The Danish Straits and Turkish Straits, together transited by a combined volume of more than 5 million barrels per day (b/d) in 2016, are important chokepoints for Europe’s crude oil and petroleum liquids supply. Nearly 59 million b/d of global petroleum and other liquids production moved on maritime routes in 2015. Although most discussions of maritime chokepoints for oil trade focus on the Strait of Hormuz and the Strait of Malacca, which together were transited by a combined volume of more than 30 million b/d, other chokepoints are significant for specific regions.

Global oil stocks fell by 500,000 b/d and preliminary data for July, particularly in the US where stocks fell by 790,000 b/d, is supportive of rebalancing supplies with demand, according to the most recent Oil Market Report from the International Energy Agency.

India's LPG imports are expected to rebound from July onwards and is on track for a 10% annual increase in the current fiscal 2017-2018 (April-March), after plunging to the lowest in two years in June, trade sources from four oil and gas companies in India said recently.

TransCanada Corporation (TSX, NYSE: TRP) (TransCanada or the Company) announced net income attributable to common shares for second quarter 2017 of $881 million or $1.01 per share compared to net income of $365 million or $0.52 per share for the same period in 2016. Comparable earnings for second quarter 2017 were $659 million or $0.76 per share compared to $366 million or $0.52 per share for the same period in 2016. TransCanada's Board of Directors also declared a quarterly dividend of $0.625 per common share for the quarter ending September 30, 2017, equivalent to $2.50 per common share on an annualized basis.

China's import of US crude oil crossed 1 million mt for the first time in June, an eight-fold rise year on year, as elevated Dubai prices prompted both state and independent refiners to use it as an opportunity to diversify supplies, a trend that could add to the headache of OPEC suppliers.

According to the Supplementary Agreement, gas supplies to China via the Power of Siberia gas pipeline will commence in December 2019.

The UK's first US LNG cargo will arrive at the Isle of Grain terminal on around July 8, according to shipping sources.

Turkstream has been promoted by Mr Putin as a way to deepenaccess to the Turkish market, which was the second biggest for Russian natural gas last year after Germany, and to support his strategic objective to bypass Ukrainian pipelines.

Bob Dudley, BP group chief executive, said: “Global energy markets are in transition. The longer-term trends we can see in this data are changing the patterns of demand and the mix of supply as the world works to meet the challenge of supplying the energy it needs while also reducing carbon emissions. At the same time markets are responding to shorter-run run factors, most notably the oversupply that has weighed on oil prices for the past three years."

The upward trend continues: from January through May 2017 Russian gas deliveries to France added 8.8 per cent compared to the same period of 2016.

Following last year’s increase of 38 per cent, Gazprom continued to boost its gas exports to the Austrian market. Specifically, from January through May 2017 Russian gas deliveries to Austria added 79.5 per cent compared to the same period of 2016.

over the past five months, Gazprom’s gas supplies to the country added 37.3 per cent compared to the January–May period of 2016.

In 2016 Gazprom’s gas deliveries to Serbia had added 4.3 per cent compared to 2015. On top of that, the first half of 2017 saw a considerable increase in the demand for Russian gas: from January through May 2017 Gazprom’s gas supplies to Serbia climbed 42.2 per cent compared to the same period of 2016.

Speech by Alexey Miller at “Global Gas Markets: Energy Policy and Energy Security” Panel Session held as part of St. Petersburg International Economic Forum

"When these factors are taken together I can only conclude that the supplies coming from marginal barrels including shale production will not be sufficient to meet the future need for incremental capacity the mid-term," Falih said. "The market balance is already pointing in that direction," he added.