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US oil and gas rig count drops in 2023 after rising in 2021 and 2022
The U.S. oil and gas rig count dropped in 2023 after rising in the previous two years. For this week...
The U.S. oil and gas rig count dropped in 2023 after rising in the previous two years. For this week U.S. energy firms added to the combined total oil and natural gas rigs for the first time in three weeks.

Baker Hughes said U.S. oil rigs rose 2 to 500 this week, their highest since Dec. 15, while gas rigs were unchanged at 120.

Despite this week's rig increase, Baker Hughes said the total count was still down 157 rigs, or 20.15%, below this time last year.

Analysts have said the rig count was down from a post-pandemic high of 784 rigs in December 2022 due mostly to a drop in oil and gas prices. U.S. oil futures CLc1 were down about 10% this year after gaining 7% in 2022. U.S. gas futures NGc1, meanwhile, have plunged more than 40% this year after rising about 20% last year.
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Closing Market Update for Friday
(Friday market close)Hopes that...
(Friday market close)Hopes that the S&P 500 index (SPX) could establish a new all-time high in 2023 faded with the old year Friday as major U.S. equity benchmarks lost ground on December's final trading day. Still, the SPX managed to post its ninth-straight winning week and finished up 24% for the year after falling more than 19% in 2022. Friday's close left the index just 0.4% below its record close of 4,796 posted on January 3, 2022.

Like other large-cap benchmarks, the S&P 500 turned in a strong year behind outsized gains in the biggest technology stocks, propelled by excitement over artificial intelligence (AI). While AI might've been the biggest theme of the year, the Federal Reserve's recent pivot toward possible interest rate trims in 2024 crushed a long rally in Treasury yields, helping interest-rate-sensitive small caps and financials participate in the late-2023 rally as well.

Optimism also stemmed from hopes the Fed can navigate a "soft landing" for the economy that avoids recession even as inflation growth continues to slow. Investors eagerly await the December Nonfarm Payrolls report scheduled January 5 for the latest read on the U.S. economic picture. Here's where the major benchmarks ended:

The S&P 500 index fell 13.52 points (0.28%) to 4,769.83;

Dow Jones Industrial Average® was down 20.56 points (0.05%) at 37,689.54;

the Nasdaq Composite® (COMP) was down 83.78 points (-0.56%) at 15,011.35.

The 10-year Treasury note yield (TNX) rose nearly 2 basis points to 3.86%.

The Cboe® Volatility Index(VIX) finished nearly unchanged at 12.51, still near recent four-year lows.

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Closing Oil & Gas Prices for Friday
Benchmark U.S. crude oil for February delivery...
Benchmark U.S. crude oil for February delivery fell 12 cents to $71.65 per barrel Friday. Brent crude for March delivery fell 11 cents to $77.04 per barrel.

Wholesale gasoline for January delivery rose 1 cent to $2.10 a gallon. January heating oil fell 1 cent to $2.55 a gallon. February natural gas fell 5 cents to $2.51 per 1,000 cubic feet.

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Brazil's Oil & Gas Output Hits Record
Brazil’s oil and gas production reached in November its highest level ever for a single...
Brazil’s oil and gas production reached in November its highest level ever for a single month, data from oil regulator ANP showed on Thursday, eclipsing the previous record set in September.

Oil and natural gas production totaled 4.698 million barrels of oil equivalent per day in the period, ANP said in a statement, with oil output alone rising 18.8% year-on-year to 3.678 million barrels per day.

Natural gas production jumped 15.5% to 162.12 million cubic meters per day, the regulator added.
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Federal Safety Board Shares Findings on Burleson County Well Blowout
A federal safety board on Tuesday shared findings of a devastating oil and gas well blowout...
A federal safety board on Tuesday shared findings of a devastating oil and gas well blowout that occurred three years ago in Burleson County.

The incident, which occurred on January 29, 2020, resulted in the death of three contract workers and left a fourth severely injured.

The Daniel H. Wendland 1-H well, operated by Oklahoma-based Chesapeake Energy, was the location of the deadly flash fire that was felt throughout Burleson County and neighboring communities.

The U.S. Chemical Safety Board, in its comprehensive report, points to critical failures in the operation of the well, particularly in the areas of planning and research. The report also delves into the specifics of what went wrong, revealing the loss of well control triggered an uncontrolled release of hydrocarbons, followed by the escape of oil and gas from the well that quickly found an ignition source.
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