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Big U.S. shale field Marcellus faces output drop due to low gas prices

*Number of rigs in Marcellus has dropped- Baker Hughes. The U.S. Energy Information Administration says production in the fast-growing field in Pennsylvania and West Virginia is set to remain flat for the next few years before beginning a very slow decline primarily because of depressed gas prices. The number of rigs in the area has dwindled in recent months to...
Source: Reuters | By: Scott DiSavino
Drilling cutbacks drag down job growth in oil patch

WASHINGTON- Hammered by cheaper oil, drilling firms have laid off workers and dragged job growth lower in states from Texas to North Dakota. Texas lost 8,300 jobs in the sector, the most in six years, while Wyoming lost jobs in the industry for the fifth straight month. Overall, Texas gained 1,200 jobs in April, a small expansion compared to its average monthly...
Source: The Associated Press | By: By CHRISTOPHER S. RUGABER, AP Economics Writer
The next fracking boom could be in Saudi Arabia

Technology made the US oil shale boom. Newer technology may allow oil giants like Saudi Arabia and Norway to become the next fracking boom markets.
Source: CNBC.com | By: Andrew Zaleski, special to CNBC.com
Why many experts missed this: Cheap oil can hurt US economy

WASHINGTON- If there was one thing most economists agreed on at the start of the year, it was this: Plunging oil prices would boost the U.S. economy. At $2.74 a gallon, the average price of gas nationwide is nearly $1 lower than it was a year ago. Consider what Federal Reserve Chair Janet Yellen said in December: Lower gas prices, Yellen declared, are "certainly good for...
Source: The Associated Press | By: By CHRISTOPHER S. RUGABER, AP Economics Writer
US oil ends lower after weekly rig count falls by 1

The weekly rig count has fallen every week since Dec. 12, though the pace of declines has fallen in recent weeks.
Source: Reuters
UPDATE 1-U.S. oil drillers add rigs in Niobrara and Eagle Ford -Baker Hughes

Overall, U.S. drillers reduced the number of active rigs by just one this week, oil services company Baker Hughes Inc said. In the latest week, drillers added three oil rigs in the Niobrara basin in Wyoming and Colorado and two in the Eagle Ford in South Texas, according to the closely followed report. The Permian basin in western Texas and eastern New Mexico, the...
Source: Reuters | By: Scott DiSavino
UPDATE 8-Oil down nearly 2 pct ahead of long U.S. Memorial Day weekend

NEW YORK, May 22- Oil fell more than 1 percent on Friday as a rallying dollar and profit-taking ahead of a long U.S. holiday weekend cut short a two-day run-up in crude prices. Drillers cut the number of U.S. oil rigs in operation by just one this week, the strongest sign yet that a nearly six-month slump in activity was ending, data from oil services firm Baker Hughes...
Source: Reuters | By: Barani Krishnan
US oil and natural gas rig count drops by 3 to 885

HOUSTON- Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by three this week to 885.. Among major oil- and gas-producing states, Louisiana lost four rigs, West Virginia declined by three and Kansas, North Dakota and Ohio each lost one. Alaska, California, Colorado, Texas, Utah and Wyoming were all...
Source: The Associated Press
UPDATE 7-Oil down more than 1 pct ahead of long U.S. Memorial Day weekend

*Coming up: Baker Hughes rig count at 1700 GMT. NEW YORK, May 22- Oil fell more than 1 percent on Friday as a rallying dollar and profit-taking ahead of a long U.S. holiday weekend cut short a two-day run-up in crude prices. U.S. crude was down 95 cents at $59.77 a barrel by 11:45 a.m. EDT.
Source: Reuters | By: Barani Krishnan
UPDATE 4-Brent crude oil slips towards $66 before long weekend

*Islamic State advances in Iraq, Syria raise supply worries. LONDON, May 22- Oil prices slipped on Friday as worries over the impact of war in the Middle East on crude supplies were outweighed by reports of profit-taking ahead of a long weekend. "No one wants to hold open positions ahead of a long weekend so books are being squared, bringing some consolidation," said...
Source: Reuters | By: Christopher Johnson