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Oil & Energy

Crude Benchmarks Post Weekly Slump Amid Hormuz Escalation, Peace Deal Doubts

Global oil benchmarks ended the week in negative territory on Friday, as a volatile mix of military escalation in the Strait of Hormuz and tentative hopes for a diplomatic breakthrough kept markets on edge.West Texas Intermediate settled at $94.68/bbl, down from $102.50/bbl the previous week, while Brent closed at $100.14/bbl, compared with $109.20/bbl a week earlier.WTI registered a weekly loss of 6.4%, while Brent declined 7.42%.Despite late-week price spikes driven by renewed fire exchanges, both benchmarks still ended the week lower, weighed down by earlier optimism that a 14-point US-Iran peace memorandum could eventually reopen global shipping lanes.The week began with the US military launching "Project Freedom" to escort commercial vessels through the blockaded Strait of Hormuz.This move triggered immediate Iranian missile and drone strikes against UAE infrastructure and transit vessels, with Tehran claiming the operation violated restricted zones.The Strait of Hormuz remains effectively closed, with renewed clashes between US and Iranian forces reducing the prospect of a near-term reopening, Saxo Bank strategists said.On Friday, the UAE Defense Ministry said Friday its air defenses engaged two ballistic missiles and three drones launched from Iran, the third time this week that it has fired on the UAE.While the US subsequently drafted a UN Security Council resolution to safeguard navigation, President Donald Trump's mid-week announcement of "great progress" on a peace deal briefly calmed the market.Prices retreated as Washington paused its escort missions to allow Tehran time to review a one-page memorandum of understanding intended to end the conflict.However, sentiment was later challenged by a tightening supply picture in the US.The Energy Information Administration reported a 2.3-million-barrel drawdown in US crude inventories, bringing stocks to 457.2 mmbbls.Market analysts noted that US refineries are increasingly reliant on domestic stocks to offset the prolonged disruption to Middle Eastern supply, pushing US crude exports to 4.75 million barrels per day.Volatility surged again by Thursday after reports emerged of Iranian missiles targeting US Navy vessels and explosions near Bandar Abbas.The escalation followed a US Treasury move to sanction Iraq's deputy oil minister for allegedly helping Iran bypass embargoes.While these flashes of conflict forced prices higher in the final sessions, they were insufficient to erase the cumulative losses of a week defined by the market's search for a diplomatic floor.Saxo analysts added that the International Energy Agency has pegged regional supply losses at about 14 million barrels per day, "only partly offset by surging US exports, strategic reserve releases and demand destruction."Weekly US oil product exports hit a record high, according to EIA data.US exports of total petroleum products hit a record 8.2 mmb/d in the week ending May 1, the highest level since the Energy Information Administration started reporting the product export data in February 1991.The weekly figure is up from 7.7 mmb/d a week ago, according to the EIA.Total weekly US crude oil and petroleum products exports stood at 12.97 mmb/d, down from 14.18 mmb/d a week prior, driven by a sharp drop in crude exports, EIA data showed.Weekly crude exports were at 4.8 mmb/d, down from 6.4 mmb/d the previous week.Meanwhile, the US oil rig count rose by two from 408 the previous week to 410 in the week ending May 8, according to data from Baker Hughes (BKR) released Friday. That compares with 467 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 two to 672 from 670 the previous week.Money managers in the WTI crude futures and options markets maintained their net long positions in the week ended May 5, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released on Friday.The data showed that money managers reported 214,039 long positions, down 5,611 from April 28, while short positions were down 2,066 to 82,083.

$BKR
Oil & Energy

Weekly US Natural Gas Slips on Mixed Fundamentals Despite Below-Forecast Storage Injection

