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• US drillers cut oil and gas rigs for fifth week in a row
  U.S. energy firms this week ...

  U.S. energy firms this week cut the number of oil and natural gas rigs operating for a fifth week in a row. The total oil and gas rig count, an early indicator of future output, fell by five to 654 in the week of Aug. 11, the lowest since March 2022.  That was also the 14th time in the last 15 weeks that drillers cut rigs.

  
  

  Baker Hughes said that puts the total rig count down 109 rigs, or 14%, below this time last year.

  
  

  After falling for eight weeks in a row, the number of oil rigs held steady at 525 this week, while gas rigs fell five to 123, their lowest since February 2022.

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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for September delivery...
  Benchmark U.S. crude oil for September delivery rose 37 cents to $83.19 a barrel Friday. Brent crude for October delivery rose 41 cents to $86.81 a barrel.
  
  Wholesale gasoline for September delivery rose 6 cents to $2.96 a gallon. September heating oil fell 3 cents to $3.12 a gallon. September natural gas rose 1 cent to $2.77 per 1,000 cubic feet.
  
  
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• S&P 500, Nasdaq finish lower, logging back-to-back weekly losses
  U.S. stocks finished mostly lower on Friday, with only the...
  U.S. stocks finished mostly lower on Friday, with only the Dow hanging on to gains, as the S&P 500 and Nasdaq Composite capped off their first back-to-back weekly losses in months. The S&P 500 SPX fell by 4.65 points, or 0.1%, to 4,464.18 on Friday, according to preliminary closing data from FactSet. The Nasdaq Composite COMP shed 93.14 points, or 0.7%, to 13,644.85. The Dow Jones Industrial Average DJIA gained 105.32 points, or 0.3%, to 35,281.46. The Nasdaq has fallen for two straight weeks for the first time since a four-week losing streak ended on Dec. 30, according to Dow Jones Market Data. The roughly 4.7% drop during that period is the biggest two-week decline for the index since the week ending Dec. 16.
  
  
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• Texas power use hits 3rd record this week in heat wave
  (Reuters) -Demand for power in Texas hit a record high on Thursday...
  (Reuters) -Demand for power in Texas hit a record high on Thursday for the third time this week and the tenth time this summer as homes and businesses cranked up air conditioners to escape a lingering heat wave.
  
  The Electric Reliability Council of Texas, which operates the grid for more than 26 million customers representing about 90% of the state's power load, said it has enough power to meet current demand.
  
  ERCOT said usage hit a preliminary 85,435 megawatts (MW) Thursday, which topped the record high of 83,961 MW hit on Wednesday.
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• New Canadian clean electricity rules would allow some use of fossil fuels
  OTTAWA (Reuters) -Canada on Thursday released long-awaited draft clean electricity regulations designed...
  OTTAWA (Reuters) -Canada on Thursday released long-awaited draft clean electricity regulations designed to create a net-zero emissions power grid by 2035, and said some continued use of fossil fuels would be allowed.
  
  According to the 185-page set of draft regulations, many utility companies said they could not reliably generate power beyond 2035 without some use of natural gas or liquid fuel.
  
  Utilities will therefore be able to use a fossil fuel plant for 20 years, starting from when it was commissioned, as long as they agree to tight emissions limits.
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