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• Oil Prices Start the Week With a Loss as Demand Concerns Grow
  Crude oil prices began the week with a loss in midmorning Asian...
  Crude oil prices began the week with a loss in midmorning Asian trading, reversing the climb from last week after the latest U.S. inflation data suggested there will not be any rate cuts anytime soon.
  
  Signals from Israel that a ceasefire with Hamas is still a possibility also helped bring oil down, with Brent crude slipping below $89 per barrel and West Texas Intermediate at a bit over $83.
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• Global Oil and Gas Discoveries Fell to a Record Low in 2023
  Oil and gas discoveries last year fell to a record low of 5 billion barrels...
  Oil and gas discoveries last year fell to a record low of 5 billion barrels of oil equivalent while exploration costs rose close to twofold.
  
  This total compared with discoveries of 10.5 billion barrels of oil equivalent the previous year, the report noted, in support of arguments from OPEC that the industry is not investing enough in new oil and gas supply despite rising demand. OPEC has blamed the trend on investment discouragement from pro-transition forecasters and governments.
  
  The higher exploration costs and the challenges in finding new oil and gas may further serve to discourage investment growth in the sector, deepening a concern expressed on a now regular basis by OPEC, of a looming structural deficit on oil markets while oil demand remains very much on a growth path.
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• Fed Meeting This Tuesday
  Fed meeting, jobs report on tap: It’ll be a ...
  Fed meeting, jobs report on tap: It’ll be a big week for hot takes on the US economy, with the Federal Reserve meeting Tuesday and Wednesday and the April jobs report dropping Friday. Because inflation has been sticking around, the Fed is expected to hold interest rates steady at this meeting and for the foreseeable future, a 180 from what seemed likely at the beginning of the year. On the jobs front, economists are projecting another strong month for employment growth.
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• ☕️What Else is Brewing Monday Morning
  The Kentucky Derby is on Saturday: And it’s not just...
  The Kentucky Derby is on Saturday: And it’s not just any Derby—it’s the 150th running of the longest-running continuously held annual sporting event in the US. Fierceness is the 5–2 favorite in the first leg of horse racing’s Triple Crown. Did you know? Churchill Downs is a publicly traded company, and last Thursday, its stock had its best day in nearly six months after posting record revenue and profits.
  
  President Biden roasted his rival Donald Trump at the White House correspondents’ dinner as pro-Palestinian protesters demonstrated outside the venue.
  
  Israeli officials believe the International Criminal Court is preparing arrest warrants for senior Israeli government officials and Hamas leaders related to the war, the NYT reported.
  
  South Dakota Governor Kristi Noem, a potential Trump running mate, drew outcry after a report revealed that she describes killing her 14-month-old dog in her upcoming memoir. Noem defended her actions, saying, “Tough decisions like this happen all the time on a farm.”
  
  Paramount Global could fire CEO Bob Bakish as soon as this morning, per CNBC.
  
  A record 775,000 football fans attended the NFL Draft in Detroit from Thursday through Sunday, according to Michigan Gov. Gretchen Whitmer. Not a single one knew what the Falcons were doing.
  
  American Airlines keeps mistaking a 101-year-old woman for a baby.
  
  
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• Baker Hughes: US drillers cut most oil rigs in a week since November
  U.S. energy firms this week cut five oil rigs, the biggest weekly drop...
  U.S. energy firms this week cut five oil rigs, the biggest weekly drop since November, energy services firm Baker Hughes said in its closely followed report on Friday.
  
  Meanwhile, the total oil and gas rig count, an early indicator of future output, fell by six to 613 in the week to April 26, the lowest since February 2022. Baker Hughes said that puts the total rig count down 142 rigs, or 18.8%, below this time last year.
  
  The number of oil rigs fell by five to 506 this week, while gas rigs fell by one to 105, their lowest since December 2021.
  
  The total rig count was down by eight in April, falling for the second month in a row. The oil rig count was unchanged and gas rigs fell by seven in April.
  
  
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