Oil and gas rig numbers slide again in Oklahoma and the U.S.
Oil and gas drilling activity continued its decline in the past week,...
Oil and gas drilling activity continued its decline in the past week, both in Oklahoma and across the U.S. resulting more drilling units placed in storage.
Oklahoma’s count fell by two to 35 rigs, according to the Baker Hughes rig count released on Friday. A year ago, the state recorded 42 active rigs.
Nationally, the total count slipped by two to 588, including the decline of three oil rigs to 485, gas rigs unchanged at 98, and miscellaneous up one to 5.
Compared to a year ago, the U.S. count is down 94 rigs from 682, including a drop of 61 oil rigs and 32 gas rigs.
Texas saw a decline of three to 282 rigs, while New Mexico was unchanged at 108, and North Dakota’s count gained two to reach 34.
Benchmark U.S. crude oil for August delivery fell 56 cents to $80.73 per barrel Friday. Brent crude for August delivery fell 47 centsto $85.24 per barrel.
Wholesale gasoline for July delivery rose 1 cent to $2.51 a gallon. July heating oilfell 3 cents to $2.49 a gallon. July natural gasfell 4 cents to $2.71 per 1,000 cubic feet.
S&P 500 books 3rd straight weekly gain as U.S. stocks notch down Friday
U.S. stocks closed mostly lower Friday as technology stocks slumped,...
U.S. stocks closed mostly lower Friday as technology stocks slumped, but major equity indexes still rose for the week.
The Dow Jones Industrial Average eked out a less than 0.1% gain Friday, while the S&P 500 fell 0.2% and the technology-heavy Nasdaq Composite shed 0.2%, according to preliminary data from FactSet. The S&P 500’s tech sector finished 0.8% lower Friday.
The preliminary data show that for the week, the Dow climbed around 1.5%, the S&P 500 rose 0.6%, and the Nasdaq finished about flat. The S&P 500 logged a third straight week of gains.
A report by the U.S. Energy Information Administration points out that...
A report by the U.S. Energy Information Administration points out that U.S. refinery capacity grew by 2% last year, or 324,000 barrels a day, according to the recently published Refinery Capacity Report.
The 2% increase marks the second consecutive year of U.S. refinery capacity growth, but the 18.4 million-b/d capacity as of the beginning of 2024 remained slightly less than the record of 19.0 million b/d set on January 1, 2020.
Much of the increase in U.S. refining capacity in 2023 was due to a 240,000-b/d expansion project at ExxonMobil’s Beaumont refinery in Texas, which brought the refinery’s capacity to 609,000 b/d.
Ukraine has been systematically targeting Russian energy infrastructure...
Ukraine has been systematically targeting Russian energy infrastructure to try to disrupt Russia’s economy and its ability to fund its military efforts. Ukrainian officials say attacks have been carried out in retaliation for Russian strikes on the Ukrainian energy system.
