The number of rigs running in the US to drill the horizontal wells used for shale oil production has been rising since May. At 272 last week it was at its highest level since early April, according to Baker Hughes, the oilfield services company.

The United States holds more recoverable oil reserves than Saudi Arabia and Russia thanks in large part to its shale oil, Norwegian consultancy Rystad Energy said in a report.

To make matters worse, evidence suggests that, after controlling for income levels, the responsiveness of consumption to income gains for most of the income distribution has weakened in recent years. This puts further downward pressure on consumption. Combined, these effects are estimated to translate to about 3½ percentage points of lost U.S. consumption over 1998–2013—equivalent to more than one year of total consumption growth.

US crude oil production during April amounted to 8.933 million b/d, a decline of 2.5% from the March average and 7.9% from the April 2015 average.

Midway through 2016, U.S. pipeline exports to Mexico have been increasing substantially. Daily PointLogic data show that year-to-date, pipeline exports to Mexico have averaged 3.5 Bcf/d, 37% above year ago levels and 89% above the five-year (2011–15) average level. Mexico’s growing use of natural gas in the power sector and flat-to-declining production have led Mexico to increase its pipeline imports. At the same time, the growth in power burn has been driven by the increased availability of low natural gas prices as a result of the infrastructure buildout.

Monthly average crude oil prices for April rose in all categories of sale. The average domestic crude oil first purchase price increased $3.72 (11.7%), to $35.59 per barrel.

U.S. Rig Count is up 10 rigs from last week to 431, with oil rigs up 11 to 341, gas rigs down 1 to 89, and miscellaneous rigs unchanged at 1. Canadian Rig Count is unchanged from last week at 76, with oil rigs down 1 to 35, gas rigs up 1 to 40, and miscellaneous rigs unchanged at 1.

This can give some large industry players an advantage on future business projects, and can fundamentally harm American jobs.

The U.S. and Mexico will commit to joining Canada in boosting their use of wind, solar and other carbon-free sources of electricity, helping North America meet an ambitious goal of generating at least 50 percent of its energy from “clean” sources by 2025.

Total upstream jobs in the state during May averaged 205,100, down 21.2% from the May 2015 average and 33% from the estimated high of 306,020 in December 2014. Estimates from the TPI show the trough in upstream employment before December 2014 was 184,640 in October 2009. During the previous growth cycle, industry employment peaked at 225,965 in October 2008.

Canada's oil sands production will grow by 42 percent to 3.4 million barrels per day by 2025, most of which will come from the expansion of existing facilities rather than new projects

The Calgary-based pipeline operator filed papers late Friday seeking arbitration under the North American Free Trade Agreement, arguing that TransCanada had every reason to believe it would win approval to build Keystone XL.

U.S. Rig Count is down 3 rigs from last week to 421, with oil rigs down 7 to 330, gas rigs up 4 to 90, and miscellaneous rigs unchanged at 1. Canadian Rig Count is up 7 rigs from last week to 76, with oil rigs up 8 to 36, gas rigs down 1 to 39, and miscellaneous rigs unchanged at 1.

BP’s energy outlook this year foresees a compound annual growth rate of gas demand at 1.8% until 2035. In the OECD, this growth results from the coal-to-gas transition in power generation. The US major ExxonMobil supports this view, forecasting gas will account for 30% of the power sector and will equal coal by 2040.

"We believe that the (function of) regulation has moved to three main players, which are the United States, Saudi Arabia and Russia," he said.