Baker Hughes

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

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

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

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

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

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

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

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

US Active Rig Count Rises by 4, Baker Hughes Says

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

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

Sector Update: Energy Stocks Mixed Late Afternoon

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

Sector Update: Energy Stocks Edge Higher in Afternoon Trading

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

Sector Update: Energy Stocks Advance Premarket Thursday

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

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks declined late Tuesday afternoon with the NYSE Energy Sector Index falling 2.2% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2.5%.The Philadelphia Oil Service Sector Index shed 0.2%, and the Dow Jones US Utilities Index rose 0.3%.West Texas Intermediate crude oil fell 2.7% to $93.96 a barrel, and global benchmark Brent rose 3.8% to $99.79 a barrel. Henry Hub natural gas futures was slightly lower at $2.91 per 1 million BTU.In corporate news, Occidental Petroleum (OXY) is acquiring a 10% stake in Exxon Mobil's (XOM) deepwater exploration block off the coast of Trinidad and Tobago, Reuters reported. Occidental shares were down 1.9%, and Exxon fell 3.1%.BP's (BP) board unanimously removed Albert Manifold as chair and director, effective immediately. BP shares fell 3.9%.Oklo (OKLO) shares jumped 4.5% after it said Tuesday it has been selected by the US Department of Energy, along with four other nuclear companies, for advanced talks under the surplus plutonium utilization program.Baker Hughes (BKR) shares rose 1.1% after it said it has extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin. Petrobras shares were down 2.3%.

Update: Baker Hughes Shares Rise After Petrobras Deepwater Drilling Contract in Brazil Extended

(Updates with recent stock movement in headline and first paragraph.)Baker Hughes (BKR) shares rose as much as 2.8% in intraday trading on Tuesday after the company said it extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin.The company said it will supply drilling and well construction technology, including its rotary steerable system, logging-while-drilling tools and extended-life drill bits, to support deepwater development of pre-salt oil and gas fields.Financial terms were not disclosed.Price: $66.85, Change: $+0.79, Percent Change: +1.20%

Sector Update: Energy Stocks Fall Tuesday Afternoon

Energy stocks declined Tuesday afternoon with the NYSE Energy Sector Index falling 1.6% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2%.The Philadelphia Oil Service Sector Index shed 0.6%, and the Dow Jones US Utilities Index rose 0.5%.West Texas Intermediate crude oil fell 2.7% to $93.97 a barrel, and global benchmark Brent rose 3.7% to $99.69 a barrel. Henry Hub natural gas futures advanced 0.7% to $2.93 per 1 million BTU.In corporate news, BP's (BP) board unanimously removed Albert Manifold as chair and director, effective immediately. BP shares fell 4.4%.Oklo (OKLO) shares jumped 7.1% after it said Tuesday it has been selected by the US Department of Energy, along with four other nuclear companies, for advanced talks under the surplus plutonium utilization program.Baker Hughes (BKR) shares rose 1.4% after it said it has extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin. Petrobras shares were down 2.1%.

Sector Update: Energy Stocks Decline Premarket Tuesday

Energy stocks were declining premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.1% lower.The United States Oil Fund (USO) was down 3.5% and The United States Natural Gas Fund (UNG) was 1.5% higher.Front-month US West Texas Intermediate crude oil was 3.9% lower at $92.80 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3% to $99.04 per barrel, and natural gas futures were up 2% at $2.97 per 1 million British Thermal Units.BP (BP) stock was down more than 4% after the company said its board unanimously decided to remove Albert Manifold as chair and director.Baker Hughes (BKR) said it has extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin. Petrobras shares were down more than 2% premarket.Northern Oil and Gas (NOG) said it is acquiring a 25% stake in Canadian oil-producing assets for about 350 million Canadian dollars ($254 million). Northern Oil and Gas stock was down more than 1% pre-bell.

Baker Hughes Extends Petrobras Deepwater Drilling Contract in Brazil

Baker Hughes (BKR) said Tuesday it has extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin.The company said it will supply drilling and well construction technology, including its rotary steerable system, logging-while-drilling tools and extended-life drill bits, to support deepwater development of pre-salt oil and gas fields.Financial terms were not disclosed.Shares of Baker Hughes were 0.7% lower in premarket trading.

