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• US Drillers Cut Oil Rigs for Eighth Week in a Row
  U.S. energy firms this week cut the number of oil rigs...
  U.S. energy firms this week cut the number of oil rigs operating for an eighth week in a row, energy services firm Baker Hughes said in its closely followed report on August 4.
  
  The combined oil and natural gas rig count, an early indicator of future output, fell by five to 659 in the week of Aug. 4, the lowest since March 2022.  That was also the 13th time in the last 14 weeks that drillers cut rigs.
  
  Baker Hughes said that puts the total rig count down 105, or 14%, below this time last year.
  
  U.S. oil rigs fell four to 525 this week, dropping for an eighth week in a row to their lowest since March 2022, while gas rigs held steady at 128.
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• Closing Oil & Gas Prices for Friday
  Oil prices peaked for the cycle in March of last year, and since then have been in a steady downtrend,...
  Oil prices peaked for the cycle in March of last year, and since then have been in a steady downtrend, shedding more than 50% of their value from peak to trough. But a recent surge above $80/barrel has WTI crude on the verge of a breakout.
  
  Benchmark U.S. crude oil for September delivery rose $1.27 to $82.82 a barrel Friday. Brent crude for October delivery rose $1.10 to $86.24 a barrel.
  
  Wholesale gasoline for September delivery rose 2 cents to $2.78 a gallon. September heating oil fell 1 cent to $3.06 a gallon. September natural gas rose 1 cent to $2.58 per 1,000 cubic feet.
  
  
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• S&P, Dow post first weekly loss out of three after U.S. downgrade
  US. stocks closed lower Friday, capping off a volatile week that...
  US. stocks closed lower Friday, capping off a volatile week that finished with losses after Fitch took away its top AAA ratings for the U.S. and government bond yields embarked on a wild ride. The Dow Jones Industrial Average DJIA fell about 150 points, or 0.4% on Friday, ending near 35,065, according to preliminary FactSet data. The S&P 500 Index SPX shed 0.5% and the Nasdaq Composite Index closed 0.4% lower. For the week, the Dow posted a 1.1% decline, the S&P 500 a 2.3% drop and the Nasdaq shed 2.9% since Monday, according to FactSet. Investors were focused on July jobs data released on Friday for clues to the health of the economy and potential next moves by the Federal Reserve on rates.
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• US shale drillers overcome productivity slump
  Better-than-expected well performance recorded in recent months has prompted leading US shale producers...
  Better-than-expected well performance recorded in recent months has prompted leading US shale producers such as Diamondback Energy and Pioneer Natural Resources to lift their production forecasts, marking a turnaround from last year's productivity dip. Technical innovations such as extended horizontal drilling have enhanced production efficiency, but some industry insiders are wary of the heightened risks associated with these drilling practices.
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• Mexico Pacific deals widen ConocoPhillips' LNG foothold
  ConocoPhillips has secured agreements to purchase 2.42 million short tons of liquefied natural gas annually...
  ConocoPhillips has secured agreements to purchase 2.42 million short tons of liquefied natural gas annually from Mexico Pacific's Saguaro LNG export facility over 20 years, contingent on a final investment decision for the project. The Saguaro plant will produce LNG from gas sourced from the Permian Basin via a dedicated pipeline and export it primarily to Asia.
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