US Drillers Add Oil, Gas Rigs for Second Week in a Row
U.S. energy firms this week added oil and natural gas rigs for a second week in a row as relatively high...
U.S. energy firms this week added oil and natural gas rigs for a second week in a row as relatively high oil prices encourage firms to drill more.
The total oil and gas rig count, an early indicator of future output, rose nine to 779 in the week to Nov. 11, its highest since March 2020, energy services firm Baker Hughes Co. said in its closely followed report on Nov. 11.
U.S. oil rigs rose nine to 622 this week, their highest since March 2020, while gas rigs held steady at 155.
Benchmark U.S. crude oil for Decemberdelivery rose $2.49 to $88.96 a barrel Friday. Brent crude for Januarydelivery rose $2.32 to $95.99 a barrel.
Wholesale gasoline for December delivery rose 4 cents to $2.61 a gallon. December heating oilfell 1 cent to $3.56 a gallon. December natural gas fell 36 cents to $5.88 per 1,000 cubic feet.
EIA reports a weekly climb of 79 billion cubic feet in U.S. natural-gas supplies
The U.S. ...
The U.S. Energy Information Administration reported on Thursday that domestic natural-gas supplies rose by 79 billion cubic feet for the week ended Nov. 4. That compared with an average analyst forecast for an increase of 82 billion cubic feet, according to a survey conducted by S&P Global Commodity Insights. Total working gas stocks in storage stand at 3.580 trillion cubic feet, down 37 billion cubic feet from a year ago and 76 billion cubic feet below the five-year average, the government said.
U.S. WTI crude (CL1:COM) for December delivery +3.9% to $89.87/bbl, extending a 1.1% rise in the previous session, and January Brent crude (CO1:COM) +3.3% to $96.76/bbl, after adding 0.8% in the prior session.
APA Looks to Sell Oil, Gas Producing Land in Southeast Texas:
APA Corp (Apache). is looking to sell around 212,000 net acres of oil and gas-producing land in southeast...
APA Corp (Apache). is looking to sell around 212,000 net acres of oil and gas-producing land in southeast Texas' Eagle Ford and Austin Chalkshale basins, according to a document seen by Reuters.
The sale could fetch APA between $450 million and $500 million, two sources close to the bidding process estimated. However, they cautioned the valuation was susceptible to commodity price volatility and that APA could ultimately retain the asset if it did not receive a suitable offer.
