US Drillers Cut Oil, Gas Rigs for First Time in Six Weeks
U.S. energy firms this week cut the number of oil and natural gas rigs...
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in six weeks, energy services firm Baker Hughes said in its closely followed report on March 7.
The total oil and gas rig count, an early indicator of future output, fell by one to 592 in the week to March 7.
Baker Hughes said this week's decline puts the total rig count down 30, or 5% below this time last year.
Baker Hughes said oil rigs were unchanged at 486 this week, while gas rigs fell by one to 101.
Crude prices end higher on report of U.S. plan to refill its oil reserve
Trump's changing tariff plans, meanwhile, pull U.S. oil prices down for a seventh straight...
Trump's changing tariff plans, meanwhile, pull U.S. oil prices down for a seventh straight week.
Oil futures settled higher on Friday, buoyed by reported U.S. plans to refill the nation's Strategic Petroleum Reserve to full capacity, which would lead to tighter global supplies.
Prices for crude also found support after a Russian deputy prime minister reportedly said OPEC+ could reverse its decision to begin increasing production next month if the market appears unbalanced.
Crude prices, however, ended lower for the week, with the U.S. benchmark notching a seventh straight weekly decline on concerns that tariffs will slow the economy and energy demand.
-- West Texas Intermediate crude for April delivery rose 68 cents, or 1%, to settle at $67.04 a barrel on the New York Mercantile Exchange, leaving the U.S. benchmark down 3.9% for the week, according to Dow Jones Market Data. That marked a seventh straight weekly loss, the longest such losing streak since December 2023.
-- May Brent crude, the global benchmark, climbed 90 cents, or 1.3%, to $70.36 a barrel on ICE Futures Europe, for a 3.4% weekly decline.
-- April gasoline RBJ25 added 0.4% to $2.11 a gallon but lost 5.1% for the week, while April heating oil HOJ25 lost nearly 0.4% to $2.22 a gallon, posting a weekly decline of 4.3%.
-- Natural gas for April delivery NGJ25 settled at $4.40 per million British thermal units, up 2.3%Friday to end 14.7% higher for the week.
Stocks end higher on Powell remarks, but S&P 500 still posts worst week of 2025
U.S. stocks closed higher Friday after remarks from Federal...
U.S. stocks closed higher Friday after remarks from Federal Reserve Chair Jerome Powell appeared to calm the nerves of investors worried about the economic impact of new White House policies such as tariffs.
The Dow Jones Industrial Average rose 222.64 points Friday, or 0.5%, to finish at 42,801.72.
The S&P 500 gained 31.68 points, or 0.6%, to end at 5,770.20.
The Nasdaq Composite advanced 126.97 points, or 0.7%, to close at 18,196.22.
Stocks reversed losses seen earlier Friday as investors assessed signs of a cooling labor market in the latest jobs data released ahead of the opening bell. Stocks rebounded after Fed Chair Powell said Friday at an event hosted by the University of Chicago Booth School of Business that the “U.S. economy continues to be in a good place” and the central bank’s monetary policy was “well positioned to wait for greater clarity.”
Still, all three major U.S. equities benchmarks had weekly losses, with the S&P 500 seeing its worst week since early September.
For the week, the Dow fell 2.4%, the S&P 500 dropped 3.1% and the technology-heavy Nasdaq slid 3.5%, according to Dow Jones Market Data. The S&P 500 and Nasdaq each booked a third straight weekly loss.
Golden Pass LNG wins more time for full operations
QatarEnergy and ExxonMobil's Golden Pass LNG project in Texas has received...
QatarEnergy and ExxonMobil's Golden Pass LNG project in Texas has received a 3-year permit extension from the Energy Department that gives it until Nov. 30, 2029 to begin full commercial operations. With a planned capacity of 2.57 Bcf/d, the terminal could begin shipping LNG as early as this year.
Oil producers bet on gas to drive revenue growth this year
As oil prices wobble, oil-focused producers such as Devon Energy and...
As oil prices wobble, oil-focused producers such as Devon Energy and EOG Resources are preparing to increase natural gas production this year after benefiting from a sharp rise in gas prices during the fourth quarter of 2024. EOG CEO Ezra Yacob anticipates continued price strength in 2025, driven by growing demand from power generation and the expansion of LNG export capacity.
