Russia said yesterday it plans to cut its oil output by about 5% next month in response to Western sanctions (or, as Deputy Prime Minister Alexander Novak put it, the “destructive energy policy of the countries of the collective West”). The move is likely to drive up prices and could therefore make inflation harder to tackle. In other Russia–Ukraine War news, Russia stepped up its missile strike campaign, and the pro-European prime minister of neighboring Moldova resigned, citing crises caused by Russia.
US Drillers Cut Most Gas Rigs in a Week Since 2017
U.S. energy firms cut the number of natural gas rigs by the most in a week since October...
U.S. energy firms cut the number of natural gas rigs by the most in a week since October 2017, while adding the most oil rigs in a week since June, energy services firm Baker Hughes Co. said in its closely followed report on Feb. 10.
The total oil and gas rig count, an early indicator of future output, rose two to 761 in the week to Feb. 10. That puts the total rig count up 126, or 20%, over this time last year.
U.S. oil rigsrose 10 to 609 this week, while gas rigs fell eight to 150.
U.S. oil futures were down about 1% so far this year after gaining about 7% in 2022. U.S. gas futures, meanwhile, have plunged about 44% so far this year after rising about 20% last year.
Dow ends higher Friday, but U.S. stocks end with weekly losses
U.S. stocks closed mostly up Friday, with the S&P 500 turning...
U.S. stocks closed mostly up Friday, with the S&P 500 turning higher in late afternoon trading, as investors weighed a report showing improved consumer sentiment and recent warnings from Federal Reserve officials that the battle to tame high inflation isn’t done.
Still, the S&P 500 and technology-laden Nasdaq Composite each saw their worst week since December, with the Nasdaq snapping a five-week win streak as traders await next week’s January inflation report.
Dow Jones Industrial Average DJIA, +0.50% rose 169.39 points, or 0.5%, to close at 33,869.27.
S&P 500 SPX, +0.22% gained 8.96 points, or 0.2%, to finish at 4,090.46.
Nasdaq Composite COMP, -0.61% fell 71.46 points, or 0.6%, to end at 11,718.12.
For the week, the Dow dipped 0.2% while the S&P 500 shed 1.1% and the Nasdaq fell 2.4%. The Dow fell for a second straight week, while the S&P 500 snapped two consecutive weeks of gains in its biggest percentage drop since the week ending Dec. 16, according to Dow Jones Market Data.
'High-altitude object' downed over Alaska within the last hour: White House
U.S. fighter aircraft took down a "high-altitude object" over Alaska within the last...
U.S. fighter aircraft took down a "high-altitude object" over Alaska within the last hour, said a White House spokesman, John Kirby, during a briefing on Friday. He said the object was flying at an altitude of 40,000 feet and posed a reasonable threat to the safety of civilian flight, so out of an abundance of caution, and at the recommendation of the Pentagon, President Joe Biden ordered the military to down the object, and it came in inside frozen U.S. territorial waters.
The Federal Energy Regulatory Commission has approved Freeport LNG's request to restart ship loading...
The Federal Energy Regulatory Commission has approved Freeport LNG's request to restart ship loading operations from one of the berths at its Texas liquefied natural gas export plant. The company will need further authorizations to restart the remaining facilities, but market sources predict exports could resume in the second half of the month.
