US oil/gas rig count steady this week, Pennsylvania falls to 17-year low
U.S. energy firms held the oil and natural gas rig count steady at 585...
U.S. energy firms held the oil and natural gas rig count steady at 585 for the week ending October 25, though the total count remains down 40 rigs, or 6%, year-over-year, according to Baker Hughes.
Oil rigs fell by two to 480, while gas rigs rose by two to 101. In Pennsylvania, which mainly produces gas, the rig count dropped to 12, its lowest since 2007. The Marcellus shale region and the Gulf of Mexico also saw rig reductions, with the Marcellus falling to 22 rigs and the Gulf to 14, marking multi-year lows.
For October, the national rig count declined by two rigs, reversing September’s gains. The rig count dropped 20% in 2023 due to lower energy prices, inflation-driven costs, and a shift in focus toward financial health over production growth. U.S. oil prices were flat, while gas prices were up slightly, at 1% so far this year.
U.S. Gulf of Mexico: Talos Energy, collaborating with...
U.S. Gulf of Mexico: Talos Energy, collaborating with Walter Oil & Gas, reported a new discovery at its Ewing Bank 953 well, reaching a net pay zone of 127 feet at a depth of 19,000 feet. This find, estimated to yield 15-25 million barrels of oil equivalent (BOE), could generate 8,000 to 10,000 BOE per day by mid-2026. Talos has already planned tieback infrastructure to connect production to the nearby South Timbalier 311 platform, boosting overall production efficiency.
Oil rose, notching a gain for the week, as traders kept an eye on the...
Oil rose, notching a gain for the week, as traders kept an eye on the risk of escalation in the Middle East conflict and a deluge of other potentially pivotal market drivers.
West Texas Intermediate climbed 2.3% to settle near $72 a barrel, while global benchmark Brent settled just above $76. The US benchmark pushed past its 50-day moving average of about $71.65, a technical level that can contribute to accelerated buying from algorithmic traders.
Oil has been whipsawed this month by the tensions in the Middle East, as well as concerns that the market may face a glut next year, driven by output growth from non-OPEC+ producers and plans by the cartel to ease curbs.
WTI for December delivery climbed 2.3% to settle at $71.78 a barrel in New York.
Brent for December delivery added 2.2% to settle at $76.05 a barrel.
S&P 500 snaps 6-week winning streak as U.S. stocks end mixed Friday
The U.S. stock market finished with mixed results on...
The U.S. stock market finished with mixed results on Friday and mostly fell for the week as interest rates in the bond market extended their climb ahead of next week’s jobs report. A three-day S&P 500 losing streak ended, mainly due to Tesla's 22% earnings-related surge. Other earnings were mixed, but U.S. data impressed.
Treasury yields finally cooled today despite another round of firm U.S. economic data including jobless claims, new home sales, and October Purchasing Managers' Index (PMI) readings. Yields remain near three-month highs on data, falling rate cut expectations, and foreign policy concerns related to the election. The U.S. dollar rally also paused today even though PMI readings from Europe and Asia disappointed. Here's where the major benchmarks ended:
The S&P 500® index (SPX) rose 12.44 points (0.21%) to 5,809.86; the $DJI fell 140.59 points (–0.33%) to 42,374.36; and the Nasdaq Composite® ($COMP) added 138.83 points (0.76%) to 18,415.49.
The 10-year Treasury note yield fell four basis points to 4.20%.
The CBOE Volatility Index® (VIX) was about flat at 19.18.
Dominion Energy sells 50% stake in offshore wind project
Dominion Energy has completed a $2.6 billion sale of a 50% stake in the...
Dominion Energy has completed a $2.6 billion sale of a 50% stake in the Coastal Virginia Offshore Wind project to infrastructure investor Stonepeak as part of its plan to reduce borrowing. Dominion will retain operational control, while Stonepeak gains minority rights and shares future expenses. The project will supply energy to some 660,000 homes from 2026.
