$BKR

Crude Posts Weekly Loss on Middle East Ceasefire Progress, US-Iran Peace Signals

Global oil benchmarks fell on Friday as volatile swings tied to Middle East ceasefire talks and an imminent peace deal continued to erase geopolitical risk premiums.West Texas Intermediate settled at $84.29 per barrel, down from $90.25/bbl the previous week, while Brent closed at $86.85/bbl, down from $93.03/bbl a week earlier.Brent crude futures fell 6.70% for the week, while West Texas Intermediate futures declined 6.25% over the week.On Monday, early 5% gains were completely pared back following an announcement from Iran's military that its first wave of strikes against Israel had concluded, which coincided with claims from US President Donald Trump that both sides were actively pursuing an immediate ceasefire.Despite subsequent stark warnings from Tehran of harsher retaliation if Israel struck Lebanon, Trump insisted that peace negotiations were moving quickly, even though a US naval blockade remained in place.By Tuesday, global oil prices bottomed out at a more than one-week low as geopolitical tensions eased, further supported by reports that Israeli Prime Minister Benjamin Netanyahu confirmed the country would hold its fire against Iran for the time being.Demand indicators painted a mixed picture. Data from India's oil ministry showed fuel consumption fell to 19.93 million metric tons in May from 21.31 million metric tons during the same period last year, although it marked an increase from April.Concurrently, Kpler strategists highlighted that US crude exports hit a record 5.6 million barrels per day in May, driven by Strategic Petroleum Reserve releases and heavy Gulf of Mexico output, though a June slowdown is anticipated.The downward trajectory temporarily reversed on Wednesday, with crude futures climbing over 1% as a renewed rhetorical escalation between the US and Iran cast doubt on any imminent peace.On the supply front, the American Petroleum Institute reported a sharp 9.12-million-barrel draw in US inventories.Meanwhile, the Energy Information Administration released its June Short-Term Energy Outlook, trimming its 2026 global demand forecast by 1.1 million b/d due to high retail fuel prices.The agency modeled that restricted shipping through the Strait of Hormuz would incrementally resume in Q3 2026, though full normalization could stretch into early 2027.Prices climbed further on Thursday, propelled by President Trump's sudden threats of imminent military strikes against Iran and a reported seizure of the Kharg Island infrastructure, offsetting a bearish demand forecast from OPEC, which lowered its 2026 growth outlook to 1 million b/d.The upward momentum was also reinforced by official EIA data confirming a 7.2-million-barrel drop in US crude oil inventories to 426.5 million barrels.However, on Friday oil benchmarks slumped below $90/bbl after Trump posted on Truth Social that he had canceled the scheduled Thursday night strikes.Later, during an Oval Office interaction Trump said that Washington had reached a "great settlement" to end the war with Iran.On Friday, conflicting claims emerged over media reports of the draft memorandum of understanding between the US and Iran.Trump said in a Truth Social post that Iran had inaccurately portrayed the terms discussed between the two sides, adding that the terms "have nothing to do with the terms that were agreed to, in writing."Shortly after, Iranian Foreign Minister Seyed Abbas Araghchi responded to growing media speculation and separately signaled progress in negotiations on the proposed Islamabad Memorandum of Understanding in a post on X, which Trump later reposted on Truth Social."The Islamabad Memorandum of Understanding has never been closer," Araghchi said, adding that media should refrain from speculation until finalization.Pakistan, acting as a key mediator, said an "incessant misinformation campaign" was underway to sabotage the deal, with Prime Minister Shehbaz Sharif stating that a final agreed text had been reached and Islamabad was working with both sides on next steps."Peace has never been this close as it is now," he posted on X.The Islamabad MoU is reportedly expected to be signed on Sunday in Geneva.Market analysts at ING expressed skepticism about the deal's stability, warning that seasonally stronger demand could still push prices to $120/bbl-$130/bbl by late July if the Strait of Hormuz does not officially reopen.Meanwhile, the US oil rig count rose by two from 431 the previous week to 433, in the week ending June 12, according to data from Baker Hughes (BKR) released Friday.The US had 439 oil rigs in operation a year earlier. The consolidated North American oil and gas rig count, a key early indicator of future production levels, rose by 10 to 742 from 732 the previous week.Money managers in the WTI crude futures and options markets maintained their net long positions in the week ended June 9, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released on Friday.The data showed that money managers reported 215,237 long positions, down 6,434 from June 2, while short positions were also down 5,382 to 92,030.

