The Baker Hughes report on Friday stated that the number of total oil and gas rigs in the U.S....
The Baker Hughes report on Friday stated that the number of total oil and gas rigs in the U.S. increased by 3 to 604 in the past week as Oklahoma also showed a slight gain.
The Oklahoma count grew by 1 to 50 rigs.A year ago, the state had 17 active oil and gas rigs.
Nationally, the number of oil rigs declined 1 to 491 while the number of gas rigs increased 4 to 113. Historically, the U.S. count is up 226 compared to the 378 rigs reported one year ago and it includes an additional 202 oil rigs and 25 more gas rigs.
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The huge spike in oil prices pumped up profit at Schlumberger. The world’s largest...
The huge spike in oil prices pumped up profit at Schlumberger. The world’s largest oilfield services company reported Friday quarterly adjusted profit nearly doubled to $587 million, beating analysts' targets.
With oil prices surging about 50% last year, higher crude and natural gas prices drove up demand for the company’s services and equipment.
Schlumberger shares, which have gained roughly a fifth this year, rose at the market open Friday but shed their gains as oil prices turned south, closing down 69 cents, at $36.36.
Climate change will likely worsen West Coast blackouts and cause energy price spikes, studies find
A pair of recent studies suggest West Coast residents and businesses will suffer more frequent...
A pair of recent studies suggest West Coast residents and businesses will suffer more frequent blackouts and higher electricity prices because climate change will lead to more disruptive extreme weather events. The research papers were published in the scientific journal Earth’s Future.
Although the researchers predicted only brief blackouts, they noted that a growing imbalance between supply and demand for power during heat waves would cause prices to spike up to California’s legal cap of $1,000 per megawatt-hour. “When prices go up to $1,000 per megawatt-hour, that’s the grid ringing the alarm bell,” Kern said.
Oil slides on Friday, but climbs for 5th week on supply concerns
Oil prices slid for a second day in a row on Friday, pressured by an unexpected...
Oil prices slid for a second day in a row on Friday, pressured by an unexpected rise in U.S. crude and fuel inventories while investors took profits after the benchmarks touched seven-year highs earlier in the week.
However, both crude benchmarks rose for a fifth week in a row, gaining around 2% this week. Prices were up more than 10% so far this year on concerns over tightening supplies.
Brent futures fell 49 cents, or 0.6%, to settle at $87.89 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 41 cents, or 0.5%, to settle at $85.14.
Natural gas futures rose more than 3% to an intra-morning high of $3.96 on what is expected...
Natural gas futures rose more than 3% to an intra-morning high of $3.96 on what is expected to be the country's biggest gas demand day on record with forecasts for more cold weather and higher heating demand over the next two weeks than previously expected. In addition to boosting gas demand, the cold this week cut gas output to its lowest in four months as wells and other equipment in Texas, Pennsylvania, and several other producing states freezes.
