U.S. OIL & GAS BENEFIT
API wrote, U.S. consumers have continued to take advantage of America's energy revolution and affordable gas prices as we head into the fall season, said API Chief Economist Erica Bowman on a conference call with journalists.
"Throughout the summer, motorists have continued to benefit from America's energy renaissance with relief at the pump and in their homes," said Bowman. "World-leading U.S. production has translated into lower energy costs for individual Americans and families. This is a winning scenario for American consumers."
U.S. production is a clear factor in lower global crude prices, which has translated into lower energy costs for individual Americans and families. Year-over-year U.S. gasoline prices have declined by almost 50 cents per gallon, due in large part to the decline in the price of crude oil. Lower prices at the pump allowed drivers to save an average of more than $550 in 2015. The first half of 2016 has shown crude oil prices to be 25 percent less than the first half of 2015.
"Additionally, increased use of natural gas has helped drive U.S. carbon dioxide emissions to near 20-year lows while energy use and production have increased," said Bowman. "Looking ahead to November and before the debates this fall, no time is better to remind candidates about the importance of the American energy renaissance for U.S. consumers, families, the nation's economy and U.S. energy security."
The United States' energy-related emissions in 2015 were 12 percent lower than they were in 2005, even though the U.S. economy was 15 percent larger last year than it was a decade earlier.
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BLOOMBERG - Treasury Secretary Steven Mnuchin told a Texas judge that Exxon Mobil Corp. doesn’t have a right to see privileged documents related to a $2 million fine assessed against the energy company for violating sanctions related to Russia’s 2014 invasion of Ukraine.
NPD - Preliminary production figures for June 2018 show an average daily production of 1 747 000 barrels of oil, NGL and condensate, which is an increase of 88 000 barrels per day compared to May.
NOVATEK - In the first half 2018, NOVATEK’s hydrocarbons production totaled 264.3 million barrels of oil equivalent (boe), including 32.93 billion cubic meters (bcm) of natural gas and 5,864 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons production by 6.3 million boe, or by 2.4%, as compared to the first half 2017.
REUTERS - Brent crude futures LCOc1 were down 75 cents, or 1 percent, at $78.11 a barrel by 0308 GMT, having fallen as low as $77.60. U.S. crude CLc1 was down 55 cents, or 0.7 percent, at $73.56.