Natural Gas Prices Fall For 2nd Straight Week Amid Bearish Storage Build, Weak LNG Feedgas Flows

US natural gas markets were down for yet another week, following a larger-than-expected storage build and lower average LNG feedgas flows so far this month.In the futures market, the Nymex front-month contract dropped to $3.04 per million British thermal units on Friday, from $3.22/MMBtu on June 5.Natural gas spot prices, however, rose by $0.31/MMBtu to $3.26/MMBtu during the week ended June 10, from $2.95/MMBtu the prior week, according to the US Energy Information Administration's Weekly Gas Storage Supplement, released on Thursday.Prices rose across all major regional hubs this week, with a $0.16/MMBtu rise at the Waha Hub and a $0.94/MMBtu surge at Florida Gas Zone 3.This comes amid an increase in natural gas consumption by 2.7 billion cubic feet per day, or 3% compared to the previous week, according to LSEG data, driven by 3.5 Bcf/d, or 10% increase in consumption from the power sector, due to above-normal temperatures across Northern and Central US over the past week.Total gas supplies also declined during the period, by 0.5 Bcf/d, due to a 0.7 Bcf/d drop in output, which wasn't enough to offset the drop in consumption.US LNG Feedgas flows recovered this week, averaging over 17 Bcf/d, after hitting a multi-month low late last week, due to ongoing spring maintenance across several leading LNG facilities, which continued to weigh on flows. However, the June average was 16.5 Bcf/d, down from 17.5 Bcf/d in May, according to TradingEconomics.The net injection into storage for the week ended June 5 was 108 Bcf, up from 95 Bcf the prior week, bringing total gas inventories to 2,686 Bcf, according to EIA data.For the first time in weeks, the net build came in above consensus estimates at 101 Bcf, was ahead of the five-year average for this period at 95 Bcf, and was just shy of the prior year's 110 Bcf, according to data compiled by Investing.com, making it a bearish signal for the markets.All regions reported a net injection of working gas into storage for the week ended June 5, with inventories across the Pacific, Mountain, and Midwest regions higher by 15%, 6%, and 1%, respectively, compared to the prior year, while South Central and East were lower by 5% and 2%.At 2,686 Bcf, US working gas inventories were 5 Bcf, or less than 1% below the corresponding period a year ago, while still posting a 151 Bcf, or 6% surplus compared to the five-year average for this period.According to Pinebrook Energy Advisors, the latest storage reports point towards "weaker natural gas consumption than preliminary estimates had implied," while also hinting at potentially stronger-than-expected wind and solar generation.Weather forecasts have continued to indicate above-normal temperatures across most of the country from June 19 to June 25, according to the National Weather Service, leading to increased demand for space cooling and, thus, higher gas-fired power burn.A total of 34 liquefied natural gas-carrying vessels left US ports during the week, up from 29 vessels the previous week, with a total capacity of 129 Bcf, up by 18 Bcf from the prior week.Meanwhile, the US gas rig count slipped by three from 124 the previous week to 121 in the week ending June 12, according to data from Baker Hughes (BKR) released Friday. That compares with 113 gas rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, rose by 10 to 742 from 732 the previous week.In international markets, European TTF gas prices averaged $16.65/MMBtu for the week ended June 10, $0.38/MMBtu higher than the previous week. Meanwhile, the Japan-Korea Marker averaged $18.85/MMBtu, about $0.30/MMBtu higher than the prior week.

