GAZPROM IS GETTING
REUTERS - The head of Ukraine's Naftogaz said on Thursday EU-mediated talks over future Russian gas transit via the country to Europe must include Gazprom and must be based on firm commitments.
Commenting on an invitation from the bloc to relaunch trilateral gas talks, Naftogaz chief Andriy Kobolev voiced doubts over Russia's willingness to engage in serious talks.
He said Russia's energy minister has agreed to the talks but not Gazprom.
"For the success of the talks, it is important to have Gazprom in the room," Kobolev told Reuters in Brussels. "I am struggling to understand what outcome we are trying to achieve because ... from what I know they are not ready to give any commitment."
Russian President Vladimir Putin said on Friday that Moscow was ready for talks with Ukraine on continued gas transits after their contract expires in 2019, following talks with German Chancellor Angela Merkel last week.
Russia's Gazprom and five European companies, with German backing, plan to build the North Stream 2 gas pipeline on the Baltic seabed to connect Russia directly with Germany.
The pipeline bypassing eastern Europe would allow Gazprom to reduce gas flows through Ukraine, costing it valuable transit revenue.
Kobolev added that the EU's decision to settle its antitrust case with Gazprom on Thursday would not bring any positive market changes, saying the commitments were too vague.
"It seems Gazprom is getting away with everything," he said.
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U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.
NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.
GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.
REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.