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Baker Hughes

Baker Hughes

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209 stories mentioning Baker HughesUpdated 2d 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.

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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
Sectors

Sector Update: Energy Stocks Gain Wednesday Afternoon

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 1.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.1%.The Philadelphia Oil Service Sector Index was climbing 1.9%, and the Dow Jones US Utilities Index was decreasing 0.4%.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 jumped 6.1% to $74.72 a barrel, and the global benchmark Brent crude contract climbed 6.6% to $79.08 a barrel. Henry Hub natural gas futures fell 1.3% 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, Chevron (CVX) unit Chevron Technical Center and ZL Chemicals signed a technology licensing deal that allows ZL Chemicals to commercialize Chevron-developed chemical surfactant technology, the companies said Wednesday. Chevron shares were up 1%.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 climbed 4.1%.Petrobras (PBR) has signed a settlement agreement with Brazil's oil regulator ANP to bring 335 offshore wells into compliance with well integrity regulations by Dec. 31, 2030, according to a translation of a statement from the regulator. Petrobras shares rose 2.8%.

$BKR$CVX$PBR
Asia Markets

Update: US Equity Indexes Decline, Crude Oil Jumps as Trump's Threats to Strike Iran Again Elevate Geopolitical Risk

(Updates with index/price moves, macroeconomic data, and political news from the first paragraph.)US equity indexes fell while volatility jumped with crude oil and government bond yields after President Donald Trump warned of more strikes on Iran after saying a peace deal signed in June "is over"The Dow Jones Industrial Average dropped 1.2% to 52,294.8, with the Nasdaq Composite down 0.2% to 25,760.5, and the S&P 500 lower by 0.5% to 7,469.1 after midday Wednesday.Energy was the standout gainer, with Valero Energy (VLO), Occidental Petroleum (OXY), and Phillips 66 (PSX) leading the S&P 500. Chevron (CVX) was the Dow's top gainer. On Nasdaq, the top spot went to Baker Hughes (BKR).The CBOE Volatility Index jumped 6% to 17 after Trump said, per a Bloomberg report, the US would probably launch further strikes on Iran and could resume a blockade on the country's ports.American forces launched strikes against more than 80 targets in Iran, including air defense systems, command-and-control networks, coastal radar installations and anti-ship missile capabilities, in response to recent attacks on commercial shipping in the Strait of Hormuz, according to a Deutsche Bank note on Wednesday. The strikes were accompanied by the US Treasury's decision to revoke a waiver that had allowed new Iranian oil sales, it said."We hit them very hard last night," Trump said Wednesday on the sidelines of a summit of the North Atlantic Treaty Organization leaders in Ankara, Turkey. "Probably hit them hard again tonight."The front-month global benchmark North Sea Brent soared 7% to $79.37 a barrel, and the US West Texas Intermediate surged 6.9% to $75.29 a barrel.After the burial ceremony of Iran's Supreme Leader Ayatollah Ali Khamenei - killed by an Israeli strike at the outset of the conflict - ends on July 9, both warring sides could adopt an even harder stance, driving a further uptick in geopolitical risk premiums, according to a note from Rystad Energy."Even if no sustained physical disruption materializes, uncertainty around vessel safety, insurance costs, potential delays, and the risk of further retaliation is likely to keep volatility elevated in the near term," the Rystad note said.US Treasury yields rose, reflecting market concern that higher crude oil prices, driven by a supply shock, will make it harder for the Federal Reserve to fight inflation. The two-year yield jumped 5.8 basis points to 4.22%, and the 10-year climbed 6.2 basis points to 4.59%.Inflation concerns also sent gold futures down 2.7% to $4,045.6 and silver futures lower by 5.5% to $57.98.In economic news, the minutes from the Fed's policy meeting on June 16-17 are due at 2 pm ET. Investors will parse the views on the direction of interest rates at a time when the market is pricing in hikes. The probability of a 25-basis-point increase in rates is the highest among all other policy outcomes in September, October, and December, the CME FedWatch tool showed Wednesday.Meanwhile, in company news, Apple (AAPL) said Wednesday that Broadcom (AVGO) will produce chips for use in the iPhone maker's products in a deal likely worth more than $30 billion.

