US Drillers Add Oil, Gas Rigs for First Time in Three Weeks
U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks as relatively...
U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks as relatively high crude prices encouraged some firms to drill more, mainly in the Permian Basin.
The total oil and gas rig count, an early indicator of future output, rose four to 763 in the week to Sept. 16, its highest since August, energy services firm Baker Hughes Co. said in its closely followed report.
Baker Hughes said that puts the total rig count up 251, or 49%, over this time last year.
U.S. oil rigsrose eight to 599 this week, while gas rigsfell four to 162.
U.S. stocks end lower after FedEx's warning; S&P 500 tumbles 4.8% for the week
Stocks fell Friday after FedEx Corp. ...
Stocks fell Friday after FedEx Corp. FDX, -21.40% issued a profit warning that stirred fears of a global recession, but ended the day well off session lows.Major indexes booked large weekly losses as investors looked ahead to next week's Federal Reserve decision, which is expected to see policy makers deliver another large rate increase in an effort to get inflation under control. The Dow Jones Industrial Average DJIA, -0.45% fell around 140 points, or 0.5%, to close near 30,822, according to preliminary figures, after dropping more than 400 points at its session low. The S&P 500 SPX, -0.72% ended 0.7% lower near 3,873, while the Nasdaq Composite COMP, -0.90% shed 0.9% to finish near 11,448. The decline left the Dow down 4.1% for the week, while the S&P 500 saw a 4.8% weekly fall and the Nasdaq slid 5.5%.
N.D.'s oil and gas production went separate ways in July
New figures from North Dakota's Department of Mineral Resources show that oil production in...
New figures from North Dakota's Department of Mineral Resources show that oil production in the state fell by 2.5% month over month to just over 1 million barrels per day in July, while natural gas output rose 1.3% to 3.1 billion cubic feet per day. Director Lynn Helms attributed the unexpected oil production decline to reduced well completion activity due to workforce shortages.
Trade shifts propel supertanker rates to 2-year high
The cost to charter an oil supertanker has surged to $50,682...
The cost to charter an oil supertanker has surged to $50,682 per day, the highest since June 2020, amid changing global crude oil trade patterns in the wake of Russia's invasion of Ukraine. "You have the disruption caused by the reorganization of European refineries importing non-Russian crude," said Okeanis Eco Tankers Corp. Chief Operating Officer Aristidis Alafouzos.
