US Oil, Gas Rig Count Falls to Lowest Since Late July
U.S. energy firms this week cut the number of oil and natural gas rigs operating to the lowest since...
U.S. energy firms this week cut the number of oil and natural gas rigs operating to the lowest since late July as the growth in the rig count and production has slowed despite relatively high energy prices.
The TOTAL U.S. oil and gas rig count, an early indicator of future output, fell by one to 759 in the week to Sept. 9, down for the fifth week in six. Despite the decline, the total rig count was still up 256, or 51%, over this time last year.
U.S. oil rigsfell five to 591 this week, their lowest since mid-June, while gas rigsrose four to 166, their highest since August 2019.
With oil prices up about 16% so far this year after soaring 55% in 2021, the total rig count fell in August after rising for a record 24 months in a row.
Williams snaps up Texas midstream assets in $423M deal
Pipeline operator Williams has reached a deal to acquire midstream company NorTex Midstream from an affiliate...
Pipeline operator Williams has reached a deal to acquire midstream company NorTex Midstream from an affiliate of Tailwater Capital for $423 million. The transaction adds 80 miles of natural gas transmission pipelines and 36 billion cubic feet of gas storage in North Texas to Williams' portfolio.
Oil futures end higher for the session, modestly lower for the week
Oil futures finished...
Oil futures finished higher on Friday, with supply concerns helping prices pare their loss for the week. Still, "lately it has been mostly bad news for oil prices as demand concerns worsened given China's deteriorating COVID situation, a surprise jump in stockpiles, and on expectations world leaders will continue to exhaust emergency measures to send energy prices lower," said Edward Moya, senior market analyst at OANDA. October WTI crude CLV22, +3.06% climbed $3.25, or 3.9%, to settle at $86.79 a barrel on the New York Mercantile Exchange, with front-month prices down about 0.1% for the week, according to Dow Jones Market Data.
MarketWatch: Dow ends up nearly 400 points Friday as stocks notch weekly gains
U.S. stocks finished higher on Friday, rising for a third straight day while also recording a gain for...
U.S. stocks finished higher on Friday, rising for a third straight day while also recording a gain for the week after three weekly losses. The S&P 500 SPX, +1.53% rose 61.18 points, or 1.5%, to 4,067.36, while the Dow Jones Industrial Average climbed 377.19 points, or 1.2%, to 32,151.71. The Nasdaq Composite COMP, +2.11% advanced 250.18 points, or 2.1%, to 12,112.31. The indexes posted weekly gains of 3.7%, 2.7%, 3.1%, according to Dow Jones Market Data. Analysts described the equity market's advance as a technical bounce off of oversold levels, while the dollar retreating from a 20-year high helped buoy sentiment.
The European Central Bank raised interest rates by 75 basis points on Thursday, ...
The European Central Bank raised interest rates by 75 basis points on Thursday, mirroring the Federal Reserve and continuing the trend of economies around the world grappling with rising rates and rampant inflation.
The move comes as a step "to dampen demand and guard against the risk of a persistent upward shift in inflation expectations," the central bank said in a statement.