Dow JonesNasdaq CompositeS&P 500$AAPL.AVGO$BKR$CVX$OXY$PSX$VLO
Japan

Update: US Equity Indexes Slide, Crude Oil Surges After Trump Threatens More Strikes on Iran

(Updates with index/price moves and political news from the first paragraph.)US equity indexes slumped while volatility surged with crude oil and government bond yields after President Donald Trump warned of more strikes on Iran after saying a peace deal signed in June "is over"The Dow Jones Industrial Average dropped 1.5% to 52,107.8, with the Nasdaq Composite down 1% to 25,572.5, and the S&P 500 lower by 1% to 7,434.1 after midday Wednesday.Energy was the standout gainer, with Valero Energy (VLO), Occidental Petroleum (OXY), and Phillips 66 (PSX) leading the S&P 500. Chevron (CVX) was the Dow's top gainer. On Nasdaq, the top spot went to Baker Hughes (BKR).The CBOE Volatility Index jumped 13% to 18.18 after Trump said, per a Bloomberg report, the US would probably launch further strikes on Iran and could resume a blockade on the country's ports."We hit them very hard last night," Trump said Wednesday on the sidelines of a summit of the North Atlantic Treaty Organization leaders in Ankara, Turkey. "Probably hit them hard again tonight."The front-month global benchmark North Sea Brent soared 7% to $79.37 a barrel, and the US West Texas Intermediate surged 6.9% to $75.29 a barrel.US Treasury yields rose, with the two-year yield jumping 5.8 basis points to $4.22% and the 10-year climbing 6.2 basis points to 4.59%.

Dow JonesNasdaq CompositeS&P 500$BKR$CVX$OXY$PSX$VLO
Sectors

Sector Update: Energy Stocks Advance Pre-Bell Wednesday

Energy stocks were advancing pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) up 1.7%.The United States Oil Fund (USO) was up 2.4% and the United States Natural Gas Fund (UNG) was 0.9% higher.Front-month US West Texas Intermediate crude oil was 4.8% higher at $73.81 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 5.1% to $77.91 per barrel, and natural gas futures were up 1.2% at $3.30 per 1 million British Thermal Units.Exxon Mobil (XOM) stock was up more than 1% after the company said in a filing that changes in oil prices could raise its Q2 upstream earnings by $3.5 billion to $3.9 billion, while changes in gas prices could either result in a $200 million loss or a similar gain.Petrobras (PBR) has signed a settlement agreement with Brazil's oil regulator ANP to bring 335 offshore wells into compliance with well integrity regulations by Dec. 31, 2030, according to a translation of a statement from the regulator. Shares of Petrobras were up more than 2% pre-bell.Baker Hughes (BKR) will provide power generation solutions to support Kodiak Gas Services' (KGS) expanding energy infrastructure initiatives under a new multi-year agreement, the companies said. Baker Hughes stock was up more than 1% premarket.

$BKR$KGS$PBR$UNG$USO$XLE$XOM
Oil & Energy

Weekly Crude Prices Fall for 4th Straight Week Amid Shipping Recovery, Easing US-Iran Tensions

Oil benchmarks continued their weekly downward streak on Friday, with both WTI and Brent hovering near pre-war levels as shipping recovers, while easing US-Iran peace tensions continue to weigh on prices.West Texas Intermediate settled at $68.78 /bbl, down from $70.24/bbl the previous week, while Brent closed at $71.94 /bbl from $73.15/bbl a week earlier.Brent and WTI contracts fell for their fourth straight week, down about 0.2% and 0.8%, respectively.Analysts noted that the primary bearish trigger for the market has been a rapid pick-up in commercial tanker traffic navigating the reopened Strait of Hormuz, which has significantly eased concerns over global supply shortages.The sudden return of these physical barrels, combined with ongoing releases from the US Strategic Petroleum Reserve, has placed intense pressure on the front end of the forward curve, pushing Dubai deeper into contango and dragging Brent down, ING analysts said.Brent trades near unchanged on the week, having returned to pre-war levels, with support emerging ahead of $70, Saxo Bank strategists said, adding that this may signal that the ongoing recovery in supply flows through the Strait of Hormuz is now largely priced in.Despite the week's overarching bearish sentiment, trading actually began with an initial price spike on Monday.Crude futures rose after US Central Command launched retaliatory airstrikes over the weekend against Iranian military targets following a drone attack on a commercial vessel.However, these gains rapidly evaporated during Asian trading hours after Washington and Tehran agreed to halt active hostilities and implement a temporary ceasefire to restore shipping lanes.Early in the week, Washington indicated that teams were convening in Doha to iron out implementation details, while Iran's Deputy Foreign Minister Kazem Gharibabadi explicitly denied that any working-group meetings were scheduled.As the week progressed, positive diplomatic rhetoric and shifting supply fundamentals continued to push prices downward.On Wednesday, benchmarks dipped over 1% as President Trump stated that discussions with Iran were going very well.Adding momentum to the thaw, Iranian President Masoud Pezeshkian announced that certain international financial and foreign-exchange restrictions on Iran had already been eased, allowing sustained crude exports.Meanwhile, separate indirect meetings mediated by Qatar and Pakistan in Doha reportedly yielded positive progress on the US-Iran memorandum of understanding.However, energy market analysts remain highly cautious about midstream risks.Kpler reported that the reopened shipping corridors remain fraught with compliance risks, leaving commercial vessel operators caught between Iranian demands for tightly regulated, heavily tolled exits and strict retaliatory penalties from the US.On the domestic front, Trump issued a firm directive ordering gasoline retailers to immediately cut retail pump prices toward a $2.50-per-gallon target.Simultaneously, a sharp draw in US crude inventories shifted market attention. Data from the Energy Information Administration confirmed that commercial crude oil inventories decreased by 3.8 million barrels to 408.4 million barrels for the week ended June 26.US Strategic Petroleum Reserve inventories also dropped sharply by 5.5 million barrels, down to 325.7 million barrels.Geopolitics shifted elsewhere on Wednesday when Ukrainian long-range air strikes struck Russia's oil refinery complex, an attack that Ukrainian President Volodymyr Zelenskyy noted would heap further pressure on a foe already plagued by growing domestic fuel shortages.By Friday, the immediate sell-off stalled as investor positioning ahead of the US holiday weekend triggered short-covering and position squaring.Analysts noted that while the front end of the curve looks heavily supplied today, this initial wall of returning physical supply may soon be fully absorbed by these emerging structural demand forces.Rig activity rose over the week with the US oil rig count up by five from 440 the previous week to 445 in the week ending July 2, according to data from Baker Hughes (BKR) released Thursday. That compares with 425 oil rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, remained unchanged at 770 from last week.Meanwhile, market participants are eyeing another widely expected incremental hike in oil output as members of the Organization of the Petroleum Exporting Countries and allies meet on Sunday.The meeting comes amid media reports last week that the founding member, Iraq, has threatened to leave the producer cartel over quota disagreements.Iraq's oil ministry reportedly denied last week that the country was considering leaving OPEC, saying the claims did not reflect the government's official position.The warning follows the UAE's recent exit from OPEC and could mark one of the most significant setbacks in the group's history, as Iraq is OPEC's second-largest producer.

