(Reuters) U.S. energy firms cut oil rigs by the most this week since September, reducing the total oil and gas count for a second week in a row as crude prices remained negative for the year. U.S. oil futures were down about 1% so far this year after soaring 55% in 2021.
The U.S. total oil and gas rig count, an early indicator of future output, fell by four to 776 in the week of Dec. 16. Despite this week’s rig decline, Baker Hughes said the total count was still up 197, or 34%, over this time last year.
U.S. oil rigsfell five to 620 this week, their lowest in six weeks, while gas rigs rose one to 154.
Oil prices finish lower as central banks stoke global growth fears
Oil futures settled lower on Friday, pressured after major central...
Oil futures settled lower on Friday, pressured after major central banks indicated interest rates will continue to rise and remain elevated next year, stoking fears of a global economic slowdown that could lead to lower energy demand.
Prices, however, ended above the session’s worst levels, as the Energy Department said it would start to repurchase oil to refill the nation’s oil reserve.
For the week, crude posted a solid gain, with support tied to optimism that China’s loosening of COVID-19 curbs will spark a rebound in demand from one of the world’s largest energy consumers.
West Texas Intermediate crude for January delivery CL00 fell $1.82, or 2.4%, to settle at $74.29 a barrel on the New York Mercantile Exchange. The U.S. benchmark logged a weekly gain of 4.6%, according to Dow Jones Market Data.
February Brent crude BRN00 the global benchmark, was down $2.17, or 2.7%, at $79.04 a barrel on ICE Futures Europe. Brent saw a weekly gain of 3.9%.
Back on Nymex, January gasoline RBF23 fell 1.6% to $2.1323 a gallon, for a weekly rise of 3.7%, while January heating oilHOF23 was off 5% at$3.1199 a gallon, ending 11.7% higher for the week.
January natural gasNGF23 fell 5.3% to $6.60 per million British thermal units, with the contract up 5.7% for the week.
U.S. stocks finish lower, book weekly losses as recession worries rise
U.S. stocks closed lower for the third session in a row Friday,...
U.S. stocks closed lower for the third session in a row Friday, but avoided the session's lows, as investors feared higher Federal Reserve rates could tip the economy into a recession.The Dow Jones Industrial Average DJIA shed about 282 points, or 0.9%, ending near 32,920, but well above the session's low of 32,654.59, according to FactSet. The S&P 500 index SPX shed 1.1%, while the Nasdaq Composite Index COMP fell 1%. For the week, the Dow ended down 1.7%, the S&P 500 shed 2.1% and the Nasdaq fell 2.7%, with all three booking back-to-back weekly losses for the first time in about three months, according to Dow Jones Market Data. The Fed raised rates another 50 basis points on Wednesday while indicating its policy rate could top 5% and stay there next year.
Campaign against Calif. oil, gas law gains momentum
The Stop the Energy Shutdown campaign for a veto referendum to repeal California's recently passed oil...
The Stop the Energy Shutdown campaign for a veto referendum to repeal California's recently passed oil and natural gas regulations has collected nearly 1 million signatures, subject to review and validation, well above the roughly 623,000 needed to put the referendum on the 2024 ballot. The new regulations, due to come into effect Jan. 1, prohibit new oil and natural gas wells within 3,200 feet of populated areas.
