Oil settles higher for the week as ‘whirlwind’ U.S. tariff policy creates uncertainty
Oil futures on Friday ended lower, but still higher for the week, with the possibility...
Oil futures on Friday ended lower, but still higher for the week, with the possibility that Venezuelan and, especially, Iranian exports will decline due to sanctions being the dominant factors — and bullish ones at that, said Michael Lynch, president at Strategic Energy & Economic Research.
Venezuelan oil exports are “minor enough that, even if the sanctions are effective, the market will be only minimally affected,” he said. President Donald Trump earlier this week threatened “secondary tariffs” of 25% on all imports from any country that buys oil from Venezuela.
Iranian oil exports, meanwhile, could decline by half a million barrels a day or more, but it's not clear how successful sanctions will be, said Lynch. The U.S. on March 20 sanctioned additional entities that have participated in Iran’s petroleum trade as part of its ongoing "maximum pressure" campaign on Iran.
May West Texas Intermediate crude settled down 56 cents, at $69.36 a barrel Friday, down 0.8% for the session but up 1.6% for the week. Brent crude, the international oil benchmark, closed down 40 cents, at $73.63 per barrel.
US Drillers Cut Oil, Gas Rigs for First Time in Three Weeks | Oklahoma Flat at 53 Rigs
U.S. energy firms this week cut the number of oil and natural gas rigs...
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in three weeks energy, services firm Baker Hughes said in its closely followed report on March 28. Oklahoma had no change, still with 53 rigs drilling.
Thetotal number of oil and gas rigs, an early indicator of future output, fell by one to 592 in the week ending March 28.
Baker Hughes said this week's decline brings the total number of rigs down 29, or 5% from this time last year.
Baker Hughes said oil rigs fell by two to 484 this week, while gas rigs rose by one to 103.
Dow ends down over 700 points, S&P sheds nearly 2% as U.S. stocks deepen selloff
The U.S. stock market closed sharply down Friday, booking...
The U.S. stock market closed sharply down Friday, booking weekly losses as investors fretted over the potential for tariffs to weigh on consumer spending and weaken the economy.
According to preliminary FactSet data, the Dow Jones Industrial Average closed 1.7% lower, the S&P 500 dropped 2%, and the technology-heavy Nasdaq Composite lost 2.7%.
Stock-market volatility climbed Friday as traders parsed fresh economic reports showing core inflation rose in February more than forecast and that consumer sentiment slumped in March amid worries that tariffs will increase inflation. Investors expect that President Donald Trump will reveal his plan for reciprocal tariffs on April 2, an announcement he refers to as "Liberation Day.”
This week, the Dow lost 1%, the S&P 500 slid 1.5% and the Nasdaq fell 2.6%, the preliminary data show.
Permian Basin gas natural production has fallen by roughly 1 Bcf/d in...
Permian Basin gas natural production has fallen by roughly 1 Bcf/d in the waning days of March, as weak seasonal demand and ongoing pipeline maintenance drag Waha Hub gas prices into negative territory, according to S&P Global Commodity Insights data. Traders are bracing for more volatility, pricing April and May contracts below zero.
Data center boom the new frontier for energy investment
The AI-driven surge in electricity demand is opening up new growth opportunities...
The AI-driven surge in electricity demand is opening up new growth opportunities for energy companies, particularly in Texas, where data center development is accelerating. Companies such as ExxonMobil, Chevron and Diamondback Energy are moving into the power generation business, while gas-fired plant developer NRG Energy is scaling up its footprint with new projects and its first power plant acquisitions in a decade.
