Frack crew shortage seen fueling increase in DUC wells
An uptick in new drilling has helped firm up the US inventory of drilled-but-uncompleted wells in recent...
An uptick in new drilling has helped firm up the US inventory of drilled-but-uncompleted wells in recent months after a long period of declines caused by the pandemic. The inventory is at its lowest level in five years, according to Rystad Energy, but S&P Global Commodity Insights energy analyst Matt Andre expects the DUC count to increase in the months ahead due to a shortage of frack crews.
U.S. stocks end higher, Nasdaq scores biggest weekly gain since March
U.S. stocks ended higher Friday, with the technology-heavy Nasdaq...
U.S. stocks ended higher Friday, with the technology-heavy Nasdaq Composite scoring its biggest weekly gain since March, after major indexes on Thursday logged their strongest session since 2020 on the back of a softer-than-expected inflation report.
The Dow Jones Industrial Average DJIA, +0.10% rose 32.49 points, or 0.1%, to close at 33,747.86.
The S&P 500 SPX, +0.92% gained 36.56 points, or 0.9% to finish at 3,992.93.
The Nasdaq Composite jumped 209.18 points, or 1.9%, to end at 11,323.33.
For the week, the Dow rose 4.1%, the S&P 500 gained 5.9% and the Nasdaq jumped 8.1%, according to Dow Jones Market Data. That marked the tech-heavy Nasdaq’s biggest weekly percentage gain since March, while the S&P 500 booked its best week since June.
US Drillers Add Oil, Gas Rigs for Second Week in a Row
U.S. energy firms this week added oil and natural gas rigs for a second week in a row as relatively high...
U.S. energy firms this week added oil and natural gas rigs for a second week in a row as relatively high oil prices encourage firms to drill more.
The total oil and gas rig count, an early indicator of future output, rose nine to 779 in the week to Nov. 11, its highest since March 2020, energy services firm Baker Hughes Co. said in its closely followed report on Nov. 11.
U.S. oil rigs rose nine to 622 this week, their highest since March 2020, while gas rigs held steady at 155.
Benchmark U.S. crude oil for Decemberdelivery rose $2.49 to $88.96 a barrel Friday. Brent crude for Januarydelivery rose $2.32 to $95.99 a barrel.
Wholesale gasoline for December delivery rose 4 cents to $2.61 a gallon. December heating oilfell 1 cent to $3.56 a gallon. December natural gas fell 36 cents to $5.88 per 1,000 cubic feet.
EIA reports a weekly climb of 79 billion cubic feet in U.S. natural-gas supplies
The U.S. ...
The U.S. Energy Information Administration reported on Thursday that domestic natural-gas supplies rose by 79 billion cubic feet for the week ended Nov. 4. That compared with an average analyst forecast for an increase of 82 billion cubic feet, according to a survey conducted by S&P Global Commodity Insights. Total working gas stocks in storage stand at 3.580 trillion cubic feet, down 37 billion cubic feet from a year ago and 76 billion cubic feet below the five-year average, the government said.
