Baker Hughes

$BKR

NASDAQEnergy

209 stories mentioning Baker HughesUpdated 1d ago

Baker Hughes reported US rigs rising by one to 550 amid a Permian and Haynesville land-drilling rebound, while crude posted a weekly loss.

What are analysts saying about Baker Hughes?

Recent broker actions mentioned in FINWIRES coverage. Compiled from wire headlines; not investment advice.

Capital OneTarget revised27d ago
Price target$73from $71

What's the latest news on Baker Hughes?

Oil & Energy1d ago

Crude Closes Out 2nd Straight Week of Gains Amid Middle East Escalation

Crude prices tracked their second straight week of gains after touching triple-digit highs this week, driven by intense Middle East military friction, shrinking US inventories, and rising Chinese physical demand.West Texas Intermediate settled at $99.99 per barrel, up from $91.24/bbl the previous week, while Brent closed at $104.50/bbl, up from $95.83/bbl a week earlier.Both Brent and WTI futures contracts gained about 9% on a weekly basis."Oil's resilience reflects a market now repricing both the duration and severity of the conflict, along with a clearer recognition of the mounting threat to regional supply," ING analysts said.However, analysts said supplies remain constrained. "And while meaningful volumes are still moving through the Strait of Hormuz, flows remain well below pre-war levels, underscoring how fragile the situation has become," ING added.The broader upward run was heavily driven by intensifying geopolitical friction in the Middle East, including a massive wave of tit-for-tat maritime attacks between US and Iranian forces in and around the Strait of Hormuz.Satellite images and reports confirmed smoke near Saudi Arabia's East-West pipeline following Houthi drone and missile attacks on civilian and energy assets in cities like Abha, Jazan, and Najran, which caused fires and temporary shutdowns.Compounding regional supply anxieties, US military strikes targeted Iranian tankers near Kharg Island and the port city of Jask, while Washington rolled out new sanctions targeting networks aiding Hezbollah and Kata'ib Hezbollah.On the supply and inventory front, the Energy Information Administration reported that US commercial crude inventories fell by 400,000 barrels to 424.1 million barrels for the week ending Sept. 4.The EIA separately noted that US distillate fuel inventories are projected to drop below the 100 mmbbl mark in September and remain beneath five-year lows through much of 2027, driven by strong export demand.Meanwhile, the US oil rig count increased by one from 449 the previous week to 450 in the week ending Sept. 11, according to data from Baker Hughes (BKR) released Friday. The US had 416 oil rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, increased by six to 798 from 792 the previous week.Money managers in the WTI crude futures and options markets boosted their net long positions in the week ended Sept. 8, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released Friday.The data showed that money managers reported 218,960 long positions, up 7,851 from Sept. 1, while short positions fell 3,790 to 107,229, lifting their net long position by 11,641 contracts to 111,731.The International Energy Agency on Friday said a full recovery in Middle East supplies is not expected before 2027, projecting average global oil supplies to fall by 5.7 million barrels per day in 2026.In its monthly oil market report for September, the agency revised its 2026 average global oil supply forecast to 100.7 million b/d, 1.3 million b/d lower than in its previous report.Meanwhile, demand signals from Asia provided further support as independent Chinese refiners ramped up refinery run rates.In response to strengthening global energy markets, China's National Development and Reform Commission announced plans to raise retail fuel prices while keeping hikes below official ceilings to protect consumers, several media outlets reported.Political commentary also shaped sentiment, with US President Donald Trump saying during a press gaggle at Joint Base Andrews that elevated crude prices could persist through the midterm elections before tumbling toward sub-$2 gasoline levels once the conflict subsides.

