BEA - The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced that the goods and services deficit was $50.5 billion in November, up $1.6 billion from $48.9 billion in October, revised. November exports were $200.2 billion, $4.4 billion more than October exports. November imports were $250.7 billion, $6.0 billion more than October imports.
BLOOMBERG - A bigger problem is that Nigeria caps gasoline prices, often at levels below retailers’ costs. The cap today is set at 145 naira, or $0.40, a liter, which would translate to $1.52 per gallon.
U.S. Rig Count is down 5 rigs from last week to 924, with oil rigs down 5 to 742, gas rigs unchanged at 182, and miscellaneous rigs unchanged. Canada Rig Count is up 38 rigs from last week to 174, with oil rigs up 36 to 98 and gas rigs up 2 to 76.
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $61.81 a barrel at 0750 GMT. That was 20 cents, or 0.3 percent, below their last close. WTI hit a $62.21 the previous day, which was its strongest since May, 2015. Brent crude futures LCOc1 were at $67.88 a barrel, 19 cents, or 0.3 percent, below their last settlement. Brent hit $68.27 the day before, also the highest since May, 2015.
BLOOMBERG - Russia needs to strengthen its position in the global gas market as it’s considered a leading global energy power, President Vladimir Putin said last month. Already the world’s largest exporter of the fuel, the nation is working to boost output with new LNG plants stretching from the Baltic region to the Pacific coast. That will pit the country against the biggest producers of the super-chilled fuel, including Qatar and Australia.
BLOOMBERG - Energy companies will approve investments for more than 150 million tons a year of new supply capacity over the next four years, according to the report. By comparison, global consumption was 286 million tons in 2017. Projects in Qatar, Papua New Guinea, Russia and the U.S. are most economically appealing, followed by Mozambique, Australian expansion projects and an Alaskan mega-project.
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $62.16 a barrel at 0752 GMT, up 53 cents, or 0.9 percent, from their last close. They touched $62.21 shortly before, their highest level since May 2015. Brent crude futures LCOc1 - the international benchmark for oil prices - were at $68.23 a barrel, up 39 cents, or 0.9 percent, after revisiting a May 2015 high of $68.27 shortly before.
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.50 a barrel at 1017 GMT, up 13 cents from their last close, though still not far off the $60.74 reached on the previous day that was the highest since June 2015. Brent crude futures LCOc1 - the international benchmark for oil prices - were at $66.74 a barrel, up 17 cents but still trailing Tuesday’s high of $67.29 that was the most since May 2015.
PLATTS - NYMEX February natural gas futures extended gains overnight in the US leading up to Tuesday's open, on the back of current and midrange weather support. At 7:20 am ET (1220 GMT) the contract was gripping the upside at $2.990/MMBtu, up 3.7 cents on the session.
BLOOMBERG - After a glut sparked the biggest price crash in a generation and starved Russia of oil revenues, the nation sought to boost market share in the world’s top importer. It’s now supplanted Saudi Arabia as the top exporter to China, even as the two producers lead efforts to shrink the global oversupply by curbing output. A pipeline that transports crude from the East Siberia-Pacific Ocean system has helped its mission to increase volumes.