BEA - Real gross domestic product (GDP) increased at an annual rate of 3.2 percent in the third quarter of 2017, according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.1 percent.

API - Total petroleum deliveries in November rose to 19.9 million barrels per day. This was the strongest November monthly demand since 2007. Cumulatively through the first 11 months of the 2017, total domestic petroleum deliveries rose by 0.9 percent, which exceeded demand growth in 2016 despite higher prices.

BEA - The U.S. current-account deficit decreased to $100.6 billion (preliminary) in the third quarter of 2017 from $124.4 billion (revised) in the second quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit decreased to 2.1 percent of current-dollar gross domestic product (GDP) from 2.6 percent in the second quarter.

EIA - Crude oil production from the major US onshore regions is forecast to increase 94,000 b/d month-over-month in January to 6,408 million b/d, gas production to increase 764 million cubic feet/day to 63,030 million cubic feet/day .

FRB - Industrial production moved up 0.2 percent in November after posting an upwardly revised increase of 1.2 percent in October.

U.S. Rig Count is down 1 rig from last week to 930, with oil rigs down 4 to 747, gas rigs up 3 to 183, and miscellaneous rigs unchanged. Canada Rig Count is up 19 rigs from last week to 238, with oil rigs up 22 to 134 and gas rigs down 3 to 104.

US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, decreased by 5.6 million bbl for the week ended Dec. 1 compared with the previous week. The latest estimate is 448.1 million bbl, which puts oil supplies in the upper range for this time of year, the US Energy Information Administration said.

U.S. BLS - Total nonfarm payroll employment increased by 228,000 in November, and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in professional and business services, manufacturing, and health care.

“Tight oil supplies are the wild card. They have reshaped the global outlook in recent years,” observed Ayed S. Al-Qahtani, who directs the research division at the OPEC Secretariat in Vienna. “US tight oil supplies will be the most important contributor but are expected to reach their peak around 2025.”

U.S. Rig Count is up 307 rigs from last year's count of 624, with oil rigs up 253, gas rigs up 55, and miscellaneous rigs down 1 to 1. Canada Rig Count is down 11 rigs from last year's count of 230, with oil rigs down 5, gas rigs down 5, and miscellaneous rigs down 1 to 1.