$BKR

Commodities1d ago

US Natural Gas Prices Snap 4-Week Winning Streak Amid Steady Supplies, Easing Weather Momentum

After four straight weeks in the green, US natural gas prices were down this week amid steady supplies and easing weather-related momentum.In the futures market, the Nymex front-month contract ended the week at $2.820 per million British thermal units on Friday, down from $2.939/MMBtu on Sep. 4.Natural gas spot prices declined to $2.81/MMBtu on Wednesday, down $0.07/MMBtu, according to the US Energy Information Administration's Weekly Gas Storage Supplement, released on Thursday.This was primarily attributed to diverging regional weather, with cooler-than-average temperatures in the West helping offset above-average temperatures across Texas and the Midwest, leading to a 1.5%, or a 1.5 billion cubic feet per day decline in power consumption demand, according to data from S&P Global.Meanwhile, LNG export feedgas flows held steady at 19.6 Bcf/d, which was significantly above the 30-day moving average for this period, at 18.53 Bcf/d, according to the Bloomberg LNG Feedgas Model.Total gas supply remained mostly flat over the week, with a 0.4 Bcf/d, or 7%, decline in imports from Canada offset by a 0.4 Bcf/d, or less than 1% increase in domestic dry gas output.Net injection into storage for the week ended Sep. 4 was 40 Bcf, up from last week's 30 Bcf, bringing total working gas inventories to 3,254 Bcf, according to the EIA's weekly inventory data.The net build was ahead of forecasts at 35 Bcf but well below last year's 71 Bcf and the five-year average for this period, at 52 Bcf, according to data compiled by Investing.com, making it a fairly mixed storage build.At 3,254 Bcf, inventories were 148 Bcf, or 5% above the five-year average for this period, but 79 Bcf, or 2% below the same time last year.All regions reported a net injection during the week, barring South Central, which reported a net withdrawal of 7 Bcf. The East and Midwest led in injections, at 20 Bcf and 18 Bcf, respectively.According to Pinebrook Energy Advisors, the storage data shows that weather is set to play "a reduced role as a price driver" as September progresses and temperatures begin to moderate, that is, before winter makes landfall, leading to significant heating gas demand.A total of 36 LNG carriers departed US ports during the week, up by four from the prior week, with a total combined capacity of 137 Bcf, up 10 Bcf from last week.The US gas rig count increased by two from 130 the previous week to 132 in the week ending Sep. 11, according to data from Baker Hughes (BKR) released Friday. That compares with 118 gas rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, increased by six to 798 from 792 the previous week.In international markets, European TTF gas prices averaged $25.47/MMBtu for the week ended Sep. 9, $1.59/MMBtu above the prior week. Meanwhile, the Japan-Korea Marker averaged $24.30/MMBtu, about $0.97/MMBtu above the prior week.Meanwhile, the EIA expects natural gas consumption in the electric power sector to reach a record in 2027 as electricity demand continues to grow, according to its monthly Short-Term Energy Outlook for July on Tuesday.The agency forecasts that natural gas use for power generation will increase by 2% in 2026 and by another 4% in 2027, to a record 38.1 Bcf/d. Monthly demand is expected to reach an all-time high of 50.6 Bcf/d in July 2027.Higher electricity demand, additional natural gas-fired generating capacity and relatively low natural gas prices will drive the increase, the EIA said.US gas-fired capacity is expected to reach 508 gigawatts by the end of 2027, up 3% from 2025.Summer natural gas demand for power generation is expected to average 42.2 Bcf/d this year, up 0.5 Bcf/d from summer 2025, before rising to 46.3 Bcf/d in summer 2027.Renewable generation will supply much of the increase in electricity output, while gas plants will continue to meet peak demand, according to the STEO.The EIA expects total US natural gas consumption to increase by 3.1 Bcf/d from 2025 to 2027, with the electric power sector accounting for 2.3 Bcf/d, or 7% of the increase.Weather remains the biggest uncertainty, as hotter summer temperatures could further boost electricity demand.Record Permian production should keep natural gas inventories above the five-year average and limit price gains, the agency said.Working gas inventories are expected to reach 3,966 billion cubic feet by the end of October, 5% above the five-year average.Above-average natural gas inventories heading into winter are expected to keep Henry Hub spot prices at $3.57/MMBtu in Q4 2026, down 5% from the same quarter a year earlier, the EIA said.EIA forecasts the Henry Hub natural gas spot price will ease to $3.43/MMBtu in 2026 and $3.28/MMBtu in 2027, down from $3.53 in 2025, as robust production growth outpaces rising demand.

