July 2019

U.S. Rig Count is down 8 rigs from last week to 946, with oil rigs down 3 to 776, gas rigs down 5 to 169, and miscellaneous rigs unchanged at 1. Canada Rig Count is up 9 rigs from last week to 127, with oil rigs up 2 to 85 and gas rigs up 7 to 42.

Brent crude futures LCOc1 were up 74 cents, or 1.2%, at $63.92 a barrel by 10:59 a.m. (1459 GMT), after hitting a session high of $64.23. U.S. West Texas Intermediate crude CLc1 was up 67 cents, or 1.2%, at $56.55 a barrel, after hitting a session high of $56.99.

Global growth is sluggish and precarious, but it does not have to be this way because some of this is self-inflicted. Dynamism in the global economy is being weighed down by prolonged policy uncertainty as trade tensions remain heightened despite the recent US-China trade truce, technology tensions have erupted threatening global technology supply chains, and the prospects of a no-deal Brexit have increased.

The construction of the LNG terminals in Germany represents a considerable investment. The FSRU for instance, the cheapest facility, will require about €400 million ($500 million) to build.

Gazprom’s market value is $79.4 billion, second in Russia to Sberbank’s $82 billion, according to Refinitiv Eikon data.

The signing of the agreements seek to further advance strategic ties between the UAE and China, opening up new partnership horizons across various fields

ADNOC and CNOOC signed an agreement to collaborate in the upstream and downstream oil and gas sector

ADNOC has signed an agreement with Indonesia's state energy company Pertamina to collaborate in both countries and internationally. Indonesia' foreign ministry said that the partnership could be worth up to $2.5bn.

At 445 million bbl, US crude oil inventories are 2% above the 5-year average for this time of year,

The UK obtained 19% of its primary energy from low-carbon sources last year, with 39% of this from nuclear power, but this was 7% lower than in 2017 due to outages at Dungeness B and Hunterston B towards the end of 2018, official statistics published today show. Nuclear capacity was broadly the same as in 2017, at 9.3 GW.