U.S. oil & gas rig monthly count falls for first time in 25 months
Energy firms this week increased the number of U.S. oil and gas rigs but cut the count in August for the first time in 25 months, even as oil prices remain relatively high.
The total oil and gas rig count, an early indicator of future output, rose three to 765 in the week to Aug. 26, energy services firm Baker Hughes Co said in its closely followed report on Friday.
Oil rigs rose four to 605 this week, while gas rigs fell one to 158.
In August, the combined oil and gas count was down two rigs after rising for a record 24 months in a row.
Benchmark U.S. crude oil for October delivery rose 54 cents to $93.06 a barrel Friday. Brent crude for October delivery rose $1.65 to $100.99 a barrel.
Wholesale gasoline for September delivery rose 4 cents to $2.85 a gallon. September heating oil rose 6 cents to $4.01 a gallon. September natural gas fell 8 cents to $9.30 per 1,000 cubic feet.
Dow plunges 1,000 points, biggest drop in over 3 months, after Powell warns of pain for households, businesses
U.S. stocks tumbled Friday, with the Dow Jones Industrial Average closing down more than 1000...
U.S. stocks tumbled Friday, with the Dow Jones Industrial Average closing down more than 1000 points for its worst daily percentage drop since May, after Federal Reserve Chair Jerome Powell said the central bank will continue its battle against inflation “until the job is done” of getting the cost of living back to its 2% target.
The Dow Jones Industrial Average DJIA, -3.03% plunged 1008.38 points, or 3%, to close at 32,283.40, in its largest percentage drop since May 18.
The S&P 500 SPX, -3.37% dropped 141.46 points, or 3.4%, to finish at 4,057.66, in its biggest percentage decline since June 13.
The Nasdaq Composite COMP, -3.94% tumbled 497.56 points, or 3.9%, to end at 12,141.71, in its largest percentage drop since June 16.
For the week, the Dow sank 4.2%, while the S&P 500 shed 4% and the Nasdaq lost 4.4%. All three benchmarks booked a second straight week of losses, according to Dow Jones Market Data.
Oil Prices Slip After Powell Warns Of Higher-For-Longer Interest Rates
Crude oil prices began to slip on Friday after Federal Reserve Chair Jerome Powell spoke for a mere 8...
Crude oil prices began to slip on Friday after Federal Reserve Chair Jerome Powell spoke for a mere 8 minutes, warning that there would be pain ahead.
“While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses,” Power said in his Friday speech.
The WTI September contract slipped $0.23 (-0.25%) to $92.29. While down on the day, WTI prices are still up roughly $3 per barrel from this time last week. Brent crude prices were also trending down, by $0.05 (-0.05%) on the day to $99.29 per barrel—also up roughly $3 per barrel on the week.
Inflation falls for first time in more than two years, key U.S. gauge shows, due to sinking gas prices
The numbers: A key gauge of U.S. inflation fell 0.1% in July thanks to tumbling gasoline...
The numbers: A key gauge of U.S. inflation fell 0.1% in July thanks to tumbling gasoline prices, marking the first decline in more than two years and giving Americans some relief from a rapidly rising cost of living.
The drop in the so-called personal-consumption price index was the first since April 2020, when the U.S. economy was locked down after the initial outbreak of the coronavirus.
A narrower measure of inflation that omits volatile food and energy costs, known as the core PCE, edged up 0.1% . That was below Wall Street’s 0.2% forecast. Economists polled by The Wall Street Journal had predicted no change in July.
Key details: The rate of inflation over the past year dropped to 6.3% from 6.8% in the prior month.
