U.S. oil & gas rig count falls for first time in 31 weeks
U.S. energy firms cut oil and natural gas rigs this week for the first time in 31 weeks,...
U.S. energy firms cut oil and natural gas rigs this week for the first time in 31 weeks, but the rig count rose for a record 22nd month in a row even.
The weekly rig count decline comes as some U.S. publicly traded firms continue to focus more on returning money to shareholders and paying down debt rather than boosting output.
The U.S. oil and gas rig count, an early indicator of future output, fell by one to 727 in the week to May 27.
In May, the total oil and gas rig count rose by 29, the biggest monthly rise since February.
U.S. oil rigs fell two to 574 this week, their first decline in 10 weeks, while gas rigs rose one to 151 to their highest since September 2019.
For the month, the oil rigcount rose for a record 21 months in a row, while the gas rig count was up for the ninth month in a row, the most since May 2017.
Oil settles up ahead of U.S. driving season, EU embargo decision
Oil prices rose on Friday, closing out the week with gains ahead of the U.S. Memorial...
Oil prices rose on Friday, closing out the week with gains ahead of the U.S. Memorial Day holiday weekend, the start of peak U.S. demand season, and as European nations negotiate over whether to impose an outright ban on Russian crude oil.
Brent crude rose $2.03, or 1.7%, to settle at $119.43. U.S. West Texas Intermediate (WTI) crude rose 98 cents, or 0.9%, to settle at $115.07 a barrel. For the week, Brent rose 6% while WTI gained 1.5%.
"The U.S. driving season and strong travel demand should help (prices). With supply growth lagging demand growth, the oil market is likely to stay undersupplied. Hence, we remain positive in our outlook for crude prices," said UBS analyst Giovanni Staunovo.
Eighth Time's the Charm: Stocks close sharply higher after inflation data; Dow snaps longest weekly losing streak since 1932
U.S. stocks ended sharply higher Friday, with all three major benchmarks booking weekly gains,...
U.S. stocks ended sharply higher Friday, with all three major benchmarks booking weekly gains, after the Federal Reserve’s preferred measure of inflation for April had the smallest increase in a year and a half.
The Dow Jones Industrial Average DJIA gained 575.77 points, or 1.8%, to close at 33,212.96, rising for a sixth straight day in its longest winning streak since December 2021.
The S&P 500 SPX rose 100.40 points, or 2.5%, to finish at 4,158.24.
The Nasdaq Composite COMP jumped 390.48 points, or 3.3%, to end at 12,131.13.
For the week, the Dow gained 6.2%, breaking an eight-week stretch of losses that was its longest since 1932, according to Dow Jones Market Data. The S&P 500 booked a weekly gain of 6.6% while the Nasdaq climbed 6.8%, each snapping seven straight weeks of declines. Both the Dow and the S&P 500 booked their largest weekly percentage gains since November 2020.
Retail gasoline prices dip with nearly 35 million Americans set to hit the road
Three million more Americans are expected to travel this Memorial Day Weekend compared...
Three million more Americans are expected to travel this Memorial Day Weekend compared to last year, according to projections from AAA.
Overall, 39.2 million travelers will be taking to the roads and skies, according to AAA estimates. That’s an 8.3% increase from the 36.2 million travelers who set out to see friends and family in the first Memorial Day Weekend after COVID-19 vaccines became widely available.
This year’s projected Memorial Day travelers, mostly by car, are still off from pre-pandemic levels. In 2019, 42.8 million drove at least 50 miles or booked flights, AAA said. That’s a decrease of more than 8%.
Drivers can expect a tiny bit of relief at the pump: The national average price for a gallon of gas was $4.59 as of Thursday, down a penny from the previous day’s average, AAA said. When Americans were firming up their Memorial Day plans one year ago, the national average price was $3.04 per gallon, according to AAA data.
U.S. inflation rate slows to 6.3%, PCE shows, in sign price pressures could be near peak
The numbers: A measure of inflation preferred by the Federal Reserve rose just 0.2%...
The numbers: A measure of inflation preferred by the Federal Reserve rose just 0.2% in April — the smallest increase in a year and a half — largely because of a decline in gas prices. But there were other hints that a surge in inflation might be abating.
The rise in the so-called personal consumption price index was the smallest since November 2020.
Big picture: Most Americans have never endured such high inflation and it’s caused plenty of angst on Main Street, Wall Street and Washington.
Market reaction: The Dow Jones Industrial Average DJIA, +1.61% and S&P 500 SPX, +1.99% were set to open slightly higher in Friday trades. Stocks had rallied over the past two days.
