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Baker Hughes

Baker Hughes

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155 stories mentioning Baker HughesUpdated 3h 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.

Commodities

US Land Rig Count Rises as Horizontal Activity Picks Up, TPH Energy Says

US land drilling activity increased last week as the Enverus rig count climbed 14 to 624, outpacing Baker Hughes' (BKR) gain of seven rigs to 572, TPH Energy said in a Monday note.Enverus and Baker Hughes (BKR) each reported a four-rig increase over the trailing four weeks, TPH said.Enverus reported horizontal drilling added five rigs over the week, while public operators increased activity by six rigs. TPH said it largely views those public operator changes as short-term data volatility rather than a lasting shift.Regional gains offset weakness elsewhere as Appalachian activity increased by three rigs, while the Permian, Eagle Ford, Niobrara and non-Energy Information Administration regions each added two rigs, TPH said.Haynesville and Anadarko each lost three rigs over the week, while Bakken activity remained unchanged. TPH expects Haynesville drilling to trend lower in the coming months as operators respond to the 2027 futures strip.Offshore activity in the Gulf of Mexico remained steady over the week with 15 floating rigs and three jackups operating, TPH added.Canadian drilling activity increased by 21 rigs over the week to 198, extending gains from 171 working rigs during the same period last year, according to the report.Price: $55.84, Change: $-0.11, Percent Change: -0.20%

$BKR
Commodities

Permian Drives US Land Rig Count Higher, Oilfield Services Stocks Outperform S&P 500 YTD, RBC Says

The US active land rig count rose by seven over the week to 572 as oil drilling activity strengthened, led by Permian Basin gains, RBC Capital Markets said in a Friday note.Baker Hughes (BKR) reported that US oil land rigs increased by seven to 437 during the latest week, while the gas land rig count remained at 126. Oil rigs increased by 15 over the month, while gas rigs added four, RBC said.The Permian Basin added three rigs over the week to 259, accounting for 59% of Lower 48 oil rigs and 45% of total US land rigs, according to RBC.Helmerich & Payne (HP) remained the most active driller in the Permian with 90 rigs, accounting for 33% of the total, followed by Patterson-UTI Energy (PTEN) with 34 rigs and Nabors Industries (NBR) with 27, RBC said.Among operators, Exxon Mobil (XOM) led the Permian with 33 rigs, followed by Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 20. Private operators accounted for 44% of active Permian rigs, up from 43% a year earlier, the note said.The Eagle Ford rig count held at 47. Helmerich & Payne remained the most active driller with 17 rigs, accounting for 33% of the total, followed by Nabors Industries with 12 rigs, or 24%, and Patterson-UTI Energy with seven rigs, or 14%, the note added.Among operators, ConocoPhillips (COP) led Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators increased their share of active rigs to 53% from 38% a year earlier.The Williston Basin also held steady at 27 rigs. Nabors Industries remained the leading driller with 16 rigs, followed by Patterson-UTI Energy with seven and Helmerich & Payne with five, according to RBC.Among operators, Chord Energy (CHRD) led Williston with five rigs, while Chevron (CVX) and ConocoPhillips (COP) each operated three. Public operators accounted for 40% of active rigs, up from 34% a year earlier, RBC said.Oilfield services stocks under RBC coverage gained 1.1% over the week as West Texas Intermediate crude climbed 11.5%.The top performers over the week included Patterson-UTI Energy, which gained 6.7%, followed by Nov (NOV), up 3.3%, and Precision Drilling (PDS), which advanced 3.1%, RBC said.The weakest performers included Baker Hughes (BKR), which fell 2.8%, Liberty Energy (LBRT), down 2.7%, and Enerflex (EFXT), which lost 2.6%. RBC said its oilfield services coverage has gained 32.8% year to date, compared with a 10.8% increase in the S&P 500 Index.

$BKR$CHRD$COP$CRGY$CVX$DVN$EFXT$EOG$HP$LBRT$NBR$NOV$OXY$PDS$PTEN$XOM
Oil & Energy

Crude Surges Over 15% in 2nd Weekly Rally as Middle East Conflict Threatens Key Shipping Routes

