pulling back from its roughly 8% advance in September from a year ago. The Dow Jones Industrial Average DJIA, -1.34% fell about 400 points, or 1.3%, ending near 29,634. The S&P 500 index SPX, -2.37% posted a 2.4% decline and the Nasdaq Composite Index COMP, -3.08% closed down 3.1%, according to FactSet. The hot inflation reading has fueled expectations of another rate hike of 75 basis points in November by the Federal Reserve, but also for the central bank's policy rate to hit 5% in a matter of months. The Fed has been looking to cool inflation stuck near a 40-year high through a smaller balance sheet and higher rates, without sparking a recession. The S&P 500 shed 1.6% for the week, while the Nasdaq closed the week 3.1% lower.
Natural Gas Thread - Highlights from the EIA Outlook
2023 U.S. natgas production was revised down 0.8 bcf/d vs. last month (or -1%). Despite high NYMEX prices, associated gas from revisions to U.S. oil production looks like one of the key factors #naturalgas /1 pic.twitter.com/YrD8jEoiT8
