US Drillers Add Oil, Gas Rigs for Eighth Straight Week
U.S. energy firms last week added oil and natural gas rigs for an eighth week in a row...
U.S. energy firms last week added oil and natural gas rigs for an eighth week in a row as high prices and prodding by the federal government prompted drillers back to drilling.
The total oil and gas rig count, an early indicator of future output, rose nine to 714 in the week to May 13, its highest since March 2020, energy services firm Baker Hughes Co said in its closely followed report.
U.S. oil rigsrose six to 563 this week, their highest level since March 2020, while gas rigsgained three to 149, their highest since September 2019.
⛽️Gasoline futures closed at a record high Friday as oil gained for the week
Gasoline futures surged to a record close Friday, providing a lift for crude oil that erased...
Gasoline futures surged to a record close Friday, providing a lift for crude oil that erased a weekly loss.
West Texas Intermediate crude for June delivery CL00, 3.78%CLM22, 3.79%CL.1, 3.79% rose $4.36, or 4.1%, to finish at $110.49 barrel on the New York Mercantile Exchange, leaving it up 0.7% for the week.
July Brent crude BRN00, -0.15%BRNN22, -0.15%, the global benchmark, rose $4.10, or 3.8%, to settle at $111.55 a barrel, logging a 0.8% weekly gain.
June gasoline RBM22 rose 16.61 cents, or 4.4%, to close at $3.9578 a gallon, up more than 5% for the week. June heating oil HOM22 rose 0.1% to $3.9212 a gallon.
June natural gas NGM22, -0.96% rose 1% to finish at $7.663 per million British thermal units, 4.7% for the week.
MarketWatch: Dow ends up over 400 points, Nasdaq up 3.8% Friday, but still see weekly decline
U.S. stocks finished higher Friday, but with the Dow still ending the seventh week in...
U.S. stocks finished higher Friday, but with the Dow still ending the seventh week in a row lower, as investors worried about the Federal Reserve's ability to tamp down high inflation without kicking the economy into a recession. The Dow Jones Industrial Average DJIA, +1.47% gained about 465 points Friday, or 1.5%, ending near 32,196. The S&P 500 index SPX, +2.39% gained 2.4%, after coming close to entering a bear-market territory on Thursday, and the Nasdaq Composite Index COM, +0.72% jumped 3.8%. The bounce heading into the weekend still wasn't enough to erase sharp earlier losses. The Dow ended the week 2.1% lower for a seventh week in a row, tallying its sharpest 7-week percentage point plunge since April 24, 2020, according to Dow Jones Market Data. The S&P 500 lost 2.4% for the week and the Nasdaq shed 2.8% since Monday.
US gas production to grow faster this summer than last
A new report from the Natural Gas Supply Association projects that US natural gas production...
A new report from the Natural Gas Supply Association projects that US natural gas production will be 3.6 billion cubic feet per day greater this summer than last, exceeding demand growth by 1 Bcf/d. Market conditions are likely to "remain in a tight balance this summer, resulting in upward pressure on natural gas prices compared to last summer's average of $3.85/MMBtu" at the Henry Hub, the association said.
While it reported a first-quarter 2022 net loss of $241 million, Ovintiv Inc. still...
While it reported a first-quarter 2022 net loss of $241 million, Ovintiv Inc. still managed a 25% increase in its quarterly dividend. And it plans more drilling activity in Oklahoma.
Look for Ovintiv to be active in Oklahoma as the company stated it expects to spend $350 to $400 million in the Anadarko Basin. Much of the firm’s activity in the Anadarko was in the STACK play where it reported major producers in Kingfisher County.
Ovintiv had average production in the Anadarko of 120 MBOE/d with 61% liquids in the first quarter. It averaged three gross rigs, drilled 13 net wells and had 18 net wells turned in line. During the quarter, Ovintiv also completed four wells in the Anadarko with a lateral length greater than 15,000 feet.
