The crude oil contract for August gained 27¢ to settle at $45.95/bbl on the New York Mercantile Exchange on July 15. The September contract gained 23¢ to close at $46.65/bbl. The natural gas contract for August was up a rounded 3¢ to a rounded $2.76/MMbtu. The Henry Hub gas price was $2.67/MMbtu, down 10¢ on July 15.

First-quarter 2016 financial results from U.S. onshore producers reveal an improving balance between capital expenditure and operating cash flow. Although operating cash flow was the lowest in any quarter in the past five years, larger reductions to capital expenditure brought these companies closest to self-finance (when capital investment can be paid for entirely from operating cash flow). With crude oil prices such as the global benchmark Brent price averaging over $45 per barrel in the second quarter—a 34% increase from first-quarter 2016—cash flow may improve and help offset declining revenue from lower production.

The crude oil contract for August on the New York Mercantile Exchange gained 93¢ on July 14 to settle at $45.68/bbl. The September contract climbed 98¢ to $46.42/bbl. The natural gas contract for August was down 1¢ to a rounded $2.73/MMbtu. The Henry Hub gas price was $2.77/MMbtu, down 4¢ on July 14.

The crude oil contract for August on the New York Mercantile Exchange plunged $2.05 on July 13 to settle at $44.75/bbl. The September contract dipped $2.13 to $45.44/bbl. The natural gas contract for August was up a fraction of a cent to $2.74/MMbtu. The Henry Hub gas price was $2.81/MMbtu, up 6¢ on July 13.

Global consumption of petroleum and other liquid fuels is estimated to have grown by 1.4 million b/d in 2015. EIA expects global consumption of petroleum and other liquid fuels to increase by 1.4 million b/d in 2016 and by 1.5 million b/d in 2017, mostly driven by growth in countries outside of the Organization for Economic Cooperation and Development (OECD). Non-OECD consumption growth was an estimated 1.0 million b/d in 2015, and it is expected to be 1.3 million b/d in 2016 and 1.5 million b/d in 2017.

Oil prices have recovered more than 70 percent from the 12-year low reached earlier this year as OPEC’s strategy to pressure rivals with lower prices slowly succeeds in eliminating a surplus. Output in the U.S. has retreated to a two-year low as the boom in shale oil production faltered, while Saudi Arabia told OPEC it raised output last month close to a record.

The light, sweet crude oil price for August delivery fell moderately on the New York market July 11 to settle under $45/bbl. The Brent crude oil price for September delivery fell about 50¢ on the London market to settle at $46.25/bbl.

Iran exports about 2 million barrels of its daily output of 3.8 million, said Mohsen Ghamsari, NIOC’s director of international affairs. The country has regained about 80 percent of the market share it held before the U.S. and European Union tightened sanctions on its oil industry in 2012, he said. Sanctions were eased in January, and Iran plans to double crude exports.

The current oil price environment has had a negative impact on oil investments, hurt energy efficiency and boosted the share of oil produced in the Middle East.

Gross Australian LNG production increased by 53.2% in the March quarter to 10.1 MMt with the ramp-up of production from Australia Pacific LNG (APLNG) and Golar LNG (GLNG) projects in Queensland and the first cargo from the Gorgon project in Western Australia. The country's LNG exports reached 3.8 MMt during the same period, while Russia's LNG exports totaled 2.5 MMt.

U.S. crude was down 23 cents at $46.37 a barrel at 0158 GMT. The contract fell 5 percent to end at $46.60 on Tuesday as U.S. investors digested news of an OPEC increase in production after the July 4 holiday on Monday closed trading. Brent futures were down 18 cents at $47.78. On Tuesday they settled down 4.3 percent at $47.96 a barrel.

In the week ending Monday, the average UK pump price of unleaded gasoline (ULSP) was 111.65p/liter, up 0.21 p/liter week on week. The price of diesel (ULSD) was 112.86 p/liter, up 0.30 p/liter on the week.

Russia is on course to post its widest budget deficit since 2010 after oil prices tumbled to a 12-year low in January, reducing revenue for the state budget in the world’s largest energy exporter.

Directors emphasized the need for continuing structural reforms to support a successful transition and improve the efficiency of the economy. They saw merit in continued restraint in wage settlements and further reforms to reinvigorate productivity growth. Aligning public sector pensions with recent private sector reforms and reforms to sickness and disability pensions could increase labor force participation. Directors also saw scope for efficiency gains from reducing tax preferences for owner-occupied housing and relaxing supply restrictions in the housing market.

Kuwait's budget deficit reflects the impact lower oil prices have had on crude exporters, particularly Gulf Arab monarchies that rely on oil revenues to support generous subsidies, welfare benefits and public sector wages.