US drillers cut oil rigs for eighth month in a row
U.S. energy firms in July cut the number of oil rigs for an eighth straight month...
U.S. energy firms in July cut the number of oil rigs for an eighth straight month while adding natural gas rigs for the first time in three months, energy services firm Baker Hughes said in its closely followed report on Friday.
This week, drillers cut the number of total oil and gas rigs operating for a third week in a row.
The total oil and gas rig count, an early indicator of future output, fell by five to 664 in the week to July 28, the lowest since March 2022, which puts the total rig count down 103, or 13%, below this time last year.
U.S. oil rigs fell by one to 529 this week, their lowest since March 2022, while gas rigs decreased by three to 128.
For the month, drillers cut 10 total oil and gas rigs in July, the smallest decline in three months.
Oil rigs dropped by 16 rigs in July.That put the oil count down for an eighth month in a row for the first time since drillers cut oil rigs for a record 12 consecutive months through November 2019. Gas rigs, meanwhile, rose by four rigs in July, their first increase in three months.
Texas upstream oil and natural gas sector adds 2,500 jobs in June
Despite a falling Texas rig count, newly-released data from the Texas Workforce Commission (TWC) shows...
Despite a falling Texas rig count, newly-released data from the Texas Workforce Commission (TWC) shows that upstream oil and natural gas employment in the state continued to grow in June, with the industry adding an additional 2,500 jobs. Last month, oil and natural gas employment rose above 200,000 for the first time in over three years. The 6,900 job surge originally reported for last month has now been moderated slightly to 6,400.
Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crude oil for September delivery rose 49 cents to $80.58 a barrel Friday. Brent crude for September deliveryrose 75 cents to $84.99 a barrel.
Wholesale gasoline for August deliveryrose 1 cent $2.96 a gallon. August heating oilrose 4 cents to $2.96 a gallon. September natural gas rose 4 cents to $2.64 per 1,000 cubic feet.
Stocks end wild week in the green as Dow, S&P 500 log 3rd straight weekly gain
U.S. stock indexes finished higher on Friday with...
U.S. stock indexes finished higher on Fridaywith the Dow Jones Industrial Average and the S&P 500 closing out their third winning week in a row, bolstered by better-than-expected earnings from megacap technology companies and hopes that the Federal Reserve will tame inflation by hiking interest rates aggressively without causing a recession. The Dow IndustrialsDJIA rose 176 points, or 0.5%, to end at 35,459, posting a weekly gain of 0.7%. The S&P 500 SPX advanced 1%, while the Nasdaq Composite COMP rose over 2% for the week, according to Dow Jones Market Data.
According to the European Commission, the funding will contribute to the security and diversification of energy supplies in Germany in a bid to help end dependence on Russian fossil fuels, in line with the bloc’s REPowerEU Plan. “The new LNG terminal in Brunsbüttel will improve gas supply and infrastructure in Germany,” EU State Aid Chief Margrethe Vestager said on Wednesday.
