US oil and gas rig count falls to lowest since January
(Reuters) - U.S. energy firms this week cut the number...
(Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating to their lowest since January, 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,fell by six to 578 in the week to May 9, putting the total rig count down 25, or 4%, below this time last year.
Baker Hughes said oil rigs fell by five to 474 this week, their lowest since January, while gas rigs were unchanged at 101.
Drillers cut three rigs in the Gulf of Mexico, bringing the total count down to nine, the lowest since September 2021.
In the Permian Basin in West Texas and eastern New Mexico, the nation's biggest oil-producing shale basin, drillers cut two rigs, leaving 285 rigs, the lowest since December 2021.
In New Mexico, drillers cut four rigs, bringing the total down to 96, the lowest since April 2022.
Oil and gas drilling permit applications in Texas, the top U.S. oil-producing state, hit a four-year low in Aprilamid concerns that rising OPEC+ supplies and a trade war will continue to hit crude prices, consultancy Enverus said on Thursday.
According to Enverus, operators in Texas submitted 570 new drilling permit applications in April, down from 795 in March and the lowest number since February 2021.
Oil prices post weekly gains on US-China trade talk optimism
(Reuters) - Oil prices settled nearly 2% higher on Friday...
(Reuters) - Oil prices settled nearly 2% higher on Friday and notched their first weekly gains since mid-April as a U.S. trade deal with the United Kingdom turned investors optimistic ahead of talks between top officials from Washington and Beijing.
Brent crude futures rose $1.07, or 1.7%, to settle at $63.91 a barrel, while U.S. West Texas Intermediate crude futures advanced $1.11, or about 1.9%, to settle at $61.02.
Week-over-week, both benchmarks gained over 4%.
U.S. President Donald Trump on Friday said China should open its market to the U.S., and that an 80% tariff on Chinese goods "seems right," a day after he announced a deal lowering tariffs on British car and steel exports, among other agreements with the United Kingdom.
"Energy markets - as bearish as they've been - are finally shaking off some of the pessimism and catching the broader market optimism that's showing back up as progress on trade relationships has begun," said Alex Hodes, oil analyst at brokerage StoneX.
U.S. stocks end mostly lower ahead of weekend trade talks between U.S. and China
The U.S. stock market closed mostly lower on Friday,...
The U.S. stock market closed mostly lower on Friday, as investors looked ahead to trade talks expected between the U.S. and China on Saturday.
The Dow Jones Industrial Average fell 119.07 points, 0.3%, to finish at 41,249.38.
The S&P 500 slipped 4.03 points, 0.1%, to end at 5,659.91.
The Nasdaq Composite edged up 0.78 point to close virtually flat at 17,928.92.
All three major benchmarks saw modest weekly declines, as investors weighed the Federal Reserve’s policy decision on May 7 to leave its benchmark interest rate unchanged amid tariff uncertainty. Treasury Secretary Scott Bessent indicated earlier this week that he will meet with a representative from China in Switzerland on Saturday to discuss trade, with investors watching for signs that the U.S.'s 145% levy on goods imported from China may be lowered amid concerns that large tariffs will hurt the U.S. economy.
For the week, the Dow shed 0.2%, the S&P 500 fell 0.5% and the technology-heavy Nasdaq retreated 0.3%. Each index snapped back-to-back weekly gains.
The Energy Department is launching a multi-year effort to restore the...
The Energy Department is launching a multi-year effort to restore the Strategic Petroleum Reserve to its full 680-million-barrel capacity and assess related infrastructure, following President Donald Trump's directive, Energy Secretary Chris Wright told a House appropriations panel. Wright warned that current stockpiles leave the US vulnerable to global supply shocks and stressed the need for immediate action, as refilling the SPR takes six times longer than emergency releases.
EIA: US shale operators embrace multi-well simulfracs
The average number of horizontal wells fractured simultaneously in the...
The average number of horizontal wells fractured simultaneously in the contiguous US climbed from 1.5 in 2014 to just over three in 2024, according to a new Energy Information Administration report. The trend, attributed to advancements such as electric fracturing fleets, increased automation and improved equipment monitoring, is helping companies like Chevron and Matador Resources lower costs and cut completion times.
