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U.S. Rig Count See Massive Climb On Higher Oil Prices – OilPrice.com

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U.S. Rig Count See Massive Climb On Higher Oil Prices | OilPrice.com


Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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The number of active drilling rigs in the United States rose by 22 this week—the 16th straight weekly increase to the number of oil and gas rigs in the United States, and the largest single-week rise since February 2018.

The total rig count now sits at 635 as the price of a WTI barrel slipped this week from its multi-year highs.

Baker Hughes reported this week that the total active rig figure—oil, gas, and miscellaneous—is 238 rigs higher than the rig count this time in 2021.

Oil-directed rigs rose 19 to 516, while gas-directed rigs were up by 2 to 118. Miscellaneous rigs were also up 1.

U.S. weekly production of crude oil this week increased, breaking its recent downward trend. Crude production for the week ending February 4  rose 100,000 bpd to 11.6 million bpd, according to the Energy Information Administration.

The rig count in the Permian Basin rose by 7 this week, bringing the total rig count in the prolific Permian basin to 301. The nation’s second most prolific basin, the Eagle Ford, saw its count rise by 4 to 54.

Primary Vision’s Frac Spread Count, which tracks the number of completion crews finishing off previously drilled wells, shows that completion crews rose for the fifth week in a row by 3 to 264 for week ending February 4. The frac spread count is now up 89 from a year ago.

At 11:38 a.m. EST, oil prices were trending up the day, intent on setting multi-year records. WTI was trading at $91.80—up 2.14% on the day and down $1 per barrel on the week. The Brent benchmark traded at $93.25 per barrel at that time,  up 2.01% on the day and down $0.25 per barrel on the week.  

By Julianne Geiger for Oilprice.com

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Gold prices holding at session highs as U.S. existing home sales fall 2.4% in April – Kitco NEWS

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Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!

(Kitco News) – The gold market continues to trade near session highs, supported by more disappointing economic data. Rising interest rates continue to cool down the U.S. housing market as fewer consumers purchased home last month, according to the latest data from the National Association of Realtors (NAR).

Existing home sales fell to a seasonally adjusted and annualized rate of 5.61 million units last month, down 2.4% compared to March’s annualized rate of 5.75 million homes, the NAR said on Thursday. Market consensus projections called for existing home sales to fall only slightly to 5.65 million.

For the year, home sales are down 5.9%, the report said.

The gold market has seen some renewed technical buying momentum, which has been supported by weaker-than-expected economic data. June gold futures last traded at $1,842.40 an ounce, up nearly 1.5% on the day.

The U.S. housing sector has faced some challenging headwinds as the Federal Reserve looks to aggressively raise interest rates, which in turn is pushing mortgage rates higher.

“Higher home prices and sharply higher mortgage rates have reduced buyer activity,” said Lawrence Yun, NAR’s chief economist. “It looks like more declines are imminent in the upcoming months, and we’ll likely return to the pre-pandemic home sales activity after the remarkable surge over the past two years.”

Yun noted that the falling sales space is helping to boost the supply of existing homes. The report said that the inventory of homes for sale totaled 1,030,000 in April, representing a 2.2-month supply.

Although sales are down, Yun said that home prices still remain elevated.

“The market is quite unusual as sales are coming down, but listed homes are still selling swiftly, and home prices are much higher than a year ago,” he said.

The report said the median existing-home price for all housing types in April was $391,200, up 14.8% from April 2021.

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Ford recalling 350,000 SUVs due to unexplained engine fires, including some sold in Canada – CBC News

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Ford is asking the owners of 350,000 SUVs from the 2021 model year to take them to dealers for repairs because the engines can catch fire.

Ford says in U.S. government documents posted Thursday that it doesn’t know what’s causing fires in some Ford Expedition and Lincoln Navigator SUVs from the 2021 model year.

2863 of the vehicles were sold in Canada: 2,354 Expeditions, and 509 Navigators.

Owners are being advised to park them outside if possible because engine fires have been reported even when the vehicles were not in use.

