BAKER HUGHES A GE - U.S. Rig Count is up 29 rigs from last week to 975, with oil rigs up 26 to 791, gas rigs up 3 to 184, and miscellaneous rigs unchanged. Canada Rig Count is down 17 rigs from last week to 325, with oil rigs down 13 to 221 and gas rigs down 4 to 104.

BEA - The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $53.1 billion in December, up $2.7 billion from $50.4 billion in November, revised. December exports were $203.4 billion, $3.5 billion more than November exports. December imports were $256.5 billion, $6.2 billion more than November imports.

NOV - National Oilwell Varco, Inc. (NYSE: NOV) reported a fourth quarter 2017 net loss of $14 million, or $0.04 per share. Revenues for the fourth quarter were $1.97 billion, an increase of seven percent compared to the third quarter and an increase of 16 percent from the fourth quarter of 2016. Operating loss for the fourth quarter was $111 million, or 5.6 percent of sales. Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) for the fourth quarter was $197 million, or 10.0 percent of sales, an increase of $30 million from the third quarter. Other items were $133 million, pre-tax, and primarily consisted of charges for inventory write-downs, facility closures and severance. Cash flow from operations for the fourth quarter was $321 million.

FT - Mexico secured almost $100bn in investment in its most successful oil tender to date as Anglo-Dutch oil major Royal Dutch Shell positioned itself as the biggest player in deepwater exploration and new companies including Qatar Petroleum burst on to the scene.

DOE recently released a report that dives into the emerging technology of advanced small modular reactors (SMRs) and their ability to flexibly provide carbon-free power in response to outages caused by severe weather and physical threats to the grid.

BAKER HUGHES A GE - U.S. Rig Count is down 1 rig from last week to 946, with oil rigs up 6 to 765, gas rigs down 7 to 181, and miscellaneous rigs unchanged. Canada Rig Count is up 4 rigs from last week to 342, with oil rigs up 14 to 234 and gas rigs down 10 to 108.

PLATTS - President Donald Trump said Tuesday that the "war" on American energy is over in a State of the Union speech given as US crude oil output is set to reach levels not seen in more than 47 years.

U.S. FRB - In view of realized and expected labor market conditions and inflation, the Committee decided to maintain the target range for the federal funds rate at 1-1/4 to 1‑1/2 percent. The stance of monetary policy remains accommodative, thereby supporting strong labor market conditions and a sustained return to 2 percent inflation.

CONOCOPHILLIPS - ConocoPhillips (NYSE: COP) today reported fourth-quarter 2017 earnings of $1.6 billion, or $1.32 per share, compared with a fourth-quarter 2016 net loss of $35 million, or ($0.03) per share. Excluding special items, fourth-quarter 2017 adjusted earnings were $0.5 billion, or $0.45 per share, compared with a fourth-quarter 2016 adjusted net loss of $0.3 billion, or ($0.26) per share. Special items for the current quarter were primarily driven by benefits from U.S. tax reform and the settlement of Ecuador arbitration.

REUTERS - U.S. Secretary of State Rex Tillerson said in Warsaw on Saturday that the United States sees Nord Stream 2 as a threat to Europe’s energy security.

U.S.DT - The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today designated 21 individuals and 9 entities under four Executive Orders (E.O.s) related to Russia and Ukraine, including three individuals and two entities related to Russia’s transfer of four turbines made by a Russian-German joint venture to Crimea.

BLOOMBERG - The Gaselys carries liquefied natural gas originally produced in Siberia, according to vessel tracking data. The ship, poised to dock at Engie SA’s Everett import terminal, would be the first LNG shipment from anywhere other than Trinidad and Tobago in about three years.

API - Total petroleum deliveries in December rose to 20.7 million barrels per day. This was the strongest December monthly demand in the last decade.

BLOOMBERG - The expansion of Russia’s gas pipeline to Germany under the Baltic Sea, which bypasses a number of east European nations, will allow the Kremlin to use energy as a “political tool,” U.S. Secretary of State Rex Tillerson said in Warsaw.

BEA - Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the fourth quarter of 2017 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.2 percent.