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 $43.5 billion in September, up $0.7 billion from $42.8 billion in August, revised. September exports were $196.8 billion, $2.1 billion more than August exports. September imports were $240.3 billion, $2.8 billion more than August imports.

U.S. Rig Count is up 329 rigs from last year's count of 569, with oil rigs up 279, gas rigs up 52, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 38 rigs from last year's count of 154, with oil rigs up 24 and gas rigs up 14.

The South China Sea is a major route for liquefied natural gas (LNG) trade, and in 2016, almost 40% of global LNG trade, or about 4.7 trillion cubic feet (Tcf), passed through the South China Sea.

Compared with the third quarter 2016, CCS earnings attributable to shareholders excluding identified items increased to $4.1 billion, reflecting higher contributions from Downstream, Upstream and Integrated Gas. Earnings benefited mainly from stronger refining and chemicals industry conditions, increased realised oil and gas prices and higher production from new fields, offsetting the impact of field declines and divestments.

WBG - Oil prices are forecast to rise to $56 a barrel in 2018 from $53 this year as a result of steadily growing demand, agreed production cuts among oil exporters and stabilizing U.S. shale oil production, while the surge in metals prices is expected to level off next year, the World Bank said.

Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the third quarter of 2017, according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.1 percent.

Exxon Mobil Corporation announced estimated third quarter 2017 earnings of $4 billion, or $0.93 per diluted share, compared with $2.7 billion a year earlier as commodity prices improved and performance in the Upstream and Downstream strengthened. Impacts related to Hurricane Harvey reduced earnings by an estimated 4 cents per share.

Chevron Corporation (NYSE: CVX) reported earnings of $2.0 billion ($1.03 per share – diluted) for third quarter 2017, compared with $1.3 billion ($0.68 per share – diluted) in the third quarter of 2016. Included in the quarter was a gain on an asset sale of $675 million and an asset write-off of $220 million. Foreign currency effects decreased earnings in the 2017 third quarter by $112 million, compared with an increase of $72 million a year earlier. Sales and other operating revenues in third quarter 2017 were $34 billion, compared to $29 billion in the year-ago period.

ExxonMobil and Chevron, the two largest US oil and gas groups, are continuing to lose money on oil and gas production in their home country, in spite of the rise in commodity prices since last year.

U.S. Rig Count is up 352 rigs from last year's count of 557, with oil rigs up 296, gas rigs up 58, and miscellaneous rigs down 2 to 0. Canada Rig Count is up 38 rigs from last year's count of 153, with oil rigs up 23 and gas rigs up 15.

EIA - Global natural gas consumption is expected to grow from 340 billion cubic feet per day (Bcf/d) in 2015 to 485 Bcf/d by 2040, primarily in countries in Asia and in the Middle East. China accounts for more than a quarter of all global natural gas consumption growth between 2015 and 2040.

ConocoPhillips’ nine-month 2017 earnings were a loss of $2.4 billion, or ($1.98) per share, compared with a nine-month 2016 loss of $3.6 billion, or ($2.88) per share. Nine-month 2017 adjusted earnings were $0.2 billion, or $0.16 per share, compared with a nine-month 2016 adjusted loss of $3.0 billion, or ($2.40) per share.

National Oilwell Varco, Inc. (NYSE: NOV) reported a third quarter 2017 net loss of $26 million, or $0.07 per share. Revenues for the third quarter of 2017 were $1.84 billion, an increase of four percent compared to the second quarter of 2017 and an increase of eleven percent from the third quarter of 2016. Operating loss for the third quarter was $7 million, or 0.4 percent of sales. Adjusted EBITDA (operating profit excluding other items before depreciation and amortization) for the third quarter was $167 million, or 9.1 percent of sales, an increase of $25 million from the second quarter of 2017. Cash flow from operations for the third quarter was $232 million.

Futures edged higher from the settlement in after-market trading in New York, prompted by reports that data from the American Petroleum Institute showed a 5.75 million barrel drop in gasoline last week and 4.95 million fewer barrels of distillate. Meanwhile, OPEC, set to meet next month on prolonging the cuts, are said to be planning how to prevent a new price-killing glut once they end.

"They [big OPEC and Middle Eastern producers] cannot be too ambitious [on their oil price targets]...there's not much [upside] room for them to hope for," Sadamori said. "Once the oil price goes to certain levels, this will stimulate new drilling and investments in North America," he added.