Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the third quarter of 2017, according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.1 percent.
Reuters - Mexican national oil company Pemex reported on Friday that September crude production fell 18 percent from the same month last year, marking three consecutive months with oil output coming in below 2 million barrels per day.
ExxonMobil and Chevron, the two largest US oil and gas groups, are continuing to lose money on oil and gas production in their home country, in spite of the rise in commodity prices since last year.
U.S. Rig Count is up 352 rigs from last year's count of 557, with oil rigs up 296, gas rigs up 58, and miscellaneous rigs down 2 to 0. Canada Rig Count is up 38 rigs from last year's count of 153, with oil rigs up 23 and gas rigs up 15.
Economic activity in the United States has been growing moderately so far this year, and the labor market has continued to strengthen. The terrible hurricanes that hit Texas, Florida, Puerto Rico, and our neighbors in the Caribbean caused tremendous damage and upended many lives, and our hearts go out to those affected. While the effects of the hurricanes on the U.S. economy are quite noticeable in the short term, history suggests that the longer-term effects will be modest and that aggregate economic activity will recover quickly.
U.S. Rig Count is up 389 rigs from last year's count of 539, with oil rigs up 311, gas rigs up 80, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 47 rigs from last year's count of 165, with oil rigs up 22 and gas rigs up 25.
REUTERS - “If we lose our supply chain, if we lose our intellectual chain of supply of bright scientists because we basically pushed the nuclear industry back, then we’re going to lose our role as a leader when it comes to nuclear energy in the world,” Perry said.
A fresh wave of North American crude cargoes could reach the Far East in the coming months, with an estimated 6 million barrels or more of light sweet US grades loading in November expected to find a home in Asia as regional end-users step up efforts to find cheaper feedstocks amid sustained strength in the Middle Eastern crude complex, Asian trade sources said.
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 $42.4 billion in August, down $1.2 billion from $43.6 billion in July, revised. August exports were $195.3 billion, $0.8 billion more than July exports. August imports were $237.7 billion, $0.4 billion less than July imports.
API - “The increased use of natural gas in electric power generation has not only enhanced the reliability of the overall system, but it has also provided significant environmental and consumer benefits. The abundance, affordability, low-emissions profile and flexibility of natural gas and natural gas-fired generating units make natural gas a fuel of choice. There is no question, however, that the bulk power system will continue to rely on multiple fuels, including natural gas, nuclear, coal, hydro, wind and solar, as projected by the Energy Information Administration.
U.S. Rig Count is up 418 rigs from last year's count of 522, with oil rigs up 325, gas rigs up 93, and miscellaneous rigs unchanged at 1. Canada Rig Count is up 51 rigs from last year's count of 162, with oil rigs up 29 and gas rigs up 22.
Total petroleum deliveries in August moved up by 1.3 percent from August 2016 to average 20.5 million barrels per day. These were the highest August deliveries in 10 years, since 2007. Compared with July, total domestic petroleum deliveries, a measure of U.S. petroleum demand, decreased 0.6 percent. For year-to-date, total domestic petroleum deliveries moved up 1.3 percent compared to the same period last year.
“In light of Facebook’s disclosure of over $100,000 in social media advertising associated with Russian accounts focused on the disruption and influence of US politics through social media, it is likely that Russia undertook a similar effort using social media to influence the US energy market,”
“Fifty-dollar WTI is not high enough to support a material uptick in oilsands investments,” said Randy Ollenberger, managing director of oil and gas equity research for BMO Capital Markets. “Sustained US$60-plus oil prices are required to support most projects.”
Real gross domestic product (GDP) increased at an annual rate of 3.1 percent in the second quarter of 2017 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 1.2 percent.