Update: US Active Rig Count Drops by 1, Baker Hughes Says

(Updated with additional details.)The combined count of crude oil, natural gas, and miscellaneous rigs in the US dropped by one to 562 in the week ending June 12, according to data from Baker Hughes (BKR) released Friday.The US oil rig count rose by two from 431 the previous week to 433, while the number of gas rigs slipped by three from 124 the previous week to 121, the data showed.The number of miscellaneous rigs in the US remained unchanged at eight from last week, in the week ending June 12.The US had 439 oil, 113 gas, and three miscellaneous rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, rose by 10 to 742 from 732 the previous week.Price: $63.54, Change: $+0.05, Percent Change: +0.09%

US Active Rig Count Drops by 1, Baker Hughes Says

The combined count of crude oil, natural gas, and miscellaneous rigs in the US dropped by one to 562 in the week ending June 12, according to data from Baker Hughes (BKR) released Friday.The US oil rig count rose by two from 431 the previous week to 433, while the number of gas rigs slipped by three from 124 the previous week to 121, the data showed.Price: $63.45, Change: $-0.03, Percent Change: -0.05%

US Active Rig Count Dropped by 1, Baker Hughes (BKR) Says

US Active Rig Count Dropped by 1, Baker Hughes (BKR) Says

US, Canada Activity Growth Lifts Oilfield Services Outlook, RBC Says

Growing North American activity, improving pricing trends, and expanding power-generation opportunities supported a broadly positive outlook for oilfield services companies at RBC Capital Markets' energy conference, the firm said Sunday.Land drillers indicated that US activity could strengthen through 2026, with Patterson-UTI Energy (PTEN), Precision Drilling (PDS), and Ensign Energy Services currently operating a combined 171 rigs, including 94, 37, and 40, respectively.Representing about 32% of the US land rig fleet of 541, those companies outlined plans to add 10 to 16 rigs next year, implying an industry-wide increase of roughly 32 to 51 rigs and lifting the total count to 573 to 592 rigs by the end of 2026.Several conference participants also noted that approximately 30 idled rigs could return to service for low-single-digit millions of dollars, RBC said.Pricing trends appeared more favorable in pressure pumping than drilling, with Halliburton (HAL), Liberty Energy (LBRT), Patterson-UTI, and Trican Well Service pursuing price increases as momentum builds in the second quarter of 2026 and larger gains emerge in the second half of the year.On the drilling side, Patterson-UTI said rig pricing improved from the low $30,000-per-day range to the low- to mid-$30,000-per-day range, while Nabors Industries (NBR) expects rates to reach the mid-$30,000-per-day range as super-spec rig utilization exceeds 70%.In Canada, the rig count remained at 182, with Precision Drilling reporting record second-quarter 2026 activity levels and Ensign Energy Services expecting operations to rise from 30 rigs after spring break-up to more than 50 rigs during the third quarter of 2026.While disruptions persisted in Kuwait, Iraq, and Qatar, activity in Saudi Arabia, Oman, and the UAE continued at a more normalized pace, and Enerflex (EFXT) pursued expansion opportunities in Saudi Arabia and the UAE, RBC said.International growth opportunities continued to expand, with Halliburton securing a multi-billion-dollar pressure pumping contract from YPF in Argentina, while Venezuela remained a longer-term opportunity highlighted by Halliburton, Weatherford International (WFRD), Ensign Energy Services, and Baker Hughes (BKR).Power generation emerged as another major theme, with Liberty Energy, Atlas Energy Solutions (AESI), and Enerflex evaluating more than 21 gigawatts of opportunities, as data center demand and grid constraints support behind-the-meter projects.Although investors generally support the bullish case for energy services because of stronger commodity prices, Middle East supply disruptions, and favorable producer outlooks, many remain cautious while awaiting further developments in the Iran conflict, RBC said.