$BKR
Commodities

US Weekly Natural Gas Prices Edge Lower as Storage Build Outweighs Heat-Driven Demand

US natural gas markets ended the week lower amid higher-than-expected gas injections into storage during the reporting period, despite extreme heat forecasts.In the futures market, the Nymex front-month August contract edged lower to $3.25 per million British thermal unit, from $3.26/MMBtu on June 26.Natural gas spot prices rose by $0.11/MMBtu to $3.33/MMBtu during the week ended July 1, from $3.22/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, from a decrease of $1.96/MMBtu at SoCal Border-Ehrenberg to an increase of $2.32/MMBtu at the Algonquin Citygate, which serves the Boston area.The Northeast regions saw prices surge as the heat dome raised temperatures, leading to pipeline capacity constraints.US LNG feedgas flows remained elevated throughout the past week, consistently above 19 billion cubic feet per day, compared to the 30-day moving average of 18.50 Bcf, according to the Bloomberg LNG Feedgas Model, as major export facilities came back online after being shut for Spring maintenance.The net injection into storage for the week ended June 26 was 87 Bcf, ahead of last week's 76 Bcf, bringing total gas inventories to 2,922 Bcf, according to EIA data.The net build came in above forecasts, which expected a net injection of 81 Bcf. It was also above last year's net build of 61 Bcf and the five-year average for this period of 64 Bcf, according to data compiled by Investing.com.All regions reported a net injection during the week, with the Midwest and Eastern regions reporting the biggest spikes, at 34 Bcf and 29 Bcf, respectively, while South Central was up 20 Bcf.At 2,922 Bcf, US working gas inventories were 23 Bcf, or 1% below the corresponding period a year ago, while reporting a surplus of 175 Bcf, or 6% compared to the five-year average for this period.According to Pinebrook Energy Advisors, inventories were now in a "comfortable position heading into peak Summer," but analysts warned that a protracted heatwave across the country could erode this surplus relative to the five-year average, adding to the market's bullish sentiment.Meanwhile, weather forecasts remained bullish, with almost the entire country set to experience above-normal temperatures from July 10 to July 16, according to the National Weather Service.According to forecasts from Severe-Weather Europe, a "historic Heat Dome" is parked over the nation, expected to bring intense heat and soaring humidity, with over 230 million Americans experiencing daytime highs over 90 degrees Fahrenheit.This will lead to increased space-cooling demand, driving gas-fired power consumption over the next few weeks before temperatures normalize.A total of 36 LNG carriers departed US ports during the week, up from 35 the previous week, with a combined capacity of 136 Bcf, 1 Bcf higher than a week earlier.The US gas rig count rose by one from 125 the previous week to 126, in the week ending July 2, according to data from Baker Hughes (BKR) released Thursday. 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, remained unchanged at 770 from last week.In international markets, European TTF gas prices averaged $14.03/MMBtu for the week ended July 1, $0.21/MMBtu higher than the previous week. Meanwhile, the Japan-Korea Marker averaged $15.76/MMBtu, about $0.14/MMBtu above the prior week.

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