US oil/gas rig count falls for 6th week to 2021 lows | Oklahoma Drops 2 Rigs
U.S. energy firms cut the number of oil and natural gas...
U.S. energy firms cut the number of oil and natural gas rigs operating for a sixth week in a row for the first time since September 2023, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, fell by four to 559 in the week to June 6, the lowest since November 2021. Oil rigs fell by nine to 442 this week, while gas rigs rose by five to 114.
Total rig counts in the Permian Basin in West Texas and eastern New Mexico, the Eagle Ford in South Texas and in the state of Texas all fell this week to their lowest levels since November 2021. Oklahoma dropped 2 rigs, now with 50 rigs running.
(Reuters) - Crude rose more than $1 a barrel on Friday, posting its first...
(Reuters) - Crude rose more than $1 a barrel on Friday, posting its first weekly gain in three weeks after a favorable U.S. jobs report and resumed trade talks between the U.S. and China, raising hopes for growth in the world's two largest economies.
Brent crude futures settled at $66.47 a barrel, up $1.13, or 1.73%. U.S. West Texas Intermediate crude finished at $64.58, up $1.21 or 1.91%.
Both benchmarks settled with weekly gains after declining for two straight weeks. Brent has advanced 2.75% this week, while WTI is trading 4.9% higher.
"I think the jobs report was Goldilocks," said Phil Flynn, senior analyst with the Price Futures Group. "It was not too hot, not too cold but just right to increase the chances for an interest rate cut by the Federal Reserve."
S&P 500 closes just above 6,000 as Dow wipes out 2025 loss
U.S. stocks closed sharply higher on Friday, with the...
U.S. stocks closed sharply higher on Friday, with the Dow Jones Industrial Average erasing its 2025 loss as investors weighed a stronger-than-expected jobs report.
The Dow rallied 443.13 points Friday, or 1%, to end at 42,762.87.
The S&P 500 gained 61.06 points, or 1%, to close at 6,000.36.
The Nasdaq Composite climbed 231.50 points, or 1.2%, to finish at 19,529.95.
Friday marked the first time since Feb. 21 that all three equities benchmarks closed in positive territory on a year-to-date basis, according to Dow Jones Market Data. The S&P 500 ended 2.3% below its record closing peak notched Feb. 19.
The U.S. economy added 139,000 jobs in May while the unemployment rate remained unchanged at 4.2%, according to a report Friday from the Bureau of Labor Statistics. The pace of job growth slowed last month, but the total number of jobs created was stronger than Wall Street expected.
All three major U.S. stock-market benchmarks booked back-to-back weekly gains, with investors appearing encouraged by President Donald Trump’s phone call this week with China’s leader Xi Jinping about trade. The Dow rose 1.2% for the week, while the S&P 500 advanced 1.5% and the technology-heavy Nasdaq rallied 2.2%.
Oil and gas producers in the Gulf Coast, Midcontinent and Rockies regions...
Oil and gas producers in the Gulf Coast, Midcontinent and Rockies regions are uniquely positioned to leverage their existing infrastructure and drilling expertise for geothermal energy development. This opportunity arises from favorable geothermal gradients, robust power demand and established transmission networks, offering a route to diversify revenue and decarbonize operations.
Williams Cos. revives $2B in gas pipeline projects
Williams Cos. has revived two natural gas pipeline projects from Pennsylvania...
Williams Cos. has revived two natural gas pipeline projects from Pennsylvania to New Jersey and New York, totaling $2 billion, after recent discussions between the Trump administration and New York Gov. Kathy Hochul. The Northeast Supply Enhancement Project and the Constitution Pipeline were previously canceled due to permitting issues.
