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• US drillers cut oil and gas rig count to lowest since January 2022
  U.S. energy firms this week cut the number of oil and...

  U.S. energy firms this week cut the number of oil and natural gas rigs operating to the lowest since January 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The total rig count is down 97, or 14%, below last year.

  
  

  The total oil and gas rig count, an early indicator of future output, fell by four to 590 in the week to June 14. Oil rigs fell by four to 488 this week, which was also their lowest since January 2022, while gas rigs were unchanged at 98, the lowest since October 2021.

  
  

  In Texas, the state with almost half of the country's active rigs, the total count slid by 2 to 285, the lowest number of rigs operating in the state since January 2022.  Oklahoma dropped 1 rig, now at 37 rigs turning to the right.

  
  

  Baker Hughes said the total rig count is down 97, or 14%, below last year.

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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for July delivery...
  Benchmark U.S. crude oil for July delivery fell 17 cents to $78.45 per barrel Friday. Brent crude for August delivery fell 13 cents to $82.62 per barrel.
  
  Wholesale gasoline for July delivery fell 2 cents to $2.40 a gallon. July heating oil fell 2 cents to $2.47 a gallon. July natural gas fell 8 cents to $2.88 per 1,000 cubic feet.
  
  
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• Dow logs longest losing streak in 2 months, S&P 500 pulls back from record highs
  U.S. stocks closed mostly lower on Friday, with the Dow booking a weekly...
  U.S. stocks closed mostly lower on Friday, with the Dow booking a weekly loss and the Nasdaq Composite clinching a fresh record close.
  
  This past week, investors received good news on the U.S. inflation front and political uncertainty in Europe.
  
  The Dow Jones Industrial Average fell 57.94 points, or 0.2%, to 38,589.16, booking a 0.5% weekly loss.
  
  S&P 500 closed 2.14 points lower, or less than 0.1%, finishing at 5,431.60, just short of another record close.
  
  Nasdaq Composite Index gained 21.32 points, or 0.1%, closing at 17,688.88, a new record close.
  
  The S&P 500 gained 1.6% for the week, while the Nasdaq rose 3.2%.
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• El Nino events threaten Panama Canal reliability
  Efforts are underway to alleviate disruption in the Panama Canal, but...
  Efforts are underway to alleviate disruption in the Panama Canal, but El Nino-related weather events are expected to become more intense as climate change accelerates and could continue to create challenges in the future, said Gabriel Mariscal of CB Fenton during a Latin American Petrochemical and Chemical Association event. "El Nino has always existed, but the challenge now is that you have a Panama Canal that consumes much more water than before, even with the NeoPanamax locks reusing water," said Mariscal.
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• Oil and gas added $15B to N.M.'s revenue in fiscal 2023
  New Mexico's oil and gas industry contributed over $15 billion to state...
  New Mexico's oil and gas industry contributed over $15 billion to state coffers in the last fiscal year as Permian Basin production continued to increase. The share of oil and gas revenues of the General Fund is projected to rise from 35% in fiscal 2023 to nearly 40% in fiscal 2024, before gradually declining due to strategic state investments and legislative spending.
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