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• Transocean eyes drillship wind power conversion
  Drilling contractor Transocean is considering converting two of its drillships for use in offshore wind...
  Drilling contractor Transocean is considering converting two of its drillships for use in offshore wind installation, having signed a memorandum of understanding with turbine installation vessel owner Eneti. David Keddington, Transocean's vice president of global supply chain, said the decision to go ahead with the conversion will depend on agreeing to the right terms with a client who is willing to pay for heavy lift vessels.
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• DOE commits to replenishing SPR stocks
  The Department of Energy will begin replenishing the Strategic...
  The Department of Energy will begin replenishing the Strategic Petroleum Reserve once it has delivered on a commitment to offload 26 million barrels from the reserve next month, Energy Secretary Jennifer Granholm has told lawmakers. The Biden administration carried out several major sales from the reserve last year, taking stocks down to a 40-year low, and has previously pledged to make purchases once the price of crude oil falls below a range of $67 to $72 per barrel.
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• Dow, S&P 500 suffer back-to-back weekly losses
  A preliminary reading on the University of Michigan’s consumer sentiment index fell to a six-month...
  A preliminary reading on the University of Michigan’s consumer sentiment index fell to a six-month low of 57.7. Economists polled by the Dow Jones expected a May reading of 63.0. The survey also showed the outlook for inflation over the next 5 years climbed to 3.2%, tying the highest clip since June 2008.
  
  Investors are also keeping an eye on Washington as concerns around debt ceiling negotiations persisted. CNBC reported that a debt ceiling meeting between President Joe Biden and congressional leaders that was set for Friday was postponed to next week.
  
  The S&P 500 and Dow fell for a second consecutive week, down 0.29% and 1.11%, respectively. The Nasdaq gained 0.4%.
  
  
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• US Oil and Gas Rig Count Falls to Lowest Since June 2022
  The total U.S. oil and natural gas rig count fell this week...
  The total U.S. oil and natural gas rig count fell this week to its lowest in nearly a year, as gas rigs slumped by the most in a week since February 2016, energy services firm Baker Hughes Co said in its closely followed report on May 12.
  
  The total oil and gas rig count, an early indicator of future output, fell by 17 to 731 in the week to May 12, the lowest since June 2022. The weekly drop was the biggest since June 2020.
  
  Baker Hughes said that puts the total rig count up only 17, or 2%, over this time last year.
  
  U.S. oil rigs fell by two to 586 this week, their lowest since June 2022, while gas rigs plunged by 16 to 141, their lowest in April last year.
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• Oil futures fall for a fourth week in row
  Oil futures settled lower Friday as worries over the economic outlook pulled prices for U.S. and global...
  Oil futures settled lower Friday as worries over the economic outlook pulled prices for U.S. and global benchmark crude down for a fourth week in a row.
  
  West Texas Intermediate crude for June delivery CL00 declined by 83 cents, or 1.2%, to settle at $70.04 a barrel on the New York Mercantile Exchange, with the U.S. benchmark down 1.8% for the week, FactSet data show.
  
  July Brent crude BRN00 the global benchmark, lost 81 cents, or 1.1%, to settle at $74.17 a barrel on ICE Futures Europe, losing 1.5% for the week. Brent and WTI crude futures marked fourth consecutive weekly losses.
  
  Back on Nymex, June gasoline RBM23 fell 1.1% to $2.43 a gallon, for a weekly rise of almost 2.2%, while June heating oil HOM23 shed 1.9% to $2.31 a gallon, for a weekly fall of 0.4%.
  
  June natural gas NGM23 climbed 3.5% to $2.27 per million British thermal units, with prices up 6% for the week.
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