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• US Drillers Cut Most Oil Rigs in a Week Since Sept. 2021
  U.S. energy firms this week cut 11 oil rigs, the most in a week since September 2021,...
  U.S. energy firms this week cut 11 oil rigs, the most in a week since September 2021, energy services firm Baker Hughes Co said in its closely followed report on Friday.
  
  That follows last week's cut of 17 natural gas rigs, which was the biggest drop since June 2020.
  
  The total oil and gas rig count, an early indicator of future output, fell by 11 to 720 in the week to May 19, the lowest since May 2022.
  
  Baker Hughes said that puts the total rig count down eight, or 1%, below this time last year, the first time since April 2021 that rigs were lower than the year-ago level.
  
  U.S. oil rigs fell by 11 to 575 this week, their lowest since June 2022, while gas rigs were unchanged at 141.  Check out our Rig Count Dashboard for more detail.
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• U.S. stocks end lower, but Nasdaq posts longest weekly win streak since February
  U.S. stocks closed lower on Friday as investors focused on debt-ceiling...
  U.S. stocks closed lower on Friday as investors focused on debt-ceiling talks in Washington D.C., which Republican Rep. Garret Graves of Louisiana, a deputy for House Speaker Kevin McCarthy, said were on pause. The Dow Jones Industrial Average DJIA ended about 109 points lower Friday near 33,426 but booked a 0.4% weekly gain. So did the other major U.S. indexes. The S&P 500 index SPX  closed 0.2% lower while booking a 1.6% weekly gain. The Nasdaq Composite Index COMP shed 0.2% Friday but gained 3% for the week to advance for a fourth week in a row, its longest weekly stretch of wins since February 3, according to Dow Jones Market Data. Focus on Friday also was on regional banks after CNN reported that Treasury Secretary Janet Yellen said more mergers in the sector might be needed.
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• Energy Commentary for Friday Morning
  The energy sector is off to a...

  The energy sector is off to a higher start, supported by strength in the underlying commodities and in the major equity futures. U.S. stock index futures edged higher on optimism that a deal to avoid a catastrophic U.S. debt default could be reached over the weekend.

  
  

  WTI and Brent crude oil futures are trading higher as investors turned cautiously optimistic over the fading risk of a U.S. debt default. Sentiment has remained mixed as investors weigh optimism over the avoidance of a U.S. debt default against inflation data that could portend more interest rate hikes from global central banks. However, Middle East crude prices in Asia fell to their lowest level in months, despite OPEC+ production cuts, as Asian refiners held back spot purchases and China and India binged on cheap Russian oil.

  
  

  Natural gas futures are extending gains for the second-straight session on a smaller-than-expected U.S. storage build and as wildfires kept gas exports from Canada near a 25-month low.

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• Occidental Petroleum: Warren Buffett Buys Again
  Just a few hours ago, ...
  Just a few hours ago, it was revealed that Warren Buffett purchased an additional $200 million [or ~ 3.46 million shares] in OXY stock from May 16-18, 2023, according to the recent SEC filing.
  
  In total, Berkshire now owns more than 217.3 million shares of Occidental Petroleum, valued at approximately $12.7 billion. Additionally, Berkshire holds around $9.5 billion worth of Occidental preferred stock, which carries an 8% annual dividend, and has warrants to purchase $5 billion worth of Occidental common shares for $59.62 per share.
  
  
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• ChatGPT gets its own app
  OpenAI released an ...
  OpenAI released an app of its chatbot for the iPhone in the US and said a version for green texters is on the way. The ChatGPT app functions similarly to the existing browser design (free, no ads), but OpenAI hopes that by making ChatGPT easily accessible on your phone, you’ll use it more—and Google Search less. In other AI news, Meta, for the first time, revealed the extensive infrastructure it’s been building to support its artificial intelligence ambitions, including a “family” of chips.
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