$BKR

Commodities1d ago

US Natural Gas Storage Build Beats Estimates as Global Prices Surge, RBC Says

US natural gas inventories rose more than expected last week, adding to bearish pressure on domestic prices even as global benchmarks surged amid concerns over disrupted LNG supplies from the Middle East, RBC Capital Markets strategists said in a Thursday note.RBC analysts said that working gas in storage increased by 40 billion cubic feet in the week ended Sep. 4, compared with a median estimate of 34 Bcf. The build was also below the 69 Bcf injection recorded during the same week last year and the five-year average of 52 Bcf.The consultancy said that total working gas stood at 3.254 trillion cubic feet, 79 Bcf below year-earlier levels but 148 Bcf above the five-year average.US gas prices have fallen about 5% over the past week, while global prices have moved higher. Benchmark LNG prices in Asia were around $29 per million British thermal units, while European TTF was near $28, both well above RBC's current $18 forecast.The widening divergence underscores the Iran conflict's impact on global gas markets, RBC said in a note. QatarEnergy is seeking longer-term agreements with US suppliers as the conflict limits its ability to supply some customers.RBC expects US storage to peak at about 3.9 trillion cubic feet this fall, roughly 120 Bcf above the 10-year average but 60 Bcf below last year's level.The bank said the Energy Information Administration expects inventories to end the injection season at about 4 Tcf, or 5% above the five-year average, following another year of strong US production growth.For next week's EIA report, RBC forecasts a 35 Bcf to 40 Bcf injection, well below the seasonal norm of 74 Bcf and last year's 87 Bcf build.US natural gas futures for the next 12 months were around $3.10 per thousand cubic feet, down 11 cents from the previous week and below RBC's $3.19 forecast. The 2026/29 strip averaged about $3.52/Mcf, broadly in line with RBC's assessment of current valuations.Meanwhile, the National Oceanic and Atmospheric Administration reaffirmed that this year's strong El Nino has a 75% probability of becoming a historic event, potentially exceeding the strength of previous episodes dating to 1950. Weather patterns remain a key variable for US gas demand, particularly during the winter heating season.RBC said that domestic supply growth is also showing signs of a mixed trajectory. Baker Hughes (BKR) data showed the US rig count falling by two to 130 last week.Appalachian rigs declined by one to 33, three below year-ago levels, while Haynesville rigs also fell by one to 56 but remained 17 rigs above last year's count.Meanwhile, infrastructure investment continues as producers and LNG developers seek to expand export and takeaway capacity.Texas LNG asked the Federal Energy Regulatory Commission to waive the mandatory pre-filing process for an expansion that would add 5.5 million metric tons per year of liquefaction capacity to its proposed Brownsville facility, on top of the 4 million tons currently planned.EOG Resources (EOG) said it could increase capacity on its South Texas Verde pipeline to about 1.7 billion cubic feet per day from 1 Bcf/d. The 100-mile system connects EOG's Dorado asset to the Agua Dulce Hub.The US Federal Energy Regulatory Commission also found no significant environmental impact from the proposed 400 million cubic feet per day Green Chile Pipeline in New Mexico, which would supply the Project Jupiter data center backed by OpenAI and Oracle (ORCL).Price: $147.30, Change: $-0.16, Percent Change: -0.11%

$BKR$EOG$ORCL

Wire1d ago

Baker Hughes Says US Rig Count Rises in Week Ending Sept. 11

Baker Hughes (BKR) said Friday that the combined count of crude oil, natural gas, and miscellaneous rigs in the US rose by three to 591 in the week ending Sept. 11.The Canada rig count also increased by three to 207 in the same period, the company said.For August, the international rig count increased by six from a year ago to 1,102, Baker Hughes reported.Price: $58.50, Change: $-0.90, Percent Change: -1.52%

