US oil and gas rigs rise for first time in three weeks | Oklahoma +2
U.S. energy firms added oil and natural gas rigs for...
U.S. energy firms added oil and natural gas rigs for the first time in three weeks, according to Energy Services firm Baker Hughes, in its closely followed report on Friday.
The total number of oil and gas rigs, an early indicator of future output, rose by one to 593 in the week ending March 21.
Despite this week's rig increase, Baker Hughes said the total count was still down 31 rigs or 5% below this time last year.
Baker Hughes said oil rigs fell by one to 486 this week, while gas rigs rose by two to 102.
In Oklahoma, energy firms added two rigs this week, bringing the total rig count up to 53, the highest since May 2023.
The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output.
Oil falls but holds onto a weekly rise against a 'murky' supply and demand backdrop
Natural gas prices pared their loss for the week, and...
Natural gas prices pared their loss for the week, and oil futures headed lower, but they looked to notch a gain as traders weighed concerns about the global economy and energy demand against support from risks to crude supplies in the Middle East.
-- West Texas Intermediate crude for May delivery fell by 15 cents, or 0.2%, to $67.92 a barrel on the New York Mercantile Exchange, with prices for the contract trading 1.5% higher for the week, FactSet data show.
-- May Brent crude fell by 32 cents, or 0.4%, to $71.68 a barrel on ICE Futures Europe, up 1.6% for the week.
-- April gasoline fell by 0.4%to $2.1832 a gallon, poised for a weekly rise of 1.6%, while April heating oil was down 0.2%, at $2.2488 a gallon - up 3.8% for the week.
-- Natural gas for April delivery rose 1.4% to $4.03 per million British thermal units, paring its weekly loss of 1.8%.
U.S. stocks end higher after late-day rally, as S&P 500 snaps 4-week losing skid
The U.S. stock market closed higher Friday, with the...
The U.S. stock market closed higher Friday, with the S&P 500 eking out a weekly gain to snap four straight weeks of losses.
According to preliminary FactSet data, the Dow Jones Industrial Average finished up 0.1%, the S&P 500 rose 0.1%, and the technology-heavy Nasdaq Composite rose 0.4%.
It was a choppy trading session, and stocks struggled to build on Wednesday's rally, which was fueled by the Federal Reserve’s policy meeting, which ended with its benchmark interest rate unchanged.
The preliminary data show that the S&P 500 gained 0.4% for the week, the Dow climbed 1.2%, and the Nasdaq advanced 0.2%.
EIA Natural Gas Storage Build Of +9 Bcf Exceeds Estimates
The EIA released its Weekly Natural Gas Storage Report on Thursday. The...
The EIA released its Weekly Natural Gas Storage Report on Thursday. The report indicated that working gas in storage increased by +9 Bcf from the previous week, compared to analysts forecast of +3 Bcf. In the previous week, working gas in storage decreased by -62 Bcf.
At current levels, stocks are -624 Bcf less than last year and -190 Bcf below the five-year average for this time of the year. Low storage levels provided material support to natural gas prices in recent months.
EIA: New projects to boost Alaska oil output in 2026
Alaska is poised for its first oil production increase...
Alaska is poised for its first oil production increase in nine years, with output projected to climb by 16,000 barrels per day to reach 438,000 bpd in 2026, according to the Energy Information Administration. The rise, driven by ConocoPhillips' Nuna project and Santos and Repsol's Pikka development, would be the state's biggest since 2002.
