Brent crude futures LCOc1, the international benchmark for oil prices, had fallen by almost 1 percent from their last close, or 41 cents, to $52.34 per barrel by 0655 GMT. U.S. West Texas Intermediate (WTI) Clc1 crude futures were more stable, at $47.30 barrel, close to their last settlement.

In June 2017, for the first time in 15 months, dry natural gas production increased year-to-year from the same month a year ago. The preliminary level for dry natural gas production in June 2017 was 2,188 billion cubic feet (Bcf), or 72.9 Bcf/day. This level was a 1.3 Bcf/day (1.9%) increase from the June 2016 level of 71.6 Bcf/day.

U.S. Rig Count is up 446 rigs from last year's count of 497, with oil rigs up 352, gas rigs up 95, and miscellaneous rigs down 1 to 2. Canada Rig Count is up 64 rigs from last year's count of 137, with oil rigs up 25 and gas rigs up 39.

The October light, sweet crude contract on NYMEX fell 13¢ on Aug. 29 to settle at $46.44/bbl while the November contract was up 4¢ to settle at $47/bbl. The NYMEX natural gas price for September gained 3.6¢ to a rounded $2.96/MMbtu. The Henry Hub cash gas price was $2.88/MMbtu, down 4¢. The Brent crude contract for October on London’s ICE was up 11¢ to $52/bbl. The November contract gained 24¢ to $51.66/bbl. The September gas oil contract was $484.50/tonne on Aug. 29, up 25¢. The Organization of Petroleum Exporting Countries’ basket of crudes on Aug. 29 was $49.51/bbl, down 35¢.

Profit attributable to the owners of PJSC Gazprom for the six months ended June 30, 2017 totalled RUB 381,346 million which is RUB 225,814 million, or 37 % less than for the same period of the prior year.

International Brent crude futures LCOc1 were 32 cents lower at $51.57 per barrel, having traded as high as $52.19 earlier in the day. U.S. West Texas Intermediate (WTI) crude CLc1 edged down 5 cents to $46.52 a barrel, after falling more than 2 percent in the previous session.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 52 cents at $47.35 a barrel. Brent crude LCOc1 was down 12 cents at $52.29 per barrel.

Oman’s petroleum and other liquids production averaged more than 1 million barrels per day in 2016, its highest production level ever. Oman was on track to maintain this production level in 2017, but it reduced production to approximately 970,000 barrels per day in early 2017 to meet the production cut it agreed to, along with members of the Organization of the Petroleum Exporting Countries (OPEC).

Bahrain’s fiscal and external vulnerabilities have increased in the wake of the oil price decline. Overall GDP grew 3 percent in 2016, supported by strong growth of 3.7 percent in the non-oil sector aided by the implementation of GCC-funded projects. Average inflation remained moderate at 2.8 percent. Bank deposit and private sector credit growth slowed. The banking sector remains well capitalized and liquid. Despite the implementation of significant fiscal adjustment, lower oil prices meant that the overall fiscal deficit reached nearly 18 percent of GDP and government debt rose to 82 percent of GDP. The current account deficit widened to 4.7 percent. International reserves have declined.

“We have been producing oil and gas in Norway for nearly 50 years and we are still not halfway done. Vast volumes of oil and gas have been discovered on the Norwegian shelf that are still waiting to be produced. We want companies with the ability and willingness to utilise new knowledge and advanced technology. This will yield profitable production for many decades in the future,” says Ingrid Sølvberg, Director of development and operations in the Norwegian Petroleum Directorate.

U.S. Rig Count is up 451 rigs from last year's count of 489, with oil rigs up 353, gas rigs up 99, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 71 rigs from last year's count of 146, with oil rigs up 31 and gas rigs up 40.

Brent crude futures, LCOc1 the international benchmark for oil prices, were at $51.92 per barrel at 0652 GMT, down 18 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.70 a barrel, down 12 cents, or 0.3 percent.

U.S. - Industrial production rose 0.2 percent in July following an increase of 0.4 percent in June. The index for mining rose 0.5 percent in July for its fourth consecutive monthly increase. Within mining, gains in oil and gas extraction and in metal ore mining were partially offset by declines in nonmetallic mineral mining and in drilling and support activities. The decrease of 0.5 percent in drilling and support services followed 10 consecutive months of increases for that index.

The Danish Straits and Turkish Straits, together transited by a combined volume of more than 5 million barrels per day (b/d) in 2016, are important chokepoints for Europe’s crude oil and petroleum liquids supply. Nearly 59 million b/d of global petroleum and other liquids production moved on maritime routes in 2015. Although most discussions of maritime chokepoints for oil trade focus on the Strait of Hormuz and the Strait of Malacca, which together were transited by a combined volume of more than 30 million b/d, other chokepoints are significant for specific regions.

Preliminary production figures for July 2017 show an average daily production of 2 000 000 barrels of oil, NGL and condensate, which is an increase of 93 000 barrels per day compared to June.