$BKR

Commodities2d ago

Update: US Active Rig Count Rises by 3, Baker Hughes Says

(Updated with additional details.)The combined count of crude oil, natural gas, and miscellaneous rigs in the US rose by three to 591 in the week ending Sep. 11, according to data from Baker Hughes (BKR) released Friday.The US oil rig count increased by one from 449 the previous week to 450, while the number of gas rigs increased by two from 130 the previous week to 132, the data showed.The number of miscellaneous rigs in the US was unchanged at nine. The US had 416 oil, 118 gas, and five miscellaneous rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, increased by six to 798 from 792 the previous week.Price: $57.41, Change: $-1.99, Percent Change: -3.35%

$BKR

Commodities2d ago

US Active Rig Count Rises by 3, Baker Hughes Says

The combined count of crude oil, natural gas, and miscellaneous rigs in the US rose by 3 to 591 in the week ending Sep. 11, according to data from Baker Hughes (BKR) released Friday.The US oil rig count increased by one from 449 the previous week to 450, while the number of gas rigs increased by two from 130 the previous week to 132, the data showed.Price: $57.40, Change: $-2.00, Percent Change: -3.37%

$BKR

Commodities2d ago

US Active Rig Count Rises by 3, Baker Hughes (BKR) Says

$BKR

Commodities3d ago

Baker Hughes Lifts 2026 Guidance on $13.6 Billion Chart Deal, Sees LNG Recovery by 2027

Baker Hughes Company (BKR) lifted 2026 guidance after its $13.6 billion Chart acquisition and sees LNG equipment orders recovering as 2027 approaches, Chief Executive Officer Lorenzo Simonelli said Wednesday at the Barclays Annual Energy Conference.In remarks published on the Baker Hughes website, Simonelli sees improving visibility into an LNG order recovery heading into 2027 and expects stronger execution and cost-saving gains to support meaningful margin expansion.Baker Hughes issued updated 2026 guidance, lifting its revenue forecast to $28.50 billion to $30.30 billion from $26.65 billion to $28.05 billion, reflecting the addition of Chart Industries.The company also raised its adjusted earnings before interest, taxes, depreciation and amortization forecast to $4.88 billion to $5.48 billion from $4.60 billion to $5.10 billion.Baker Hughes expects Chart to generate $1.85 billion to $2.25 billion of revenue and $300 million to $400 million of EBITDA through year-end.Simonelli said Chart should generate 55% to 65% of its segment EBITDA in Q4, reflecting the mid-July closing and typical seasonal weighting.Simonelli added the integration expands Baker Hughes' data center exposure, with the industrial and energy technology segment securing $4.2 billion of related orders since 2025, including $3.2 billion in the first half of 2026, while Chart booked $600 million.Simonelli said LNG order visibility should improve toward 2027 as Baker Hughes integrates Chart, while 2026 free cash flow conversion stands at 40%-45% and Chart backlog could reach $3.6 billion in Q3.

$BKR

Sectors3d ago

Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index rising 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.1%.The Philadelphia Oil Service Sector Index was up 0.4%, and the Dow Jones US Utilities Index fell 1%.Brent crude prices crossed $100 per barrel for the first time since late July as Iran attacked 10 ships near the Strait of Hormuz, deepening the Middle East conflict.Front-month West Texas Intermediate crude oil rose 3.6% to $96.39 a barrel, and the global benchmark Brent crude contract gained 3.5% to $101.34 a barrel. Henry Hub natural gas futures fell 3.8% to $2.81 per 1 million BTU.In corporate news, BP (BP) has attracted interest from several potential buyers for its North Sea operations, Bloomberg reported. Potential suitors include Equinor (EQNR) and Shell (SHEL) joint venture Adura and TotalEnergies-backed (TTE) NEO Next+, the report said. BP shares rose 1.7%.Baker Hughes (BKR) said it now expects full-year revenue of $28.50 billion to $30.30 billion, compared with prior outlook of $26.65 billion to $28.05 billion. Analysts surveyed by FactSet expect $28.03 billion. Its shares lost 0.3%.New Fortress Energy (NFE) said Wednesday that its board approved a 1-for-50 reverse stock split of its class A common stock. The reverse stock split is intended to help the company regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Global Select Market. New Fortress shares rose 4.8%.Shell Lubricants and Faw Trucks have jointly developed a battery pack that has been successfully tested on the Shell Starship 3.0 hybrid concept truck and is ready for future use in Faw's hybrid commercial vehicles, the companies said. Shell shares were up 0.3%.