Global oil benchmarks tracked their second straight week of gains on Friday, with both Brent and WTI up over 15% as new supply concerns persist amid mounting US-Iran tensions.West Texas Intermediate settled higher at $82.47 per barrel, up from $71.51/bbl the previous week, while Brent closed at $88.30/bbl, up from $75.28/bbl a week earlier.The Brent futures contract registered a weekly increase of 16.2%, while the WTI futures contract rose 15.5% over the week.The rally has been primarily fueled by the escalating conflict in the Middle East, which has severely disrupted maritime trade and energy flows.US Central Command launched a fresh wave of strikes for the seventh consecutive day, beginning at 3 p.m. ET on Friday, targeted at further "degrading Iranian military capabilities."The attacks come a day after the US military destroyed a surveillance tower belonging to Iran's Islamic Revolutionary Guard Corps on the country's southeastern coast.Confirmed flows through the Strait have fallen to just 5.1 million barrels per day, down from 12.5 mmb/d a week ago, with Iranian exports representing 1.7 mmb/d of that total, according to a J.P. Morgan note.Commercial shipping activity in the Strait of Hormuz slumped to a three-week low on Thursday, as heightened military tensions between the US and Iran forced operators to prioritize security over trade routes, Kpler's shipping data showed on Friday."Confirmed crossings through the monitored Strait of Hormuz zone declined further on 16 July, falling to eight transits from 15 seen the previous day and reaching a three-week low," according to MarineTraffic, a ship tracking firm owned by Kpler.Compounding supply fears, Iran has renewed threats targeting traffic through the Strait of Bab al-Mandab, another vital route for Saudi exports, prompting fears of a broader supply crunch."New concerns were recently fueled by Iran's renewed threat to close the Strait of Bab al-Mandab, through which a significant portion of Saudi oil exports is currently being rerouted due to the blockade of the Strait of Hormuz," Commerzbank analysts said.The strategists noted that any disruption in the Bab al-Mandab Strait would likely push oil prices higher.Supply concerns were amplified by renewed Ukrainian attacks on Russian energy infrastructure.On Friday, Ukraine struck the Yanos refinery and several Russian military-linked fuel and naval assets during operations on July 16-17, according to a statement by the General Staff of the Armed Forces of Ukraine.The strikes damaged the Yanos refinery in Russia's Yaroslavl region, igniting a fire while officials assessed the extent of the damage, the General Staff said.The plant processes about 15 million metric tons of crude annually and produces gasoline, diesel, jet fuel, and other refined products, the General Staff said.Ukraine also struck two tankers, including a liquefied gas carrier, and a tugboat in the Black Sea and Azov Sea, the General Staff said.The military said Russia uses the vessels to transport oil, petroleum products and liquefied gas while bypassing international sanctions and supplying fuel for military operations.Separately, fresh Ukrainian drone strikes on refineries in Russia's Bashkortostan and Krasnodar regions have severely hampered Russia's refining capacity, forcing Russian energy firms to reportedly seek gasoline imports from India.The Security Service of Ukraine's drone strikes on tankers Louise 1 and Banda this week highlighted an escalation in attacks targeting the maritime infrastructure supporting Moscow's oil exports.RBC analysts said Ukrainian strikes on Russian energy infrastructure have pushed damaged refinery capacity to an estimated 4 mmb/d.RBC said June data showed Russian refinery intake had fallen to 3.43 mmb/d, the lowest level on record, while crude exports rose to 5.47 mmb/d, the highest since October 2019.Meanwhile, in Europe, uncertainty over the European Union's failure to finalize its 21st sanctions package against Russia added to concerns over the effectiveness of the bloc's existing oil price cap mechanism.Beyond geopolitical risks, tightening physical fundamentals drove bullishness in the market.On Wednesday, data from the US Energy Information Administration showed a 1.7 mmbbl decrease in commercial crude inventories, bringing levels to 409.7 mmbbls.While OPEC projects a more modest demand growth of 800,000 b/d for 2026, the supply side remains under heavy pressure.The US oil rig count rose by seven to 452 in the week ended July 17, from 445 the previous week, according to Baker Hughes (BKR). That compares with 422 oil rigs operating in the US a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, increased by 26 to 786 from 760 the previous week.Money managers in the WTI crude futures and options markets maintained a bullish stance in the week ended July 14, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released on Friday.The data showed money managers held 182,883 long positions, down 3,606 from July 7, while short positions fell by 15,310 to 96,500.Looking forward, as geopolitical risks converge across the Middle East and Eastern Europe, energy markets remain highly sensitive to any further disruptions to global supply chains, analysts said.

$BKR
Oil & Energy

US Natural Gas Prices Extend Weekly Decline as Bearish Weather Outlook Offsets Smaller Storage Build

