Total petroleum deliveries moved up by 1.2 percent from the prior year to nearly 19.3 million barrels per day in January 2017. These were the highest January deliveries in nine years, since 2008.

The NYMEX April natural gas contract continued to march higher Tuesday, climbing 5.2 cents to settle at $3.093/MMBtu on a tightening supply-demand balance characterized by strong LNG feedgas deliveries, March demand above year-ago levels and a 2.8 Bcf/d year-on-year dip in production.

Iran announced it has started gas recovery from phase 20 development of the supergiant South Pars gas field (SP20) on Sunday.

Total is seeking a 50 percent stake in a $4 billion project in Iran's giant South Pars gas field, the French energy firm said in a regulatory filing on Friday detailing talks held with Iranian officials on several projects in 2016.

Preliminary production figures for February 2017 show an average daily production of 2 010 000 barrels of oil, NGL and condensate, which is a decrease of 25 000 barrels per day (approx. 1 percent) compared to January.

Nabors Industries Ltd. ("Nabors") (NYSE: NBR) reported full-year 2016 operating revenue of $2.2 billion, compared to operating revenue of $3.9 billion in the prior year, which included $366 million in revenue from the Completion and Production Services segment (NCPS), a business line that merged with C&J Energy Services, Inc. (CJES) on March 24, 2015 and ceased to be consolidated with Nabors on that date. Net income from continuing operations for the year was a loss of $1.0 billion, or $3.58 per share, compared to a loss of $330 million, or $1.14 per share, in FY 2015. Included in the net loss from continuing operations for full year 2016 were total after-tax impairments and other charges of $487 million, or $1.71 per share, as well as $0.80 per share in Nabors' proportional share of CJES' net loss for the period. This compares to prior year impairments and other charges of $380 million, or $1.31 per share, and $0.29 per diluted share for the company's proportional share of CJES' net loss.

U.S. Rig Count is up 313 rigs from last year's count of 476, with oil rigs up 244, gas rigs up 68, and miscellaneous rigs up 1. Canadian Rig Count is up 207 rigs from last year's count of 69, with oil rigs up 137, gas rigs up 68, and miscellaneous rigs up 2.

In terms of regulation and policy for the upstream oil and gas industry, much of the EU legislation and directives were either based on established UK customs and practices or are already enshrined in UK law. Although it will take some considerable time to untangle the complex regulatory and policy frameworks, the impact for the oil and gas industry is likely to be modest. In terms of the UK oil and gas tax system, little is expected to change as a result of Brexit as the EU has no remit over the UK’s fiscal regime for the industry.

U.S. Rig Count is up 288 rigs from last year's count of 480, with oil rigs up 231, gas rigs up 57, and miscellaneous rigs unchanged. Canadian Rig Count is up 217 rigs from last year's count of 98, with oil rigs up 152 and gas rigs up 65.

EIA forecasts Brent crude oil prices to average $55/b in 2017 and $57/b in 2018. West Texas Intermediate (WTI) crude oil prices are expected to average about $1/b less than Brent prices in the forecast. NYMEX contract values for May 2017 delivery traded during the five-day period ending March 2 suggest that a range of $46/b to $63/b encompasses the market expectation for WTI prices in May 2017 at the 95% confidence level.