US weekly oil & gas rig count falls by the most since February
May 5 (Reuters) -...
May 5 (Reuters) - U.S. energy firms cut the most oil and natural gas rigs in a week since February, energy services firm Baker Hughes Co said in its closely followed report on Friday.
The total North American oil and gas rig count, an early indicator of future output, fell by seven to 748 in the week to May 5.
Despite this week’s rig decline, Baker Hughes said the total count was still up 43 rigs, or 6%, over this time last year.
Oil rigs fell by three to 588 this week, in their biggest weekly decline since March. Gas rigsfell by four to 157, their biggest weekly decline since February.
Stocks closed broadly higher Friday following a positive jobs report
U.S. stocks snapped a four-day losing streak on Friday as a rebound...
U.S. stocks snapped a four-day losing streak on Friday as a rebound in shares of beaten-down regional banks along with sharp gains in shares of Apple Inc. sent the main indexes sharply higher.
The Dow ended the session up around 547 points, or 1.7%, near 33,674, according to preliminary figures, while the S&P 500 jumped 1.9% and the Nasdaq Composite bounced 2.3%.
However, Friday’s gains weren’t enough to wipe out weekly losses for the S&P 500 and Dow, which saw their biggest weekly pullbacks since the week ended March 10, falling 0.8% and 1.2%, respectively, according to preliminary closing data from FactSet. The Nasdaq Composite eked out a marginal weekly gain of 0.1%.
The energy sector is off to a higher start, supported by strength in the...
The energy sector is off to a higher start, supported by strength in the crude complex and in the major equity futures. U.S. stock index futures pared back some gains after data showed U.S. jobs grew more than expected in April, and a fairly strong wage growth prompted investors to temper their expectations of interest rate cuts from the Federal Reserve. The U.S. economy added 253,000 jobs in April, beating expectations of 180,000 while the unemployment rate changed a little to 3.4% from 3.5% in the previous month.
WTI and Brent crude oil futures are trading higher but remain on track for a third-consecutive week of losses after markets registered dramatic drops on fears of a weakening U.S. economy and slowing Chinese demand.
US stock futures rise early Friday after Apple's latest earnings report gave investors...
US stock futures rise early Friday after Apple's latest earnings report gave investors reason for optimism. Meanwhile, the latest data on US jobs is due to be released later today. Check out the latest market moves.
Earnings on deck: HSBC, Dominion Energy, and Adidas, all reporting.
Occidental Petroleum declared a regular quarterly dividend of $0.18 per share on the common stock, the...
Occidental Petroleum declared a regular quarterly dividend of $0.18 per share on the common stock, the company announced in a May 4 press release. The dividend will be payable to stockholders of record by the close of business on June 9, 2023. It will be payable on July 14, 2023.
Occidental is an energy company primarily based in the United States, the Middle East, and North Africa.
