US Drillers Cut Oil and Gas Rigs for 10th Time in 11 Weeks
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a 10th time in 11...
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a 10th time in 11 weeks, energy services firm Baker Hughes said in its closely followed report on July 14.
The total oil and gas rig count, an early indicator of future output, fell by 5 to 675 in the week to July 14.
Baker Hughes said that puts the total count down 81 rigs, or 11%, below this time last year.
U.S. oil rigs fell 3 to 537 this week, their lowest since April 2022, while gas rigs fell 2 to 133.
Benchmark U.S. crude oil for August delivery fell $1.47 to $75.42 a barrel Friday. Brent crude for September delivery fell $1.49 to $79.87 a barrel.
Wholesale gasoline for August delivery fell 4 cents $2.64 a gallon. August heating oilfell 1 cent to $2.60 a gallon. August natural gas fell 1 cent to $2.55 per 1,000 cubic feet.
📈Dow rises for fifth day as U.S. stocks close out best week in a month
U.S. stocks finished mostly lower on Friday, with only the Dow...
U.S. stocks finished mostly lower on Friday, with only the Dow logging a fifth-straight daily gain, as an early advance by the S&P 500 and Nasdaq Composite faded in afternoon trade. But all three benchmarks powered higher this week, with the S&P 500 logging its best such gains since June. The S&P 500 SPX, -0.10% shed 4.36 points, or 0.1%, to 4,506.66 on Friday, according to preliminary closing data from FactSet. It rose 2.3% for the week. The Nasdaq Composite COMP, -0.18% fell 24.87 points, or 0.2%, to 14,113.70 on Friday, but gained 3.3% on the week. The Dow Jones Industrial Average DJIA, +0.33% rose 114.75 points, or 0.3%, to 34,509.69, bringing its weekly gain to 2.3%.
The energy sector is off to a mixed to higher start, looking past mild weakness in the crude complex and supported by strength in the major equity futures. U.S. stock index futures turned positive as JPMorgan Chase and Wells Fargo commenced second-quarter earnings for big U.S. banks on a strong note.
Following three-consecutive sessions of gains, WTI and Brent crude oil futures are trading slightly lower but remain on course for a weekly gain, with bullish sentiment over U.S. demand bolstered by supply disruption in Libya and Nigeria. During the previous session, some oilfields in Libya were shut down because of a local tribe's protest against the kidnapping of a former minister. Separately, Shell suspended loadings of Nigeria's Forcados crude oil owing to a potential leak at a terminal.
Natural gas futures are trading higher as preliminary estimates for EIA storage data week-ending today have a build of +46 to +56 Bcf vs the 5-year average of +45 Bcf.
ExxonMobil's senior vice-president, Peter Clarke, has defended the firm's continued capital investment...
ExxonMobil's senior vice-president, Peter Clarke, has defended the firm's continued capital investment in hydrocarbon fuels such as liquified natural gas alongside its move into carbon capture and alternative energy sources. "The offer that we have to LNG customers is clear and builds the confidence that they can invest now in LNG and know that down the road we'll be able to further decarbonize LNG value chains to accommodate the hydrogen and really help them achieve their net zero emissions goals."
