U.S. Rig Count is down 367 rigs from last year's count of 864, with oil rigs down 255, gas rigs down 114, and miscellaneous rigs up 2. Canadian Rig Count is down 50 rigs from last year's count of 187, with oil rigs down 1, and gas rigs down 49.

“The Alaska LNG project is one of the least competitive on a cost of supply basis compared with other”

“America’s growth in natural gas production means that through LNG exports we can give our allies stability and security in the global natural gas market. America’s shale revolution is growing our economy, spurring environmental improvements and strengthening our own energy security. U.S. LNG will give our allies an opportunity to achieve those some goals.”

U.S. Rig Count is down 388 rigs from last year's count of 877, with oil rigs down 269, gas rigs down 121, and miscellaneous rigs up 2. Canadian Rig Count is down 50 rigs from last year's count of 196, with oil rigs down 4, and gas rigs down 46.

U.S. production is a clear factor in lower global crude prices, which has translated into lower energy costs for individual Americans and families. Year-over-year U.S. gasoline prices have declined by almost 50 cents per gallon, due in large part to the decline in the price of crude oil.

This summer the U.S. oil price has whipsawed from more than $50 a barrel in June to below $40 earlier this month. In the past two weeks it has risen more than 20%, to a recent $48.22 a barrel.

U.S. Rig Count is up 10 rigs from last week to 491, with oil rigs up 10 to 406, gas rigs unchanged at 83, and miscellaneous rigs unchanged at 2. Canadian Rig Count is down 5 rigs from last week to 121, with oil rigs unchanged at 65, gas rigs down 4 to 56, and miscellaneous rigs down 1 to 0.

U.S. oil production down 85 tbd, gas production down 373 mcfd.

U.S. Rig Count is up 17 rigs from last week to 481, with oil rigs up 15 to 396, gas rigs up 2 to 83, and miscellaneous unchanged at 2. Canadian Rig Count is up 4 rigs from last week to 126, with oil rigs up 5 to 65, gas rigs unchanged at 60, and miscellaneous rigs down 1 to 1.

In the first five months of 2016, U.S. crude oil exports averaged 501,000 barrels per day (b/d), 43,000 b/d (9%) more than the full-year 2015 average.

U.S. Rig Count is up 1 rig from last week to 464, with oil rigs up 7 to 381, gas rigs down 5 to 81, and miscellaneous rigs down 1 to 2. Canadian Rig Count is up 3 rigs from last week to 122, with oil rigs unchanged at 60, gas rigs up 2 to 60, and miscellaneous rigs up 1 to 2.

Employment in oil and natural gas production reached a high of 538,000 jobs in October 2014. Since then, oil and natural gas production employment declined 26%, a loss of more than 142,000 jobs through May 2016, based on the latest jobs data available. The total decrease in production jobs is nearly three times the 51,000 jobs lost over a 13-month period during the 2008–09 recession.

The deficit rose to $44.5 billion in June, 8.7 percent higher than a revised May deficit of $41 billion, the Commerce Department reported Friday. It was the biggest gap between what America sells abroad and what the country imports since a $44.6 billion deficit last August.

In the latest transaction, Statoil will divest some of its non-operated interests in the US state of West Virginia to Antero Resources Corporation (“Antero”) for approximately USD 96 million in cash.

Low oil prices are expected to have a negative effect on the US LNG export industry. LNG export markets are tied to oil indexing. With crude oil prices decreasing by 50% over the past year and a half, the US Henry Hub market is losing its price advantage. This scenario not only minimizes projected LNG export revenues, but it also makes financing capital-intensive LNG facilities more difficult.