US natural gas markets edged lower over the week, despite below-forecast net storage injections and colder-than-normal weather across most of the country in recent days, amid conflicting demand indicators.The front-month June contract price fell over the week to $2.75 per million British thermal units from $2.79/MMBtu on April 24.However, the front-month June contract price rose by $0.08 over the week to $2.730 per million British thermal units, from $2.647/MMBtu on May 1, according to the US Energy Information Administration's Weekly Gas Storage Supplement released on Thursday.Natural gas spot prices rose by $0.15/MMBtu to $2.75/MMBtu during the week ended May 6, according to the EIA, from $2.60/MMBtu the prior week.On the demand side, cooler-than-normal temperatures across the country limited both heating and cooling demand, with total US natural gas demand dropping by 0.7 billion cubic feet per day, driven by a 1.2 Bcf per day decline in power sector consumption, according to LSEG data.Additionally, LNG feedgas averaged 17.4 Bcf/d throughout the past week, down 7% from the prior week, EIA said, citing LSEG data. This comes amid planned maintenance across several major terminals.Natural gas prices rose across most regional hubs, barring Waha, where prices declined $1.07/MMBtu over the past week, according to the EIA.The net injection into storage for the week ended May 1 was 63 Bcf, down from 79 Bcf the prior week, bringing total gas inventories to 2,205 Bcf, according to EIA data. This week's figures were also below forecasts at 72 Bcf, prompting a market rally, according to data compiled by Investing.com.During the same week last year, the EIA reported a net injection of 104 Bcf, with the five-year average for this period at 77 Bcf.Total gas inventories at 2,205 Bcf are now 75 Bcf, or 4% above the corresponding period a year ago, and 139 Bcf, or 7%, higher than the five-year average for this period.Nearly all regions reported a net injection of working gas for the week ended May 1, with the East injecting the most, up 29 Bcf from the prior week, with total inventories at 361 Bcf, which is just 1 Bcf, or 0.3% below its five-year average for this period.The EIA reported that storage levels across the Pacific, Mountain and the South Central Non-salt regions were all above their respective five-year averages, while the rest were still at a deficit.According to Pinebrooke Energy Advisors, this week's storage report marked the "tightest storage build" since early April, based on population-weighted temperatures, and 2024 and 2025 weekly changes.Additionally, the US gas rig count dropped by one from 130 the previous week to 129 in the week ending May 8, 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, rose by two to 672 from 670 the previous week.Weather forecasts had pointed to below-normal temperatures for early and mid-May, however, almost the whole of the country is now expected to see above-normal temperatures from May 15 to May 21, according to the National Weather Service, which could add to cooling demand.A total of 30 liquefied natural gas-carrying vessels left US ports during the week, down by five, compared to 35 vessels last week, with a total capacity of 115 Bcf, down by 18 Bcf compared to the prior week.In international markets, European TTF gas prices averaged $15.85/MMBtu for the week ended May 6, $0.44/MMBtu higher than the previous week.The Japan-Korea Marker averaged $16.90/MMBtu, about $0.31/MMBtu higher than the prior week.

$BKR
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 548 in the week ending May 8, according to data from Baker Hughes (BKR) released Friday.The US oil rig count rose by two from 408 the previous week to 410, while the number of gas rigs dropped by one from 130 the previous week to 129.The number of miscellaneous rigs in the US held steady at nine from last week, the data revealed. The US had 467 oil, 108 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 two to 672 from 670 the previous week.Price: $63.99, Change: $+0.46, Percent Change: +0.73%

$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 548 in the week ending May 8, according to data from Baker Hughes (BKR) released Friday.The US oil rig count rose by two from 408 the previous week to 410, while the number of gas rigs dropped by one from 130 the previous week to 129.Price: $63.98, Change: $+0.45, Percent Change: +0.71%

$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

RPC Posts Higher Q1 Sales Amid Soft Drilling, Crude Output Remains Resilient

US oilfield services provider RPC (RES) reported Q1 earnings Thursday, showing sales of $454.8 million, up from $332.9 million, even as drilling and completion activity continued to run well below pre-2023 levels.The average US rig count in Q1 was 548 rigs, down 6.8% from 588 rigs a year earlier, RPC said, citing data from Baker Hughes (BKR).RPC reported US crude production holding firm at about 14 million barrels per day, even as rig counts declined from 2022 highs.RPC said oil production has trended higher despite lower rig activity. It added that frac spreads have also declined.Price: $7.02, Change: $-0.36, Percent Change: -4.88%

$BKR$RES
Research

Barclays Downgrade Baker Hughes to Equalweight From Overweight, Price Target is $74

Baker Hughes Company (BKR) has an average rating of overweight and mean price target of $71.95, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$BKR
Equities

Equinor Extending Supplier Deals for Drilling, Well Services

Equinor (EQNR) is extending key supplier deals for drilling and well services with an aggregate value of about 17 billion Norwegian kroner ($1.83 billion), the company said Monday.It is exercising one-year options under three contracts for integrated drilling and well services, as well as two-year options under 18 company framework agreements for relevant specialist services.The company said the drilling and well services deals are valued at 8.3 billion kroner and were awarded to Baker Hughes (BKR), Halliburton (HAL) and SLB (SLB).The corporate framework agreements are pegged at 4.3 billion kroner per annum over two years, according to Equinor.The company's shares were up 1.5% in premarket activity.

