U.S. energy firms reduced the number of oil and natural gas rigs for...
U.S. energy firms reduced the number of oil and natural gas rigs for the fourth time in five weeks, with the total rig count dropping by one to 585, according to Baker Hughes' report on October 18. This puts the rig count down 39 rigs, or 6%, compared to the same time last year.
Oil rigs increased by one to 482, while gas rigs fell by two to 99. Despite a 20% drop in the rig count in 2023, driven by lower prices, inflation, and a focus on shareholder returns, U.S. crude production hit a record 13.5 million barrels per day (bpd) due to improved efficiencies.
U.S. oil output is expected to rise from 12.9 million bpd in 2023 to 13.2 million bpd in 2024 and 13.5 million bpd in 2025, per the EIA. However, natural gas production is projected to decline slightly to 103.5 billion cubic feet per day (bcfd) in 2024, down from 2023's record high of 103.8 bcfd, following an 18% drop in gas rigs this year.
Dow, S&P 500 end at new record highs as U.S. stocks extend weekly winning streak
All three major U.S. stock indexes closed higher Friday,...
All three major U.S. stock indexes closed higher Friday, clinching a sixth straight week of gains.
According to preliminary data from FactSet, the Dow Jones rose 0.1% to a fresh all-time high, the S&P 500 rose 0.4% to a record peak, and the Nasdaq Composite climbed 0.6%. All three major benchmarks rose for a sixth consecutive week.
For the week, the Dow rose 1%, the S&P 500 gained 0.9% and the Nasdaq advanced 0.8%, the preliminary data show.
Rystad: 12 MMbbl/d at Risk in Full-blown Middle East War
According to an Oct. 17 report by Rystad Energy,...
According to an Oct. 17 report by Rystad Energy, a full-blown conflict in the Middle East could potentially threaten up to 12 MMbbl/d of oil.
An all-out regional war between Israel and Iran could choke the Strait of Hormuz and sharply drive up oil prices, Rystad’s Middle East Research Director Aditya Saraswat said in the report. The fallout would also extend to crude oil projects that have yet to be completed and existing infrastructure that could come under fire.
“Tensions persist in the Middle East, and the humanitarian toll is climbing. Energy market fundamentals have been largely unaffected to date, but this could change at a moment’s notice,” Saraswat said in the report. “Iran and Israel's conflict could severely impact gas exports and lead to delays in oil development projects.”
The International Energy Agency predicts that the world is approaching...
The International Energy Agency predicts that the world is approaching a major shake-up in the global energy landscape, with oil demand expected to peak by the end of the decade as the transition to an era powered by electricity picks up pace. Peak oil demand could lead to an oversupply of oil and gas, driving down prices and freeing up funds for investment in renewable energy technologies, the agency says.
🇮🇱 Israel confirmed it killed Hamas leader Yahya Sinwar
The mastermind of the October 7 attacks that killed 1,200 Israelis and...
The mastermind of the October 7 attacks that killed 1,200 Israelis and took hundreds of hostages back to Gaza, Sinwar was the top target of the Israeli military for more than a year. His body was discovered after a firefight in Gaza, and his identity was later confirmed with DNA testing. Sinwar was reportedly overseeing Hamas military operations while in hiding, in addition to serving as the group’s political leader following the July assassination of Ismail Haniyeh in Iran. Several US officials affirmed the news of Sinwar’s death, while some were hopeful that it could convince Israel to scale back its brutal war and end the suffering in Gaza. Israeli Prime Minister Benjamin Netanyahu said it marks the “beginning of the end” but that the war will continue.
