Many Asian countries celebrate new year at this time, including Vietnam...
Many Asian countries celebrate new year at this time, including Vietnam and Korea. Lunar New Year, often called the Spring Festival or Chinese New Year, is the most important holiday in China and many other Asian communities. It is an annual 15-day festival that begins with the new moon between Jan. 29 and Feb. 27 in Western calendars and this year falls on Jan. 29. The festival lasts until the following full moon, ending this year with the Lantern Festival on Feb. 12. The holiday began as a time for feasting and to honor household and heavenly deities, as well as ancestors.
U.S. Rig Count Falls to Lowest Level Since December 2021
U.S. energy firms cut the number of active oil and gas rigs for a third consecutive week,...
U.S. energy firms cut the number of active oil and gas rigs for a third consecutive week,reducing the total by four to 576as of January 24, the lowest since December 2021, according to Baker Hughes. The rig count is now down 45 rigs, or 7%, from the same time last year.
Oil rigs dropped by six to 472, while gas rigs rose by one to 99. In the Permian Basin, the nation’s largest oil-producing shale region, the rig count fell by six to 298, the lowest since February 2022 and the largest weekly decline since August 2023.
The rig count has declined by 5% in 2024 and 20% in 2023 as lower oil and gas prices pushed energy firms to prioritize debt reduction and shareholder returns over production growth.
Despite potential further declines in crude prices, the EIA projects U.S. crude output will rise from 13.2 million barrels per day (bpd) in 2024 to 13.6 million bpd in 2025. On the gas side, a projected 43% increase in spot gas prices in 2025 is expected to spur higher drilling activity, reversing recent declines. The EIA forecasts gas production will rise to 104.5 billion cubic feet per day (bcfd) in 2025, up from 103.1 bcfd in 2024 and a record 103.6 bcfd in 2023.
Oil prices tally their first weekly loss in 5 weeks
Oil futures tallied their first weekly loss in five weeks...
Oil futures tallied their first weekly loss in five weeks on Friday as recent comments from President Donald Trump suggested he would pressure major oil producers to boost crude output.
Prices, however, ended slightly higher for the trading session, a day after settling at their lowest in two weeks, as traders continued to weigh uncertainty surrounding the president’s energy policies.
West Texas Intermediate crude for March delivery edged up by 4 cents, or nearly 0.1%, to settle at $74.66 a barrel on the New York Mercantile Exchange. Prices based on the front month ended 3.5% lower for the week, according to Dow Jones Market Data.
March Brent crude the global benchmark, added 21 cents, or 0.3%, at $78.50 a barrel on ICE Futures Europe, settling 2.8% lower for the week.
February gasoline shed 0.8% to $2.05 a gallon, for a weekly loss of 3%, while February heating oil gained 1.8% to $2.52 a gallon, ending down by 4% for the week.
Natural gas for February delivery added 2.1% to $4.03 per million British thermal units, for a 2% weekly rise.
U.S. stocks end lower but book weekly gains after Trump returns to White House
The U.S. stock market closed lower Friday as the technology sector slumped, but all three...
The U.S. stock market closed lower Friday as the technology sector slumped, but all three major benchmarks booked weekly gains after President Donald Trump returned to the White House.
The Dow Jones fell 0.3% Friday, while the S&P 500 shed 0.3% and the tech-heavy Nasdaq Composite dropped 0.5%, according to preliminary data from FactSet. All three indexes booked back-to-back weekly gains, following Trump’s inauguration on Monday.
For the week, the Dow rose 2.2%, the S&P gained 1.7% and the Nasdaq climbed 1.7%, the preliminary data show.
Shutdown of LyondellBasell's Houston refinery on track
LyondellBasell's 263,776-barrel-per-day refinery will begin shutting...
LyondellBasell's 263,776-barrel-per-day refinery will begin shutting down this weekend as planned, a process expected to conclude by late February and affect 400 employees. The company plans to repurpose the site for recycling plastic into pellets after 2027.