$BKR$EQNR$HAL$SLB
Oil & Energy

Weekly Crude Prices Log 2nd Weekly Gain on OPEC+ Shake-up, Intensifying Hormuz Disruption

Global oil benchmarks posted a second straight week of gains as the energy market grapples with a tightening blockade in the Strait of Hormuz and the UAE's exit from OPEC in a historic fracture of the allianceWest Texas Intermediate closed Friday at $102.5/bbl, up from $94.88/bbl the previous week, while Brent futures settled higher at $109.2/bbl, up from $105.98/bbl a week earlier.Both crude benchmarks, including Brent and West Texas Intermediate, added 3.5% and 8%, respectively, on a weekly basis."Brent Crude remains elevated after hitting a wartime high on Thursday, with no sign that US and Iranian blockades of the Strait of Hormuz will be lifted anytime soon, prolonging and worsening the supply squeeze," Saxo Bank analysts said.The market has been characterized by extreme volatility this week, driven by a combination of unprecedented geopolitical supply shocks and a structural shift in the OPEC+ alliance.The week opened under immense pressure. Following nine weeks of conflict in the Middle East, the Strait of Hormuz remains effectively closed to significant commercial traffic.By Tuesday, exports through the Strait had plummeted to just 3.8 million barrels per day, a staggering drop from the pre-crisis levels of over 20 mb/d."An oil major has warned of imminent critical shortages for some nations. However, Thursday's sharp reversal underscores a market that is taking the stairs up but risks the elevator down on any sudden easing headline - making conditions exceptionally challenging for traders," Saxo Bank analysts added.On Wednesday, Brent crude rose for its seventh consecutive session, hitting levels not seen since the peak of the Russia-Ukraine crisis in 2022.The most significant market-moving event occurred mid-week with the surprise announcement that the UAE would officially exit OPEC and the OPEC+ alliance, effective May 1.This departure, the most significant since Qatar and Angola's exits, has raised serious questions about the future of quota discipline within the remaining OPEC members.The market is currently weighing the long-term bearish potential of more UAE supply against the short-term bullish reality of the Middle East supply blockade.On Friday, the US Treasury Department's Office of Foreign Assets Control issued an alert warning of sanctions risks tied to Iran-linked payments for Hormuz transit, flagging potential exposure for global firms and financial institutions."Maritime industry participants involved with vessels calling at Iranian ports face significant sanctions risk under multiple sanctions authorities targeting Iran's shipping sector and ports, and OFAC will continue to aggressively target Iran's main revenue-generating sectors, in particular its petroleum and petrochemical sectors...," OFAC's alert said.Iran may seek payments through government-issued fiat currency, digital assets, offsets, swaps, or in-kind payments, including donations to entities such as the Iranian Red Crescent Society, OFAC added.US sanctions prohibit American individuals and US-controlled foreign entities from engaging in transactions with the Iranian government unless specifically authorized or exempt, OFAC said.Addressing reporters on Friday, Trump said oil and gasoline prices will tumble once the war ends."When the war ends, gasoline prices are going to tumble because there is so much right now on the scene already loaded into tankers, tankers that can't escape the Strait," Trump said, adding that gasoline prices are likely to fall to record lows.The US President described the US naval blockade as "unbelievable.""The blockade has been unbelievable, powerful, 100% it's been actually unbelievable. If we left right now, we'd have a great victory, but we're not doing that, negotiating with them," Trump said.Meanwhile, the market remains in backwardation, with spot prices higher than forward contracts, indicating tight prompt supply amid strong demand.A wide price disconnect emerged when futures hovered around $110/bbl, while physical crude in some regions touched nearly $150/bbl as refiners scrambled for available barrels.On the supply front, US crude stockpiles dropped by 6.2 million barrels to 459.5 mmbbls in the week ended April 24, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are now about 1% above the five-year average for this time of year, the EIA said.The US oil rig count rose by one from 407 the previous week to 408, in the week ending May 1, according to data from Baker Hughes (BKR) released Friday. That compares with 472 oil 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 four to 670 from 674 the previous week.Money managers in the WTI crude futures and options markets maintained their net long positions in the week ended April 28, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released on Friday.The data showed that money managers reported 219,650 long positions, down 827 from April 21, while short positions were up 7,073 to 84,149.For the coming week, analysts expect the market to remain highly sensitive to any headlines regarding Hormuz traffic or ceasefire negotiations.

