At 427.8 million bbl, US crude oil inventories are at the 5-year average for this time of year

The US will raise the tariff on $250 billion worth of Chinese imports from 25% to 30% on October 1, and raise the current 10% tariff on another $300 billion of Chinese imports to 15% on September 1,

Feedgas flows to US LNG export terminals reached a new record of 6.5 Bcf/d on Friday, subject to revisions, amid robust demand in Latin America and positive netback spreads that are expected to strengthen into October,

China has announced a 5% tariff on imported US crude oil in retaliation for US President Donald Trump’s recent escalation of the countries’ trade war.

U.S. Rig Count is down 19 rigs from last week to 916, with oil rigs down 16 to 754, gas rigs down 3 to 162, and miscellaneous rigs unchanged at 0. U.S. Rig Count is down 19 rigs from last week to 916, with oil rigs down 16 to 754, gas rigs down 3 to 162, and miscellaneous rigs unchanged at 0.

Foremost among the areas to be patrolled is the Strait of Hormuz, between Oman and Iran, through which about one-fifth of the world’s seaborne crude flows out of the Gulf.

U.S. energy firms had interests in the South China Sea and Washington was “committed to bolstering the energy security of our partners and allies in the Indo-Pacific region and in ensuring uninterrupted regional oil and gas production for the global market.”U.S. warships have conducted periodic “freedom of navigation” operations in the South China Sea to challenge China’s claim to nearly all of the strategic waterway.