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• US oil and gas rig count rises to highest since September
  U.S. energy firms this week added oil and natural gas rigs for a second...
  U.S. energy firms this week added oil and natural gas rigs for a second straight week to their highest since September, energy services firm Baker Hughes said in its closely followed report on Friday.
  
  The combined oil and gas rig count, an early indicator of future output, rose by three to 629 in the week to March 1, its highest since the week ending Sept. 22. 
  
  Despite this week's rig increase, Baker Hughes said the total count was still down 120 rigs, or 16%, below this time last year.
  
  Baker Hughes said oil rigs rose three to 506 this week, also their highest since September, while gas rigs fell by one to 119.
  
  In 2023, the U.S. oil and gas rig count dropped about 20% after rising by 33% in 2022 and 67% in 2021, due to a decline in oil and gas prices, higher labor and equipment costs from soaring inflation, and as companies focused more on paying down debt and boosting shareholder returns instead of raising output.
  
  
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil...
  
  
  Benchmark U.S. crude oil for April delivery rose $1.71 to $79.97 per barrel Friday. Brent crude for May delivery rose $1.64 to $83.55 per barrel.
  
  

  
  

  
  
  Wholesale gasoline for April delivery rose 3 cents to $2.61 a gallon. April heating oil rose 5 cents to $2.70 a gallon. April natural gas fell 2 cents to $1.84 per 1,000 cubic feet.
  
  
  
  
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• Nasdaq, S&P 500 close at fresh record highs as U.S. stocks gain Friday
  U.S. stocks finished higher Friday, with the S&P 500 and Nasdaq Composite...
  U.S. stocks finished higher Friday, with the S&P 500 and Nasdaq Composite rising to records.
  
  The Dow Jones Industrial Average rose 90.99 points, or 0.2%, to close at 39,087.38.
  
  The S&P 500 climbed 40.81 points, or 0.8%, to finish at 5,137.08, notching its 15th record close of 2024.
  
  The Nasdaq Composite gained 183.02 points, or 1.1%, to end at 16,274.94, scoring another record peak a day after it posted its first record close since November 2021.
  
  For the week, the Dow slipped 0.1% while the S&P 500 rose 0.9% and the technology-heavy Nasdaq gained 1.7%, according to Dow Jones Market Data.
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• Energy Sector Commentary
  The energy sector is off to a higher start...

  The energy sector is off to a higher start supported by strength in the crude complex, meanwhile, the major equity futures are mostly unchanged the day after the Nasdaq reached highs last touched since November 2021.

  
  

  WTI and Brent crude oil futures are higher as market participants wait for OPEC’s decision on a supply agreement for the second quarter and digest Chinese economic data. According to Reuters, three OPEC+ sources said the organization is considering extending voluntary oil output cuts in the second quarter, which may take effect until the end of the year. China’s February manufacturing PMI was in line with expectations at 49.1, contracting for a fifth straight month.

  
  

  Natural gas futures are modestly lower on forecasts for seasonally warmer weather and expectations for a lower-than-expected draw in storage. Preliminary estimates for EIA storage data week ending today has a draw of (35) to (45) Bcf vs the 5-year average of (93) Bcf.

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• China, Europe to boost LNG demand this year
  China and Europe will fuel global liquefied natural gas demand growth...
  China and Europe will fuel global liquefied natural gas demand growth in 2024, although potential constraints may sustain price pressure and volatility, according to TotalEnergies Senior Vice President Asia Pacific Exploration & Production Thomas Maurisse. Separately, Petronas Vice President of LNG Marketing and Trading Shamsairi Ibrahim warned that persistent market tightness could amplify the risk of price spikes in the event of supply disruptions.
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