US oil/gas rig count down for 11th week to lowest since 2021
U.S. energy firms this week cut the number of oil and...
U.S. energy firms this week cut the number of oil and natural gas rigs operating for an 11th week in a row for the first time since July 2020 when the COVID-19 pandemic cut demand for the fuel, energy services firm Baker Hughes said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, fell by two to 537 in the week to July 11, the lowest since October 2021.
Baker Hughes said this week's decline puts the total rig count down 47 rigs, or 8%below this time last year.
Baker Hughes said oil rigs fell by one to 424 this week, their lowest since September 2021, while gas rigs were unchanged at 108.
In Texas, the biggest oil and gas producing state, the rig count fell by one to 255, the lowest since November 2021. Oklahomawas down one rig, now with 42 rigs running.
But in the Haynesville shale in Arkansas, Louisiana and Texas, one of the nation's biggest and fastest growing gas producing regions, the rig count rose by one to 38, the most since March 2024.
Oil rises over 2% as investors weigh market outlook, tariffs, sanctions
(Reuters) - Oil prices rose over 2% on Friday as the...
(Reuters) - Oil prices rose over 2% on Friday as the International Energy Agency said the market was tighter than it appears, while U.S. tariffs and possible further sanctions on Russia were also in focus.
Brent crude futures settled up $1.72, or 2.5%, at $70.36 a barrel. U.S. West Texas Intermediate crude gained $1.88, or 2.8%, to $68.45 a barrel.
For the week, Brent rose 3%, while WTI had a weekly gain of around 2.2%.
The IEA said the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power generation.
Front-month September Brent contracts were trading at about a $1.20 premium to October futures.
"The market is starting to realize that supplies are tight," said Phil Flynn, senior analyst with Price Futures Group.
U.S. stocks end the week lower after Trump threatens 35% tariffs on Canada
U.S. stocks ended lower on Friday after President Donald...
U.S. stocks ended lower on Friday after President Donald Trump threatened to impose a 35% tariff on imports from Canada, with investors concerned about more potential tariff announcements over the weekend.
The Dow Jones Industrial Average went down 279.13 pointsor 0.6% to end at 44,371.51 on Friday, snapping back-to-back gains, according to Dow Jones Market Data. The index ended 457.02 points, or 1% lower for the week, snapping a three-week winning streak.
The S&P 500 fell 20.71 points or 0.3% to close at 6259.75, also snapping back-to-back gains. The index lost 19.60 points or 0.3% this week, snapping a two-week winning streak.
The Nasdaq Composite declined 45.14 points or 0.2% to finish at 20,585.53. It was down 15.57 points or 0.08% for the week.
Permian water challenge opens door to new solutions
Seismic activity linked to saltwater disposal from oil production is...
Seismic activity linked to saltwater disposal from oil production is pressuring Permian Basin operators to rethink how they manage the region's 22 million barrels per day of produced water. As injection restrictions expand, midstream developers and water treatment firms like Tetra Technologies see emerging opportunities in tailored desalination solutions and beneficial reuse, though widespread adoption still faces economic, technological and regulatory hurdles.
“Things aren’t that bad” was the main takeaway from Delta’s quarterly...
“Things aren’t that bad” was the main takeaway from Delta’s quarterly earnings report yesterday. The airline reinstated its annual forecast, which it had pulled in April as a result of economic uncertainty. The new outlook isn’t as rosy as it once was, but it was enough to push Delta’s stock up and give airlines some much-needed optimism (United, American, and Southwest all jumped yesterday, too). Delta CEO Ed Bastian said consumers have become “a little numb” to tariff talk and are booking travel for later in the year, rather than holding off entirely. United and American report their earnings next week with hopes of adding to the sector’s momentum.
