U.S. energy firms this week kept the number of oil and natural gas rigs operating unchanged, 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, was steady at 592 in the week to March 14th. That brings the total number of rigs down 37, or about 6% from this time last year.
Baker Hughes said the oil rig count rose by one to 487 this week, while gas rigs fell by one to 100.
Oklahomapicked up two new rigs, now with 51 rigs drilling.
Oil ends higher as tighter U.S. sanctions on Iran, Russia may disrupt global supplies
Oil futures finished higher on Friday, with news of tighter...
Oil futures finished higher on Friday, with news of tighter U.S. sanctions on Iran and Russia having the potential to disrupt global crude supplies.
U.S. crude prices gained for the week—their first in eight weeks—as traders continued to monitor rising trade tensions and their impact on the economy and oil demand.
-- West Texas Intermediate crude climbed 63 cents, or nearly 1%, to settle at at $67.18 a barrel on the New York Mercantile Exchange. According to Dow Jones Market Data, Prices increased by 0.2% for the week based on the front-month contract.
-- May Brent crude rose 70 cents, or 1%, to $70.58 a barrel on ICE Futures Europe. It tacked on 0.3% for the week.
-- April gasoline added 0.7% at $2.1487 a gallon, up 1.9% for the week, while April heating oil rose 0.2% to $2.1666 a gallon, but posted a weekly loss of 2.2%.
-- Natural gas for April delivery settled at $4.104 per million British thermal units, down 0.2% for the day and losing 6.7% for the week.
U.S. stocks close sharply higher to end rough week, as gold settles above $3,000
The U.S. stock market closed sharply higher on Friday...
The U.S. stock market closed sharply higher on Friday in a big, broad rebound to mark the end of a bruising week that saw the S&P 500 land in correction territory amid tariff worries.
The S&P 500 climbed 117.42 points on Friday, or 2.1%, to finish at 5,638.94.
The Dow Jones Industrial Average rallied 674.62 points, or 1.7%, to close at 41,488.19.
The Nasdaq Composite jumped 451.07 points, or 2.6%, to end at 17,754.09.
For the week, the Dow fell 3.1%, the S&P 500 shed 2.3% and the technology-heavy Nasdaq dropped 2.4%. The Dow booked its biggest weekly loss since March 2023, while the S&P 500 and Nasdaq each dropped a fourth straight week for their longest losing streaks since August, according to Dow Jones Market Data.
Most of the contiguous US will face severe weather today...
Most of the contiguous US will face severe weather today and tomorrow as a vast low-pressure system moves east across the continent, bringing heavy precipitation, potential tornadoes, and wildfire conditions. The National Weather Service’s Storm Prediction Center issued a moderate risk (level 4 of 5) for severe thunderstorms alert, a rare call made three days in advance (the first in three years).
Rain and snow swept through much of California yesterday, prompting flash flood warnings in the southern portions of the state and making travel nearly impossible in the north. Thunderstorms are expected today across the Mississippi, Tennessee, and Ohio river valleys, with meteorologists predicting dozens of tornado sightings in the region. Dry conditions combined with 70 mph winds in the Plains pose a heightened risk for wildfires, with snow possible in the Upper Plains states.
A weakened system will reach the lower Eastern Seaboard by Sunday. See storm updates here.
Citadel Buys Haynesville E&P Paloma Natural Gas for $1.2B
Analysts reported that hedge fund giant Citadel has acquired Haynesville...
Analysts reported that hedge fund giant Citadel has acquired Haynesville Shale E&P Paloma Natural Gas for $1.2 billion. The company has assets in Caddo, De Soto, Bossier, Sabine, Red River, Webster, and Bienville parishes, Louisiana, and produced nearly 140 Bcf of natural gas in 2024, or about 382.25 MMcf/d.
According to sources familiar with the transaction, the transaction includes acreage, producing assets, and approximately 60 undeveloped Haynesville locations.
Paloma acquired the Haynesville assets of Goodrich Petroleum Corp. for $480 million in cash in 2021.
