U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.
EIA - Crude oil production from the major US onshore regions is forecast to increase 141,000 b/d month-over-month in June from 7,198 to 7,339 thousand barrels/day , gas production to increase 1,135 million cubic feet/day from 68,624 to 69,759 million cubic feet/day .
PLATTS - ExxonMobil's planned LNG import project in Victoria will compete with AGL's planned LNG import terminal in the same state -- at Crib Point near Melbourne -- projected to come online by financial year 2020-2021, and AIE's project next door in the state of New South Wales, potentially at Port Kembla, Newcastle or Port Botany, expected by as early as 2020.
REUTERS - EU negotiators agreed on Thursday to increase the share of renewables in the bloc’s energy production to 32 percent by 2030, a higher target than in draft rules but short of the level sought by some governments and the European Parliament.
OPEC - World oil demand averaged 97.20 mb/d in 2017, up by 1.7 per cent y-o-y, with the largest increases taking place in Asia and Pacific region (particularly China and India), Europe and North America. The 2017 oil demand in Africa and the Middle East grew by around 100,000 b/d, as compared to 2016, while oil demand declined in Latin America for the third year in a row.
PLATTS - Global oil demand will peak around 2030 at 111 million b/d as a sharp rise in electric vehicles and energy efficiency gains offset growing demand from the aviation and petrochemical sectors, Norwegian producer Equinor said
OPEC - The JMMC reported that participating countries have achieved a conformity level of 152% during the fourth month of the second year of the Declaration of Cooperation. This demonstrates the commitment of participating countries to the restoration of market stability, which is intended to serve the long term interests of producers, consumers and the global economy.
IMF - We expect growth to stay strong this year and next—at 3.9 percent. This is being driven by stronger investment and a rebound in trade. Once again, the momentum is broad-based, encompassing the United States, Europe, Japan, China, Russia, and many other emerging market and developing countries.
IMF - China’s economic growth accelerated in 2017 and is expected to weaken only slightly in 2018 to 6.6 percent and moderate gradually to about 5½ percent by 2023.
IMF - The fiscal stance is also supportive with the primary deficit projected to widen from 1.7 to 2.4 percent of GDP in 2018, as implied by the budget. GDP growth is projected to accelerate from 1 percent in 2017 to about 2 percent in 2018, driven by private consumption and investment.