Friday's (10.17.25) weekly U.S. onshore total Rig Count is stagnant at 548. Low product prices are the narrative. WTI crude oil remained below $59.00 for the last week. Ouch! Natural gas (HH) struggled to maintain $3.00 / Million Btu. Current prices are deflationary.
 
Q4 will be hard on upstream and service company earnings. LNG exports remain robust. Natural gas (HH) price movement will follow temperature oscillations until much colder weather arrives.
 
The DJI average closed the week at $46,190.61. Investors appear confident of further U.S. Fed rate cuts and 2026 economic growth. More to say next week on forthcoming U.S. government-RIF action, SCOTUS rulings and the economy. Look at equity markets for potential “buy signals” - especially in midstream.