US monthly oil rig count rises for first time since Nov
The U.S. monthly oil rig count rose for the first time since November after drillers...
The U.S. monthly oil rig count rose for the first time since November after drillers added rigs for a third week in a row, in the report issued on Friday. The total oil and gas rig count, an early indicator of future output, rose one to 625 in the week to Oct. 27.
U.S. oil rigs rose by two to 504 this week, while gas rigs fell by one to 117. For the month, drillers added a total of two rigs, putting the total oil and gas count up for the first time since March.
U.S. oil futures were up about 6% so far this year after gaining about 7% in 2022. U.S. gas futures, meanwhile, have plunged about 28% so far this year after rising about 20% last year.
Benchmark U.S. crude oil for December delivery rose $2.33 to $85.54 a barrel Friday. Brent crude for December delivery rose $2.55 to $90.48 a barrel.
Wholesale gasolinefor November delivery rose 5 centsto $2.31 a gallon. November heating oilrose 1 centto $3.05 a gallon. November natural gasfell 5 cents to $3.16 per 1,000 cubic feet.
S&P 500 ends in correction, stocks post sharp weekly losses
U.S. stocks closed out a rough week mostly lower on Friday,...
U.S. stocks closed out a rough week mostly lower on Friday, leaving the S&P 500 and the Nasdaq Composite both in correction territory. The Dow Jones Industrial AverageDJIA shed about 366 points on Friday, or 1.1%, ending near 32,417, according to preliminary FactSet data. The S&P 500 index SPX shed 0.5% to finish around 4,117, a level that meets the widely accepted definition of a market correction, ending at least 10% below its prior peak set in July, according to Dow Jones Market Data. The Nasdaq Composite IndexCOMP rose 0.4%, but ended lower for a third straight week. It shed 2.6% for the week, while the S&P 500 lost 2.5% and the Dow fell 2.1% since Monday. Stocks have been under pressure from higher long-dated Treasury yields, with the 10-year TMUBMUSD10Y rate easing back from a brief high of 5% in recent sessions to about 4.846% Friday.
From Twitter: Oil Prices Move Higher After US Strikes In Syria
Oil prices are pushing higher after the...
Oil prices are pushing higher after the US conducted strikes on two Iran-linked facilities in Syria. This is now fueling fears that the Israel-Hamas war may spark a broader conflict with the potential of disrupting global crude supplies. We spoke with Jameed Ahmad from @GTC_fx. pic.twitter.com/pk2f377azB
Hess’ Bakken Production Nearing Peak of 200,000 boe/d
Hess Corp.’s net combined oil, gas and NGL production from onshore Bakken in this year’s third quarter...
Hess Corp.’s net combined oil, gas and NGL production from onshore Bakken in this year’s third quarter is close to reaching its peak.
Hess’ Bakken production is expected to average 200,000 boe/d by 2025 then flatline at that level for nearly a decade, company officials have said repeatedly during recent quarterly conference calls with analysts. Hess scrapped its third-quarter earnings call following after Chevron Corp. announced on Oct. 23 that it would acquire the company for $53 billion.
During third-quarter 2023, Hess drilled 28 wells, completed 41 wells, and brought 26 new wells online.