$BKR
Commodities

US Natural Gas Prices Continue Weekly Decline on Lower Demand, Inventory Build

US natural gas markets eased over the week, as softer demand and rising stockpiles offset weather-driven volatility and a bullish storage report.The front-month June contract price fell over the week to $2.789 per million British thermal units, from $2.861/MMBtu on April 24.For the week ended April 29, the May 2026 Nymex contract was down $0.05 at $2.559/MMBtu, compared with $2.61/MMBtu the prior week, the Energy Information Administration's Weekly Gas Storage Supplement said.Natural gas spot prices fell by $0.16/MMBtu to $2.60/MMBtu during the week ended April 29, according to the EIA, from $2.76/MMBtu last week.This was attributed to a 2% decline, or 1.2 billion cubic feet per day, in total US natural gas demand compared with the prior week, with a 12% decline in residential and commercial demand during the period.The EIA noted that the Henry Hub price remained the highest recorded price across all major pricing hubs in the US during the week.The net injection into storage for the week ended April 24 was 79 Bcf, down from 103 Bcf the prior week, bringing total gas inventories to 2,142 Bcf, according to EIA data.During the same week last year, the EIA reported a net injection of 105 Bcf, with the five-year average for this period at 63 Bcf. This week's figures were below forecasts at 83 Bcf, prompting a rally in markets, according to data compiled by Investing.com.Total gas inventories at 2,142 Bcf are now 116 Bcf, or 6%, above the corresponding period a year ago, and 153 Bcf, or 8%, higher than the five-year average for this period.All regions reported a net injection of working gas during the week ended April 24, with South Central reporting the highest at 26 Bcf, bringing its total inventories to 905 Bcf. Balances at South Central are now 18 Bcf above the five-year average.Weather forecasts have remained bullish in recent weeks, with eastern parts of the US expected to see below-normal temperatures from May 08 to May 17, according to the National Weather Service.However, analysts at Pinebrook Energy Advisors believe this cold pattern over the coming weeks "will have less of an impact on natural gas demand for heating" as normal temperatures begin to climb as the calendar progresses through the new month.A total of 35 liquefied natural gas-carrying vessels left US ports during the week, the same as the previous week, with a total capacity of 133 Bcf, down by 1 Bcf compared to the prior week.Meanwhile, the US gas rig count increased by one from 129 the previous week to 130 in the week ending May 1, according to data from Baker Hughes (BKR) released Friday. That compares with 108 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, dropped by four to 670 from 674 the previous week.In international markets, European TTF gas prices averaged $15.41/MMBtu for the week ended April 29, $1.14/MMBtu higher than the previous week.The Japan-Korea Marker averaged $16.59/MMBtu, about $0.93/MMBtu higher than the prior week.

$BKR
Wire

Argus Adjusts Price Target on Baker Hughes to $79 From $67

Baker Hughes Company (BKR) has an average rating of overweight and mean price target of $70.80, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $69.30, Change: $-0.37, Percent Change: -0.53%

$BKR
Commodities

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

(Updated to include additional details.)The combined count of crude oil, natural gas, and miscellaneous rigs in the US rose by three to 547 in the week ending May 1, according to data from Baker Hughes (BKR) released Friday.The US oil rig count rose by one from 407 the previous week to 408, while the number of gas rigs increased by one from 129 the previous week to 130.The number of miscellaneous rigs in the US rose by one from eight the previous week to nine, the data revealed. The US had 472 oil, 108 gas, and four 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 four to 670 from 674 the previous week.Price: $69.30, Change: $-0.38, Percent Change: -0.54%

