U.S. rig count remains flat this week as oil nears $120 per barrel
The oil and gas rig count, an early indicator of future output, was flat at 727 in the week to...
The oil and gas rig count, an early indicator of future output, was flat at 727 in the week to June 3, The energy services firm Baker Hughes said that puts the total rig count up 271, or 59%, over this time last year.
U.S. oil rigs were steady at 574 this week, while gas rigs held at their highest since September 2019 at 151.
Even though the total rig count has climbed for a record 22 months in a row through May, weekly increases have mostly been in single digits and oil production is still below pre-pandemic levels.
Benchmark U.S. crude oil for July delivery rose $2 to $118.87 a barrel Friday. Brent crude for...
Benchmark U.S. crude oil for July delivery rose $2 to $118.87 a barrel Friday. Brent crude for August delivery rose $2.11 to $119.72 a barrel.
Wholesale gasoline for July delivery rose 6 cents to $4.25 a gallon. July heating oil rose 7 cents to $4.28 a gallon. July natural gas rose 3 cents to $8.52 per 1,000 cubic feet.
MarketWatch: Dow ends down 350 points as major stock indexes skid to weekly losses
Stocks closed lower on Friday to end the week in the red after ...
Stocks closed lower on Friday to end the week in the red after a strong May jobs report rattled investors already nervous about the Federal Reserve's planned pace of aggressive interest rate hikes. The Dow Jones Industrial Average DJIA, -1.05% shed about 349 points, or 1.1%, ending near 32,898 while booking a near 1% weekly drop. The S&P 500 SPX, -1.63% fell 1.6% Friday and 1.2% for the week. The Nasdaq Composite Index COMP, -2.47% shed 2.5% to book a 1% weekly drop, after earlier gains in the holiday-shortened week fizzled. Investors have been closely monitoring economics for hints as to how it could alter the Fed's planned rate hikes this summer, as well as its balance sheet reduction effort.
U.S. economy gained a greater-than-forecast 390,000 jobs in May
The U.S. added a higher-than-expected 390,000 new jobs in May, signaling the labor market...
The U.S. added a higher-than-expected 390,000 new jobs in May, signaling the labor market is still going strong despite some fraying around the edges.
Economists polled by The Wall Street Journal had forecast a smaller increase of 328,000 new jobs after some reports leading up the government’s employment survey had hinted at slower hiring last month.
The increase in hiring was the smallest in 13 months and breaks a string of 12 straight gains of at least 400,000 or more. Yet economists say employment growth was bound to slow as the U.S. recovered most of the jobs lost during the pandemic.
The unemployment rate was unchanged at 3.6%, the government said Friday, and was just a tick above the pre-pandemic low.
Another oil company backs out of leases in Alaska's Arctic National Wildlife Refuge
The only oil company that bought a single lease in the Arctic National Wildlife Refuge early last year...
The only oil company that bought a single lease in the Arctic National Wildlife Refuge early last year has canceled its lease, according to the U.S. Interior Department.
The move by Regenerate Alaska is the latest example of the industry stepping away from possible oil and gas development in the 19-million-acre refuge.
Hilcorp and Chevron have also canceled their interest in separate, older leases, on a small tract of Alaska Native corporation-owned land within the refuge's boundaries. Those oil companies spent $10 million to exit their deal with Arctic Slope Regional Corp.
