US Drillers Add Oil and Gas Rigs for Ninth Week in a Row
U.S. energy firms this week added oil and natural gas rigs for a ninth week in a row, data showed...
U.S. energy firms this week added oil and natural gas rigs for a ninth week in a row, data showed on May 20, as mostly small producers respond to high prices and prodding by the government to ramp up output.
The oil and gas rig count, an early indicator of future output, rose 14 to 728 in the week to May 20, its highest since March 2020, energy services firm Baker Hughes Co. said in its closely followed report.
Baker Hughes said that puts the total rig count up 273, or 60%, over this time last year.
U.S. oil rigs rose 13 to 576 this week, their highest since March 2020, while gas rigs gained one to 150, their highest since September 2019.
Texas Power Use Hits Monthly Record Again During Heatwave
Power demand in Texas hit a monthly record on Thursday and will likely break that high on Friday...
Power demand in Texas hit a monthly record on Thursday and will likely break that high on Friday as consumers keep air conditioners cranked up to escape a lingering spring heatwave.
The Electric Reliability Council of Texas (ERCOT), which operates the grid for most of the state, said conditions were normal early Friday.
At the start of the current heat, ERCOT was forced to ask customers to conserve energy on May 13 after several power plants shut unexpectedly, causing real-time prices to soar to over $4,000 per megawatt-hour (MWh).
But prices have settled down since. Real-time prices have remained below $100 per MWh since Wednesday night.
The American Petroleum Institute's latest monthly statistical...
The American Petroleum Institute's latest monthly statistical report shows that US petroleum consumption declined 5.2% month over month to 19.3 million bpd in April, while gasoline demand held relatively steady near 8.7 million bpd. US oil production rose 1.4% from March to 11.8 million bpd in April, while net petroleum exports increased from 500,000 bpd in March to 1.4 million bpd, the API reported.
Major U.S. stock indexes finished mostly higher Friday, eking out gains with a dramatic rally...
Major U.S. stock indexes finished mostly higher Friday, eking out gains with a dramatic rally into the closing bell. The bounce allowed the S&P 500 index SPX, +0.01% to narrowly avoid a bear-market finish, while ending the session virtually flat around 3,901. The Dow Jones Industrial Average DJIA, +0.03% rose less than 0.1% and the Nasdaq Composite Index COMP, -0.30% shed 0.3%. Stocks have been under sharp pressure this week as a string of big-box retailers from Walmart Inc. WMT, +0.11% to Ross Stores, Inc. ROST, -22.47% reported disappointing quarterly results, raising fears about a potential pullback in spending from consumers as the Federal Reserve looks to cool high inflation by raising rates and reducing its near $9 trillion balance sheet, but without sparking a recession.
Earlier in the session, the S&P 500 traded into bear-market territory but required a close below 3,837.25 to make the status official, marking a fall of 20% or more from its Jan. 3 record close. For the week, the Dow recorded a 2.9% decline, its eighth straight weekly decline, and its longest stretch since April 1932, according to Dow Jones Market Data. The S&P 500 shed 3% for the week, while the Nasdaq lost 3.8%.
Natural gas futures are trading lower (-24 cents...
Natural gas futures are trading lower(-24 cents at $8.06 as of 10:25 AM ET)as NOAA's 6-10 day outlook shows near- to above-normal temps across much of the western US and High Plains, and near- to below-normal temps for the Pacific Northwest and parts of the Central MS Valley. Above-normal temps are seen across the southern Plains extending to the east.
