US drillers cut oil, gas rigs to lowest since November 2021
The combined oil and gas rig count, an early indicator...
The combined oil and gas rig count, an early indicator of future output, fell by 10 to 566 in the week to May 23. That 10-rig reduction was the biggest weekly decline in total rigs since September 2023. It was also the first time since September 2024 that drillers reduced the number of rigs operating for four weeks in a row..
Oil rigs fell by eight to 465 this week, their lowest since November 2021. Gas rigs fell by two to 98, their lowest since last month.
In the Eagle Ford Shale in South Texas, drillers cut four rigs, bringing the total down to 42, the lowest since December 2021.
In the Permian Basin in West Texas and eastern New Mexico, the nation's biggest oil-producing shale formation, drillers cut three rigs, bringing the total down to 279, the lowest since November 2021.
New Mexico, drillers cut two rigs, down to 92, North Dakota, drillers cut two rigs, down to 30, in Texas, drillers cut five rigs, down to 266, and Oklahoma lost 2 rigs, down to 53 rigs.
(Reuters) - Oil prices gained on Friday as U.S. buyers covered positions...
(Reuters) - Oil prices gained on Friday as U.S. buyers covered positions ahead of the three-day Memorial Day weekend amid worries over the latest round of nuclear talks between American and Iranian negotiators.
Brent crude futures settled at $64.78 a barrel, up 34 cents, or 0.54%. U.S. West Texas Intermediate crude futures finished at $61.53, up 33 cents, or 0.54%.
"I think there is some short-covering going into this weekend," said Phil Flynn, senior analyst with Price Futures Group. The Memorial Day weekend kicks off the U.S. summer driving season, the period of highest demand for motor fuels.
U.S. and Iranian negotiators met in Rome on Friday for another round of talks aimed at curtailing the Islamic Republic's nuclear program. Flynn said traders are afraid crude supplies could be interrupted if talks fail to reach a deal.
"The talks are not looking good," he said. "If these are the last talks and there's no deal, it could give a green light to the Israelis to attack. Iran."
Dow slides 200 points, S&P 500 tumbles for a fourth day after Trump threatens tariffs on EU, Apple
Stocks opened sharply lower Friday, with investors spooked by President...
Stocks opened sharply lower Friday, with investors spooked by President Donald Trump's latest tariff threats. The main indexes came off their lows throughout the session, but still headed into the long holiday weekend with stiff weekly losses.
Executives have warned that growth in Permian Basin natural gas production is rapidly creating an urgent need for expanded pipeline capacity to transport the increased supply. The increase in gas output has been driven by rising gas-to-oil ratios and strong demand for US liquified natural gas exports.
Chinese firm inks LNG supply deal with ConocoPhillips
Guangdong Pearl River has signed a 15-year liquified natural gas purchase...
Guangdong Pearl River has signed a 15-year liquified natural gas purchase agreement with ConocoPhillips, potentially marking the first US LNG deal by a Chinese company since tariffs were imposed this year. The agreement, signed at the World Gas Conference, involves the supply of 300,000 metric tons of LNG annually starting in 2028, with prices linked to the Henry Hub.
