U.S. Rig Count Sees Biggest Weekly Increase in a Year
U.S. energy firms added oil and natural gas rigs this week for the first...
U.S. energy firms added oil and natural gas rigs this week for the first time in five weeks, marking the most significant weekly increase in a year, according to Baker Hughes' closely watched report released on Friday.
The combined rig count, an early indicator of future production, increased by eight rigs to a total of 590 in the week ending September 13, returning to levels last seen in mid-June. This jump represents the largest weekly gain since mid-September 2023. Despite the uptick, the total rig count remains 51 rigs, or 8%, below the level recorded this time last year.
Breaking down the rig count, Baker Hughes reported that oil rigs increased by five to 488 this week, while gas rigs rose by three to 97.
The rig count had fallen about 20% in 2023, following increases of 33% in 2022 and 67% in 2021. This decline was driven by lower oil and gas prices, rising labor and equipment costs due to inflation, and a shift in focus by companies toward debt reduction and shareholder returns over output growth.
Occidental lands $500M award for carbon capture hub
The US Department of Energy...
The US Department of Energy is to provide up to $500 million to underwrite the development of Occidental Petroleum's South Texas Direct Air Capture Hub. The South Texas Direct Air Capture Hub could potentially double its carbon removal capacity and receive additional funding of up to $650 million if the project grows into a regional carbon network.
Boar’s Head will shut down the plant involved in a deadly listeria...
Boar’s Head will shut down the plant involved in a deadly listeria outbreak. The cold cut maker said it’s indefinitely closing the Jarratt, Va. plant linked to an outbreak of listeria that has killed nine people and sickened at least 50. The deli staple provider said it will also permanently quit making liverwurst, the product tied to the outbreak. The Virginia plant hasn’t been used since July, when Boar’s Head recalled 7 million pounds of meat, and regulators found a slew of food safety violations.
Justin Timberlake pleaded guilty to driving while impaired, a noncriminal traffic violation, resolving the case stemming from his June arrest in the Hamptons by police officers who reportedly had no idea who the former NSYNC frontman was.
Uber riders will be able to flag Waymo robotaxis in Austin and Atlanta in 2025 as the companies expand their partnership.
Pope Francis said both US presidential candidates are “against life” and urged Catholics to vote for whomever they consider “the lesser evil.”
The US slapped RT, a Russian state media outlet, with sanctions, saying it had raised money to send equipment to Russian soldiers fighting in Ukraine.
Francis Ford Coppola sued Variety for printing claims about his alleged on-set misconduct during the making of Megalopolis.
Oil Slips as Gulf Production Resumes After Storm Francine
Oil futures close out a volatile week with modest increases as Hurricane Francine shut in some U.S. offshore...
Oil futures close out a volatile week with modest increases as Hurricane Francine shut in some U.S. offshore production, offsetting longer-term concerns about demand prospects highlighted by OPEC, the EIA and the Paris-based IEA all lowering their demand estimates this week. The BSEE estimated that 732,000 barrels a day, or 42% of Gulf of Mexico output, was shut in by the storm but said Friday that production from undamaged facilities would be brought back immediately. “These cuts are expected to prove brief and within the broader context are unlikely to spur much movement in the crude balances given the importance of shale production that accounts for the major portion of U.S. output,” Ritterbusch says in a note. WTI ends the week up 1.4% at $68.65 a barrel, and Brent is up 0.8% at $71.61 a barrel. Both benchmarks settle down 0.5% on the day.
Nasdaq Posts 6% Weekly Gain as U.S Stocks Climb Ahead of Fed’s Rate Decision
U.S. stocks closed higher Friday, with the S&P 500...
U.S. stocks closed higher Friday, with the S&P 500 and technology-heavy Nasdaq Composite each posting its biggest weekly jump since November ahead of the Federal Reserve’s policy meeting.
The Dow Jones Industrial Average rose 297.01 points Friday, or 0.7%, to close at 41,393.78.
The S&P 500 climbed 30.26 points, or 0.5%, to finish at 5,626.02.
The Nasdaq advanced 114.30, or 0.7%, to end at 17,683.98.
For the week, the Dow gained 2.6%, the S&P 500 rallied 4%, and the Nasdaq jumped 6%. According to Dow Jones Market Data, the S&P 500 and Nasdaq each saw their largest weekly percentage gain since the stretch ending Nov. 3.
Investors are looking ahead to the Fed’s two-day policy meeting next week, which will conclude Wednesday with its highly anticipated decision on where to set interest rates. At last check, according to the CME FedWatch Tool, after the closing bell on Friday, traders were pricing in a 55% chance the Fed will lower its policy rate by a quarter percentage point and a 45% probability of a larger, half-point rate cut.