$BKR$BP$NFE$SHEL

Sectors3d ago

Sector Update: Energy Stocks Gain Wednesday Afternoon

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.6%.The Philadelphia Oil Service Sector Index was easing 0.1%, and the Dow Jones US Utilities Index fell 1.3%.Brent crude prices crossed $100 per barrel for the first time since late July as Iran attacked 10 ships near the Strait of Hormuz, deepening the ongoing Middle East conflict.Iran said Wednesday it attacked 10 ships near the Strait of Hormuz -- a key crude and energy chokepoint, Reuters reported. Tehran reportedly launched ballistic missiles at a base used by US forces in Jordan. That followed American forces destroying five Iranian crude oil carriers in response to Tehran firing missiles twice at a US navy warship, US Central Command said Tuesday.Front-month West Texas Intermediate crude oil rose 2.5% to $95.33 a barrel, and the global benchmark Brent crude contract gained 2.5% to $100.33 a barrel. Henry Hub natural gas futures fell 3.1% to $2.83 per 1 million BTU.In corporate news, Baker Hughes (BKR) said it now expects full-year revenue of $28.50 billion to $30.30 billion, compared with prior outlook of $26.65 billion to $28.05 billion. Analysts surveyed by FactSet expect $28.03 billion. Its shares added 0.9%.BP (BP) has attracted interest from several potential buyers for its North Sea operations, Bloomberg reported. Potential suitors include Equinor (EQNR) and Shell (SHEL) joint venture Adura and TotalEnergies-backed (TTE) NEO Next+, the report said. BP shares rose 0.9%.Shell Lubricants and Faw Trucks have jointly developed a battery pack that has been successfully tested on the Shell Starship 3.0 hybrid concept truck and is ready for future use in Faw's hybrid commercial vehicles, the companies said. Shell shares were steady.

$BKR$BP$SHEL

Sectors3d ago

Sector Update: Energy

$BKR

Wire4d ago

Baker Hughes Lifts 2026 Revenue Guidance

Baker Hughes (BKR) said in a regulatory filing Wednesday that it raised its full-year 2026 revenue guidance.The company now expects full-year revenue in a range of $28.50 billion to $30.30 billion, compared with prior outlook of $26.65 billion to $28.05 billion. Analysts surveyed by FactSet expect $28.03 billion.The company said it expects 2026 adjusted earnings before interest, taxes, depreciation, and amortization of $4.88 billion to $5.48 billion, compared with $4.6 billion to $5.1 billion previously.The company reiterated its Q3 and 2026 outlook for its oilfield services and equipment, and industrial and energy technology segments, according to the filing with the US Securities and Exchange Commission.Price: $64.56, Change: $+0.64, Percent Change: +1.00%

$BKR

Commodities9d ago

Update: US Active Rig Count Remains Unchanged, Baker Hughes Says

(Updated with additional details.)The combined count of crude oil, natural gas, and miscellaneous rigs in the US held steady at 588 in the week ending Sep. 4, according to data from Baker Hughes (BKR) released Friday.The US oil rig count increased by two from 447 the previous week to 449, while the number of gas rigs decreased by two from 132 the previous week to 130, the data showed.The number of miscellaneous rigs in the US remained the same at 9. The US had 414 oil, 118 gas, and five miscellaneous rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, decreased by seven to 792 from 799 the previous week.Price: $63.03, Change: $-0.61, Percent Change: -0.96%

