U.S. drillers add oil and gas rigs for fourth week in five
U.S. energy firms this week added oil and natural gas rigs for the fourth time in five weeks amid high...
U.S. energy firms this week added oil and natural gas rigs for the fourth time in five weeks amid high crude prices although the growth in rigs has been small and crude production has been slow to recover to pre-pandemic levels.
The total oil and gas rig count, an early indicator of future output, rose two to 752 in the week to July 8. U.S. oil rigs rose two to 597 this week, their highest since March 2020, while gas rigs were unchanged at 153.
Benchmark U.S. crude oil for August delivery rose $2.06 to $104.79 a barrel Friday. Brent crude for September delivery rose $2.37 to $107.02 a barrel.
Wholesale gasoline for August delivery rose 3 cents to $3.45 a gallon. August heating oil was unchanged at $3.67 a gallon. August natural gas fell 27 cents to $6.03 per 1,000 cubic feet.
Gasoline Prices See The Largest Drop In Nearly 15 Years
While gasoline prices are still $1.50 higher per gallon than they were this time last year, they fell...
While gasoline prices are still $1.50 higher per gallon than they were this time last year, they fell sharply overnight in what was the largest one-day drop in nearly 15 years, according to AAA data.
The current price for a gallon of gasoline in the United States is averaging $4.721 on Friday, down from $4.752 per gallon on Thursday—a 3.1-cent drop. The weekly change is even more significant at 12.1 cents.
According to Gas Buddy’s Patrick De Haan, more than 5,800 gas stations across the country are offering gasoline at $3.99 per gallon or less.
The Energy Information Administration on Thursday reported that U.S. crude inventories climbed by 8.2 million barrels for the week ended July 1. On average, analysts expected a fall of 1.2 million barrels, according to a poll conducted by S&P Global Commodity Insights. Data were delayed by a day due to Monday's Independence Day holiday. The American Petroleum Institute on Wednesday reported a 3.8 million-barrel increase, according to sources. The EIA report also showed supply declines of 2.5 million barrels for gasoline and 1.3 million barrels for distillates. The analyst survey called for an inventory decline of 500,000 barrels for gasoline and an increase of 1 million barrels for distillates. Crude stocks at the Cushing, Okla. Nymex delivery hub were little changed at 21.3 million barrels for the week, the EIA said.
Exxon, Shell may pursue part of $1.8 billion Nigerian award-
NEW YORK (Reuters) - A U.S. appeals court on Friday said Exxon Mobil Corp and Royal...
NEW YORK (Reuters) - A U.S. appeals court on Friday said Exxon Mobil Corp and Royal Dutch Shell Plc affiliates may try to enforce part of a $1.8 billion arbitration award against Nigeria's state-run oil company, in a dispute concerning oil extraction near the African country's coastline.
In a 3-0 decision, the 2nd U.S. Circuit Court of Appeals in Manhattan said a lower court judge erred in rejecting the entire October 2011 award, which by 2018 had grown to $2.67 billion including interest, against Nigerian National Petroleum Corp.
It said the judge should have determined which parts of the award had been deemed enforceable by a Nigerian appeals court.