$BKR
Commodities

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 three to 547 in the week ending May 1, according to data from Baker Hughes (BKR) released Friday.The US oil rig count rose by one from 407 the previous week to 408, while the number of gas rigs increased by one from 129 the previous week to 130.Price: $69.27, Change: $-0.41, Percent Change: -0.58%

$BKR
Commodities

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

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

$BKR
Wire

Piper Sandler Lifts Baker Hughes Price Target to $72 From $64, Maintains Overweight Rating

Piper Sandler Lifts Baker Hughes Price Target to $72 From $64, Maintains Overweight Rating

$BKR
Commodities

Baker Hughes Beats Q1 Profit Targets as Gas Tech Demand Surges, RBC Says

Baker Hughes Company (BKR) reported stronger-than-expected first-quarter earnings, driven by robust demand in its Industrial & Energy Technology and gas-processing equipment segment, RBC Capital Markets strategists said in a note Friday.The oilfield services firm posted adjusted EBITDA of $1.16 billion for the quarter, up 12% from a year earlier and slightly above the top end of its guidance range of $980 million to $1.14 billion.RBC analysts said growth was buoyed by the IET division, which delivered EBITDA of $678 million, beating the company's forecast range of $600 million to $650 million.Margins in the segment rose to 20.2%, up 310 basis points year-on-year, supported by stronger pricing on backlog conversion and improved project execution.Orders in the IET segment remained a bright spot, with bookings totaling $4.9 billion in the quarter, resulting in a book-to-bill ratio of 1.5.Baker Hughes signaled increasing confidence in the duration and quality of its order book, pointing to potential upside to its full-year revenue midpoint guidance of $14.5 billion and its longer-term target of more than $40 billion.RBC analysts said that the strength in orders and backlog supports a more constructive medium-term outlook, raising their 2027 EBITDA estimate by 3%.Baker Hughes maintained its Q2 EBITDA guidance at about $1.13 billion and left its full-year 2026 outlook unchanged, though it expects results to come in below the midpoint of $4.85 billion.The guidance assumes ongoing disruption in the Middle East through June, with operations in the Strait of Hormuz returning to normal in H2 2026.RBC analysts said Baker Hughes remains well-positioned to benefit from both traditional energy investment cycles and the growing push toward new energy technologies, particularly as supply risks in key regions underscore the need for redundancy and diversification.RBC maintained an "outperform" rating on the stock and raised its price target to $71 from $68, based on a 12.5 times multiple of its revised 2027 EBITDA forecast.

$BKR
Research

Research Alert: CFRA Keeps Strong Buy Opinion On Shares Of Baker Hughes

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target price by $14 to $82, reflecting a combination of our sum-of-the-parts (SOTP) and DCF models. For our SOTP model, we presume the oilfield services business (about 50% of BKR's franchise) to be valued at about 10x projected 2027 EBITDA (in line with major peers) and its industrial energy technology business (the other 50%) valued at 14x projected 2027 EBITDA (in line with the peer median). This blended approach, yielding a 12x multiple, implies a value of $73 per share. Meanwhile, our DCF model, using medium-term free cash flow growth of 5% per year, terminal growth of 2.5%, discounted at a WACC of 6.3%, yields intrinsic value of $91 per share. We cut our 2026 EPS estimate by $0.47 to $2.48, but we raise 2027's by $0.07 to $3.24. We acknowledge that the oilfield services business is likely to struggle in 2026 owing to the U.S.-Iran conflict, but the IET business appears quite robust and likely to be a source of both accelerating revenue growth and margins.

$BKR
Commodities

US Natural Gas Falls for 7th Straight Week on Inventory Builds, Milder Weather Outlook

