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 the first time in four weeks despite crude prices soaring to five-week highs after OPEC+'s decision to cut production.
The U.S. total oil and gas rig count, an early indicator of future output, fell by three to 762 in the week to Oct. 7, the lowest since early September.
Oil rigs fell two to 602 this week, while gas rigs dropped one to 158.
Oil prices on Friday were trading at five-week highs after an OPEC+ decision this week to make its largest supply cut since 2020. Energy executives, however, told Reuters that the big OPEC+ cut will not spur new U.S. oil and gas production due to constraints.
Benchmark U.S. crude oil for November delivery rose $4.19 to $92.64 a barrel Friday. Brent crude for December delivery rose $3.50 to $97.92 a barrel.
Wholesale gasoline for November delivery rose 5 cents to $2.73 a gallon. November heating oilrose 16 cents to $4.02 a gallon. November natural gas fell 22 cents to $6.75 per 1,000 cubic feet.
It’s a regular day of business for the U.S. stock market on...
It’s a regular day of business for the U.S. stock market on Monday,October 10, as equity exchanges stay open for Columbus Day, a federal holiday that also has been recognized as Indigenous Peoples’ Day.
Bond markets, however, take the day off, which means a long weekend for the Treasury market, corporate bonds and other forms of tradable debt, starting after the close of business on Friday.
Dow ends down over 600 points, Nasdaq falls 3.8% after jobs data Friday
U.S. stocks finished the week in the red after a still-strong...
U.S. stocks finished the week in the red after a still-strong September jobs report Friday suggested the central bank would not alter the course of monetary policy soon. The Dow Jones Industrial Average DJIA, -2.11% fell 630 points, or 2.1%, to finish at 29,297. The S&P 500 SPX, -2.80% lost 2.8%, while the Nasdaq Composite COMP, -3.80% slid 3.8%. Friday's employment report showed the U.S. economy added 263,000 new jobs in September, slightly lower than Dow Jones' forecast of 275,000 jobs, and well below the 315,000 new positions added in August. The unemployment rate, meanwhile, declined to 3.5% from an August reading of 3.7%. Despite the selloff, the S&P booked a 1.5% weekly gain after back-to-back rallies earlier in the week, while the Dow gained 2% and the Nasdaq was up 0.7%, according to Dow Jones Market Data.
