US drillers cut oil and gas rigs for second week in a row
U.S. energy firms this week cut the number of oil and natural gas rigs operating for...
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday.
The combined oil and gas rig count, an early indicator of future output, fell by two to 619 in the week to Jan. 12, the lowest since November. Baker Hughes said U.S. oil rigsfell by two to 499 this week, while gas rigsdecreased by one to 117.
The U.S. rig count dropped about 20% in 2023 after rising by 33% in 2022 and 67% in 2021,due mostly to a drop in oil and gas prices, higher drilling costs, and as companies cut spending to boost returns to shareholders.
U.S.oil futures were up 1% in 2024 after dropping by 11% in 2023. U.S.gas futures, meanwhile, were up 32% so far in 2024 after plunging by 44% in 2023.
The US reduced emissions last year, but not enough
Good news: Uncle Sam put less greenhouse gases into the atmosphere last year than it did in 2022. Bad...
Good news: Uncle Sam put less greenhouse gases into the atmosphere last year than it did in 2022. Bad news: The 1.9% reduction is not close to the rate needed to meet Biden’s climate goals, according to the research firm Rhodium Group. If the US is going to fulfill its Paris Agreement pledge to cut emissions in half between 2005 and 2030 (it’s only down 17.2% so far), it’ll have to more than triple this year’s reduction to ~7% annually, Rhodium Group estimates. Still, even with a growing economy, the US managed this slight decline by leaning into natural gas and renewable energy.
Proposed oil, gas regulatory changes to watch in N.M.
Several proposed changes to oil and gas regulations are on the agenda as the New Mexico Legislature prepares...
Several proposed changes to oil and gas regulations are on the agenda as the New Mexico Legislature prepares to convene on Tuesday, with one draft bill prohibiting the use of freshwater for drilling activities deeper than the freshwater tables. Other recommended changes include penalizing gas and oil spills, enhanced wastewater management, higher royalty payments for production on State Trust lands, and prohibiting oil and gas production within one mile of a school.
Indian and Japanese refiners are turning to Murban crude due to its relatively low cost compared to WTI...
Indian and Japanese refiners are turning to Murban crude due to its relatively low cost compared to WTI Midland, which is being affected by disruptions to tanker routes due to unrest in the Middle East. Geopolitical discord is likely to lead to an increase in US crude supplies headed to Europe, while Asia depends more on Middle Eastern crude.
🛬The FAA plans to pay more attention to Boeing’s production.
Because none of us will ever be able to fly again without thinking about the moment a door plug blew...
Because none of us will ever be able to fly again without thinking about the moment a door plug blew off an Alaska Airlines plane midflight, the Federal Aviation Administration vowed to step up its oversight of Boeing. The agency plans to audit the production of 737 Max 9 planes to ensure Boeing and its suppliers are following safety rules. It will also review its longstanding policy of letting companies’ manufacturing workers conduct some of their own safety checks of planes. And, in further fallout from the incident, passengers who were on the scary flight have filed a lawsuit against Boeing, according to Bloomberg.
