U.S. Rig Count is unchanged from last week at 884, with oil rigs up 2 to 672, gas rigs down 2 to 211, and miscellaneous rigs unchanged at 1.

U.S. crude oil production is projected to increase from an average of 8.7 million b/d in 2014 to 9.4 million b/d in 2015 and then decrease to 9.0 million b/d in 2016. The forecast is about 0.1 million b/d lower and 0.4 million b/d lower for 2015 and 2016. The decrease in the crude oil production forecast reflects a lower oil price outlook that will reduce expected oil-directed rig counts and drilling and well-completion activities throughout the forecast period.

Ten of the largest independent oil and gas producers in the United States reported total losses of almost $15 billion between April and June, compared with profits of almost $3.5 billion a year earlier.

Crude oil production in September from seven major US shale plays is expected to decline 93,000 b/d to 5.27 million b/d

During the quarter, Apache closed the sales of its LNG business, and remaining oil and gas assets in Australia . “Exiting these businesses eliminated our exposure to projects with large capital-spending commitments and uncertain project timing,” said John J. Christmann IV, Apache chief executive officer.

The U.S. declared one of Russia’s largest offshore oil and natural gas fields off limits to American tools and expertise, potentially disrupting Royal Dutch Shell Plc’s plans to liquefy the fossil fuel for export.

The total U.S. trade deficit peaked at $762 billion in 2006, prior to the surge in U.S. oil and natural gas production. By 2014, it had dropped to $508 billion.

The United States is now the world’s leading producer of natural gas. With LNG exports scheduled to begin within the next six months, America’s oil and gas renaissance will soon provide both substantial domestic and foreign economic benefits. If US LNG can be imported into regions where there is only a single, monopolistic producer, then strategic benefits could accrue as well.

The Russian Foreign Ministry denounced new Western sanctions against Ukraine's Crimea region on Saturday as a "collective punishment" on local residents who voted in a referendum last March to join Russia.

API: US production outpaced petroleum demand in May