US natural gas prices ended another week lower on Friday, despite the lower-than-expected gas injection into storage, amid milder weather forecasts and low LNG feedgas flows.In the futures market, the Nymex front-month August contract fell to $2.916 per million British thermal unit, down from $3.212/MMBtu on July 10.Natural gas spot prices dropped by $0.51/MMBtu to $2.80/MMBtu during the week ended July 15, from $3.31/MMBtu the prior week, according to the US Energy Information Administration's Weekly Gas Storage Supplement, released Thursday.Prices were mixed across major regional hubs during the week, ranging from a decrease of $0.54/MMBtu at Florida Gas Zone 3 to an increase of $0.65/MMBtu at the Northwest Sumas border crossing with Canada.The western regions saw a surge in prices, with average daily temperatures soaring by 4 degrees Fahrenheit, resulting in 71 more cooling days than the prior week. As a result, PG&E (PCG) Citygate rose $0.48/MMBtu over the past week to $2.55/MMBtu on July 15.The Pacific region similarly reported a 16% surge in natural gas consumption this week, to 0.8 billion cubic feet per day, driven by a 44% increase in the power sector.US LNG feedgas flows retreated during the week, with averages dropping below 18 billion cubic feet and the 30-day moving average of 18.60 Bcf, according to the Bloomberg LNG Feedgas Model. This was primarily due to the Freeport LNG terminal in Texas entering into a major planned maintenance starting July 10, which is set to last until late August.The net injection into storage for the week ended July 10 was 41 Bcf, down from last week's 61 Bcf, bringing total gas inventories to 3,024 Bcf, according to EIA data.Storage injections came in below forecasts, which had expected a 45 Bcf net injection into working gas for the week. It was also below the prior year's figures at 47 Bcf and the five-year average for this period, at 45 Bcf, according to data compiled by Investing.com.Most regions reported net injections during the week, with the Midwest and East reporting the highest inflows at 20 Bcf and 14 Bcf, respectively.Inventories across the Mountain and Pacific regions were 21% and 22% above their respective five-year averages, despite high consumption during the quarter.At 3,024 Bcf, US working gas inventories were 21 Bcf, or 1%, below the corresponding period a year ago, while reporting a surplus of 181 Bcf, or 6%, compared to the five-year average for this period.According to Pinebrook Energy Advisors, this storage build suggests a tightening driven by "stronger natural gas-fired generation as wind output dropped sharply," which helped offset the impact of milder-than-expected temperatures.Weather forecasts have continued to turn bearish over the past week, with most of the northeast set to experience average temperatures, and some regions below-average temperatures from July 24 to July 30, according to the National Weather Service.A total of 34 LNG carriers departed US ports during the week, up from 31 the previous week, with a combined capacity of 131 Bcf, 14 Bcf higher than a week earlier.Meanwhile, the US gas rig count remained unchanged at 126 in the week ending July 17, according to data from Baker Hughes (BKR) released Friday. That compares with 117 gas rigs in operation in the US a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, increased by 26 to 786 from 760 the previous week.In international markets, European TTF gas prices averaged $17.24/MMBtu for the week ended July 15, $1.85/MMBtu higher than the previous week. Meanwhile, the Japan-Korea Marker averaged $16.62/MMBtu, about $0.41/MMBtu above the prior week.

$BKR$PCG
Commodities

US Active Rig Count Rises by 7, Baker Hughes (BKR) Says

US Active Rig Count Rises by 7, Baker Hughes (BKR) Says

$BKR
Commodities

Baker Hughes Completes Chart Industries Acquisition

Energy technology company Baker Hughes (BKR) has completed the acquisition of Chart Industries (GTLS) for an enterprise value of $13.6 billion, as part of its optimization and growth strategy, it said on Thursday.Chart Industries will operate as a new segment within Baker Hughes, to preserve its focus on air and gas handling, thermal management, and lifecycle services.The deal is expected to generate $325 million in annualized cost synergies within three years, according to the statement, with further potential upside from commercial synergy opportunities.Baker Hughes has launched a comprehensive integration program to support operational alignment following the acquisition, it said.Price: $57.26, Change: $+0.01, Percent Change: +0.02%

$BKR$GTLS
Sectors

Sector Update: Energy Stocks Edge Higher Premarket Thursday

Energy stocks were edging higher premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.1%.The United States Oil Fund (USO) was up 0.2% and the United States Natural Gas Fund (UNG) was 0.1% lower.Front-month US West Texas Intermediate crude oil was 1.1% higher at $80.46 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.1% to $85.87 per barrel, and natural gas futures were inactive at $2.92 per 1 million British Thermal Units.TotalEnergies (TTE) expects Q2 hydrocarbon production to be nearly 2.4 million barrels of oil equivalent per day, supported by about 4% organic growth, the company said. Shares of TotalEnergies were down more than 1% pre-bell.Baker Hughes (BKR) said it has completed its acquisition of Chart Industries (GTLS) for $210 per share in cash, representing an enterprise value of $13.6 billion. Baker Hughes shares were 0.2% lower premarket.Halliburton (HAL) said it has secured lump sum turnkey contracts awarded by Aramco that include oil re-entry operations, drilling, completions, and workovers in multiple onshore fields in the Kingdom of Saudi Arabia. Shares of Halliburton were 0.2% lower pre-bell.