US Land Rig Data Diverges as Enverus Reports Decline, Baker Hughes Posts Gain, TPH Says

US land drilling activity delivered mixed signals last week, with data from two major industry trackers diverging on the direction of rig counts, TPH Energy Research analyst Jeff LeBlanc said in a note on Monday.According to Enverus, the US land rig count fell by nine rigs week-over-week to 583, leaving the trailing four-week change at a modest gain of one rig.In contrast, Baker Hughes (BKR) reported an increase of eight rigs during the week, bringing its US rig count to 549 and extending the trailing four-week gain to six rigs.Enverus data showed horizontal drilling activity declining by nine rigs from the previous week, with privately held operators accounting for the majority of the reduction, down eight rigs.Regionally, the steepest declines were recorded in the Haynesville and Permian basins, which lost five and four rigs, respectively.Despite the reported decreases, the weakness is more likely attributable to data volatility than to meaningful operational changes.Activity reductions among larger Permian operators appear unlikely under current market conditions, although some rig transfers among private operators may have contributed to the reported shifts.Similarly, Haynesville rig trends do not appear consistent with underlying operational activity, as affected drillers continue to indicate broadly flat rig counts in publicly reported fleet data.Offshore, US Gulf of America drilling activity declined by one floating rig over the week, leaving 16 floaters and three jackups actively working, LeBlanc said.Meanwhile, Canadian drilling activity strengthened, rising by seven rigs during the week to 167 active rigs, compared with 112 rigs operating during the same period a year earlier.Price: $65.01, Change: $+2.42, Percent Change: +3.87%

US Active Rig Count Rises by 1, Baker Hughes Says

The combined count of crude oil, natural gas, and miscellaneous rigs in the US rose by one to 563 in the week ending June 5, according to data from Baker Hughes (BKR) released Friday.The US oil rig count rose by two from 429 the previous week to 431, while the number of gas rigs slipped by one from 125 the previous week to 124, the data showed.Price: $63.89, Change: $-2.22, Percent Change: -3.36%

Update: US Active Rig Count Rises by 1, Baker Hughes Says

The combined count of crude oil, natural gas, and miscellaneous rigs in the US rose by one to 563 in the week ending June 5, according to data from Baker Hughes (BKR) released Friday.The US oil rig count rose by two from 429 the previous week to 431, while the number of gas rigs slipped by one from 125 the previous week to 124, the data showed.Price: $63.87, Change: $-2.25, Percent Change: -3.40%

US Active Rig Count Rises by 1, Baker Hughes Says

US Active Rig Count Rises by 1, Baker Hughes Says

Baker Hughes Reinforces Growth Story, RBC Says

Baker Hughes (BKR) executives highlighted the breadth of the company's portfolio and exposure to multiple energy and industrial end markets at the RBC Global Energy, Power and Infrastructure Conference, RBC Capital Markets analysts said in a Wednesday note.The firm reportedly highlighted power systems within its industrial and energy technology segment as a key growth driver. RBC said management noted the business spans power generation, grid stability and energy management, and is expected to play a significant role in achieving the company's growth targets.In oilfield services and equipment, Baker Hughes pointed to improving activity trends across international markets, including Argentina, Mexico and offshore regions, while Brazil remains stable.Venezuela continues to represent an opportunity, though activity there is being managed cautiously.Middle East markets remain soft, with activity in Saudi Arabia and the UAE still muted, although Baker Hughes reported modest improvement in Qatar, RBC said.The investment bank also noted that Baker Hughes expects its acquisition of Chart Industries to close in July. It said management remains confident in the strategic rationale for the deal and its target of $325 million in cost synergies despite an anticipated one- to two-quarter integration period.Baker Hughes said it continues to evaluate portfolio optimization opportunities as it expands across energy and industrial value chains. RBC maintained its outperform rating on the shares and $71 price target.Price: $65.50, Change: $+1.23, Percent Change: +1.91%

