U.S. OIL GAS PRODUCTION WILL UP
EIA, OGJ - Crude oil production from the seven major US onshore producing regions is forecast to rise 122,000 b/d month-over-month in June to average 5.401 million b/d. All but 15,000 b/d of the increase is expected to come from the Permian and Eagle Ford.
Gas production from the seven regions is forecast to gain 557 MMcfd month-over-month in June to 51.316 bcfd. All seven regions are expected to show increases, with the Permian up 160 MMcfd to 8.56 bcfd, Haynesville up 130 MMcfd to 6.455 bcfd, Eagle Ford up 112 MMcfd to 6.136 bcfd, Niobrara up 61 MMcfd to 4.678 bcfd, Utica up 49 MMcfd to 4.431 bcfd, Marcellus up 22 MMcfd to 19.258 bcfd, and Bakken up 14 MMcfd to 1.798 bcfd.
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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.