$BKR

Commodities9d ago

US Active Rig Count Remains Unchanged, Baker Hughes Says

The combined count of crude oil, natural gas, and miscellaneous rigs in the US held steady at 588 in the week ending Sep. 4, according to data from Baker Hughes (BKR) released Friday.The US oil rig count increased by two from 447 the previous week to 449, while the number of gas rigs decreased by two from 132 the previous week to 130, the data showed.Price: $63.15, Change: $-0.49, Percent Change: -0.77%

$BKR

Commodities9d ago

US Active Rig Count Remains Unchanged, Baker Hughes (BKR) Says

$BKR

Commodities9d ago

Baker Hughes Secures BP Contract to Boost Production in UK North Sea

Baker Hughes (BKR) has secured a contract from BP (BP) to provide offshore stimulation services across the energy major's UK North Sea operations, the US oilfield services company said on Friday.The contract will support the development of new wells as well as production enhancement and recovery from mature fields, Baker Hughes said.Under the agreement, the oilfield services firm will deploy a vessel-based stimulation system using its StimFORCE modular package for well completion and production enhancement activities.Baker Hughes said that the vessel-based setup is designed to give bp greater flexibility in scheduling offshore stimulation activities while reducing nonproductive time and improving operational reliability."By combining our vessel-based stimulation expertise, advanced intervention technologies and production optimization capabilities, we are well positioned to help bp enhance reservoir performance," said Amerino Gatti, Baker Hughes' executive vice president of Oilfield Services & Equipment.Baker Hughes did not disclose the financial value or duration of the contract.Price: $62.98, Change: $-0.66, Percent Change: -1.04%

$BKR$BP

Sectors9d ago

Sector Update: Energy Stocks Fall Pre-Bell Friday

Energy stocks were falling pre-bell Friday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.7%.The United States Oil Fund (USO) was down 1.3% and the United States Natural Gas Fund (UNG) was 1.7% higher.Front-month US West Texas Intermediate crude oil was 1.1% lower at $90.31 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 1% to $94.54 per barrel, and natural gas futures were up 1.2% at $2.95 per 1 million British Thermal Units.Baker Hughes (BKR) said it won a contract from BP (BP) to provide offshore stimulation services across BP's UK North Sea operations. Baker Hughes shares were 0.4% higher premarket.Dorian LPG (LPG) has agreed to build three 90,000 cubic meter Panamax very large gas carriers, or VLGCs, with Hanhwa Ocean for about 4345 million, the company said. Dorian LPG shares were 0.5% higher pre-bell.Dominion Energy Inc (D) shareholders have given consent to the company to proceed with a planned merger with NextEra Energy (NEE), according to regulatory filings. NextEra Energy stock was down 0.4% premarket.

$BKR$BP$D$LPG$NEE$UNG$USO$XLE

Sectors9d ago

Sector Update: Energy

Energy stocks were falling pre-bell Friday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.8%.The United States Oil Fund (USO) was down 1.6% and the United States Natural Gas Fund (UNG) was 1.4% higher.Front-month US West Texas Intermediate crude oil was 1% lower at $90.41 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 0.8% to $94.76 per barrel, and natural gas futures were up 1.6% at $2.96 per 1 million British Thermal Units.Baker Hughes (BKR) said it won a contract from BP (BP) to provide offshore stimulation services across BP's UK North Sea operations. Baker Hughes shares were 0.3% higher and BP stock was up 0.2% premarket.