US natural gas futures posted another weekly decline amid soaring inventories, steady production, and milder weather forecasts.The front-month contract price fell over the week to $2.52 per million British thermal units, from $2.68/MMBtu on April 17.US natural gas prices have continued a downward trend into a seventh straight week, with the last weekly gain seen on March 6.The week began on a bullish note. Prices surged on Monday, supported by a dip in output and fresh uncertainties surrounding the US peace deal with Iran as the ceasefire nears an end.However, prices witnessed a sharp pullback over the rest of the week, as forecasts of high injections into inventory, along with mild weather conditions, took a toll on the market.For the week ended April 22, the May 2026 Nymex contract was down $0.11 at $2.61/MMBtu, compared with $2.72/MMBtu the prior week, the Energy Information Administration's Weekly Gas Storage Supplement said.Natural gas spot prices rose by $0.01/MMBtu to $2.76/MMBtu during the week ended April 22, according to the EIA, from $2.75 per MMBtu last week.This was attributed to a 4%, or 2.3 billion cubic feet per day, increase in total US domestic natural gas demand, compared to the prior week, along with a 10% rise in residential and commercial consumption.The Henry Hub price remained the highest recorded across all major pricing hubs in the US, on Wednesday, the EIA reported.Temperatures across the country were largely normal, ranging from 40 degrees Fahrenheit to 80 degrees Fahrenheit during the week.The EIA posted a net injection of 103 Bcf into storage for the week ended April 17, up from a net injection of 59 Bcf the previous week, bringing total gas inventories to 2,063 Bcf.During the same week last year, the EIA reported a net injection of 77 Bcf, while the five-year average for this period was an injection of 64 Bcf. This week's figures were also above the 96 Bcf forecast, according to data compiled by Investing.com.Total gas inventories at 1,970 Bcf are now 142 Bcf, or 7%, above the corresponding period a year ago, and 137 Bcf, or 7%, higher than the five-year average for this period.All regions reported a net injection in working gas during the week ended Apr. 17, with South Central seeing the highest at 40 Bcf, with its total inventories now at 879 Bcf. The Midwest and East regions reported 33 Bcf and 26 Bcf, respectively.Pinebrook Energy Advisors noted that the week's injection was the "largest on record for this early in the season," while attributing it to significantly lower weather-related demand during the period.While weather conditions continued to remain mild throughout the past few weeks, forecasts have turned bullish recently, with nearly half of the country, in the Eastern, Central and Northern regions, expected to see below-normal temperatures from May 1-7, according to the National Weather Service.A total of 35 liquefied natural gas-carrying vessels left US ports during the week, the same as the previous week, with a total capacity of 134 Bcf, up by 1 Bcf compared to the prior week.In international markets, European TTF gas prices averaged $14.27/MMBtu for the week ended April 22, $0.96/MMBtu lower than the previous week.The Japan-Korea Marker averaged $15.66/MMBtu, about $3.72/MMBtu lower than the prior week.Meanwhile, the US gas rig count increased by four from 125 the previous week to 129, in the week ending April 24, according to data from Baker Hughes (BKR) released Friday. The US had 107 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 one to 674 from 673 the previous week.

$BKR
Oil & Energy

Weekly Crude Rally Builds, Brent Surges Over 17% on Supply Risks Amid Middle East Uncertainty

Global oil benchmarks posted massive weekly gains, as the market abandoned hopes for a swift resolution, pivoting toward a prolonged standoff that is squeezing global inventories at an alarming rate.West Texas Intermediate closed Friday at $94.88/bbl, up from $85.57/bbl the previous week, while Brent futures settled higher at $105.98/bbl, up from $91.78/bbl a week earlier.Brent rose over 17% and WTI gained over 13% on a weekly basis.The oil market experienced a volatile week, beginning with a relief rally and ending with a significant geopolitical risk premium as tensions in the Middle East intensified.SEB analysts said that Brent crude rose about $9/bbl this week, reflecting a stark shift in sentiment from "a deal is around the corner" to "this will take longer than expected."They warned that every week of delay beyond the May 1 deadline theoretically adds $5/bbl to the rest-of-year average.Optimism evaporated by midweek following the collapse of fresh peace talks and a series of maritime escalations.By Wednesday and Thursday, Iran's Islamic Revolutionary Guard Corps released footage of commandos seizing multiple foreign container ships, while the US military retaliated by interdicting a tanker suspected of smuggling Iranian crude in the Indian Ocean.However, reports of Iranian Foreign Minister Abbas Araghchi's visit to Pakistan on Friday briefly triggered a 1% slide in WTI prices."Embarking on timely tour of Islamabad, Muscat, and Moscow. Purpose of my visits is to closely coordinate with our partners on bilateral matters and consult on regional developments," Araghchi said in a social media post on X.However, Esmaeil Baqaei, Head of the Center for Public Diplomacy and Spokesperson for Iran's Ministry of Foreign Affairs, posted on X that the visit to Islamabad, Pakistan, was official. "FM Araghchi will be meeting with Pakistani high-level officials in concert with their ongoing mediation & good offices for ending American-imposed war of aggression and the restitution of peace in our region," Baqaei posted."No meeting is planned to take place between Iran and the US. Iran's observations would be conveyed to Pakistan," Baqaei said.Analysts said that the scale of the crisis is unprecedented, with global supply disruptions widening from 9.1 million barrels per day in March to 13.7 mmb/d in April.With global inventories drawing down by 100 million barrels per week, a mid-May reopening could floor Brent at $100/bbl, while a delay into June or July would drive prices meaningfully higher, analysts noted.J.P. Morgan analysts report that the world's spare capacity concentrated in Saudi Arabia and the UAE is effectively cut off, stripping the market of its traditional stabilization mechanism.Asian refiners face steep throughput drops as regional crude imports hit a 10-year low, according to a Reuters report.HFI Research strategists suggest the structural damage to the oil market means it "will never be the same again."On the supply front, US crude stockpiles rose by 1.9 mmbbls to 465.7 mmbbls in the week ended April 17, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are now about 3% above the five-year average for this time of year, the EIA said.Money managers in the WTI crude futures and options markets maintained their net long positions in the week ended April 21, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released Friday.The data showed that money managers reported 220,477 long positions, down 5,673 from April 14, while short positions were down 4,830 to 77,076.The US oil rig count dropped by three from 410 the previous week to 407 in the week ending April 24, according to data from Baker Hughes (BKR) released Friday. The US had 475 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 one to 674 from 673 the previous week.