$BKR$GTLS$HAL$TTE$UNG$USO$XLE
Commodities

US Land Rig Count Falls by 2 as Permian Activity Declines, RBC Says

The US active land drilling rig count fell by two week over week to 565, driven by lower activity in the Permian Basin, while oilfield services stocks outperformed alongside higher crude prices, RBC Capital Markets analysts said in a Friday note.Citing Baker Hughes (BKR) data, RBC said the US oil-directed land rig count declined by two to 430, while the gas-directed rig count was unchanged at 126. Compared with a month earlier, oil rigs were up by eight, and gas rigs by five.The Permian Basin lost five rigs during the week, leaving 256 active rigs. The basin accounts for about 60% of oil rigs in the Lower 48 states and 45% of the total US land rig fleet, RBC said.Helmerich & Payne (HP) remained the largest drilling contractor in the Permian with 90 rigs, followed by Patterson-UTI Energy (PTEN) with 34 rigs and Nabors Industries (NBR) with 29 rigs.Exxon Mobil (XOM) was the basin's most active operator with 34 rigs, ahead of Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 21. Private operators accounted for 43% of active Permian rigs, up from 41% a year earlier.Elsewhere, the Eagle Ford added three rigs to 47, while the Williston Basin was unchanged at 27 rigs.RBC said oilfield services stocks under its coverage gained 4.0% over the week, outpacing a 3.7% rise in the 2026 WTI crude strip to $71 per barrel. Baker Hughes led the group with a 9.1% gain, followed by Patterson-UTI, up 8.4%, and Helmerich & Payne, up 6.5%.For the year to date, RBC's oilfield services coverage group has advanced 31.4%, compared with a 10.9% gain for the S&P 500.Meanwhile, the 2026 Brent crude strip rose 3.5% to $75 per barrel, while the 2026 Henry Hub natural gas strip fell 5.1% to $3.32 per million cubic feet, leaving it nearly 15% below year-ago levels, RBC said.Price: $34.07, Change: $+0.74, Percent Change: +2.22%

$BKR$DVN$HP$NBR$OXY$PTEN$XOM
Commodities

US Weekly Natural Gas Prices Decline on Bearish Storage Build, Milder Weather Outlook

US natural gas prices ended the week lower amid higher-than-expected gas injections into storage, despite above-normal temperatures and record power burn.In the futures market, the Nymex front-month August contract fell to $2.95 per million British thermal unit, down from $3.22/MMBtu on July 3.Natural gas spot prices dropped by $0.02/MMBtu to $3.31/MMBtu during the week ended July 8, from $3.33/MMBtu the prior week, according to the US Energy Information Administration's Weekly Gas Storage Supplement, released Thursday.Prices were mixed across most major regional hubs, ranging from a decrease of $1.83/MMBtu at Algonquin Citygate to an increase of $1.48/MMBtu at SoCal Border-Ehrenberg.The Southwest saw the lowest prices in the country, despite seeing weekly increases, and even with Waha prices climbing to the highest sustained daily averages since the Winter Storm Fern earlier this year.US LNG feedgas flows retreated during the week, with averages dropping below 19 billion cubic feet, while still being above the 30-day moving average of 18.87 Bcf, according to the Bloomberg LNG Feedgas Model.The net injection into storage for the week ended July 03 was 61 Bcf, down from last week's 87 Bcf, bringing total gas inventories to 2,983 Bcf, according to EIA data.The net build came in slightly above forecasts, which expected 60 Bcf in net injection into working gas for the week. It was also above the prior year's figures at 53 Bcf, and the five-year average for this period, at 51 Bcf, according to data compiled by Investing.com.Reports were mixed across regions, with the Midwest reporting the highest net injection at 23 Bcf, followed by South Central and Nonsalt regions at 14 Bcf and 15 Bcf, respectively. The Salt region, however, reported a 1 Bcf withdrawal, amid high gas-fired power burn during the week.At 2,983 Bcf, US working gas inventories were 15 Bcf, or 1% below the corresponding period a year ago, while reporting a surplus of 185 Bcf, or 7% compared to the five-year average for this period.According to Pinebrook Energy Advisors, this storage build suggests "a looser supply/demand balance than the market had anticipated," while adding that going forward, the markets would remain focused on how temperature forecasts evolve for additional cues.Weather forecasts, which had pointed to above-normal temperatures across most of the country in recent weeks, are starting to turn, with the northwest set to see normal temperatures from July 17 to July 23, according to the National Weather Service.A total of 31 LNG carriers departed US ports during the week, down from 36 the previous week, with a combined capacity of 117 Bcf, 19 Bcf lower than a week earlier.In international markets, European TTF gas prices averaged $15.39/MMBtu for the week ended July 8, $1.36/MMBtu higher than the previous week. Meanwhile, the Japan-Korea Marker averaged $16.21/MMBtu, about $0.45/MMBtu above the prior week.The EIA's Short-Term Energy Outlook for July released Tuesday estimated natural gas consumption in the power sector to reach a record in 2027 as electricity demand continues to surge.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 per day. 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, and then rise 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 EIA.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 Bcf 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.Henry Hub natural gas spot prices are estimated to average at about $3.60/MMBtu over 2026 and 2027, analysts said."Adjusted for inflation, that price is about 10% below the average Henry Hub price from 2016 through 2025," according to the STEO.The agency expects stronger demand next year, narrowing the inventory surplus to 1% above the five-year average by the end of October 2027.Henry Hub prices are forecast to average $3.78/MMBtu in the Q4 of 2027, up 6% from a year earlier, while the full-year 2027 average is expected at just under $3.50/MMBtu, slightly below the nearly $3.60/MMBtu average projected for 2025 and 2026, according to the STEO.Meanwhile, the US gas rig count remained unchanged from the previous week at 126, in the week ending July 10, according to data from Baker Hughes (BKR) released Friday. That compares with 108 gas rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, dropped by 10 to 760 from 770 the previous week.

