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• U.S. drillers cut oil and gas rigs for first time in 6 weeks, Oklahoma drops 3 rigs
  Nationally, the combined oil and gas rig count is down two from...
  Nationally, the combined oil and gas rig count is down two from last week at 547 rigs. A year ago, 586 rigs were active. The count shows that 418 rigs are drilling for oil, down four from the previous week, and 120 are exploring for natural gas, up two from the previous week. The count also shows nine miscellaneous rigs, unchanged from the previous week.
  
  The rig count in the Permian Basin was down one this week, the latest Baker Hughes count shows, with 250 rigs active in the region. A year ago, 304 rigs were active in the region.  Oklahoma dropped 3 rigs for the week.
  
  The U.S. rig count peaked at 4,530 in 1981. It bottomed out in August of 2020 at 244.
  
  The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $55.38 per barrel, down $1.98 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $58.90 per barrel, down $1.98 from the previous week.
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• DAILY OIL PRICE: October 10, 2025
  Crude Oil: 58.90   (-2.61)....
  
  
  • Crude Oil: 58.90   (-2.61).
  
  
  • Nymex MTD AVG: 60.7567.
  
  
  • Natural Gas: 3.106   (-0.163).
  
  
  • Gasoline: 1.8204   (-0.0622).
  
  
  • Spreads: November/December (+0.42)     December/January (+0.21).
  
  
  • Plains WTI Posting: 55.38   (-2.61).
  
  

  
  Source: Odessa American
  
  
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• Dow ends nearly 880 points lower as stocks sink on Trump threat of China tariffs
  The U.S. stock market closed sharply lower Friday, in...

  The U.S. stock market closed sharply lower Friday, in a broad selloff triggered by President Donald Trump’s threat of new tariffs on China.

  
  

  The Dow Jones Industrial Average dropped 878.82 points, or 1.9%, to close at 45,479.60.

  
  

  The S&P 500 slid 182.60 points, or 2.7%, to finish at 6,552.51.

  
  

  The Nasdaq Composite tumbled 820.20 points, or 3.6%, to finish at 22,204.43.

  
  

  The S&P 500's information-technology sector posted a 4% loss, dragging down the U.S. equities benchmark. The S&P 500 index saw its largest drop since April 10, when U.S. stocks were struggling in the wake of President Trump's announcement of "liberation Day" tariffs, according to Dow Jones Market Data.

  
  

  All three major U.S. stock indexes booked weekly losses. The Dow ended Friday down 2.7% for the week, while the S&P 500 dropped 2.4% and the Nasdaq slid 2.5%.

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• Citigroup notes bearish oil market sentiment
  Citigroup has highlighted a bearish sentiment in the oil market, with...
  Citigroup has highlighted a bearish sentiment in the oil market, with clients in North America and Europe expressing varying degrees of pessimism about crude oil's prospects. Some clients are skeptical that a price floor of $60 per barrel for Brent crude would be sufficient to balance the market, while others anticipate a more orderly price correction.
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• EIA: US Oil Production Set Monthly Record in July
  U.S. oil production set a record by averaging over 13.6...

  U.S. oil production set a record by averaging over 13.6 MMbbl/d in July, the Energy Information Administration (EIA) reported in its Short-Term Energy Outlook on Oct. 7. The EIA expects production to average 13.5 MMbbl/d for the year and hold steady in 2026.

  
  

  Month-over-month production increased from 13.4 million bbl/d in June, the EIA said.

  
  

  The EIA forecasts WTI to average $65/bbl for 2025. Brent crude is estimated to average $69/bbl for the year, depressed by an expected average price of $62/bbl in the fourth quarter. EIA’s average price for Brent in 2026 is $52/bbl.

  
  

  The agency estimates that an average Henry Hub natural gas spot price will increase to $4.10/MMBtu by January from its September of just below $3/MMBtu. Still, the January estimate is a 50-cent drop from last month’s forecast.

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