US Drillers Cut Oil, Gas Rigs for Third Week in a Row | Oklahoma Flat @ 55
Energy services firm Baker Hughes said in its...
Energy services firm Baker Hughes said in its closely followed report on May 16 that U.S. energy producers this week cut the number of oil and natural gas rigs operating for the third week in a row for the first time since mid-April.
The combined oil and gas rig count, an early indicator of future output, fell by two to 576 in the week to May 16, the lowest since January. Baker Hughes said this week's decline put the total rig count down by 28 rigs, or 5% below this time last year.
Baker Hughes said oil rigs fell by 1 to 473 this week, their lowest since January, while gas rigs fell by 1 to 100 in their first decrease since early April.
In the Permian Basin in West Texas and eastern New Mexico, the nation's biggest oil-producing shale formation, drillers cut three rigs, bringing the total down to 282, the lowest since November 2021.
In New Mexico, drillers cut two rigs, bringing the total down to 94, the lowest since February 2022. Oklahomaremained flat with 55 rigs running.
U.S. stocks end higher Friday, with the Dow wiping out 2025 losses
The U.S. stock market closed higher Friday, with all...
The U.S. stock market closed higher Friday, with all three major benchmarks posting big weekly gains as investors cheered a breakthrough in U.S.-China trade talks that led to lower tariffs.
The Dow Jones Industrial Average ended Friday up 0.8%, while the S&P 500 gained 0.7% and the technology-heavy Nasdaq Composite rose 0.5%, according to preliminary FactSet data. The Dow has now erased its 2025 losses, joining the S&P 500 in positive territory year to date.
Investors shook off Friday’s disappointing consumer sentiment reading from the University of Michigan’s survey, with the S&P 500 logging a fifth straight day of gains. U.S. equities have rallied since the White House last weekend significantly rolled back tariffs imposed on imported Chinese goods, while China also lowered levies on the U.S. in a de-escalation in trade tensions.
The preliminary data show that for the week, the S&P 500 rallied 5.3%, the Dow climbed 3.4%,and the Nasdaq jumped around 7.2%. So far this year, the Dow is up 0.3% in 2025, while the S&P 500 has risen slightly more than 1%.
Tallgrass plans pipeline from Permian to Rockies by 2028
Tallgrass has secured anchor shipper agreements for a pipeline to transport...
Tallgrass has secured anchor shipper agreements for a pipeline to transport natural gas from the Permian Basin to the Rockies Express Pipeline and other points, with a target in-service date of late 2028. The pipeline is designed for up to 2.4 billion cubic feet per day, and an open season will allow other shippers to subscribe.
US shale firms hedge lightly amid oil price optimism
Declining oil prices have prompted increased hedging activity in the...
Declining oil prices have prompted increased hedging activity in the US shale patch in recent months, but overall coverage remains historically low as producers bet on higher future prices. As of late April, oil hedge ratios stood at 25.7% for 2025 and just 6.1% for 2026, well below natural gas hedge levels of 42.2% and 26%, respectively, according to Standard Chartered.
Updated BLM policy streamlines oil, gas leasing process
The Interior Department's Bureau of Land Management has revised leasing...
The Interior Department's Bureau of Land Management has revised leasing policies to shorten land parcel reviews for oil and natural gas leasing from up to 15 months to six and open more public land for development. Officials say the streamlined process will support job creation, strengthen energy security and help lower domestic energy costs.