$BKR
Oil & Energy

Weekly Crude Prices Rally as Renewed US-Iran Escalation Fuels Strait of Hormuz Supply Risks

Crude prices posted weekly gains following a mid-week escalation in tensions between the US and Iran, which triggered retaliatory military strikes and left commercial shipping traffic through the strategic Strait of Hormuz severely constrained.West Texas Intermediate settled at $71.51 per barrel, up from $68.78/bbl the previous week, while Brent closed at $75.28/bbl, up from $71.94/bbl a week earlier.WTI gained almost 4% over the week, while Brent rose nearly 6%."Following the mutual attacks in the Gulf region and US President Trump's termination of the ceasefire, the price of Brent crude has risen by more than 10% within two days," Commerzbank analysts noted.The trading week opened quietly as markets weighed a massive $11/bbl price cut from Saudi Arabia for Asian buyers alongside OPEC+'s weekend decision to increase August production quotas by 188,000 barrels per day.Aramco set its August official selling price for Arab Light crude to Asia at a $1.50/bbl discount to the Oman/Dubai average, down from last month's $9.50 premium.However, this initial downward pressure evaporated on Tuesday when the conflict intensified.Iran attacked three commercial tankers in the Strait of Hormuz, including a Qatari LNG carrier and a Saudi tanker, prompting the US Treasury to immediately revoke a critical sanctions waiver that had authorized Iranian crude sales since June.The situation intensified mid-week, sending crude futures higher. US Central Command launched successive waves of retaliatory airstrikes, hitting about 170 targets aimed at degrading Iran's maritime capabilities.Additionally, the US revoked its general license authorizing certain Iranian oil transactions and allowed a wind-down period through July 17, the Department of the Treasury's Office of Foreign Assets Control said in a statement on Tuesday.Iran responded by striking US military bases in Bahrain, Kuwait, Qatar, and Jordan, while President Trump officially declared the interim ceasefire "over" on Wednesday at the Nato summit.By Thursday, markets found reassurance after Trump downplayed the risk of full-scale conflict and ruled out direct strikes on Iranian energy infrastructure.On Friday, Trump posted on Truth Social that the US had agreed to resume talks with Iran at Tehran's request while reiterating that the ceasefire has ended."The Islamic Republic of Iran has asked us to continue 'talks.' We have agreed to do so, but the United States has stated to them, in no uncertain terms, that the cease fire is over!" Trump posted.Additionally, US officials are reportedly demanding that Iran issue a public statement declaring the Strait of Hormuz open to shipping and affirming that vessels may safely transit the waterway.Officials reportedly said internal struggles in Iran are hindering efforts to strike a deal, multiple media outlets reported on Friday.A failure by Iran to declare the Strait open to shipping will result in consequences, officials reportedly said.Despite the late-week pullback in prices, severe structural risks remain.The prevailing threat level to maritime security in the Strait of Hormuz remains "severe," the Joint Maritime Information Center said on Friday, following recent developments in the Middle East.While crude availability received a temporary reprieve, refined product markets for diesel and gasoline continue to flash tight supply conditions due to refinery strains and Russian fuel disruptions.Ukrainian President Volodymyr Zelenskyy posted on X on Friday that Russia's gasoline crisis is deepening.In a separate post on Friday, Zelenskyy said, "Ukrainian drones reached Siberia and struck the oil refinery in Omsk - nearly 2,500 kilometers from Ukraine. Now, no Russian oil refinery is beyond the reach of Ukrainian weapons."Zelenskyy listed other targeted sites in Russia, including oil facilities in Saratov, Rostov, Tver, Stavropol, Krasnodar, Tatarstan and Bashkortostan regions."Drones were also used against facilities in the Moscow, Leningrad, and Bryansk regions," Zelenskyy posted.On the domestic front, the Energy Information Administration reported that US commercial crude inventories rose by 3 million barrels to 411.4 million barrels, although stocks remain tight at 6% below the five-year average.Despite the renewed geopolitical risks, global energy agencies continue to forecast a gradual rebalance in oil markets.The Energy Information Administration's July Short-Term Energy Outlook, published Tuesday shortly before renewed tensions between the US and Iran, projected that global crude oil production and trade flows would return to near pre-conflict levels by the end of 2026, earlier than forecast in its June outlook.The EIA expects most Middle East crude production and trade flows to recover by year-end, with 1.4 million b/d still shut in during Q4 2026 before most remaining disrupted output returns in Q1 2027.The agency's forecast was based on the June 18 US-Iran memorandum of understanding.The agency estimated that Middle East crude production shut-ins averaged 8.3 million b/d in June, down from 11.2 million b/d in May, reflecting improving supply conditions.The EIA said global oil markets adjusted faster than it expected as weaker demand, particularly in Asia, supply rerouting by Persian Gulf producers, higher exports from North and South America, and strategic stock releases eased supply disruptions.The EIA pegged Brent crude spot prices averaging $85/bbl in June, down $22/bbl from May, and $32/bbl from its April peak. Spot prices dropped below $70/bbl on July 1 as tanker traffic through the Strait of Hormuz accelerated and oil flows recovered, the STEO said."We expect ongoing oil inventory accumulation over the next year will continue to put downward pressure on crude oil prices, with Brent falling to an average of $65/bbl in 2027," according to EIA analysts.The EIA forecasts Brent spot prices will average $74/bbl in Q3, down $27/bbl from last month's outlook. Brent spot prices are estimated to average $70/bbl in Q4 2026, down from $103/bbl in Q2.The full-year Brent spot forecast is now estimated to average $82/bbl, down from $95/bbl in last month's outlook. For 2027, the Brent spot forecast was revised downwards by $15 to $65/bbl.WTI spot prices are expected to average $76.26/bbl in 2026 and $60.76/bbl in 2027, according to the STEO.Global oil inventories fell by an average of 5.1 million b/d in Q2 2026 and are expected to decline by another 2.2 million b/d in Q3 as previously stranded tankers continue unloading cargoes, the EIA said.The EIA expects the market to return to its pre-conflict oversupply during the second half of Q3, forecasting inventory builds averaging 2.7 million b/d in Q4 of 2026 and 5 million b/d in 2027.The International Energy Agency's July Oil Market Report, released Friday, offered a more cautious assessment, warning that renewed tensions between the US and Iran could derail efforts to rebuild depleted global oil inventories later in 2026.The agency said seasonal trends and a rebound in fuel supplies are lifting consumption from May lows, with global oil demand forecast to fall by 1 million b/d this year before rising by 2 million bbl/d in 2027.Global oil demand is projected to rise by over 8 million bbl/d by October from the May low of 97.9 million bbl/d, moving above 2025 levels for the first time since February.Meanwhile, the US oil rig count remained unchanged from the previous week at 445, in the week ending July 10, according to data from Baker Hughes (BKR) released Friday. That compares with 424 oil rigs operating in the US a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, dropped by 10 to 760 from 770 the previous week.Money managers in the WTI crude futures and options markets maintained their net long positions in the week ended July 7, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released on Friday.The data showed that money managers reported 186,489 long positions, down 12,869 from June 30, while short positions were up 6,166 to 111,810.