$BKR$BP

Oil & Energy15d ago

Oil Posts 1st Weekly Loss in 3 Weeks as Hormuz Shipping Corridor Hopes Offset Iran Sanctions

Crude oil markets posted their first weekly loss in three weeks on Friday despite new US sanctions on Iran as Oman-led diplomatic talks sparked hopes for temporary shipping corridors.West Texas Intermediate settled at $83.44 per barrel, down from $86.64/bbl the previous week, while Brent closed at $89.37/bbl, down from $93.70/bbl a week earlier.Throughout the week, regional diplomacy in the Middle East advanced as Oman mediated talks between Iran and international parties.By midweek, Iran and Oman agreed on a phased framework to establish a temporary joint navigational corridor and a joint mine-clearance project to restore safe commercial navigation.This followed visits to Tehran by Omani and Pakistani officials and a constructive meeting between Omani Foreign Minister Sayyid Badr Albusaidi and his Iranian counterpart."I am hopeful we will soon announce a temporary corridor for the Strait of Hormuz and practical arrangements to restore safe navigation," Omani Foreign Minister Sayyid Badr Albusaidi said in a social media post on X on Tuesday.These diplomatic moves coincided with conflicting claims regarding the security of the vital waterway.President Trump asserted that the US Navy had cleared or detonated all water mines in the strait, estimating that 10 million barrels transited the waterway on Tuesday, and warned that any attempt to lay new mines would trigger an immediate military response.However, US allies reportedly warned that the channel likely remains mined, reflecting persistent caution among operators.MarineTraffic and Kpler data indicated that while commercial traffic showed tentative signs of resilience such as a minor uptick to 121 crossings in the Hormuz, overall flows remained well below pre-war levels.Separately, Iran's Persian Gulf Strait Authority issued a statement blacklisting 45 tankers for violating local rules.On the geopolitical and economic fronts, the US administration unleashed a massive escalation in economic pressure against Tehran.On Monday, US Treasury Secretary Scott Bessent unveiled a global sanctions package dubbed "Operation Economic Outcast," targeting over 60 entities, individuals, and vessels across digital assets, technology, gold, aviation, and shipping sectors to sever Iran's global financial lifelines.The White House clarified that the US is not negotiating with Tehran and that port blockades will remain in force.Analysts pointed out that the sanctions' ultimate market impact hinges heavily on whether Washington can persuade major buyers like China, which strongly opposes unilateral measures, to curb purchases.The new set of sanctions against Iran is unlikely to significantly deepen the hit to the country's oil revenues unless Washington succeeds in persuading China to curb purchases, Rystad Energy strategists said in a note on Monday."Iranian crude exports have already fallen sharply because of the blockade, and Beijing is essentially the only significant buyer left. Unless China materially reduces purchases further, the additional impact on Iranian oil revenues could be relatively limited," Jorge Leon, senior vice president and head of geopolitical at Rystad Energy, said.Meanwhile, Washington moved to tighten financial pressure on Tehran once again on Friday.The US Treasury's Financial Crimes Enforcement Network proposed a rule to revoke Banque Misr UAE's correspondent banking access to US financial institutions as part of Operation Economic Outcast."Treasury promised to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime," Treasury Secretary Scott Bessent said.Treasury's Office of Foreign Assets Control also sanctioned the manager of Bank Melli's Dubai branch, along with a Hong Kong-based front company that helped launder funds for a sanctioned Iranian exchange house.Meanwhile, regional maritime threats remained prominent, underscored by a UK Maritime Trade Operations report detailing a confirmed security incident on Wednesday involving an oil tanker forced to anchor off the Omani coast, alongside an earlier attack near Yanbu, Saudi Arabia.Crude transits through the Strait of Hormuz have recovered to roughly two-thirds of pre-war levels, Saxo Bank analysts said, citing Goldman Sachs estimates.On the supply side, data from the Energy Information Administration, released Wednesday, showed US commercial crude oil inventories increased by 100,000 barrels to 428.9 million barrels for the week ended Aug. 21.The US oil rig count decreased by five, from 452 the previous week to 447 in the week ending Aug. 28, according to data from Baker Hughes (BKR) released Friday. The US had 412 oil rigs in operation a year earlier.The consolidated North American rig count, a key early indicator of future production levels, dropped by five to 799 from 804 the previous week.Meanwhile, money managers in the WTI crude futures and options markets maintained their net long positions in the week ended Aug. 25, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released Friday.The data showed that money managers reported 203,162 long positions, up 7,531 from Aug. 18, while short positions were up 6,993 to 98,589.Money managers' net long position increased by 538 contracts to 104,573 contracts from 104,035 the previous week. This indicates little change in bullish positioning even as crude prices declined.

