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• Weekly Rig Count Report
  U.S. energy firms in August cut the number of active oil rigs...
  U.S. energy firms in August cut the number of active oil rigs for a ninth straight month while the combined oil and natural gas rig count fell for the fourth month in a row, energy services firm Baker Hughes said in its closely followed report on August 25.
  
  For the week to Aug. 25, the total oil and gas rig count, an early indicator of future output, fell by 10 to 632, the lowest since February 2022.  In August, drillers cut 32 oil and gas rigs, their fourth monthly decline in a row, which puts the total rig count down 133, or 17%, below this time last year.
  
  U.S. oil rigs fell eight to 512 this week, their lowest since February 2022, while gas rigs slipped by two to 115, their lowest since January 2022.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for October delivery...
  Benchmark U.S. crude oil for October delivery rose 78 cents to $79.83 a barrel Friday. Brent crude for October delivery rose $1.12 to $84.48 a barrel.
  
  Wholesale gasoline for September delivery rose 10 cents to $2.88 a gallon. September heating oil rose 15 cents to $3.31 a gallon. September natural gas rose 2 cents to $2.54 per 1,000 cubic feet.
  
  
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• U.S. stocks end higher after Fed Chair Powell’s Jackson Hole remarks, S&P 500 snaps 3-week losing streak
  U.S. stocks ended higher Friday after Federal Reserve Chairman Jerome Powell warned the central bank...
  U.S. stocks ended higher Friday after Federal Reserve Chairman Jerome Powell warned the central bank may need to raise interest rates even higher to temper a strong U.S. economy and quell inflation while assuring investors that monetary policy would proceed cautiously.
  
  The Dow Jones Industrial Average DJIA rose 247.48 points, or 0.7%, to close at 34,346.90
  
  The S&P 500 SPX gained 29.4 points, or 0.7%, to finish at 4,405.71.
  
  The Nasdaq Composite COMP advanced 126.67 points, or 0.9%, to end at 13,590.65.
  
  For the week, the Dow fell 0.4%, the S&P 500 gained 0.8% and the Nasdaq climbed 2.3%, according to Dow Jones Market Data. The Dow booked back-to-back weekly losses, while the S&P 500 and technology-heavy Nasdaq Composite each snapped a three-week losing streak.
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• Mechanics warn scorching temperatures across the US could be causing an increase in automobile issues
  Nearly 150 million people across the U.S. have been under a heat advisory at some point in August 2023....
  Nearly 150 million people across the U.S. have been under a heat advisory at some point in August 2023. As the temperatures get hotter, mechanics say car issues have become more frequent. AAA reports just this summer from July and August, a 7% increase in roadside calls, just in Texas.
  
  Cars overheating, as fluids start to break down when the temperature outside is really hot, as well as a significant increase in air conditioning systems just not being able to get cold enough in this heat.
  
  With Labor Day travels ahead, J&T Automotive mechanics and AAA recommend getting your car checked before getting on the road. They warn drivers to try to avoid being stranded in these dangerous temperatures because wrecker services are also backed up with calls.
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• Oil Set for Weekly Loss
  Oil prices tick higher but are...
  
  

  Oil prices tick higher but are on course for a weekly loss as concerns about easing supply tightness and a cloudy demand outlook have outweighed reduced OPEC output.

  
  
  

  
  

  
  

  Brent crude oil is up 0.6% at $83.42 a barrel, but on course for a 1.6% decline for the week. West Texas Intermediate (WTI) is also set for a 1.4% weekly loss.

  
  
  

  
  

  
  

  Oil prices have slipped in recent weeks due to Iranian exports rising and the possibility of sanctions on Venezuela being lifted. But BMI Industry Research doesn't expect further losses for now. "The cutbacks in place by OPEC+, additional unilateral action by Saudi Arabia and export declines in Russia, as well as seasonally strong consumption, support the market," the company said in a note.

  
  
  
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