On Friday, Baker Hughes reported an increase in the total rig...
On Friday, Baker Hughes reported an increase in the total rig count, up two rigs to a total of 771. The count gained two oil rigs for a total of 612 while the number of gas rigs was unchanged at 157. In the past year, the U.S. rig count, according to Baker Hughes is 229 higher from the 542 reported last year at this time. The growth in the past 12 months included 169 oil rigs and 58 gas rigs.
Baker Hughes reported Oklahoma was unchanged in the past week at 65 working rigswhile Texas gained six to reach 371. New Mexico’s count fell by four to 105 while North Dakota stayed at 38 rigs.
Benchmark U.S. crude oil for December delivery rose 54 cents to $85.05 a barrel...
Benchmark U.S. crude oil for December delivery rose 54 cents to $85.05 a barrel Friday. Brent crude for December delivery rose $1.12 to $93.50 a barrel.
Wholesale gasoline for November delivery rose 1 cent to $2.66 a gallon. November heating oil rose 7 cents to $3.83 a gallon. November natural gas fell 40 cents to $4.96 per 1,000 cubic feet.
Dow ends up about 750 points Friday as U.S. stocks notch best week since June
Stocks rose sharply Friday, ending near session highs...
Stocks rose sharply Friday, ending near session highsand posting strong weekly gains as investors weighed the potential for the Federal Reserve to slow down the pace of rate hikes after an expected 75 basis point rise in November.
The Dow Jones Industrial Average booked a gain of nearly 750 points, or 2.5%, while the S&P 500 rallied 2.4% and the Nasdaq Composite jumped 2.3%. For the week, the Dow advanced 4.9%, the S&P 500 advanced 4.7% and the Nasdaq saw a 5.2% rise.
Analysts are sounding the alarm on the housing market, ...
Analysts are sounding the alarm on the housing market, warning that home prices could fall as much as 20%. The forecast comes after existing home sales fell for the eighth straight month in September, the longest slump since 2007.
"The eighth straight drop in existing home sales takes the cumulative fall from the January peak to 27%, but this is not the floor. The surge in mortgage rates to nearly 7% over the past few weeks has triggered a further drop in mortgage demand, and we expect home sales to keep falling until early next year," the analyst Ian Shepherdson said.
Meanwhile, prices for existing homes have fallen on a sequential basis for three straight months, sending the median price to $384,800 — the lowest since March.
Baker Hughes eyes recovery after consecutive losses
Baker Hughes logged a $17-million loss in the July-September...
Baker Hughes logged a $17-million loss in the July-September period, the second consecutive quarterly loss, attributed to supply chain and inflation pressures and its exit from Russia. However, the company is undergoing an organizational restructuring and executive reshuffle that may generate more than $150 million in cost savings and help "sharpen our focus, improve operational execution and better position Baker Hughes to capitalize on the quickly changing energy markets," said CEO Lorenzo Simonelli.