$BKR
Equities

S&P 500 Posts Weekly Gain as Technology, Energy Rally

The Standard & Poor's 500 index rose 1.2% this week, lifted by a fresh burst of AI enthusiasm amid geopolitical jitters as Washington and Tehran resumed high-stakes negotiations.The S&P 500 ended Friday's session at 7,575.39, securing a second straight weekly advance. The gauge has gained 1% in July and is up 11% this year.AI sentiment got a boost Friday from the strong Nasdaq debut of SK Hynix (SKHYV). The South Korean chipmaker's American depositary shares jumped 13% to $168.40 after the offering of 177.9 million ADSs priced at $149 apiece.Investors were also watching developments in US-Iran diplomacy. President Donald Trump said the US will continue negotiations with Iran, while reiterating that their ceasefire is over.Technology led sector gains for the week, rising 3.4%, followed by a 3.2% advance in energy and a 2.3% increase in communication services. Consumer discretionary and financials edged higher.Hewlett Packard Enterprise (HPE) jumped 18% this week, and Arista Networks (ANET) advanced 17%, the biggest gains in tech.Baker Hughes (BKR) recorded the largest gain in the energy sector, climbing 9.1%, as the company received conditional approval from the European Commission to acquire Chart Industries (GTLS).Meta Platforms (META) shares rose 15%, leading communication services. CEO Mark Zuckerberg said the company is considering renting out some of its AI computing capacity, Bloomberg reported.Materials fell 2.2%, followed by a 1.9% loss in healthcare. Consumer staples dropped 1.3%, and industrials shed 1.1%, while utilities and real estate edged lower.International Flavors & Fragrances (IFF) shares fell 7.5%, and Albemarle (ALB) dropped 7%, the steepest weekly losses in materials.The quarterly earnings season is set to move into full swing next week. Reports are expected from JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs Group (GS), Wells Fargo (WFC), Citigroup (C) and Morgan Stanley (MS). Other large companies expected to report include Johnson & Johnson (JNJ), UnitedHealth Group (UNH), GE Aerospace (GE), Netflix (NFLX) and Abbott Laboratories (ABT).Economic data will include June retail sales, the June consumer price index, and the June producer price index.

