HUNGARY BUILDS SOUTH STREAM
Hungary says it will go ahead and build its part of Gazprom's South Stream gas pipeline that bypasses Ukraine to supply Europe, despite U.S. and EU objections to the project.
Prime Minister Viktor Orban said Tuesday in Serbia that "those who say we shouldn't build South Stream should make an alternative proposal about how we could live without energy."
Orban added that "we are going to build the South Stream."
His comments underscore divisions within the EU over the trans-European pipeline. The standoff over Ukraine has renewed calls for the 28-nation bloc to rethink its energy policies to make it less reliant on Russia.
Bulgaria last month had to freeze its South Stream construction work under orders from EU Commission, which said the country breached EU competition rules.
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GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.