More sanctions against Russia sent crude oil prices up on Friday
Rallied by more U.S. sanctions targeting Russian oil and gas revenue,...
Rallied by more U.S. sanctions targeting Russian oil and gas revenue, crude oil prices gained nearly 3% on Friday while prices in the U.S. hit their highest level in 3 months.
The sanctions issued Friday by the Biden administration went after Russian oil producers, tankers, intermediaries, traders and ports, all with the goal of hitting every level of Moscow’s oil production and distribution.
U.S. West Texas Intermediaterose $2.38or 3.2% to reach $76.30 on the New York Mercantile Exchange, a three-month high.
Prices for global benchmark Brent crudewent up $2.53or 3.3% and hit $79.45 a barrel. It crossed the $80 a barrel mark for the first time since early October.
At one point in Friday’s trading, both WTI and Brent contracts gained more than 4%.
Natural gas also saw a spike as it went up 29 centsor 7.78% to finish at $3.99 MMBtu.
US Drillers Cut Oil, Gas Rigs for First Time in Six Weeks
U.S. energy firms this week cut the number of oil and natural gas rigs...
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in six weeks, energy services firm Baker Hughes said in its closely followed report on Jan. 10.
The total oil and gas rig count, an early indicator of future output, fell by five to 584in the week to Jan. 10, the lowest since November.
In past weeks, the rig count remained unchanged for a record four times in a row.
Baker Hughes said this week's decline puts the total rig count down 35 rigs, or 6% below this time last year.
Baker Hughes said oil rigs fell by two to 480 this week, their lowest since November, while gas rigs fell by three to 100, also the lowest since November.
The total oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on paying down debt and boosting shareholder returns rather than raising output.
Dow ends down almost 700 points as jobs report sparks jump in Treasury yields
The U.S. stock market ended sharply lower Friday, in...
The U.S. stock market ended sharply lower Friday, in a broad selloff that saw the Dow Jones Industrial Average fall almost 700 points.
The Dow Jones closed 1.6% lower, while the S&P 500 slumped 1.5% and the technology-heavy Nasdaq Composite dropped 1.6%, according to preliminary data from FactSet. All three indexes ended Friday with back-to-back weekly declines as investors weighed a jobs report that was hotter than Wall Street anticipated.
In the bond market, Treasury yields rose Friday after a stronger-than-expected employment report. The yield on the 10-year Treasury note climbed Friday to 4.772%, the highest level since Nov. 1, 2023 based on 3 p.m. Eastern time levels, according to Dow Jones Market Data.
For the week, the Dow fell 1.9%, the S&P 500 dropped 1.9% and the Nasdaq shed 2.3%, the preliminary data from FactSet showed.
Unemployment rate falls to 4.1% as U.S. economy’s job-creation streak continues
The U.S. added a bigger-than-expected 256,000 new jobs...
The U.S. added a bigger-than-expected 256,000 new jobs in December, but most of the increase was concentrated in just a few industries and there was little sign of reheating in a gradually cooling labor market. U.S. unemployment rate drops to 4.1% in December from 4.2%
Economists polled by The Wall Street Journal had forecast an increase of 155,000 new jobs in December.
Plains spends $725M to expand midstream capabilities
Plains All American Pipeline is building up its midstream presence in...
Plains All American Pipeline is building up its midstream presence in the Eagle Ford Shale, Permian Basin and Midcontinent region with three acquisitions worth around $725 million. The deals include EnCap Flatrock's Ironwood Midstream Energy, Medallion Midstream's Delaware Basin crude oil gathering assets and full ownership of Midway Pipeline.