Weekly Crude Prices Slip as Geopolitical Optimism Fades, Inventory Drawdowns Deepen

Crude benchmarks retreated over the week, with both WTI and Brent erasing prior gains as early optimism around a paused US military strike faded amid persistent supply bottlenecks and steep draws in US commercial inventories.West Texas Intermediate settled at $97 per barrel, down from $105.66/bbl the previous week, while Brent closed at $101.14/bbl, down from $109.18/bbl a week earlier.Futures began the week on a weaker note as profit-taking kicked in fueled by the lack of tangible progress in Middle East talks following the bilateral meeting between US President Donald Trump and Chinese President Xi Jinping.Prices slid further after Trump posted on Truth Social that he had paused a scheduled military strike on Iran at Qatar's request, followed by statements at the White House Congressional Picnic indicating the war would end "very quickly."However, this mid-week optimism collapsed by Thursday, forcing a sharp weekend rally."While there are signs of optimism, uncertainty reigns," ING analysts noted.Beneath the shifting political rhetoric, the structural reality of global supply disruptions provided a hard floor for prices.The strategic Strait of Hormuz continues to operate at a mere fraction of its pre-war baseline, keeping roughly one-fifth of global oil supply heavily choked.The prolonged disruption in Hormuz has driven a sharp drawdown in global crude and fuel inventories, while the International Energy Agency reiterated its readiness to release additional emergency stockpiles if supply pressures intensify further, said Soojin Kim, research analyst at MUFG.While J.P. Morgan analysts noted that the accelerating pace of global inventory depletion must ultimately force the chokepoint to reopen, they cautioned that even a June resumption would leave broader balances tight into the second half of the year.On the supply side, the American Petroleum Institute initially reported a massive 9.1-million-barrel drop in US commercial crude stocks, which was later confirmed by the US Energy Information Administration, showing a 7.9-million-barrel weekly drawdown to 445 million barrels.Additionally, US Strategic Petroleum Reserve inventories fell to 374.2 million barrels for the week ended May 15, down from 384.1 million barrels a week ago, marking a weekly decline of 9.9 mmbbls, EIA data showed.HFI Research projected that, using the US inventory as a barometer, Brent is fundamentally positioned to breach $120//bbl within a month.Hopes for an imminent peace deal evaporated following a Reuters report revealing that Iran's Supreme Leader, Ayatollah Mojtaba Khamenei, issued a strict directive banning the export of the country's near-weapons-grade enriched uranium, directly defying Washington's core demand for complete extraction.Geopolitical friction compounded on Friday over a disputed Iranian proposal to establish a formal tolling and transit fee system for vessels navigating the Strait of Hormuz.Speaking at an Environmental Protection Agency event, Trump rejected the maritime tax, reiterating that the US mandates the chokepoint remain a free international waterway.Heading into the weekend, analysts at ING concluded that energy capital flows remain ultra-sensitive, leaving the market highly vulnerable to sudden whipsaws as long as a prolonged breakdown in talks threatens catastrophic physical shortages.On the operational side, the US oil rig count rose by 10 from 415 the previous week to 425 in the week ending May 22, according to data from Baker Hughes (BKR) released Friday. That compares with 455 oil rigs in operation a year earlier.According to a Bloomberg analysis, this is the biggest weekly jump in crude rigs since April 2022.The consolidated North American oil and gas rig count, a key early indicator of future production levels, rose by 21 to 696 from 675 the previous week.Meanwhile, money managers in the WTI crude futures and options markets maintained their net long positions in the week ended May 19, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released on Friday.The data showed that money managers reported 216,414 long positions, up 2,286 from May 12, while short positions were down 6,906 to 77,640.

Weekly US Natural Gas Prices Rise on Heatwave Forecasts Despite 16-Week Low in LNG Feedgas Flows

