US drillers cut oil and gas rigs for second week in a row
(Reuters) - U.S. energy firms this week reduced the number of oil and natural gas rigs...
(Reuters) - U.S. energy firms this week reduced the number of oil and natural gas rigs operating for a second week in a row, including the deepest oil rig cut since early June, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, fell by six to 669 in the week to July 21, the lowest since March 2022. That was also the 11th time in the last 12 weeks that drillers cut rigs.
U.S. oil rigs fell by seven to 530this week, their lowest since March 2022, while gas rigs dropped by two to 131.
Baker Hughes said drillers cut four rigs in the Permian in West Texas and eastern New Mexico,the nation's biggest shale oil formation, bringing the total down to 333 rigs. They also cut two rigs in the Eagle Ford bringing the total in that South Texas shale basin down to 57 rigs.That is the lowest in both basins since April 2022.
Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crudeoil for September delivery rose $1.42 to $77.07 a barrel Friday. Brent crude for September delivery rose $1.43 to $81.07 a barrel.
Wholesale gasolinefor August delivery rose 6 cents $2.80 a gallon. August heating oilrose 9 cents to $2.75 a gallon. August natural gasfell 5 cents to $2.71 per 1,000 cubic feet.
Dow logs 10th gain to mark longest winning streak in nearly 6 years
U.S. stocks finished little-changed on Friday as the Dow Jones...
U.S. stocks finished little-changed on Friday as the Dow Jones Industrial Average barely eked out a 10th straight daily gain to cement the blue-chip gauge’s longest winning streak in nearly six years. The Nasdaq Composite, meanwhile, finished the session lower while capping off its second weekly decline in three. TheDow gained 3.30 points on Friday to finish at 35,228.48, according to preliminary figures from FactSet. The blue-chip gauge rose 2.1% this week, clinching its best two-week point and percentage gain since October 2022, according to Dow Jones Market Data. The 10-day streak is also the Dow’s longest winning streak since Aug. 7, 2017, when the index also rose for 10 consecutive sessions. The S&P 500 gained 1.45 points, or less than 0.1%, to 4,536.32, according to preliminary closing figures. It rose 0.7% this week. The Nasdaq Compositefell by 30.50 points, or 0.2%, to 14,032.81, down 0.6% for the week.
Calif. allocates $100M to address abandoned well problem
California state regulators will use $100 million from the state budget for a program to plug abandoned...
California state regulators will use $100 million from the state budget for a program to plug abandoned oil wells, with a particular focus on disadvantaged communities near oil drill sites. The initial phase of the initiative aims to seal 370 out of the 5,300 identified orphaned or likely orphaned wells across the state.
The energy sector is off to a broadly higher start, supported by strength in the crude complex and in the major equity futures.U.S. stock index futures crept higher, setting the Dow on track for its tenth straight day of gains, while mega-cap growth and technology stocks recovered after sharp losses in the previous session. As earnings season continues to heat up, SLB beat analysts' estimates for quarterly profit as a rebound in offshore and international drilling activity boosted demand for its oilfield services and equipment, even as activity in North America declined.
WTI and Brent crude oil futures are trading higher for the second-consecutive session buoyed by evidence of tightening supplies and economic stimulus in slow-recovering China.
Natural gas futures are down in early trading, retreating from a 6% jump during the previous session as the NOAA's 6-10 day outlook shows a warming trend across the Midwest, Northeast, and Mid-Atlantic next week, with above-normal temps expected across most of the US, especially over the central Great Plains and Middle MS Valley.