Dow JonesNasdaq CompositeS&P 500$ALB$ANET$BKR$HPE$IFF$META$SKHYV
Commodities

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

(Updated to include additional details.)The combined count of crude oil, natural gas, and miscellaneous rigs in the US rose by one to 581 in the week ending July 10, according to data from Baker Hughes (BKR) released Friday.The US oil rig count remained unchanged from the previous week at 445, while the gas rig count also held steady at 126, the data showed.The number of miscellaneous rigs in the US increased by one from nine the previous week to 10. The US had 424 oil, 108 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, dropped by 10 to 760 from 770 the previous week.Price: $57.63, Change: $+0.43, Percent Change: +0.75%

$BKR
Commodities

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 581 in the week ending July 10, according to data from Baker Hughes (BKR) released Friday.The US oil rig count remained unchanged from the previous week at 445, while the gas rig count also held steady at 126, the data showed.Price: $57.72, Change: $+0.52, Percent Change: +0.90%

$BKR
Commodities

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

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

$BKR
Commodities

EU Approves Baker Hughes' Acquisition of Chart Industries

The European Commission approved Baker Hughes' (BKR) proposed acquisition of Chart Industries under the EU Merger Regulation, subject to compliance with commitments offered by the two US-based companies, the Commission said in a statement on Friday.The Commission said its investigation found the deal, as originally notified, raised concerns that it could reduce competition in global markets for liquefied natural gas liquefaction equipment and technologies.According to the Commission, Baker Hughes holds a dominant position in the market for LNG compressor trains and could have used that position to give Chart's LNG business an unfair competitive advantage.The regulator said this could have included tying sales of compressors to Chart products, reducing interoperability with third-party equipment, or using commercially sensitive information obtained through projects involving rival LNG technology providers.The Commission said combining the companies' LNG products and technologies could have harmed competition, with negative effects on prices and innovation.To address those concerns, Baker Hughes and Chart committed to divest Chart's proprietary IPSMR process technology and its small-scale process technology business to a Commission-approved buyer.The companies also agreed to ensure interoperability between their LNG equipment and third-party equipment.The commitments will remain in place for 10 years and will be monitored by an independent trustee under the Commission's supervision.The Commission said the remedies eliminate Baker Hughes' ability and incentive to favor Chart's LNG business, allowing the transaction to proceed without raising competition concerns. It said the approval remains conditional on full compliance with the commitments.Price: $57.37, Change: $+0.17, Percent Change: +0.30%

$BKR
Wire

Baker Hughes Gets Conditional EU Approval for Chart Industries Acquisition

Baker Hughes (BKR) received conditional approval from the European Commission to acquire Chart Industries (GTLS), the regulator said Thursday.The approval is subject to the companies complying with commitments designed to address the Commission's concerns that the deal could reduce competition in liquefied natural gas equipment and technology markets.The companies agreed to divest Chart's proprietary IPSMR process technology and its small-scale LNG process technology business to a Commission-approved buyer. They also committed to maintaining interoperability between their equipment and third-party LNG equipment for 10 years, according to the Commission.Price: $57.33, Change: $+0.13, Percent Change: +0.23%

$BKR$GTLS
Commodities

Baker Hughes to Supply Equipment, Services to Sabine Pass LNG in Louisiana

Energy technology company Baker Hughes (BKR) said Thursday it will supply liquefaction equipment and deliver gas turbine technology upgrades to Cheniere Energy's (LNG) Sabine Pass LNG facility in Louisiana, following award of three equipment and service contracts.Bechtel Energy and Cheniere Energy awarded the contract to supply primary liquefaction equipment, including main refrigerant compressors and gas turbines, for the first phase of the project.The service contract, meanwhile, includes the upgrading of installed gas turbines in the facility over a four-year period, to increase power output.The new equipment and turbine upgrades are expected to add more than 6 million tons per annum of liquefied natural gas production capacity to the current 30 Mtpa, according to the statement.