Oil Gains as Iran Deal Hopes Fade, US Rig Data Sends Mixed Signals, TPH Says

Oil prices rose Monday as prospects for a US-Iran agreement weakened amid reports of new US demands and ongoing military tensions, TPH Energy Research analysts said in a Monday note.Brent crude climbed about 3% from Friday's close after Iran said no agreement had been reached and reports indicated President Donald Trump is seeking revisions to a proposed framework.The move follows a roughly 9% decline in Brent since May 22, when optimism over a diplomatic breakthrough had weighed on prices.The reported changes would address the transfer of Iran's highly enriched uranium stockpile and the reopening of the Strait of Hormuz.TPH said the uranium provision is likely to face strong resistance from Tehran, potentially complicating negotiations already strained by what Iran has described as shifting US positions.Iran has maintained that progress in nuclear talks is contingent on ending the conflict and restoring shipping through the Strait of Hormuz.Economic issues also remain unresolved, with Tehran seeking sanctions relief, access to frozen assets and a reconstruction package reportedly worth about $300 billion.Separately, Qatar's deputy prime minister said temporary fees to fund mine-clearing operations in the Strait of Hormuz could be negotiable. TPH said the remarks mark the first public indication from a regional government that such charges may be considered.On the supply side, US land drilling activity produced mixed signals last week. The Enverus rig count was unchanged at 592 rigs, while the Baker Hughes (BKR) count rose five rigs to 541. Over the past four weeks, the two measures show net gains of six and four rigs, respectively.Enverus reported a six-rig increase in horizontal drilling activity, split evenly between public and private operators, with all gains occurring outside the Permian Basin. The Bakken led with a three-rig increase.TPH cautioned that data quality remains an issue, estimating the Enverus dataset may be missing at least 12 horizontal rigs.Recent rig deployments by Helmerich & Payne (HP), Patterson-UTI (PTEN) and Precision Drilling suggest stronger activity than reflected in the reported figures, with Patterson-UTI and Precision confirming increases in their published rig counts.