Ford has reports of 16 fires under the hood, 12 of which started when the engine was off. One person was burned.

Trying to notify customers

So far it hasn’t developed a repair for the fires, which appear to start at the back of the engine compartment on the passenger side.

Ford says it’s treating the recall urgently and will use apps and mail to notify customers as soon as it develops a list of vehicle owners and addresses.

“We are working around the clock to determine the root cause of this issue and subsequent remedy so that customers can continue to enjoy using their vehicles,” Jeffrey Marentic, general manager of Ford passenger vehicles, said in a statement.

Ford began investigating fire reports on March 24. It says the fires appear to be limited to SUVs built from Dec. 1, 2020 to April 30, 2021. The company says it has no fire reports from vehicles built before or after those dates.

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Calling the passionate, the curious, and the creative: Staples Canada launches National Hiring Campaign

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More than 1,000 associates to be hired across Canada in seasonal, part-time and full-time positions to help make Back to School simply amazing

 

Richmond Hill, ON, May 17, 2022 – Staples Canada, The Working and Learning Company, has launched a national hiring campaign to fill more than 1,000 positions in stores, supply chain, contact centres, sales teams, print and tech hubs, as well as corporate roles. All open roles are posted at careers.staples.ca with in-person and virtual interviews available at the different locations.

 

“The back to school season is the most exciting time of year for Staples associates – it’s a time where we get to connect with our customers to enable their success, and inspire them for months to come,” said Wanda Walkden, Chief Human Resources and Communications Officer, Staples Canada. “We’re invested in bringing in the best and brightest talent to inspire our customers and our communities, while also helping our associates further their own development and growth.”

 

Staples currently employs more than 11,000 associates across Canada within a variety of roles and locations. The company has presence in every province and the Northwest and Yukon territories. All locations are looking to fill a variety of roles.

 

Joining Staples comes with a number of benefits, which include:

 

·       Associate support: Staples offers extensive wellness benefits that are designed to support the physical, mental and financial well-being of associates. These include an employee and family assistance program, retirement savings plans with an employer match, performance bonuses, associate discounts, and more.

·       Diversity, Equity and Inclusion: Staples is committed to creating an inclusive and diverse work environment where each associate can bring their whole authentic self to work. Staples associates can join Business Resources Groups; groups that are by associates for associates and focus on various DE&I initiatives through partnerships, awareness and education.

·       Learning and development opportunities: At Staples, learning and development is a priority for all associates, with many opportunities for cross-department training, and leadership development programs in place to aid professional growth.

  • Educational support:  Each year, scholarships are awarded through the Staples Canada Annual Academic Scholarship Program to associates or children of associates attending post-secondary education. The company also offers tuition reimbursement for full-time associates to further their education.
  • Ability to make an impact: Each year, Staples associates partner with organizations like MAP, and take on local charitable giving initiatives including the School Supply Drive during back to school, as a continued commitment to communities across Canada.

 

All 300+ stores and Supply Chain, Contact Centres, Sales Teams, Print and Tech Hubs and, Corporate locations across Canada are participating in the national hiring campaign; visit careers.staples.ca to learn more and find the perfect job near you.

 

About Staples Canada

Staples Canada is The Working and Learning Company. With a focus on community, inspiration and services, the privately-owned company is committed to being a dynamic, inspiring partner to customers who visit its 300+ locations and staples.ca. The company has two brands that support business customers, Staples Preferred for small businesses and Staples Professional for medium to large-sized enterprises, as well as six co-working facilities in Toronto, Kelowna, Oakville and Ottawa under the banner Staples Studio. Staples Canada is a proud partner of MAP through its Even the Odds campaign, which aims to tackle inequities in communities across Canada and helps make a future that’s fair for everyone. Visit staples.ca for more information or get social with @StaplesCanada on Facebook, Twitter, Instagram and LinkedIn.

 

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Media information:

Kathleen Stelmach, Staples Canada, 905-737-1147 Ext. 578, kathleen.stelmach@staples.ca

Noah Gomberg, Golin, 647-475-4721, NGomberg@golin.com

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