More losses: After gaining one rig last week, Louisiana lost one rig this week bring the state’s total number of active oil and gas rigs back down to 47, according to Houston-based oilfield services company Baker Hughes. Louisiana actually lost two active offshore rigs, but one rig was added inland on water. Around this time last year, the state had 74 active oil and gas rigs. Business Insider reports the US oil rig count fell for the fifth straight week. Eight rigs were lost in the United States, decreasing the total tally of rigs to 343 this week. Crude oil prices have rallied this week and were headed for a weekly gain of about 11%, even after a meeting of producers to possibly freeze output levels failed. A workers’ strike in Kuwait and a sixth weekly decline in US production were among bullish catalysts.
Still sliding: First-time claims for unemployment insurance in Louisiana for the week ending April 16 decreased from the previous week’s total. The Associated Press reports state labor department figures released today show the initial claims fell to 2,791 from the previous week’s total of 2,997. For the comparable week a year earlier, there were 2,789. The four-week moving average, which is a less volatile measure of claims, decreased to 2,692 from the previous week’s total of 2,714. Continued unemployment claims claimed for the week ending April 16 decreased to 22,685 compared to 22,941 the previous week. The four-week moving average for such claims decreased to 22,533 from the previous week’s average of 22,550.
Closing: Sears Holdings Corp. will close another 78 U.S. stores as it tries to return to profitability after five consecutive years of losses. The Wall Street Journal reports the Illinois-based retailer, which had already flagged 50 stores for closing in its push to cut up to $650 million in expenses, on Thursday said it would close 68 Kmart stores and 10 Sears stores, with most of those stores slated to close in late July. In Louisiana, the parent company is closing a Kmart in Pineville and a Sears in Houma.The company didn’t say how many workers would be laid off but said eligible workers could apply for open positions at other stores. “We’re focusing on our best members, our best categories and our best stores as we work to accelerate our transformation,” Chief Executive Edward S. Lampert says in a news release. Closing Sears stores will start liquidation sales on April 29 and Kmart stores on May 12. Note: Subscription may be required to read the full story.
