U.S. oil futures end higher after back-to-back session declines
Oil futures settled...
Oil futures settled higher on Friday, with U.S. prices recouping much of the losses they suffered on the back of recession concerns over the last two trading sessions. Prices, however, still posted a decline for the week, the second weekly decline in a row. West Texas Intermediate crude for August delivery CLQ22, +2.69% rose $3.35, or 3.2%, to settle at $107.62 a barrel on the New York Mercantile Exchange. Prices based on the front-month edged down by 0.3% for the week after settling Thursday at the lowest since May 10, according to Dow Jones Market Data.
MarketWatch: Dow climbs 800 points as U.S. stocks snap 3 weeks of losses
All three major U.S. stock benchmarks closed sharply higher Friday, with the technology-heavy Nasdaq...
All three major U.S. stock benchmarks closed sharply higher Friday, with the technology-heavy Nasdaq Composite surging more than 3%, as investors reassessed the expected path of Federal Reserve interest-rate hikes. The Dow Jones Industrial Average, S&P 500 and Nasdaq each scored weekly gains, snapping three straight weeks of losses.
The Dow Jones Industrial Average DJIA gained 823.32 points, or 2.7%, to close at 31,500.68, its largest daily percentage gain since May 4.
The S&P 500 SPX jumped 116.01 points, or 3.1%, to finish at 3,911.74, its biggest daily percentage gain since May 18, 2020.
The Nasdaq Composite COMP surged 375.43 points, or 3.3%, to end at 11,607.62, its largest daily percentage gain since May 13.
For the week, the Dow booked a 5.4% gain, while the S&P 500 climbed 6.5% and the Nasdaq jumped 7.5%, according to Dow Jones Market Data. The Dow and S&P 500 each saw their biggest weekly gain since late May, while the Nasdaq had its best week since March.
Fed survey shows manpower shortage in the oil patch
While the Biden administration continues pounding oil and gas companies, accusing them of intentionally...
While the Biden administration continues pounding oil and gas companies, accusing them of intentionally lagging on new drilling and production, a new survey by the Dallas Federal Reserve Bank shows those firms are hit hard by shortages of manpower and equipment.
The findings mirror those of North Dakota reports that it took 2-3 months to fully train some oilfield workers before firms could fully resume operations following delays caused by two April winter storms.
In some cases, company leadership indicated it would take months to drill even a single new, unplanned well reported Hart Energy.
An Evercore ISI analysis shows that the number of oil and natural gas drilling permits issued in May...
An Evercore ISI analysis shows that the number of oil and natural gas drilling permits issued in May across the contiguous US plunged 17% month over month, with the Permian Basin, Powder River Basin and Marcellus Shale leading the decline. "Permits in the Permian represented 42% of the total issued in the country, followed by Eagle Ford with a 15% share and the Powder River Basin with 6% of the total," Evercore said.
Drilling activity on the rise as DUC inventory shrinks
Crude prices above $100 per barrel and a declining inventory of drilled-but-uncompleted wells are prompting...
Crude prices above $100 per barrel and a declining inventory of drilled-but-uncompleted wells are prompting producers, particularly privately held companies, to expand drilling activity, according to ESAI Energy. The DUC inventory has declined by 60% from a June 2020 peak, "leaving many producers with no choice but to accelerate drilling to keep production levels up" as "viable DUCs will likely be depleted by year-end," the consultancy said.
