FRB - In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 2 to 2-1/4 percent.

U.S. EIA - Crude oil surpassed hydrocarbon gas liquids (HGL) to become the largest U.S. petroleum export, with 1.8 million barrels per day (b/d) of exports in the first half of 2018. U.S. crude oil exports increased by 787,000 b/d, or almost 80%, from the first half of 2017 to the first half of 2018 and set a new monthly record of 2.2 million b/d in June.

API - “Placing constraints on exports of American-made energy works against America’s energy future,” said API Chief Economist Dean Foreman. “While the picture is still a bit muddied, it seems to be getting clearer – the trade war appears to be limiting the United States’ access to crude export markets. As we produce more energy here at home, the U.S. needs markets for its products in order for our economy to continue to grow. There’s no question that the 1.6 MBD increase U.S. petroleum net imports, which undid a full year’s worth progress, is a setback to the United States’ goal of energy dominance.”

BAKER HUGHES A GE - U.S. Rig Count is down 2 rigs from last week to 1,053, with oil rigs down 1 to 866, gas rigs unchanged at 186, and miscellaneous rigs down 1 to 1. Canada Rig Count is down 29 rigs from last week to 197, with oil rigs down 13 to 135 and gas rigs down 16 to 62.

SHANA - What is common in oil market is that no price levels could be forecast for the future there. Only its unpredictability is predictable. Rarely may you find an expert to say with full certainty in which direction oil prices are headed.

PLATTS - 1.4 million b/d of Iranian oil supplies to leave the market by November, when the US sanctions go into force. Venezuela, which pumped 1.22 million b/d in August could see output fall to 1 million b/d in 2019. Politically unstable Libya also presents a supply risk.

SHANA - Iran’s Minister of Petroleum Bijan Zangeneh said the Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) is not legally competent to make decisions about adjustment of production quotas.

U.S. EIA - Second-quarter 2018 financial results for 45 U.S. oil exploration and production companies that the U.S. Energy Information Administration (EIA) regularly tracks reveal that most companies increased their capital expenditure budgets for 2018 compared with initial budgets made at the beginning of the year.

U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014

OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.

PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.

U.S. BEA - The U.S. current-account deficit decreased to $101.5 billion (preliminary) in the second quarter of 2018 from $121.7 billion (revised) in the first quarter of 2018, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.0 percent of current-dollar gross domestic product (GDP) in the second quarter, down from 2.4 percent in the first quarter.

REUTERS - Germany will chose where to build a liquefied natural gas (LNG) terminal by the end of 2018 as a gesture to the United States which wants to ship more gas to Europe, the economy minister said.

REUTERS - “U.S. liquefied natural gas is coming to Germany. The question is not if, but when,” Brouillette told the mass circulation daily Bild in an interview published on Monday.

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 79,000 b/d month-over-month in October from 7,515 to 7,594 thousand barrels/day , gas production to increase 961 million cubic feet/day from 72,127 to 73,088 million cubic feet/day .