Because two major crude oil price benchmarks, West Texas Intermediate (WTI) and Brent, account for 70% of the weighting in the S&P GSCI energy index, the energy index tends to follow major price movements in the crude oil market. During the first half of 2017, WTI crude oil prices declined by 12%, while Brent prices fell 14%.

The energy ministry is forecasting that crude production in Russia will fall by 0.6% year on year to 549.1 million mt, or 11.027 million b/d on average, in 2017 on the extension of the output cut deal.

“If you connect the dots, it is clear that Russia is funding US environmental groups in an effort to suppress our domestic oil and gas industry, specifically hydraulic fracturing,” Committee Chairman LaMar Smith (Tex.) said on July 7 as he released a letter he and Energy Subcommittee Chairman Randy Weber (Tex.) sent to Mnuchin.

India, the world's third-largest oil importer, will import crude oil from the United States for the first time after Indian Oil Corp bought a cargo that will be delivered in October.

U.S. Rig Count is up 512 rigs from last year's count of 440, with oil rigs up 412, gas rigs up 101, and miscellaneous rigs down 1 to 0. Canadian Rig Count is up 94 rigs from last year's count of 81, with oil rigs up 68, gas rigs up 27, and miscellaneous rigs down 1 to 0.

The August light, sweet crude contract on NYMEX dropped $1.94 on July 5 to settle at $45.13/bbl. The September contract was down $1.95 to close at $45.34/bbl. The NYMEX natural gas price for August declined 11¢ to a rounded $2.84/MMbtu. The Henry Hub cash gas price was $2.90/MMbtu on July 5, down 4¢ from June 30, the last available price for the US gas spot price. The Brent crude contract for September on London’s ICE decreased $1.82 to $47.79/bbl while the October contract dropped $1.83 to $48.07/bbl. The July gas oil contract was down $6.75 to $442.25/tonne. The Organization of Petroleum Exporting Countries’ basket of crudes on July 5 was $47.04/bbl, down 53¢.

Novak said prices had room to rise from current levels and said inventories in industrialized nations were expected to ease back to the five-year average thanks to the decision by OPEC and its allies to extend supply curbs from the first half of 2017 to the first quarter of 2018.

The Organization of Petroleum Exporting Countries produced 32.49 million b/d in June—an increase of 220,000 b/d from May and representing a 6-month high.

Отклонение нефтегазовых доходов федерального бюджета от месячной оценки, соответствующей Федеральному закону о федеральном бюджете на 2017-2019 годы, в июле 2017 года прогнозируется в размере +11,7 млрд руб.

Vietnam has extended an Indian oil concession in the South China Sea and begun drilling in another area it disputes with China in moves that could heighten tensions over who owns what in the vital maritime region.

Средняя цена нефти марки Urals по итогам января-июня 2017 года составила $50.3 за баррель. В 2016 году средняя цена на Urals в январе-июне составила $37,85 за баррель. Средняя цена на нефть марки Urals в июне 2017 года сложилась в размере $45,65 за баррель, что в 1,01 раза ниже, чем в июне 2016 года ($46,49 за баррель).

Brent crude futures, the international benchmark for oil prices, were at $49.55 per barrel at 0456 GMT, down 6 cents, or 0.1 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.99 per barrel, down 8 cents, or 0.2 percent.

Spain’s Repsol has agreed to establish a joint venture with Russian oil company Gazprom Neft, in the latest move by a European oil and gas company to deepen co-operation with Russia despite western sanctions targeting the country’s energy sector.

Brent crude futures had climbed 13 cents, or 0.3 percent, to $48.90 per barrel by 0643 GMT, after jumping 5.2 percent last week in their first weekly gain in six weeks. U.S. West Texas Intermediate (WTI) crude futures rose 17 cents, or 0.4 percent, to $46.21 per barrel, adding to last week's 7-percent gain.

U.S. Rig Count is up 509 rigs from last year's count of 431, with oil rigs up 415, gas rigs up 95, and miscellaneous rigs down 1 to 0. Canadian Rig Count is up 113 rigs from last year's count of 76, with oil rigs up 77, gas rigs up 37, and miscellaneous rigs down 1 to 0.