U.S. manufacturing and freight activity has declined for seven months running, reflected in falling consumption of diesel and other distillate fuel oils as well as industrial electricity sales. Manufacturers reported another widespread downturn in May, according to the monthly purchasing managers' survey published by the Institute for Supply Management.
U.S. natural gas futures edged up about 1% on Friday on forecasts for more demand over the next two
weeks than previously expected and record exports to Mexico.
Venezuela's oil exports fell 14% in May from the previous month as crude upgraders at its main oil region produced less exportable grades and state-run oil firm PDVSA struggled to replenish inventories, according to shipping data and documents. PDVSA is under a widespread anti-corruption probe that uncovered billions of dollars in unpaid cargoes and led to a temporary suspension of some contracts.
* Brent and WTI on track for first weekly decline in three weeks. * U.S. employers boost hiring in May; unemployment rate up to 3.7% * U.S. drillers cut oil rigs by most since Sept 2021 -Baker
Hughes (BKR). * U.S. oil/natural gas weekly rig count -Baker
Hughes (BKR). By Scott DiSavino.
U.S. manufacturing and freight activity has declined for seven months running, reflected in falling consumption of diesel and other distillate fuel oils as well as industrial electricity sales. Manufacturers reported another widespread downturn in May, according to the monthly purchasing managers' survey published by the Institute for Supply Management.
U.S. natural gas futures rose about 2% on Friday on forecasts for more demand over the next two weeks
than previously expected and record exports to Mexico.
OPEC and its allies are discussing deepening oil production cuts, possibly by as much as 1 million barrels per day, three sources told Reuters on Friday as oil prices fell towards $70 per barrel and market analysts spoke of a new supply glut.
Oil prices rose over 2% on Friday after the U.S. Congress passed a debt ceiling deal that averted a government default in the world's biggest oil consumer and jobs data fueled hopes for a possible pause in Federal Reserve interest rate hikes. The focus is now turning to a meeting of OPEC and its allies this weekend.
U.S. natural gas futures dropped about 5% to a three-week low on Thursday on record U.S. output, rising
exports from Canada and a slightly bigger-than-expected weekly storage build.
U.S. crude oil stockpiles rose unexpectedly last week, while distillate inventories gained and gasoline inventories fell, the Energy Information Administration said on Thursday. Crude inventories rose by 4.5 million barrels in the week to May 26, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.4 million-barrel drop.
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