U.S. stock futures dip; oil falls as OPEC+ extends output boost
U.S. stock-market futures rose slightly Sunday, after...
U.S. stock-market futures rose slightly Sunday, after Wall Street ended last week with its worst session since April.
After initially falling after trading began Sunday evening, Dow Jones Industrial Average futures were last up about 32 points, or 0.1%. S&P 500 futures were up fractionally, and Nasdaq-100 futures advanced 0.1%.
On Saturday, eight members of the Organization of the Petroleum Exporting Countries and its allies, or OPEC+, agreed to boost production for the fifth straight month. The group, led by Saudi Arabia, will increase output by 547,000 barrels a day in September. That’s down slightly from the 548,000 barrels-a-day increase announced in July for August production.
West Texas crude prices have remained mainly under $70 a barrel since the increases were announced in April, and oil prices are down around 7% year to date.
The total number of active drilling rigs for oil...
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday as operators continue to scale back.
The total rig count in the US fell by 2 rigs for the second week in a row, landing at 540, according to Baker Hughes, down 46 from this same time last year.
The number of oil rigs fell by 5 to 410, down by 72 compared to this time last year. The number of gas rigs rose by 2 this week, coming in at 124 for a gain of 26 active gas rigs from this time last year. The miscellaneous rig count also gained a rig, for a total of 6.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, fell by 6 during the week of July 25, to 168. It is the fewest number of active frac crews since 2021. The count is now 47 below where it was on March 21.
Drilling activity in the Permian basin saw another loss this week, losing 1 rig. The Permian now has 259 rigs—a figure that is 44 fewer than this same time last year. The count in the Eagle Ford saw stayed the same at 39 rigs, which is 11 fewer than this time last year.
Oil falls $2 a barrel on worries about OPEC+ supply, US jobs data
(Reuters) - Oil prices $2 a barrel on Friday because...
(Reuters) - Oil prices $2 a barrel on Friday because of jitters about a possible increase in production by OPEC and its allies, while a weaker-than-expected U.S. jobs report fed worries about demand.
Brent crude futures settled at $69.67 a barrel, down $2.03, or 2.83%. U.S. West Texas Intermediate crude finished at $67.33 a barrel, down $1.93, or 2.79%.
Brent finished the week with a gain near 6%, while WTI rose 6.29%.
Three people familiar with discussions among OPEC members and allied producers said the group may reach an agreement as early as Sunday to boost production by 548,000 barrels per day in September.
A fourth source familiar with OPEC+ talks said discussions on volume were ongoing and the hike could be smaller.
The U.S. Labor Department said the country added 73,000 jobs in July, lower than economists had forecast, raising the national unemployment rate to 4.2% from 4.1%.
Stocks end sharply lower, booking weekly losses after latest jobs report, tariffs
U.S. stocks closed sharply lower Friday, with major indexes...
U.S. stocks closed sharply lower Friday, with major indexes slumping as investors reacted to data showing jobs growth slowed substantially in July and President Donald Trump’s most recent tariffs.
The Dow Jones Industrial Average fell 542.40 points, or 1.2%, to finish at 43,588.58.
The S&P 500 slumped 101.38 points, or 1.6%, to end at 6,238.01.
The Nasdaq Composite dropped 472.32 points, or 2.2%, to close at 20,650.13.
The number of active hydraulic fracturing crews in the Permian Basin has dropped from 100 at the beginning of the year to around 70 currently, as unstable market conditions take a toll on activity, according to Sam Sledge, CEO of pressure pumper ProPetro. "Increased market uncertainty driven by tariffs and rising OPEC+ production has resulted in more idle capacity than anticipated," Sledge said.
