OIL PRICES: $54
OGJ - Light, sweet crude oil prices for April dropped modestly Feb. 24 but still settled at about $54/bbl on Feb. 24 on the New York market despite a climbing US rig count. The US oil futures benchmark has traded at $50-55/bbl for weeks.
Meanwhile, Brent crude oil prices on the London market have been unable to break above the high $50s. Analysts said a steady increase in US oil production and rising number of US oil rigs working is putting a damper on any higher oil prices.
Prices gained support during 2017 after the Organization of Petroleum Exporting Countries started cutting production in January. Some non-OPEC producers also agreed to cut production.
The US drilling rig count increased 3 units during the week ended Feb. 24 following 5 weeks of double-digit gains, Baker Hughes Inc. said on Feb. 24. The overall US count stood at 754.
US oil-directed rigs gained 5 units to 602. Rigs targeting natural gas dropped 2 units to 151, up 70 since Aug. 26, 2016. One rig considered unclassified is actively drilling.
The crude oil contract for April delivery on the New York Mercantile Exchange dropped 46¢ on Feb. 24 to $53.99/bbl. The May contract was down 44¢ to $54.32/bbl.
The natural gas price for March settled at a rounded $2.63/MMbtu, up 1¢. The cash gas price at the Henry Hub in Cushing, Okla., closed at $2.49/MMbtu, down 11¢.
Heating oil for March declined nearly 2¢ to a rounded $1.64/gal. Reformulated gasoline stock for oxygenate blending for March fell 1¢ to a rounded $1.52/gal.
The Brent crude contract for April on London's ICE was down 59¢ to $55.99/bbl. The Brent May contract dropped 51¢ to $56.31/bbl. Gas oil for March closed at $494.50/tonne, down $5.50.
The average price for OPEC's basket of benchmark crudes on Feb. 24 was $53.61/bbl, down 34¢.
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PENNENERGY - Siemens Gamesa Renewable Energy has secured orders for the supply of 39 onshore wind turbines in France, with aggregate capacity of 104 MW, at five wind farms being developed in the regions of Hauts de France, Grand Est, Burgundy and in Western France.
FRB - Industrial production rose 1.1 percent in February following a decline of 0.3 percent in January. Manufacturing production increased 1.2 percent in February, its largest gain since October. Mining output jumped 4.3 percent, mostly reflecting strong gains in oil and gas extraction.
PLATTS - NYMEX Apr natural gas little changed at $2.678/MMBtu
BAKER HUGHES A GE - U.S. Rig Count is up 6 rigs from last week to 990, with oil rigs up 4 to 800, gas rigs up 1 to 189, and miscellaneous rigs up 1 to 1. Canada Rig Count is down 54 rigs from last week to 219, with oil rigs down 52 to 144 and gas rigs down 2 to 75.