“If you connect the dots, it is clear that Russia is funding US environmental groups in an effort to suppress our domestic oil and gas industry, specifically hydraulic fracturing,” Committee Chairman LaMar Smith (Tex.) said on July 7 as he released a letter he and Energy Subcommittee Chairman Randy Weber (Tex.) sent to Mnuchin.

India, the world's third-largest oil importer, will import crude oil from the United States for the first time after Indian Oil Corp bought a cargo that will be delivered in October.

U.S. Rig Count is up 512 rigs from last year's count of 440, with oil rigs up 412, gas rigs up 101, and miscellaneous rigs down 1 to 0. Canadian Rig Count is up 94 rigs from last year's count of 81, with oil rigs up 68, gas rigs up 27, and miscellaneous rigs down 1 to 0.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $46.5 billion in May, down $1.1 billion from $47.6 billion in April, revised. May exports were $192.0 billion, $0.9 billion more than April exports. May imports were $238.5 billion, $0.2 billion less than April imports.

One big reason is that natural gas prices have recovered from 20-year lows, nearly doubling since last year, according to S&P Global Market Intelligence.

The UK's first US LNG cargo will arrive at the Isle of Grain terminal on around July 8, according to shipping sources.

Natural gas net imports (imports minus exports) set a record low of 685 billion cubic feet (Bcf) in 2016, continuing a decline for the 9th consecutive year. In recent years both U.S. natural gas production and consumption have increased, although production has grown slightly faster, reducing the reliance on natural gas imports and lowering domestic prices.

Real gross domestic product (GDP) increased at an annual rate of 1.4 percent in the first quarter of 2017 , according to the "third" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2016, real GDP increased 2.1 percent.

U.S. Rig Count is up 509 rigs from last year's count of 431, with oil rigs up 415, gas rigs up 95, and miscellaneous rigs down 1 to 0. Canadian Rig Count is up 113 rigs from last year's count of 76, with oil rigs up 77, gas rigs up 37, and miscellaneous rigs down 1 to 0.

South Korean companies announced plans to import more American shale gas and build new factories in the U.S. as the two countries' leaders prepare to hold summit talks in Washington where trade is expected to be a key issue.