Rig Count Revival: Tracking the Latest Trends in U.S. Energy
According to Baker Hughes ' report on Friday, U.S. energy firms added...
According to Baker Hughes ' report on Friday, U.S. energy firms added oil and natural gas rigs for the third time in four weeks. The total oil and gas rig count increased by two to 588 in the week ending August 9. Despite this increase, the total count is still 66 rigs, or 10%, below the count from the same time last year.
Specifically, the number of oil rigs rose by three to 485, while gas rigs decreased by one to 97. The overall rig count dropped by about 20% in 2023, following a 33% increase in 2022 and a 67% rise in 2021. This decline was attributed to falling oil and gas prices, higher labor and equipment costs due to inflation, and companies prioritizing debt reduction and shareholder returns over increasing output.
In terms of market trends, U.S. oil futures have risen by about 7% so far in 2024 after an 11% drop in 2023, while U.S. gas futures have declined by approximately 15% so far in 2024 following a 44% plunge in 2023.
Temu’s founder is now the richest person in China. Your...
Temu’s founder is now the richest person in China. Your $5 impulse buys have paid off big time for Colin Huang, whose $48.6 billion fortune makes him China’s richest person, eclipsing the bottled water magnate who had been on top since April 2021, according to Bloomberg. But the former Google engineer’s journey to the one with the most yuan hasn’t been smooth. He founded his cheap stuff emporium in 2015 and made a fortune, only to see 87% of it get wiped out as the pandemic took its toll on the economy. But despite stepping down as his company’s chief exec in 2020, he’s benefited from its international expansion strategy, including to the US.
The FDA declined to approve MDMA as a PTSD treatment, which would have been a big step forward for psychedelics use in mental health care, saying further study is needed. But the agency did approve a nasal spray to treat severe allergic reactions as an alternative to shots like EpiPen.
Stellantis will lay off 2,450 factory workers this year as it phases out an older version of its Ram pickup truck.
Iran is stepping up online activity to influence the US presidential election and tried to hack one of the campaigns, according to Microsoft.
Austrian authorities arrested a third teenager in connection with a suspected foiled plot to attack Taylor Swift concerts in Vienna that were canceled as a precaution.
Israel Strikes School Complex in Gaza, Killing Dozens
An Israeli airstrike...
An Israeli airstrike early Saturday hit a school compound in northern Gaza where displaced Palestinians were sheltering, killing more than 90 people, according to Gaza health authorities.
Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crude oil for September delivery rose 65 cents to $76.84 per barrel Friday. Brent crude for October delivery rose 50 cents to $79.66 per barrel.
Wholesale gasoline for September delivery fell 1 cent to $2.39 a gallon. September heating oil fell2 cents to $2.34 a gallon. September natural gas rose 1 cent to $2.14 per 1,000 cubic feet.
U.S. stocks slash selloff losses as Wall Street wraps wild week
U.S. stocks closed Friday higher, significantly cutting...
U.S. stocks closed Friday higher, significantly cutting losses from earlier in the week. Equities staged a big comeback after extreme turbulence hit global financial markets.
According to preliminary data, the Dow Jones Industrial Average ended up about 51 points, or 0.1%, at around 39,497.
The S&P 500 closed 24 points higher, or 0.5%, closing near 5,344.
The Nasdaq Composite finished up 85 points, or 0.5%, finishing around 16,745.
On a weekly performance basis:
The Dow closed 0.6% lower, off from a peak 3.1% retreat on Monday from the previous Friday's close, per Dow Jones Market Data. The S&P 500 shed less than 0.1%, after sinking 4.3% Monday. The Nasdaq ended down 0.2%, after tumbling 6.4% Monday.
Treasury yields also were swept up by market volatility, with the benchmark 10-year rate closing out the week at 3.943%, its sixth lowest level of the year.
