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• The U.S. Rig Total Count Inches Higher
  This week, U.S. energy firms added oil and natural gas rigs for the first time in three...

  This week, U.S. energy firms added oil and natural gas rigs for the first time in three weeks, Baker Hughes reported as the combined oil and gas rig count rose by one to 620 in the week to Jan. 19.

  
  

  U.S. oil rigs fell by two to 497 this week, their lowest since mid-November, while gas rigs rose by three to 120.

  
  

  The U.S. combined count is still 151 less than a year ago when the total of oil and gas rigs was 771. In the past year, the decline included 116 oil rigs and 36 gas rigs.

  
  

  Oklahoma slipped by one to 42 rigs, still far below the 64 rigs reported a year ago.

  
  
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for February delivery...
  Benchmark U.S. crude oil for February delivery fell 67 cents to $73.41 per barrel Friday. Brent crude for March delivery fell 54 cents to $78.56 per barrel.
  
  Wholesale gasoline for February delivery fell 2 cents to $2.16 a gallon. February heating oil fell 3 cents to $2.66 a gallon. February natural gas fell 18 cents to $2.52 per 1,000 cubic feet.
  
  
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• S&P 500 closes at first record high in over two years as tech fuels U.S. stocks
  (Friday market close) The S&P 500® index (SPX)...
  (Friday market close) The S&P 500^® index (SPX) and the Dow Jones Industrial Average^® (DJI) powered to record-closing highs Friday due to a continued resurgence in "mega-cap" technology shares combined with better-than-expected earnings results and an unexpectedly strong consumer confidence reading to buoy investor confidence that the Federal Reserve may be able to engineer a "soft landing" for the economy.
  
  According to Nathan Peterson, director of derivatives analysis at the Schwab Center for Financial Research, investors have made an unexpectedly strong turn back into tech shares, which slumped sharply at the beginning of the year.
  
  "Strength in technology is acting as the locomotive, helping pull the 'S&P 500 train' above resistance to fresh all-time highs," Peterson said. Tech shares "have received more focus from investors as the recent rise in Treasury yields has led to money leaving rate-sensitive sectors, such as utilities, real estate, and small caps."  Here's where the major benchmarks ended:
  
  The S&P 500 index rose 58.87 points (1.2%) to 4,839.81, up 1.2% for the week;
  
  the Dow Jones Industrial Average gained 395.19 points (1.1%) to 37,863.80, up 0.7% for the week;
  
  the Nasdaq Composite^® (COMP) increased 255.32 points (1.7%) to a two-year high of 15,310.97, up 2.3% for the week.
  
  The 10-year Treasury note yield (TNX) fell about 1 basis point to 4.132%.
  
  The Cboe Volatility Index^® (VIX) fell 0.83 to 13.30.
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• Energy Commentary
  The energy sector is experiencing a mixed to higher start supported by...

  The energy sector is experiencing a mixed to higher start supported by mild strength in the crude complex and in the major equity futures. U.S. stock index futures climbed, as chip and megacap stocks continued their ascent, while the ongoing corporate earnings season and hints on the timing of interest-rate cuts dominated investors' watch list.

  
  

  WTI and Brent crude oil futures are trading near the flatline after two consecutive sessions of gains as Middle East tensions and oil output disruptions caused by cold weather in the U.S. balanced concerns about the health of the Chinese and global economies. Although the Middle East tensions have not shut down any oil production, supply outages continue in Libya and about 40% of oil output in North Dakota remained shut due to extreme cold.

  
  

  Natural gas futures are extending their slide for the fourth-straight day as record demand and shut-in production due to freeze-offs is more than offset by seasonally warmer forecasts for the back third of January. 

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• Earnings News
  In earnings news, SLB kicked off earnings for the oilfield services and beat analysts' estimates for...
  In earnings news, SLB kicked off earnings for the oilfield services and beat analysts' estimates for quarterly profit as resilient offshore and overseas drilling activity buoyed demand for its oilfield services and equipment. The company reported net income, excluding charges and credits, of 86 cents per share, for the three months ended Dec. 31, compared with analysts' average estimate of 84 cents per share. Revenue from international operations rose 18% to $7.29 billion in the year's final quarter while North America remained flat. Results benefited from the acquisition of a subsea equipment business, which accounted for 70% of the quarter's sequential revenue gain.
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