U.S. oil & gas rig count falls for fourth week in five
U.S. energy firms this week cut the number...
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the fourth time in five weeks even as oil prices remain relatively high. The U.S. total oil and gas rig count, an early indicator of future output, fell by 5 to 760 in the week to Sept. 2.
U.S. oil rigs fell by 9, the most since September last year, to 596 this week which is their lowest since early August.
However, gas rigs rose 4 to 162, the highest since August 2019.
Russia's ruble has rallied nearly 40% since the war in Ukraine began. That could be bad news for Putin
When a currency is growing in value, it's typically seen as a sign of economic strength that reflects...
When a currency is growing in value, it's typically seen as a sign of economic strength that reflects investors' confidence and boosts a country's trade balance.
But the appreciation in the ruble since March could be bad news for Russia and its president, Vladimir Putin.
The Russian currency has jumped nearly 40% against the dollar since Putin's forces invaded Ukraine on Feb. 24, with $1 worth 60.28 rubles at last check Friday.
"The ruble's fast recovery to pre-war levels was welcome, but the subsequent appreciation is actually uncomfortable."
Germany 'cannot rely in any way on Russia' and shouldn't count on Nord Stream 1 gas flows during winter, economy minister says
Germany can't rely on Russia or state-controlled Gazprom as Europe faces a worsening energy...
Germany can't rely on Russia or state-controlled Gazprom as Europe faces a worsening energy crunch ahead of winter, according to Economy Minister Robert Habeck.
In Thursday media comments in Berlin, he voiced doubt over whether Russia would offer any natural gas supplies moving forward, and said he hasn't been in contact with Gazprom, which shut down the Nord Stream 1 gas pipeline for maintenance.
"There are no direct talks between my ministry and Gazprom," Habeck said. "What I do expect is that we cannot rely in any way on Russia, or on Gazprom, the rest is pure speculation."
Benchmark U.S. crude oil for October delivery rose 26 cents to $86.87 a barrel Friday....
Benchmark U.S. crude oil for October delivery rose 26 cents to $86.87 a barrel Friday. Brent crude for November delivery rose 66 cents to $93.02 a barrel.
Wholesale gasoline for October delivery rose 8 cents to $2.46 a gallon. September heating oil rose 2 cents to $3.58 a gallon. October natural gas fell 48 cents to $8.79 per 1,000 cubic feet.
U.S. stocks gave up early gains to finish sharply lower Friday, with all three major benchmarks...
U.S. stocks gave up early gains to finish sharply lower Friday, with all three major benchmarks booking a third straight losing week, after “Goldilocks” August jobs data did little to alter the view that the Federal Reserve would press ahead with a large interest rate rise in late September.
News reports that Russia’s Gazprom wouldn’t reopen a natural gas pipeline to Europe on Saturday appeared to weigh on stock-market sentiment in afternoon trading as investors headed into the U.S. Labor Day holiday weekend.
The Dow Jones Industrial Average DJIA, -1.07% dropped 337.98 points, or 1.1%, to close at 31,318.44
The S&P 500 SPX, -1.07% fell 42.59 points, or 1.1%, to finish at 3,924.26.
The Nasdaq Composite COMP, -1.31% slid 154.26 points, or 1.3%, to end at 11,630.86, falling for a sixth straight day in its longest losing streak since August 2019.
For the week, the Dow dropped 3%, the S&P 500 shed 3.3% and the Nasdaq tumbled 4.2%. All three benchmarks booked a third straight week of losses.
