California oil refineries would have to amass minimum gasoline stockpiles...
California oil refineries would have to amass minimum gasoline stockpiles to prevent price spikes during refinery outages under legislation proposed by California Gov. Gavin Newsom. Western States Petroleum Association President and CEO Catherine Reheis-Boyd criticized the plan as "nothing more than a political attack on consumers and our industry."
API poll: Voters in swing states back US oil, gas drilling
A new poll conducted by Morning Consult for the American Petroleum Institute...
A new poll conducted by Morning Consult for the American Petroleum Institute reveals that over 90% of voters in critical swing states favor domestic oil and natural gas drilling, viewing it as essential for easing inflation and lowering energy costs. The survey also highlights strong opposition to potential government restrictions on gas appliances and vehicles, driven by concerns about the financial impact of such measures.
US drillers cut oil and gas rigs for second time in three weeks
U.S. energy firms cut oil and natural gas rigs for the second time in...
U.S. energy firms cut oil and natural gas rigs for the second time in three weeks, according to Baker Hughes' report on Friday. The total rig count fell by two to 586 in the week ending August 16, leaving it 56 rigs, or 8.7%, below the count from the same time last year.
Specifically, the number of oil rigs decreased by two to 483, while gas rigs increased by one to 98. The overall rig count dropped by about 20% in 2023, following a 33% increase in 2022 and a 67% rise in 2021. This decline was driven by lower oil and gas prices, higher costs due to inflation, and a focus on debt reduction and shareholder returns over production increases.
As of 2024, U.S. oil futures have risen by about 7.1% after an 11% decline in 2023, while U.S. gas futures have fallen by around 14% following a 44% drop in 2023.
U.S. shale firms continue to grow production using fewer rigs by focusing on improved drilling and fracking efficiency. Producers are extending wells to as much as three miles, squeezing more wells onto a single drilling pad and fracking several wells at once.
U.S. crude oil futures fell more than 1% on Friday amid reports that...
U.S. crude oil futures fell more than 1% on Friday amid reports that Qatar told Iran not to attack Israel while Gaza cease-fire talks are ongoing.
Qatar’s prime minister told Iran’s leaders in a phone call after the first day of Gaza cease-fire talks in Doha Thursday that they should de-escalate, warning of the consequences of attacking Israel when progress is being made in the negotiations, two diplomats told The Washington Post.
Here are Friday’s closing energy prices:
West Texas Intermediate September contract: $76.65 per barrel, down $1.51, or 1.93%. Year to date, U.S. crude oil has gained 6.98%.
Brent September contract: $79.68 per barrel, down $1.36, or 1.68%. Year to date, the global benchmark is ahead 3.43%.
RBOB Gasoline September contract: $2.31 per gallon, down more than 4 cents, or 2.03%. Year to date, gasoline is up 9.87%.
Natural Gas September contract: $2.12 per thousand cubic feet, down 7 cents, or 3.37%. Year to date, gas is down 15.5%.
Dow ends higher Friday as U.S. stocks log best week since November
U.S. stocks closed higher Friday to book their best weekly...
U.S. stocks closed higher Friday to book their best weekly advance since November.
Strong retail sales data Thursday helped offset concerns about pockets of potential weakness in the U.S. economy. The rally had stocks back on the doorstep of record territory and investors eager to hear more from Federal Reserve Chair Jerome Powell at next week's economic summit in Jackson Hole, Wyo.
The Dow Jones Industrial Average added 96.70 points, or 0.2%, ending at 40,659.76, while the S&P 500 gained 11.03 points, or 0.2%, closing at 5,554.25. The Nasdaq Composite gained 37.22 points, or 0.2%, finishing at 17,631.75
Here's the weekly recap:
According to Dow Jones Market Data, the Dow gained 2.9%, the S&P 500 rose 3.9%, and the Nasdaq climbed 5.3%. Each logged its biggest weekly advance since November.
The Dow and S&P 500 finished less than 2% from their previous record closes.