$BKR$LNG
Commodities

Kodiak, Baker Hughes Strike Gas Turbine Deal to Power US Data Center Boom

Kodiak Gas Services (KGS) and Baker Hughes (BKR) have agreed to a multi-year deal to supply gas-turbine power-generation equipment to meet surging electricity demand from US data centers and other energy-intensive infrastructure projects, the companies said on Wednesday.The agreement creates a framework for deploying up to 1.8 gigawatts of power generation capacity, with an initial order covering about 1 GW of gas turbines and generators, scheduled for delivery by 2030.Kodiak, a provider of energy infrastructure services, said it will use Baker Hughes' power generation portfolio to expand its distributed power capabilities and support customers seeking reliable electricity supplies.The initial equipment award includes Baker Hughes' NovaLT16 and Frame 5 gas turbines, along with BRUSH Power Generation generators, which will provide the core technology for planned projects.The agreement is structured as a multi-year rolling arrangement, allowing capacity commitments to be adjusted based on data center demand, project timelines and infrastructure requirements.Kodiak Gas and Baker Hughes also plan to collaborate on technical training, spare parts availability and potential long-term service agreements for the equipment.Baker Hughes said its gas turbine and generator technologies would help customers bring new generating capacity online more quickly to meet accelerating demand from digital infrastructure.The deal comes as soaring electricity demand from artificial intelligence and data centers is driving investment in gas-fired generation, particularly in regions where grid constraints are delaying new power connections.

$BKR$KGS
Sectors

Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each adding about 1.2%.The Philadelphia Oil Service Sector Index was gaining 2.4%, and the Dow Jones US Utilities Index was decreasing 0.8%.Crude oil prices jumped after President Donald Trump threatened additional strikes against Iran tonight, saying the ceasefire with Tehran was over. The US struck Iran on Tuesday after Tehran attacked three tankers that crossed the Strait of Hormuz. Iran's Islamic Revolutionary Guard Corps hit US military targets across Bahrain and Kuwait in retaliation to Washington's attacks, CNN reported. The US will likely hit Iran again tonight, Trump said Wednesday at a NATO summit in Turkey.Front-month West Texas Intermediate crude oil rose 4.4% to $73.53 a barrel, and the global benchmark Brent crude contract climbed 5.2% to $78.01 a barrel. Henry Hub natural gas futures fell 1.4% to $3.22 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.2 million barrels in the week ended July 3 following a decrease of 9.3 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 3.0 million barrels after a 3.8-million-barrel decline in the previous week, compared with a 1.9-million-barrel drop expected in a survey compiled by Bloomberg.In corporate news, Occidental Petroleum (OXY) shares gained 3.3% after Evercore ISI upgraded the stock to outperform from underperform and raised its price target to $65 from $58.ConocoPhillips' (COP) strong operations in fiscal Q2 should offset Middle East headwinds, with the firm likely to repeat production and equity affiliate distribution projections for the fiscal year, UBS Securities said in a note. ConocoPhillips shares rose 1.7%.Chevron's (CVX) Chevron Technical Center and ZL Chemicals signed a technology licensing deal that allows ZL to commercialize Chevron-developed chemical surfactant technology, they said Wednesday. Shares were up 1.2%.Baker Hughes (BKR) will provide power generation services to support Kodiak Gas Services' (KGS) energy infrastructure initiatives under a new multiyear agreement, the companies said. Baker Hughes shares popped 4.9%.

$BKR$COP$CVX$OXY
Commodities

Kodiak Gas Expands Power Push With Baker Hughes Turbine Deal, TPH Says

Kodiak Gas Services (KGS) has signed a multi-year agreement with Baker Hughes Company (BKR) to secure power generation equipment that could support up to 1.8 gigawatts of capacity as the company expands its energy infrastructure business, TPH Energy strategists said in a note on Wednesday.The framework agreement includes an initial order for about 1 GW of generation equipment, including Baker Hughes' NovaLT16 and Frame 5 gas turbines, as well as generators supplied by BRUSH Power Generation.Deliveries are expected through 2030, with the arrangement structured to provide flexibility as data center projects develop and customer demand evolves.Zack Van Everen, analyst at TPH Energy, said the deal strengthens Kodiak's position in the fast-growing market for behind-the-meter power solutions, where energy companies are seeking dedicated generation capacity to meet rising electricity requirements.The Baker Hughes deal adds to Kodiak's expanding generation portfolio. TPH said that, combined with the 384 megawatts of capacity acquired through its purchase of Dura-Line Power Services and an additional 260 MW added in Q1, Kodiak's contracted generation capacity is expected to reach about 1.64 GW by 2030.The deal moves the company closer to its target of about 2 GW of power generation capacity by the end of the decade.Van Everen said the Baker Hughes arrangement provides Kodiak with a scalable supply chain for generation equipment while allowing the company to align project timing with customer requirements.Under its current forecast, TPH forecasts Kodiak to reach the 2 GW generation milestone by 2030.Price: $56.87, Change: $+2.40, Percent Change: +4.41%

$BKR$KGS

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