$BKR
Equities

S&P 500 Posts Fourth Consecutive Weekly Gain, Hits New Highs

The Standard & Poor's 500 index rose 0.55% this week to another round of fresh highs, led by the energy and technology sectors as oil prices climbed and Intel's (INTC) earnings topped views.The S&P 500 ended Friday's session at 7,165.08, its highest closing level yet. The market benchmark also reached a fresh intraday high on Friday at 7,168.59.This marks the S&P 500's fourth weekly gain in a row. It's up 9.8% for April and 4.7% for the year.US retail sales last month logged the largest rise since March 2025, data released earlier this week showed. The increase, however, came amid a surge in spending at gasoline station as the Middle East conflict led to higher prices.US consumer sentiment improved from an initial April estimate, and consumer sentiment remained at a record low as near-term inflation expectations logged the biggest monthly increase in a year, according to final University of Michigan survey results.The energy sector led the week's advance, rising 3.2%, followed by a 3.1% increase in technology and a 1.2% rise in consumer staples. Utilities and materials also edged higher.The energy sector's increase came as crude oil futures rose amid continued uncertainty in the Middle East.Baker Hughes (BKR) had the largest percentage gain in the energy sector, climbing 15% as the company reported Q1 adjusted earnings and revenue above analysts' mean estimates.The technology sector was boosted by stronger-than expected first-quarter results from Intel amid artificial intelligence-driven demand. The chip maker also issued an upbeat Q2 outlook. Its shares jumped 21% on the week.On the downside, health care fell 3.1%, followed by a 1.9% drop in financials and a 1.5% slip in real estate. Communication services, industrials and consumer discretionary also edged lower.HCA Healthcare (HCA) led the decliners in health care, falling 11%. The hospital operator's first-quarter results exceeded market expectations but the company also said it didn't experience its typical increase in seasonal volume during the quarter, mainly due to a drop in admissions related to respiratory issues.Thermo Fisher Scientific (TMO) also lost 11%. The medical device manufacturer raised its full-year outlook as first-quarter results came in stronger than expected, but investors were disappointed by its organic growth, which fell short of analysts' estimates.Next week's earnings calendar features a number of large companies including Google parent Alphabet (GOOG), Microsoft (MSFT), Amazon.com (AMZN), Facebook parent Meta Platforms (META), Apple (AAPL), Eli Lilly (LLY), Mastercard (MA), Caterpillar (CAT), Merck (MRK), Berkshire Hathaway (BRK.A, BRK.B), Verizon Communications (VZ), Visa (V) and Coca-Cola (KO).Economic data will include Q1 gross domestic product, March personal consumption expenditures and April consumer confidence, among other reports.The Federal Reserve's Federal Open Market Committee will hold a two-day rate policy meeting, concluding on Wednesday.

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