Crude Posts 2nd Weekly Decline as US-Iran Deal Hopes Fuel Volatile Trade

Crude oil benchmarks posted their second weekly loss in a row on Friday, amid conflicting signals over a potential peace deal framework between the US and Iran.West Texas Intermediate settled at $87.76 per barrel, down from $97/bbl the previous week, while Brent closed at $91.99/bbl, down from $101.14/bbl a week earlier.Brent futures were headed for a weekly loss of over 11%, while West Texas Intermediate futures dropped by over 9%.Saxo Bank strategists said oil fell to a five-week low after the US and Iran tentatively agreed to extend their ceasefire by 60 days, with Brent heading for its biggest monthly decline since 2020.The week was marked by shifting headlines that drove sharp intraday volatility in the paper market, while underlying physical oil fundamentals limited downside.Mid-week optimism, sparked by reports of a draft peace agreement in Iranian state media, briefly triggered a sell-off on Wednesday before reversing as the conflict escalated into active warfare.Following President Donald Trump's dismissal of the peace rumors, the US military launched pre-dawn strikes against an Iranian drone base near Bandar Abbas airport.In retaliation, Iran's Islamic Revolutionary Guard Corps executed a counterstrike on Thursday, targeting a regional US airbase with missiles.By late week, sentiment shifted again as US and Iranian negotiators reportedly closed in on a tentative memorandum of understanding.This unsigned draft agreement aims to establish a 60-day ceasefire extension and guarantee unrestricted, toll-free passage for commercial oil tankers through the strategic Strait of Hormuz, analysts said.However, ING analysts noted that the framework lacks official verification from Tehran and remains entirely dependent on a formal sign-off from Trump, who earlier in the week rejected a rumored peace deal as a "complete fabrication."On Friday, Trump said the retaliatory US naval blockade against Iran in the Gulf of Oman will be lifted, noting that vessels previously affected by the blockade could now return home."Ships caught in the Strait due to our amazing and unprecedented Naval Blockade, which will now be lifted, may start the process of 'heading home!'," Trump said in a Truth Social post on Friday.He added that Iran must permanently forgo nuclear weapons and allow unrestricted shipping traffic through the Strait of Hormuz for him to approve a deal to end the ongoing conflict."The Strait of Hormuz must be immediately open, no tolls, for unrestricted shipping traffic in both directions," Trump said.Security risks in the Strait of Hormuz remained elevated.The US Naval Forces Central Command on Friday kept the threat level in the Strait of Hormuz at "critical," warning that ongoing military activity could increase risks for commercial vessels operating in the area."Military operations will be conducted within the area north of the Musandam Peninsula in the Strait of Hormuz," US Centcom said in an advisory published by the Joint Maritime Information Center.It described Iran's efforts to assert control over the Strait as "dangerous" and "illegal."The advisory also alleged that Iran continues to place mines in the Strait, hindering safe passage."Iran continues to impede mine clearance and safe transit through the Strait of Hormuz," the advisory said.Trump, in his earlier post, said that any mines placed in the Strait would be removed."All water mines (bombs), if any, will be terminated (we have removed, through detonation, numerous such mines with our great underwater mine sweepers. Iran will complete the immediate removal and/or detonation of any mines that are left, which will not be many!)," Trump posted.On the supply side, the US Energy Information Administration, in its weekly crude inventory report, confirmed that commercial crude oil stockpiles drew down by 3.3 million barrels to 441.7 million barrels for the week ended May 22.Experts said that this tightening of physical supply indicates downstream refinery demand and robust exports, keeping physical barrels scarce for prompt availability even as geopolitical risk premiums fluctuated.Energy institutions warned, however, that a political signature will not instantly resolve global supply constraints.International Energy Agency Chief Fatih Birol stated that current oil and gas disruptions have officially surpassed the scale of past crises.The targeted attacks have damaged over 80 regional energy facilities, including major oil fields, gas sites, and refineries, with more than one-third suffering severe structural damage, meaning that restoring disrupted supply systems will take considerable time even if the situation improves.International agencies issued a joint statement on Friday saying that global oil inventories are being drawn down at a "record pace" as disruptions linked to the Strait of Hormuz continue to remove significant supply from the market.The heads of the IEA, International Monetary Fund, World Bank Group and World Trade Organization met on May 28 to coordinate their response to the energy and economic fallout from the Middle East conflict and assess risks facing global markets."If shipping flows do not return to normal, continued rapid depletion of global oil inventories ahead of peak summer oil demand in the Northern Hemisphere would present increasing risks for fuel security, market conditions, and broader economic resilience," according to the joint statement released Friday.Meanwhile, the US oil rig count rose by four from 425 the previous week to 429 in the week ending May 29, according to data from Baker Hughes (BKR) released Friday. That compares with 451 oil rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, rose by 28 to 728 from 696 the previous week.Money managers in the WTI crude futures and options markets maintained their net long positions in the week ended May 22, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released on Friday.The data showed that money managers held 202,764 long positions, down 13,650 from May 19, while short positions rose 9,362 to 87,002.

