U.S. drillers cut the most oil and gas rigs in a month since June 2020
U.S. energy firms in February cut the most oil and natural gas rigs in...
U.S. energy firms in February cut the most oil and natural gas rigs in a month since June 2020, with the gas rig count falling to the lowest since April. The total oil and gas rig count, an early indicator of future output, fell seven to 753.
U.S. oil rigs fell seven to 600 this week, while gas rigs were unchanged at 151.
For the month, the total oil and gas rig count was down 18, falling for the third month in a row for the first time since July 2020.
The oil rig count was down nine in February, while the gas rig count also fell nine in its biggest monthly drop since April 2020.
U.S. stocks end sharply lower Friday as S&P 500 suffers worst week this year
Stocks ended sharply lower Friday, leaving major indexes with hefty weekly losses, after...
Stocks ended sharply lower Friday, leaving major indexes with hefty weekly losses, after the personal consumption expenditures price index for January came in hotter than expected, cementing expectations the Federal Reserve will move rates higher than investors previously anticipated in the effort to rein in inflation. The Dow Jones Industrial AverageDJIA fell around 337 points, or 1%, to close near 32,817, according to preliminary data, while the S&P 500SPX shed 1.1% to finish near 3,970. The Nasdaq CompositeCOMP dropped 1.7% to end near 11,395. The Dow suffered a 3.7%weekly fall, with the S&P 500 down 2.6% and the Nasdaq off 1.6%.
Gold at lowest level of 2023 after fourth straight weekly decline
Gold settled at its 2023 low on Friday, with the most actively traded contract logging its fourth straight...
Gold settled at its 2023 low on Friday, with the most actively traded contract logging its fourth straight weekly loss after the January PCE report showed a stronger-than-expected increase in prices, a sign that the Federal Reserve will likely continue its aggressive rate hike and monetary tightening to combat inflation.
Gold for April deliveryGC00, -0.48%GCJ23, -0.48% fell $9.70, or 0.5%, to settle at $1,817.10 an ounce on Comex. That was the lowest settlement since Dec. 28. The most-active contract also ended the week with a 1.8% loss after losing 1.3% last week, according to FactSet data.
March silverSIH23, -2.66% fell 50 cents, or 2.3%, to end at $20.81 an ounce, with prices down 4.2% for the week.
April platinumPLJ23, -3.82% was down $37.60, or 4%, to finish at $907.90 an ounce, for a weekly loss of 1.5%, while March palladiumPAH23, -2.21% declined $51.30, or 3.6%, to settle at $1,377.30 an ounce, for a weekly decline of 7.6%.
March copper HGH23, -2.53% fell 11 cents, or 2.6%, to close at $3.953 a pound. The most-active contract tallied a weekly loss of 3.8%.
Fuel prices to stay high amid refinery capacity shortage
The loss of 921,000 barrels per day of global refinery capacity since 2019 has led to a supply and demand...
The loss of 921,000 barrels per day of global refinery capacity since 2019 has led to a supply and demand imbalance in the oil products market that is expected to keep prices for gasoline, diesel and jet fuel elevated this year, according to analysts. New refineries with the potential to add 3 million bpd of capacity are set to begin operations this year, but it could take a year or more before these reach their maximum output, says S&P Global Commodity Insights Head of Global Oil Analytics Rick Joswick.
U.S. consumer spending picks up strongly in January
The numbers: Consumer spending rose 1.8% in January to mark the biggest increase in...
The numbers: Consumer spending rose 1.8% in January to mark the biggest increase in almost two years, but the surge was powered by unusually strong auto sales and is unlikely to last.
Analysts polled by The Wall Street Journal had forecast a 1.4% advance. It was the first increase in three months in consumer spending, which faltered toward the end of last year due to high inflation and rising interest rates.
Incomes rose 0.6% last month, the government said Friday, helped by a big increase in inflation-adjusted Social Security payments. Incomes typically rise at a much slower rate.
