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• Appeals court strikes down Utah oil railroad approval, siding with environmentalists
  A U.S. Appeals Court on Friday struck down a critical approval for a railroad project that would have...
  A U.S. Appeals Court on Friday struck down a critical approval for a railroad project that would have allowed oil businesses in eastern Utah to significantly expand fossil fuel production and exports.
  
  The ruling is the latest development in the fight over the proposed Uinta Basin Railway, an 88-mile (142-kilometer) railroad line that would connect oil and gas producers in rural Utah to the broader rail network, allowing them to access larger markets and ultimately sell to refineries near the Gulf of Mexico. The railroad would let producers, currently limited to tanker trucks, ship an additional 350,000 barrels of crude daily on trains extending for up to 2 miles (3.2 kilometers).
  
  Additionally, communities in neighboring Colorado including Eagle County and the city of Glenwood Springs — which filed a brief in support of the lawsuit — are worried about safety and potential train derailments. Oil trains would link from the proposed new Uinta Basin line to the common carrier network throughout the country, including through Colorado.
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• Stocks end mostly lower, Nasdaq books biggest 3-week drop since December
  Stocks closed mostly lower Friday, capping off a bruising week...
  Stocks closed mostly lower Friday, capping off a bruising week of losses as Treasury yields jumped and China’s mounting property woes gripped investors. The Dow Jones Industrial Average DJIA  rose about 27 points, or 0.1%, ending near 34,501, according to preliminary FactSet data. The S&P 500 Index SPX  was nearly flat at 4,370 and the Nasdaq Composite Index COMP shed 0.2%, despite briefly turning positive late in the session. It still was a tough week for equities, with the Dow booking a 2.2% loss, the S&P 500 index a 2.1% decline and the Nasdaq a 2.6%. The Nasdaq also posted its biggest 3-week decline since December 2022, according to Dow Jones Market Data. Yields on the 10-year Treasury rose for a 5th week in a row, with the benchmark TMUBMUSD10Y rate briefly touching its highest level since November 2007, before settling back at 4.251% on Friday.
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• Closing Oil & Gas Prices for Friday
  Benchmark U.S. crude oil for September delivery...
  Benchmark U.S. crude oil for September delivery rose 86 cents to $81.25 a barrel Friday. Brent crude for October delivery rose 68 cents to $84.80 a barrel.
  
  Wholesale gasoline for September delivery was unchanged at $2.82 a gallon. September heating oil rose 7 cents to $3.16 a gallon. September natural gas fell 7 cents to $2.55 per 1,000 cubic feet.
  
  
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• Make it 6 weeks in a row. Drillers cut rigs again.
  U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth week in...
  U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth week in a row.  The total oil and gas rig count fell by 12 to 642 in the week to Aug. 18, the lowest since February 2022.
  
  Baker Hughes said that puts the total rig count down 120 rigs, or 15.7%, below this time last year.
  
  U.S. oil rigs fell by five to 520 this week, their lowest since March 2022, while gas rigs dropped by six to 117, their lowest since February 2022.
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• India just ditched the dollar and used its own currency to buy a million barrels of oil from the UAE
  Most commodity deals worldwide are typically settled in dollars. But India,...
  Most commodity deals worldwide are typically settled in dollars. But India, the world's third-biggest oil importer, and consumer, signed a contract last month with the UAE opening the door to use rupees instead of dollars, which would minimize costs by taking out dollar conversions from transactions.
  
  Indian Oil Corp ditched the greenback and used rupees to purchase 1 million barrels of oil from Abu Dhabi National Oil Company, the Indian embassy in the UAE said, according to a Reuters report. The moves are the latest in a series of recent maneuvers by mostly non-Western nations to move off the dollar.
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