$BKR

Commodities15d ago

US Natural Gas Prices Rise for 3rd Straight Week on Bullish Storage, Weather Momentum

US natural gas prices ended their third consecutive week in the green, amid a bullish storage build and weather-related momentum, which kept prices elevated.In the futures market, the Nymex front-month contract ended the week at $2.88 per million British thermal units on Friday, up from $2.76/MMBtu on Aug. 21.Natural gas spot prices declined to $2.81/MMBtu on Wednesday, down $0.13/MMBtu, according to the US Energy Information Administration's Weekly Gas Storage Supplement, released on Thursday.This comes amid varying regional temperatures across the country. Above-average temperatures in Texas and the Southeast were largely offset by cooler weather across the Mid-Continent and Northeast regions, leading total demand to decline by 3.6 billion cubic feet per day, according to data from S&P Global.Total natural gas supplies also declined by 0.9 Bcf/d, or 1%, during the week, along with Canadian imports by 0.4 Bcf/d, or 8%, while gas production dropped 0.4 Bcf/d, or less than 1%.US LNG export feedgas flows remained subdued, hovering around 17 Bcf/d for much of the week, before spiking to 19.54 Bcf/d on Thursday, significantly ahead of the 30-day moving average of 17.97 Bcf, according to the Bloomberg LNG Feedgas Model.The net injection into storage for the week ended Aug. 21 was 15 Bcf, modestly below last week's 16 Bcf build, bringing total gas inventories to 3,184 Bcf, according to weekly EIA inventory data.It came in below forecasts for a 19 Bcf injection, the prior year's 18 Bcf, and the five-year average for this period at 33 Bcf, according to data compiled by Investing.com, making it a fairly bullish storage build.Regional storage figures were mixed, with the East, Midwest and Mountain regions reporting net injections of 19 Bcf, 18 Bcf and 1 Bcf, respectively. Inventories across the East and Midwest were 3% and 5% above their respective year-ago levels, while the Mountain region was 6% lower.Meanwhile, South Central, Pacific and the Salt regions reported net withdrawals of 19 Bcf, 3 Bcf and 20 Bcf, respectively, during the week.At 3,184 Bcf, total US working gas in storage was 30 Bcf, or 1% below the same period last year, but 167 Bcf, or 6% above the five-year average for this period.Pinebrook Energy Advisors noted that inventories were "still sitting at healthy levels," while domestic output continued to show signs of growth, capping any significant upside momentum in the near-term, or into the upcoming winter season.Meanwhile, the US gas rig count was up by five, from 127 to 132 in the week ending Aug. 28, according to data from Baker Hughes (BKR) released Friday. That compared with 119 gas rigs in operation a year earlier.The consolidated North American rig count, a key early indicator of future production levels, dropped by five to 799 from 804 the previous week.A total of 31 LNG carriers departed US ports during the week, down three from the prior week, with a total combined capacity of 117 Bcf, down 12 Bcf from last week.In international markets, European TTF gas prices averaged $22.70/MMBtu for the week ended Aug. 26, $1.59/MMBtu above the prior week. Meanwhile, the Japan-Korea Marker averaged $23.07/MMBtu, about $1.47/MMBtu above the prior week.

$BKR

Showing 1-20 of 209

Track with the FINWIRES app suite

FolioX

Track Baker Hughes in your portfolio

WheelAI

Analyze Baker Hughes options with the wheel strategy

StockInsider

See market sentiment on Baker Hughes