US oil/gas rig count rises in July in biggest monthly hike since Nov 2022
U.S. energy firms added oil and natural gas rigs for...
U.S. energy firms added oil and natural gas rigs for a second week in a row this week, boosting the monthly count by the most since November 2022, energy services firm Baker Hughes said in its closely followed report on Friday.
The total oil and gas rig count rose by three to 589 in the week to July 26. Despite this week's rig increase, the total count was still down by 75, or 11% below this time last year.
Oil rigs rose five to 482 this week, while gas rigs fell by two to 101.
In the Permian in West Texas and eastern New Mexico, the nation's biggest oil-producing basin and home to more than half the country's rigs, drillers cut one rig, bringing the count down to 304, the lowest since February 2022.
In the Williston in North Dakota and Montana, drillers added one rig, bringing the count up to 36, the highest since June 2023.
In July, total oil and gas rigs rose by eight, their first monthly increase since February and the biggest monthly increase since November 2022.
Oil rigs rose by three in July, putting the count up for the first month since March, while gas rigs climbed by four in their biggest monthly increase since July 2023.
Dow scores 4th straight weekly gain as U.S. stocks rally Friday after pullback
U.S. stocks rallied Friday, with the Dow Jones Industrial Average leading...
U.S. stocks rallied Friday, with the Dow Jones Industrial Average leading major indexes higher, clinching a fourth straight week of gains.
According to preliminary data from FactSet, the Dow closed Friday with a 1.6% gain, while the S&P 500 rose 1.1% and the Nasdaq Composite advanced 1%. Stocks saw sharp gains after a fresh reading on U.S. inflation renewed investor optimism that the Federal Reserve may cut interest rates as soon as September.
For the week, the blue-chip stock gauge Dow rose 0.8%, while the S&P 500 and the technology-heavy Nasdaq each saw losses amid a weekly slump in Big Tech stocks. The S&P 500 retreated 0.8% while the Nasdaq dropped 2.1%, each booking back-to-back weekly losses.
Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crude oil for September delivery fell $1.12to $77.16 per barrel Friday. Brent crude for September delivery fell $1.24 to $81.13 per barrel.
Wholesale gasoline for August delivery fell 1 centto $2.46 a gallon. August heating oil fell 5 cents to $2.42 a gallon. August natural gas fell 3 cents to $2.01 per 1,000 cubic feet.
Tesla to Pause Plans for a Mexican Plant, Impacting Mexico's Nearshoring Appeal
Tesla’s CEO, Elon Musk, said his company...
Tesla’s CEO, Elon Musk, said his company will pause developing a $5 billion Giga factory in Santa Catarina, Nuevo León, in Mexico until after the U.S. presidential elections.
Tesla picked the northern industrial state for cost reasons, including workforce availability and the presence of key parts suppliers. The decision impacts Tesla’s ability to produce lower-cost electric vehicles (EVs) for export to the U.S. market.
“We currently are paused on Giga Mexico. We need to see where things stand after the election,” Musk said on July 24 during the company’s second-quarter 2024 webcast in response to an analyst’s question.
Underexplored Permian zones emerge into drilling hotspots
Less-explored Permian Basin areas such as the Barnett Shale and Woodford...
Less-explored Permian Basin areas such as the Barnett Shale and Woodford Formation are drawing increased attention from operators seeking new drilling locations amid dwindling premium inventory. Drilling and permitting activity in these frontier zones has surged since the COVID-19 downturn, with companies such as Occidental Petroleum and ConocoPhillips leading the pack, according to Railroad Commission of Texas data.