US Natural Gas Posts 3rd Weekly Gain on Tighter Storage, Strong Demand Outlook

US natural gas markets advanced over the week, supported by a tighter-than-expected storage injection, rising electricity demand and forecasts calling for warmer weather across much of the country.The Nymex front-month July contract rose to $3.27 per million British thermal units from $2.92/MMBtu on May 22.The front-month June contract price dropped to $3.095/MMBtu from $3.155/MMBtu on May 20, according to the US Energy Information Administration's Weekly Gas Storage Supplement, released on Thursday.Natural gas spot prices dropped by $0.04/MMBtu to $3.15/MMBtu during the week ended May 27, according to the EIA, from $3.19/MMBtu the prior week.This comes amid a 1.2-billion-cubic-feet-per-day, or 2% increase in total US natural gas consumption during the week, led by a 1.9 Bcf/d, or 6%, rise in demand from the electric power sector due to a short-lived heatwave last week, which boosted air-conditioning demand.Broader consumption trends remain firm. Estimated US gas use in March 2026 reached 2,779 Bcf, or 89.6 Bcf/d, up 1% from a year earlier, the EIA said in its latest Natural Gas Monthly report. The electric power sector led gains, increasing gas demand by 10.6% to 29.6 Bcf/d.At the same time, natural gas supplies rose slightly by 0.2 Bcf/d, or less than 1%, due to incremental growth in dry natural gas production, according to data from LSEG.Preliminary EIA figures show dry gas output still expanding on an over-the-year basis, rising for a 12th straight month in March to 110.9 Bcf/d, up 3.3% from a year earlier.The EIA reported that the US exported 3.7 times as much natural gas as it imported in March. Imports fell 9.1% to 7.7 Bcf/d, while exports jumped 18.3% to a record 28.7 Bcf/d.Meanwhile, LNG feedgas flows recovered after hitting their lowest level in 16 weeks last Tuesday, at 15.1 Bcf, to average 17.5 Bcf/d, according to NRG Energy, as major LNG facilities shut down for spring maintenance started coming back online.Prices were mixed across regional hubs, ranging from a $0.16/MMBtu decrease in Transco Zone 3 to a $2.62/MMBtu increase at the Waha Hub in West Texas.At the Florida Gas Zone 3, prices rose $0.13/MMBtu to $3.50/MMBtu on Wednesday, touching their highest daily average spot price this spring, with temperatures around the Orlando area increasing by 3 degrees Fahrenheit to 84 degrees Fahrenheit over the week.The net injection into storage for the week ended May 22 was 92 Bcf, down from 101 Bcf the prior week, bringing total gas inventories to 2,483 Bcf, according to EIA data.The injection was below analyst forecasts of 96 Bcf, according to data compiled by Investing.com, indicating a narrower storage surplus.During the same period last year, the EIA reported a net injection of 104 Bcf, while the five-year average for this period was 97 Bcf.All regions reported a net injection of working gas into storage for the week ended May 22, with the Midwest region seeing a net build of 34 Bcf, the East adding 28 Bcf, and the South Central region reporting a build of 21 Bcf.According to Pinebrook Energy Advisors, this week's EIA report shows the market's growing sensitivity "to even modest warmer shifts in the forecast."Weather forecasts continue to point to above-normal temperatures across two-thirds of the country in early to mid-June, according to the National Weather Service.A total of 32 liquefied natural gas-carrying vessels left US ports during the week, down from 34 vessels the previous week, with a total capacity of 121 Bcf, down by 7 Bcf from the prior week.The daily rate of LNG exports in March 2026 was 18.6 Bcf/d, about 25.1% higher than the daily rate in March 2025, EIA data showed.March 2026 exports were sent to 34 countries and totaled the highest rate for any month since tracking LNG exports began in 1997.Meanwhile, the US gas rig count remained unchanged over the week at 125 in the week ending May 29, according to data from Baker Hughes (BKR) released Friday. That compares with 109 gas in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, rose by 28 to 728 from 696 the previous week.In international markets, European TTF gas prices averaged $16.35/MMBtu for the week ended May 27, $0.66/MMBtu lower than the previous week. The Japan-Korea Marker averaged $18.60/MMBtu, about $0.27/MMBtu higher than the prior week.

Update: US Active Rig Count Rises by 4, Baker Hughes Says

(Updated with additional details.)The combined count of crude oil, natural gas, and miscellaneous rigs in the US rose by four to 562 in the week ending May 29, according to data from Baker Hughes (BKR) released Friday.The US oil rig count rose by four from 425 the previous week to 429, while the number of gas rigs in the US remained unchanged at 125 from last week.The number of miscellaneous rigs in the US also held steady at eight from last week, the data revealed.The US had 451 oil, 109 gas, and three miscellaneous rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, rose by 28 to 728 from 696 the previous week.Price: $64.95, Change: $+0.24, Percent Change: +0.37%

US Active Rig Count Rises by 4, Baker Hughes Says

The combined count of crude oil, natural gas, and miscellaneous rigs in the US rose by four to 562 in the week ending May 29, according to data from Baker Hughes (BKR) released Friday.The US oil rig count rose by four from 425 the previous week to 429, while the number of gas rigs in the US remained unchanged at 125 from last week.Price: $64.77, Change: $+0.06, Percent Change: +0.09%

