This week’s Baker Hughes rig report showed a gain in the number of oil and gas rigs in Oklahoma and...
This week’s Baker Hughes rig report showed a gain in the number of oil and gas rigs in Oklahoma and across the U.S.
Oklahoma’s count increased by one to a total of 67 rigs. A year ago, there were only 44 active rigs in the state.
Nationally, the total rig count, reported by Baker Hughes, increased by two to 770. The gain included 3 more oil rigs for a total of 613 while the number of gas rigs fell one to 155.
The U.S. count is 220 more than the 550 rigs reported a year ago. In the past 12 months, the national rig count gained 163 oil rigs and 55 gas rigs.
Oil futures settle higher, with U.S. oil prices topping $90 to end at 4 week high
Oil futures ...
Oil futures rallied on Friday, with U.S. oil prices ending at their highest in about four weeks, on expectations that China may ease its COVID restrictions. “Chinese crude demand has been capped and if that roars back,” that could send oil prices higher regardless of global economic slowdown fears, said Edward Moya, senior market analyst at Oanda. “There are too many geopolitical risks on the table that should keep oil’s trajectory higher,” he said, and if the dollar continues to slide here, oil’s strength could be “relentless.” U.S. benchmark West Texas Intermediate crude for December delivery CLZ22, +5.02% rose $4.44, or 5%, to settle at $92.61 a barrel on the New York Mercantile Exchange. Prices for the front-month contract settled at their highest since Oct. 7, up 5.4% for the week, according to Dow Jones Market Data.
Dow ends up over 350 points Friday, but stocks suffer weekly losses
U.S. stocks finished higher on Friday, snapping a four-day losing...
U.S. stocks finished higher on Friday, snapping a four-day losing streak in a hectic session that saw the three major indexes swing in and out of positive territory multiple times.Volatility was high across asset classes as investors contended with shifting expectations surrounding where the Fed funds rate is expected to peak next year, along with Friday’s October jobs report data and the expiration of daily and weekly options tied to individual stocks, stock indexes and exchange-traded funds, which helped to exacerbate volatility, market strategists said. The S&P 500 SPX, +1.36% finished 50.66 points, or 1.4%, higher at 3,770.55, but still logged a weekly loss of 3.4% its worst weekly performance in about a month, according to Dow Jones Market Data. The Nasdaq Composite COMP, +1.28% closed 132.31 points, or 1.3%, higher at 10,475.25, but logged a weekly loss of 5.7% for its worst such pullback since the week ended Jan. 21. The Dow Jones Industrial Average DJIA, +1.26% gained 401.97 points, or 1.3%, to finish at 32,403.22 on Friday, but still saw a weekly decline of 1.4%.
Blackstone may fetch $2 bln in sale of U.S. oil and gas producer PRI Operating
Blackstone Inc. ...
Blackstone Inc. BX, 3.71% is weighing the sale of portfolio company PRI Operating in a deal that could be valued at about $2 billion including debt, Reuters reported on Friday. Citing people familiar with the deal, the Reuters report said Blackstone is seeking a potential buyer for PRI Operating, also known as Patriot Resources, as part of its effort to move away from investments in oil and gas companies because of their role in boosting greenhouse gas emissions. Patriot Resources is owned by Blackstone's credit investment unit. Shares of Blackstone shares are up 1.7% on Friday. The company's stock has fallen 30.8% in 2022 compared to a 21.3% drop by the S&P 500 SPX, 1.81%.
Record-setting US oil exports to Asia expected this month
Shipping data from Kpler show that Asian refiners are on track to import a record 1.8 million barrels...
Shipping data from Kpler show that Asian refiners are on track to import a record 1.8 million barrels per day of US crude oil this month, lured by West Texas Intermediate's widening discount to Brent. US oil exports to South Korea are expected to hit a record 619,000 bpd, while China is seen taking at least 450,000 bpd, the most since December 2020, according to Refinitiv.
