REUTERS - Canada’s oil output is set to rise 33 percent by 2035, driven almost entirely by higher oil sands production, but without new export pipelines Canadian producers will continue to be excluded from emerging markets, an industry group said
REUTERS - OPEC and U.S. representatives have met at least twice this year, with a third high-profile meeting set for Vienna next week. Finding the optimal balance of crude supply and demand will be the hot topic.
FRB - In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 1-3/4 to 2 percent. The stance of monetary policy remains accommodative, thereby supporting strong labor market conditions and a sustained return to 2 percent inflation.
EIA - Brent crude oil spot prices averaged $77 per barrel (b) in May, an increase of $5/b from the April level and the highest monthly average price since November 2014. EIA forecasts Brent spot prices will average $71/b in 2018 and $68/b in 2019. The 2019 forecast price is $2/b higher than in the May STEO. EIA expects West Texas Intermediate (WTI) crude oil prices will average almost $7/b lower than Brent prices in 2018 and $6/b lower than Brent prices in 2019
U.S.DT - the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated five Russian entities and three Russian individuals under Executive Order (E.O.) 13694, “Blocking the Property of Certain Persons Engaging in Significant Malicious Cyber-Enabled Activities,” as amended, and Section 224 of the Countering America’s Adversaries Through Sanctions Act (CAATSA).
BAKER HUGHES A GE - U.S. Rig Count is up 2 rigs from last week to 1,062, with oil rigs up 1 to 862, gas rigs up 1 to 198 and miscellaneous rigs unchanged at 2. Canada Rig Count is up 13 rigs from last week to 112, with oil rigs up 13 to 69 and gas rigs unchanged at 43.
WNN - The US Department of Energy's Oak Ridge National Laboratory (ORNL) has unveiled a new supercomputer with a peak performance of 200,000 trillion calculations (200 petaflops) per second. The Summit supercomputer's power will be put to work in research in areas including energy, advanced materials and artificial intelligence.
EIA - U.S. exports of natural gas, including exports via pipeline and as liquefied natural gas (LNG), averaged 9.6 billion cubic feet per day (Bcf/d) in the first quarter of this year,
BLOOMBERG - Venezuela wrote to fellow OPEC members urging them to unite against U.S. sanctions, echoing a similar letter from Iran, according to people with knowledge of the matter.
BEA - The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $46.2 billion in April, down $1.0 billion from $47.2 billion in March, revised.