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Oil Market Is GettingTitle:
Natgas drilling rig count falls; oil at record high
(Reuters) - The natural gas drilling rig count resumed its sharp decline this week as energy companies continued to slow activity in the face of low gas prices, data from oil services firm Baker Hughes showed on Friday.
The gas-directed rig count fell by six to 594, after rising last week for the first time in a month, according to the data.
The number of rigs is still down by more than a third from a peak of 936 rigs last October, after one of the warmest winters on record caused stockpiles to swell and pushed gas prices to 10-year lows.
Gas drilling has become largely uneconomical with prices at this level, forcing drillers to move rigs to more lucrative oil plays. The oil rig count rose by one to a new 25-year high of 1,383 this week, according to Baker Hughes.
Horizontal rigs, the ...
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Natural gas futures end up for second day
(Reuters) - Natural gas futures ended higher on Wednesday for a second straight day, as tighter supply-demand fundamentals and forecasts for warm weather offset early selling on the milder outlook for late next week.
Gas prices, which rallied 9 percent last week, are nearly flat so far this week, with investors cautious about prices near 3-1/2 month highs ahead of a three-day weekend.
NYMEX floor trading will be closed on Monday for the U.S. Memorial Day holiday.
Since posting a 10-year low of $1.90 per million British thermal units in April, nearby futures are up nearly 44 percent amid signs that record production was finally slowing while demand was picking up as more electric utilities switch from coal to cheaper gas for power generation.
Technical traders had been expecting Monday' ...
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Baker Hughes expects U.S. rig count surge on oil boom
(Reuters) - Baker Hughes Inc (BHI.N) believes the U.S. oil-directed rig count would have to double to more than 2,500 rigs if analyst estimates of a 2 million-barrel-per-day increase in U.S. oil production by 2017 are correct.
Chief Financial Officer Peter Ragauss said this rapid shift to oil production, which has caused severe short-term disruptions to the U.S. market this year, would ultimately favor Baker Hughes because of its technology.
The move out of natural gas areas to those rich in liquids has squeezed pricing for hydraulic fracturing services, but stronger pricing elsewhere was expected to offset that.
"Frack pricing is declining in the gassy basins, but on the flipside the volumes are declining in the gassy basins, so it has less impact," Ragauss told the UBS Global Oil and ...
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Oil falls on euro zone worries, weak economic data
Brent crude oil slumped more than 2 percent on Thursday, touching the lowest price since December, as investors avoided risky assets due to mounting fears that turmoil in Greece could spread to other stressed euro zone economies.
U.S. crude was down by less than Brent, which reduced Brent's premium against U.S. crude to below $15, from above $19 the previous session, as owners of the U.S. Seaway pipeline announced just after midday that its reversal was completed as expected.
The initial flow of crude that will head for the main U.S. refining center in Houston was to occur by the weekend, a development aimed at easing the supply glut of U.S. crude at the delivery hub in Cushing, Oklahoma. Easing that glut should narrow the premium that Brent has enjoyed over U.S. crude.
But market focus ...
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Gold jumps 2.6 percent after slump; dead-cat bounce?
Gold rallied more than 2.6 percent on Thursday, its largest one-day gain since late January, as technical buy signals and new signs of a sluggish U.S. economy more than offset deepening despair over the euro zone.
After flirting with a bear market on Wednesday, down more than 20 percent from its September record, bullion rallied early after Philadelphia Federal Reserve data showed a contraction in factory activity in the U.S. mid-Atlantic region that rekindled some hope the Fed would plough more money into the system to stimulate the economy, traders said.
Technical buying also fueled gains after gold had nearly hit a key December low, trading just shy of key technical long-term support at the 100-week moving average of $1,515 per oz.
But with the euro and U.S. stocks in decline and ...
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Business conditions lost significant strength throughout the Philadelphia Area…
Although overall business conditions of the superpower keep on supporting the present growth of the country along with its moderate revival yet we watch mixed manufacturing conditions being released with in fact today`s US Philadelphia Fed Manufacturing Index of May dropping significantly.
In fact today`s Philadelphia Fed Manufacturing Index, which is as know a survey questioning manufacturers in the Third Federal Reserve District on general business conditions, plummeted gloomily by 5.8 percent from actually a prior incline of 8.5 percent while that the market in point of fact projected a higher incline of 10.0 percent.
Accordingly it is clear that according to this index throughout this area business conditions lost some strength within the month of May, which is no real big surprise ...
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Gold off 4-1/2 month low on increased physical buying
Gold rose more than 1 percent on Thursday, bouncing off a 4-1/2 month low, as weaker prices attracted new physical buyers, but gains were likely to be limited as the euro was undermined by fears of a deepening debt crisis in Greece.
Spot gold rose 1 percent to $1,553.80 an ounce by 09.07 a.m. EDT, from $1,538.30 late in New York on Wednesday, when it plunged to $1,527 - its weakest since December 29.
The precious metal rose to a high of $1,557.56 earlier, helped by the approaching expiry of gold options in the COMEX futures market.
U.S. gold futures hit a high of $1,557.90 an ounce and were at $1,554.30, up 1.1 percent. The contract had plunged to a multi-month low of $1,526.70 on Wednesday.
Gold, traditionally a safe-haven asset, has been moving in tandem with riskier assets such as ...
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Aussie Mixed in Choppy Trading
Aussie is turning in a mixed performance today as choppy markets look for direction, and try to process all of the difficulties happening in the eurozone. On one hand, Aussie is lower against the US dollar as risk aversion makes an appearance. But, on the other, the Australia dollar is gaining against European currencies weighed down by difficulties.
Against the US dollar, the Australian dollar is losing ground. US dollar is considered a safe haven in times of economic turmoil, so it’s not much of a surprise that the greenback is in demand versus the Aussie. With concerns about bond yields in Spain and Italy, and worries that Greece will end up leaving the eurozone after its political difficulties are sorted, it’s not much of a surprise that many Forex traders seek safe haven in the US ...
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U.S. stocks, euro fall on ECB news, Fed minutes
U.S. stocks and the euro slid on Wednesday on news that some Greek banks face emergency funding needs, while minutes from the Federal Reserve's April meeting showed U.S. economic prospects remain sobering.
The European Central Bank stopped funding operations for some Greek banks as they are undercapitalized, the ECB said, confirming a Reuters report that fanned concerns about Greece's financial difficulties.
The Reuters report highlighted the weak state of the banking sector in Greece, where many Greeks are withdrawing money from banks out of fear their country may soon leave the euro zone.
The euro traded just below break-even and shares in Europe closed lower in choppy trade as worries mounted over the stability of the euro zone. Greece plans to hold elections in mid-June that will ...
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