US Active Rig Count Rises by 4, Baker Hughes (BKR) Says

Sector Update: Energy Stocks Mixed Late Afternoon

Energy stocks were mixed late Thursday afternoon, with the NYSE Energy Sector Index fractionally lower and the State Street Energy Select Sector SPDR ETF (XLE) up 0.2%.The Philadelphia Oil Service Sector Index was falling 1.5%, and the Dow Jones US Utilities Index shed 1%.Front-month West Texas Intermediate crude oil rose 0.5% to $89.14 a barrel, and the global benchmark Brent crude contract shed 0.4% to $93.93 a barrel. Henry Hub natural gas futures climbed up 5% to $3.04 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 12.4 million barrels in the week ended May 22 following a fall of 17.8 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks declined by 3.3 million barrels after a 7.9-million-barrel decline in the previous week, a larger drop than the 3-million-barrel decrease expected in a Bloomberg survey.In corporate news, BP's (BP) former chairman Albert Manifold, who was ousted earlier in the week, had fallen out with company secretary Ben Mathews before his removal from the role, the Financial Times reported. BP shares were down 0.4%.Ecopetrol (EC) said Thursday its board has postponed the start date of the previously announced unpaid leave of Chief Executive Ricardo Roa Barragan. Ecopetrol shares fell 1.1%.TotalEnergies (TTE) and Stellantis (STLA) have renewed and expanded their partnership in Europe to develop and deliver engine oils and lubricants, the companies said. TotalEnergies shares rose 0.8%.Baker Hughes (BKR) said it has secured multiyear contract extensions with Equinor (EQNR) for drilling, well services and wireline intervention in the North Sea. Baker Hughes shares climbed 2.3%, and Equinor was up 0.1%.

Sector Update: Energy Stocks Edge Higher in Afternoon Trading

Energy stocks were slightly higher Thursday afternoon, with the NYSE Energy Sector Index increasing 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) fractionally higher.The Philadelphia Oil Service Sector Index was falling 1.4%, and the Dow Jones US Utilities Index shed 0.3%.Front-month West Texas Intermediate crude oil was fractionally higher at $88.69 a barrel, and the global benchmark Brent crude contract was dropping 1% to $93.36 a barrel. Henry Hub natural gas futures rose 5% to $3.04 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 12.4 million barrels in the week ended May 22 following a decrease of 17.8 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks declined by 3.3 million barrels after a 7.9-million-barrel decline in the previous week, a larger drop than the 3-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, TotalEnergies (TTE) and Stellantis (STLA) have renewed and expanded their partnership in Europe to develop and deliver engine oils and lubricants, the companies said. TotalEnergies shares rose 0.9%.Baker Hughes (BKR) has secured multiyear contract extensions with Equinor (EQNR) for drilling, well services and wireline intervention in the North Sea. Baker Hughes shares climbed 1.6%, and Equinor was fractionally higher.BP (BP) will become operator of Azerbaijan's offshore Babek natural gas field under an agreement expected to be announced with state energy company Socar on June 1, Reuters reported. BP shares were down 0.5%.

Sector Update: Energy Stocks Advance Premarket Thursday

Energy stocks were advancing premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.9% higher.The United States Oil Fund (USO) was up 1.7% and The United States Natural Gas Fund (UNG) was 0.4% higher.Front-month US West Texas Intermediate crude oil was 2.1% higher at $90.56 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.6% to $95.84 per barrel, and natural gas futures were up 5% at $3.04 per 1 million British Thermal Units.TotalEnergies (TTE) and Stellantis (STLA) have renewed and expanded their partnership in Europe to develop and deliver engine oils and lubricants, the companies said. Shares of TotalEnergies were up 2% pre-bell.Baker Hughes (BKR) has secured multiyear contract extensions with Equinor (EQNR) for drilling, well services and wireline intervention in the North Sea. Equinor stock was up more than 1% premarket.Borr Drilling (BORR) stock was up more than 4% after the company priced an upsized $2.04 billion senior secured notes offering and simultaneously expanded a tender offer for its outstanding 10.375% senior secured notes due 2030.