US natural gas markets edged higher over the week as weather forecasts pointed to above-normal temperatures, even as consumption remained muted and LNG feedgas flows hit a multi-week low.The front-month June futures contract price rose to $2.92 per million thermal units on Friday, up from $2.86/MMBtu on May 18.The front-month June contract price rose to $3.004/MMBtu from $2.864/MMBtu on May 15, according to the US Energy Information Administration's Weekly Gas Storage Supplement, released on Thursday.Natural gas spot prices rose by $0.31/MMBtu to $3.19/MMBtu during the week ended May 20, according to the EIA, from $2.88/MMBtu the prior week.This comes despite a 0.9 billion cubic feet per day, or 1% decline in total US natural gas consumption during the week, led by a 1.6 Bcf/d, or 14% drop in demand from the residential and commercial sectors. Electric power burn demand, however, increased by 1 Bcf/d, or 3%, during the same period.This was attributed to above-normal temperatures across most of the country during the week, which increased cooling gas demand.At the same time, natural gas supplies declined slightly by 0.2 Bcf/d, or less than 1%, amid a reduction in Canadian imports into the US, according to data from LSEG.Meanwhile, LNG feedgas flows dropped to their lowest level in 16 weeks, at 15.1 Bcf on Tuesday, from a record high of 18.8 Bcf/d in April, due to spring maintenance outages at several leading export terminals, according to data from LSEG.Prices rose across most regional hubs during the week, with Transco Zone 6 NY seeing a $0.41/MMBtu increase, while SoCal reported a $0.07/MMBtu decrease.The net injection into storage for the week ended May 15 was 101 Bcf, up from 85 Bcf the prior week, bringing total gas inventories to 2,391 Bcf, according to EIA data. The injection was above analyst forecasts of 96 Bcf, indicating a bearish build, according to data compiled by Investing.com.During the same period last year, the EIA reported a net injection of 119 Bcf, with the five-year average for this period at 92 Bcf.All regions reported a net injection of working gas into storage for the week ended May 15, with East and South Central up 31 Bcf, bringing their inventories to 419 Bcf and 972 Bcf, respectively. The Pacific region is now at a 34% surplus relative to its five-year average, while South Central has just moved to a 1% surplus.According to Pinebrook Energy Advisors, this week's EIA report indicated a "looser fundamental balance than the prior week," which was attributed to lower weather-related consumption across most sectors.They, however, noted that the heatwave experienced late last week was outside the reporting window and should appear in the upcoming week's report. "For now, the market appears to be balancing a bearish near-term storage number against early signs of a summer of strong demand," the report said.Weather forecasts call for above-normal temperatures to persist across most of the country from May 29 to June 4, according to the National Weather Service, which is expected to add to cooling gas demand over the next few weeks.Meanwhile, the US gas rig count dropped by three from 128 the previous week to 125, in the week ending May 22, 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 21 to 696 from 675 the previous week.A total of 34 liquefied natural gas-carrying vessels left US ports during the week, down by 3, compared to 37 vessels last week, with a total capacity of 128 Bcf, down by 13 Bcf compared to the prior week.In international markets, European TTF gas prices averaged $17.01/MMBtu for the week ended May 20, $1.33/MMBtu higher than the previous week.The Japan-Korea Marker averaged $18.33/MMBtu, about $1.40/MMBtu higher than the prior week.

US Oil Update: Futures Settle Higher on Slow Progress in US-Iran Peace Talks

Crude oil prices settled higher in after-hours trading on Friday as markets weighed the prospect of a breakthrough in US-Iran peace negotiations against the prolonged closure of the Strait of Hormuz.Front-month West Texas Intermediate crude futures rose by 0.67% to $97 per barrel, while Brent futures climbed 1.35% to $103.96/bbl.The US and Iran have signaled progress in talks to end the war, but the two sides remain at loggerheads over Tehran's enriched uranium stockpile and tolls on vessels transiting the Strait of Hormuz."While there are signs of optimism, uncertainty reigns. This is not the first time a deal seemed close, only for negotiations to break down," ING strategists said in a note Friday.US Secretary of State Marco Rubio told reporters in Sweden, while attending a Nato summit, that there had been "slight progress" in the latest round of talks aimed at preventing a wider regional conflict."We are doing everything we can to achieve the global consensus necessary to prevent Iran from creating a tolling system, and we're trying to use the United Nations," Rubio told reporters at the Nato summit.Though Iran said the latest proposal from the US partly bridged the gap between the two sides, comments from Supreme Leader Ayatollah Mojtaba Khamenei about keeping Tehran's uranium stockpile and a dispute over tolls in the Strait clouded the outlook for a breakthrough.Pakistan's army chief, Asim Munir, arrived in Tehran on Friday, where he is expected to meet key Iranian figures to discuss Iran-US peace talks and regional peace and stability.Separately, a Qatari negotiating team arrived in Tehran on Friday in coordination with the US to help secure a deal, according to media reports.Soojin Kim, research analyst at MUFG, said the prolonged disruption in Hormuz has driven a sharp drawdown in global crude and fuel inventories, while the International Energy Agency reiterated its readiness to release additional emergency stockpiles if supply pressures intensify further.On the operational side, the number of rigs drilling in the US rose by seven to 558 in the week ending May 22, Baker Hughes (BKR) said on Friday, amid a resurgence in domestic activity as the Middle East conflict drives up energy prices.The US oil rig count rose by 10 from 415 the previous week to 425, while the number of gas rigs dropped by three from 128 the previous week to 125.Meanwhile, US consumers continue to feel the impact of energy inflation, as gasoline prices have climbed to their highest level for the Memorial Day holiday since 2022, the Energy Information Administration said on Friday.The EIA said the national average price for regular gasoline reached $4.49 per gallon on May 18, up 42% from a year earlier and marking the highest level for the Monday before Memorial Day weekend since Russia's invasion of Ukraine disrupted oil markets three years ago.

