Powell to speak in Jackson Hole, WY: Later this week,...
Powell to speak in Jackson Hole, WY: Later this week, central bankers will meet in the shadow of the Tetons for the Jackson Hole Symposium, an annual retreat for global economic officials to talk monetary policy and knock back a few whiskeys at the Million Dollar Cowboy Bar. The main event: Fed Chair Jerome Powell’s keynote speech on Friday, which investors hope will clarify the timing and pace of interest rate cuts.
George Santos, the former congressman and current Cameo star, is expected to plead guilty to federal fraud charges stemming from his 2022 midterm campaign today.
Perdue recalled more than 167,000 pounds of frozen chicken nuggets and tenders due to possible metal contamination. Magneto could have solved this very quickly if asked.
Warlord Ramzan Kadyrov, the president of Chechnya, posted a video showing how he mounted a machine gun to his Tesla Cybertruck and invited Elon Musk to Russia.
The Onion is going back into print after more than a decade.
California oil refineries would have to amass minimum gasoline stockpiles...
California oil refineries would have to amass minimum gasoline stockpiles to prevent price spikes during refinery outages under legislation proposed by California Gov. Gavin Newsom. Western States Petroleum Association President and CEO Catherine Reheis-Boyd criticized the plan as "nothing more than a political attack on consumers and our industry."
API poll: Voters in swing states back US oil, gas drilling
A new poll conducted by Morning Consult for the American Petroleum Institute...
A new poll conducted by Morning Consult for the American Petroleum Institute reveals that over 90% of voters in critical swing states favor domestic oil and natural gas drilling, viewing it as essential for easing inflation and lowering energy costs. The survey also highlights strong opposition to potential government restrictions on gas appliances and vehicles, driven by concerns about the financial impact of such measures.
US drillers cut oil and gas rigs for second time in three weeks
U.S. energy firms cut oil and natural gas rigs for the second time in...
U.S. energy firms cut oil and natural gas rigs for the second time in three weeks, according to Baker Hughes' report on Friday. The total rig count fell by two to 586 in the week ending August 16, leaving it 56 rigs, or 8.7%, below the count from the same time last year.
Specifically, the number of oil rigs decreased by two to 483, while gas rigs increased by one to 98. The overall rig count dropped by about 20% in 2023, following a 33% increase in 2022 and a 67% rise in 2021. This decline was driven by lower oil and gas prices, higher costs due to inflation, and a focus on debt reduction and shareholder returns over production increases.
As of 2024, U.S. oil futures have risen by about 7.1% after an 11% decline in 2023, while U.S. gas futures have fallen by around 14% following a 44% drop in 2023.
U.S. shale firms continue to grow production using fewer rigs by focusing on improved drilling and fracking efficiency. Producers are extending wells to as much as three miles, squeezing more wells onto a single drilling pad and fracking several wells at once.
U.S. crude oil futures fell more than 1% on Friday amid reports that...
U.S. crude oil futures fell more than 1% on Friday amid reports that Qatar told Iran not to attack Israel while Gaza cease-fire talks are ongoing.
Qatar’s prime minister told Iran’s leaders in a phone call after the first day of Gaza cease-fire talks in Doha Thursday that they should de-escalate, warning of the consequences of attacking Israel when progress is being made in the negotiations, two diplomats told The Washington Post.
Here are Friday’s closing energy prices:
West Texas Intermediate September contract: $76.65 per barrel, down $1.51, or 1.93%. Year to date, U.S. crude oil has gained 6.98%.
Brent September contract: $79.68 per barrel, down $1.36, or 1.68%. Year to date, the global benchmark is ahead 3.43%.
RBOB Gasoline September contract: $2.31 per gallon, down more than 4 cents, or 2.03%. Year to date, gasoline is up 9.87%.
Natural Gas September contract: $2.12 per thousand cubic feet, down 7 cents, or 3.37%. Year to date, gas is down 15.5%.
