IMF - Global debt has reached an all-time high of $184 trillion in nominal terms, the equivalent of 225 percent of GDP in 2017. On average, the world’s debt now exceeds $86,000 in per capita terms, which is more than 2½ times the average income per-capita.
U.S. BLS - Total nonfarm payroll employment increased by 304,000 in January, and the unemployment rate edged up to 4.0 percent, the U.S. Bureau of Labor Statistics reported. Job gains occurred in several industries, including leisure and hospitality, construction, health care, and transportation and warehousing.
WINDPOWER - Canada’s wind energy industry further expanded its installed capacity in 2018, while solidifying its status as the lowest-cost source of new electricity generation. Newly commissioned projects brought total national wind energy capacity to close to 13,000 MW, according to new year-end findings from the Canadian Wind Energy Association (CanWEA).
BHGE - U.S. Rig Count is down 14 rigs from last week to 1,045 rigs, with oil rigs down 15 to 847 and gas rigs up 1 to 198. Canada Rig Count is up 11 rigs from last week to 243, with oil rigs up 13 to 159 and gas rigs down 2 to 84.
PLATTS- Russian energy minister Alexander Novak said Wednesday that he does not currently see a need to take any extra measures or call for an extra meeting by the OPEC/non-OPEC group over the crisis in Venezuela. "We haven't discussed the situation with [Saudi energy] minister Falih, or other ministers," Novak told reporters. "The markets are currently calm ... and the volatility is insignificant. So there is no need for the extra meeting of OPEC+, at least the Russian side thinks so."
PLATTS- US refiners cannot rely on Mexico to replace Venezuelan heavy oil imports as the country is battling to reverse its declining production and Pemex's oil is sold under contractual basis, analysts and others say.
U.S. EIA - U.S. crude oil production rose to a new high of 11.9 million barrels per day in November, up 345,000 bpd from the previous month,
OGJ - US crude oil inventories for the week ended Jan. 25, excluding the Strategic Petroleum Reserve, increased by 900,000 bbl from the previous week, data from the US Energy Information Administration showed.
EIA - In November 2018, for the 19th consecutive month, dry natural gas production increased year to year for the month. The preliminary level for dry natural gas production in November 2018 was 2,646 billion cubic feet (Bcf), or 88.2 Bcf/d. This level was 9.2 Bcf/d (11.6%) higher than the November 2017 level of 79.0 Bcf/d. The average daily rate of dry natural gas production for November was the highest for any month since EIA began tracking monthly dry natural gas production in 1973.
U.S. FRB - Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent.
OGJ - “The sanctions will affect refinery margins in the US. Now they will have to import heavy crude from the Middle East at a premium. US refiners will be amongst the biggest losers, as we have noted earlier,” Rodriguez-Masiu said.
PLATTS - The Trump administration announced Monday that it will sanction PDVSA, Venezuela's state-owned oil company, a move that could suspend roughly 500,000 b/d of Venezuelan crude exports to US Gulf Coast refineries and shut down US exports of diluents to the South American nation.
U.S. DT - Over the first three quarters of 2018, the U.S. economy grew at an annualized rate of 3.2 percent, the fastest pace for the first three quarters of a year since 2005. Initial data for the fourth quarter indicate the economy continued to perform well, although slowing global growth and the housing sector could present headwinds. Private forecasters in the Blue Chip Economic Indicators monthly survey now estimate that real GDP growth slowed to 2.7 percent in the fourth quarter, and will slow further to 2.2 percent in the first quarter of 2019.
API - U.S. production of crude oil (11.7 mb/d) and natural gas liquids (NGLs) (4.8 mb/d); Crude oil exports (2.4 mb/d, tie with Nov. 2018);
EIA - U.S. crude oil production continues to set annual records through the mid-2020s and remains greater than 14.0 million barrels per day (b/d) through 2040. The continued development of tight oil and shale gas resources, particularly those in the East and Southwest regions, supports growth in NGPL production—which reaches 6.0 million b/d by 2030—and dry natural gas production. Dry natural gas production reaches 43.4 trillion cubic feet by 2050.