US Oil Update: Futures Hold Steady With US-Iran Talks in Focus

Crude oil prices were little changed in midday trading on Friday as investors assessed a potential breakthrough in US-Iran peace talks, while markets positioned themselves ahead of the start of the US summer driving season.Front-month West Texas Intermediate crude futures eased by 0.08% to $96.48 per barrel, while Brent futures were UP 0.63% to $103.22/bbl.Saxo Bank strategists said major hurdles remain between the US and Iran, with Washington demanding that Tehran hand over its enriched uranium stockpile and commit to ending uranium enrichment, terms Iranian leaders have publicly resisted.Supreme Leader Ayatollah Mojtaba Khamenei issued a directive ordering Iran's enriched uranium to remain in the country, denting hopes for a swift resolution to the conflict, according to media reports on Thursday.US Secretary of State Marco Rubio told reporters in Sweden, where he is attending a Nato summit, that there had been "slight progress" in the latest round of talks aimed at preventing a wider regional conflict."We are doing everything we can to achieve the global consensus necessary to prevent Iran from creating a tolling system, and we're trying to use the United Nations," Rubio reportedly said at the Nato summit.Pakistan's army chief, Asim Munir, arrived in Tehran on Friday, where he is expected to meet key Iranian figures to discuss Iran-US peace talks and regional peace and stability.Separately, a Qatari negotiating team arrived in Tehran on Friday in coordination with the US to help secure a deal, according to media reports."Markets are still searching for signs of progress in a potential deal between the US and Iran. While there are signs of optimism, uncertainty reigns," ING strategists said on Friday.On the operational side, the number of rigs drilling in the US rose by seven to 558 in the week ending May 22, Baker Hughes (BKR) said on Friday, amid a resurgence in domestic activity as the Middle East conflict drives up energy prices.The US oil rig count rose by 10 from 415 the previous week to 425, while the number of gas rigs dropped by three from 128 the previous week to 125.Meanwhile, US consumers continue to feel the impact of energy inflation, as gasoline prices have climbed to their highest level for the Memorial Day holiday since 2022, the Energy Information Administration said on Friday.The EIA said the national average price for regular gasoline reached $4.49 per gallon on May 18, up 42% from a year earlier and marking the highest level for the Monday before Memorial Day weekend since Russia's invasion of Ukraine disrupted oil markets three years ago.On Thursday, the International Energy Agency said that global oil markets could soon enter a "red zone" as stocks deplete and demand picks up during the summer travel season.IEA executive director Fatih Birol said the single most important solution to the Iran war energy shock is a full and unconditional reopening of the Hormuz.Price: $66.17, Change: $+0.37, Percent Change: +0.56%

Update: US Active Rig Count Rises by 7, Baker Hughes Says

(Updates to include additional details.)The combined count of crude oil, natural gas, and miscellaneous rigs in the US rose by seven to 558 in the week ending May 22, according to data from Baker Hughes (BKR) released Friday.The US oil rig count rose by 10 from 415 the previous week to 425, while the number of gas rigs dropped by three from 128 the previous week to 125.The number of miscellaneous rigs in the US held steady at eight from last week, the data revealed. The US had 455 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 21 to 696 from 675 the previous week.Price: $65.99, Change: $+0.19, Percent Change: +0.29%

US Active Rig Count Rises by 7, Baker Hughes Says

The combined count of crude oil, natural gas, and miscellaneous rigs in the US rose by seven to 558 in the week ending May 22, according to data from Baker Hughes (BKR) released Friday.The US oil rig count rose by 10 from 415 the previous week to 425, while the number of gas rigs dropped by three from 128 the previous week to 125.Price: $65.96, Change: $+0.16, Percent Change: +0.24%