US drillers cut oil and gas rigs for eighth week in a row
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 an eighth week in a row for the first time since July 2020, energy services firm Baker Hughes Co (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 5 to 682in the week to June 23, the lowest since April 2022. That puts the total rig count down 71 rigs, or 9%, over this time last year.
U.S. oil rigsfell 6 to 546 this week, their lowest since April 2022, while gas rigsheld steady at 130.
The rig count fell by one to 50 in the Haynesville Shalein Arkansas, Louisiana, and Texas, the lowest since January 2022, and by one to 35 in Williston in North Dakota and Montana, the lowest since April 2022, according to Baker Hughes.
Benchmark U.S. crudeoil for August delivery fell 35 cents to $69.16 a barrel Friday. Brent crude for August delivery fell 29 cents to $73.85 a barrel.
Wholesale gasoline for July delivery fell by 3 cents to $2.52 a gallon. July heating oilfell 6 cents to $2.41 a gallon. July natural gas rose 12 cents to $2.73 per 1,000 cubic feet.
U.S. stocks finish lower to cap off worst week since Silicon Valley Bank collapse
U.S. stocks finished lower on Friday, capping off the worst week...
U.S. stocks finished lower on Friday, capping off the worst week for the S&P 500 and Nasdaq Composite since the collapse of Silicon Valley Bank back in March.The S&P 500 SPX, -0.77% shed 33.54 points, or 0.8%, to 4,348.35, bringing its weekly drop to 1.4%, based on preliminary closing data from FactSet. This represents the large-cap index’s worst week since the week ended March 10, which coincided with the collapse of Silicon Valley Bank following a doomed attempt to raise capital days earlier. The Nasdaq Composite COMP, -1.01% fell 138.09 points, or 1%, to 13,492.52, shedding 1.4% for the week, also the worst since March 10. The Dow Jones Industrial Average DJIA, -0.65% fell 218.02 points, or 0.6%, to 33,728.69, falling 1.7% for the week, its worst in just over a month. U.S. stocks have suffered this week as a torrid bull run appeared to run out of steam as worries about the outlook for global growth resurfaced.
US oil refining capacity recovers after pandemic slump
A newly released government report shows that US oil refining...
A newly released government report shows that US oil refining capacity has rebounded by over 100,000 barrels per day to 18.1 million bpd as of Jan. 1 after declining for two years due to the coronavirus pandemic. The increase in capacity was driven by expansions undertaken by Marathon Petroleum and Citgo Petroleum and does not take into account ExxonMobil's 250,000-bpd expansion at its Beaumont, Texas refinery, which came online in March.
Natural Gas price is in a long-term downtrend since turning lower at the $9.960 MMBtu peak achieved...
Natural Gas price is in a long-term downtrend since turning lower at the $9.960 MMBtu peak achieved in August 2022. That said, bearish momentum has tapered off considerably since February 2023.
The EIA Natural Gas Storage report on Thursday showed a rise to 95 billion cubic feet (bcf) in the week to June 16, when a lower 91 bcf had been forecast from 84 bcf recorded in the previous week.
The data suggests robust supply in the US and as a result natural gas prices are trending lower Friday morning, trading down 7 cents at $2.63 per MMBtu.
