U.S. drillers add oil and gas rigs for record 24th month
The total oil and gas rig count, an early indicator of future output, rose nine...
The total oil and gas rig count, an early indicator of future output, rose nine to 767 in the week to July 29, its highest since March 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday.
U.S. oil rigs rose six to 605 this week, their highest since March 2020, while gas rigs increased two to 157.
For the month, the total oil and gas rig count rose 14, the smallest increase since September. In July, the oil rig count rose 11, increasing for a record 23rd month in a row, while the gas count was unchanged after rising for 10 straight months.
Even though the total rig count has climbed for a record 24 months through July, weekly increases have mostly been in the single digits and oil production is still below pre-pandemic record levels.
Drilling in western Oklahoma by Continental Resources resulted in a Custer County...
Drilling in western Oklahoma by Continental Resources resulted in a Custer County gas well with the production of more than 14,000 Mcf of natural gas a day.
The company filed a completion reportthis week showing the Schrock 3-14-23-26xhm, located at 14 14N 14W, a site about 4 miles southeast of the town of Thomas.
The well, spudded in November 2021 was completed on May 20 of this year at a drilled depth of 28,035 in the Mississippian formation. Its production totaled 14,455 Mcf of natural gas.
Ever since the Cushing hub hit a low of 21.3 million barrels on the first of July, storage has slowly...
Ever since the Cushing hub hit a low of 21.3 million barrels on the first of July, storage has slowly increased.
The U.S. Energy Information Administration reported this week Cushing had an estimated 23.5 million barrels of crude oil in storage as of July 22. It was an increase of 700,000 barrels from July 15 when there was an estimated 22.8 million barrels on hand.
On July 8, Cushing held 21.6 million barrels of crude oil. On July 23 of last year, the hub held 35.4 million barrels.
PCE index shows annual U.S. inflation rate of 6.8% in June
The numbers: A key gauge of U.S. inflation rose a sharp 1% in June, led by higher fuel...
The numbers: A key gauge of U.S. inflation rose a sharp 1% in June, led by higher fuel prices, in a sign that price pressures in the economy are still intense and unlikely to relent quickly.
The increase in the so-called personal-consumption price index exceeded Wall Street’s forecast. Economists had predicted a 0.9% advance.
A narrower measure of inflation that omits volatile food and energy costs, known as the core PCE, rose by 0.6% . That was above Wall Street’s 0.5% forecast. The rate of inflation over the past year climbed to 6.8% from 6.3% in the prior month — the highest rate since January 1982.
The core rate of inflation edged up to 4.8% from 4.7% in the 12 months ended in June. It had touched a 40-year high of 5.3% in February.
