BAKER HUGHES A GE - U.S. Rig Count is down 5 rigs from last week to 1,047, with oil rigs down 4 to 858, gas rigs down 1 to 187 and miscellaneous rigs unchanged at 2. Canada Rig Count is up 12 rigs from last week to 172, with oil rigs up 14 to 117 and gas rigs down 2 to 55.
PLATTS - "I think you're going to see a settling-down of the market -- people feeling comfortable that Saudi Arabia, Russia and the United States, we've got substantial production," Perry said, while acknowledging pipeline constraints in Texas that are holding back Permian Basin oil exports.
WSJ - Iran exports more than 2 million barrels a day of oil. President Donald Trump in May withdrew from a nuclear deal with Iran and reimposed sanctions that seek to force companies not to buy any Iranian oil.
BLOOMBERG - QATAR Petroleum, the world’s biggest seller of liquefied natural gas, is looking to get even larger, investing US$20 billion in America’s oil and gas fields, at a time when rival U.S. exporters are expanding.
WNN - A group of 75 senior US figures, including former statesmen, military, industrial and academic leaders, have written to Energy Secretary Rick Perry imploring him to take immediate action to prevent the closure of reactors, citing the contribution of nuclear power to national security. Meanwhile, the US Senate has passed a 2019 appropriations bill providing USD1.2 billion for nuclear energy programmes and supporting nuclear innovation.
U.S. BEA - Real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the first quarter of 2018 , according to the "third" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.9 percent.
REUTERS - “We met. We discussed energy issues, among other things. We touched upon questions related to sanctions,” Novak said in a press briefing in Washington. “We can’t sidestep these difficult questions, so of course we touched upon them during our contact.”
OGJ - Sandra Oudkirk, deputy assistant secretary for energy diplomacy at the US Department of State, confirmed that the Trump administration has received several requests to sanction the proposed Gazprom-sponsored pipeline that would extend from Russia beneath the Baltic Sea to Germany.
ARAB NEWS - The United States warned countries that they must stop buying Iranian oil before Nov. 4 or face a renewed round of American sanctions.
REUTERS - Norway, which shares an Arctic border with Russia, lacks a “credible plan” how to meet NATO’s spending target, U.S. President Donald Trump said in a letter to the country’s prime minister, the Norwegian daily VG reported on Tuesday.
WSJ - U.S. production has grown at a record-setting pace this year, hitting 10.9 million barrels a day this month after oil prices exceeded $70 a barrel for the first time since 2014. That makes the U.S. the world’s No. 2 oil producer behind Russia, but ahead of Saudi Arabia.
BAKER HUGHES A GE - U.S. Rig Count is down 7 rigs from last week to 1,052, with oil rigs down 1 to 862, gas rigs down 6 to 188 and miscellaneous rigs unchanged at 2. Canada Rig Count is up 21 rigs from last week to 160, with oil rigs up 16 to 103 and gas rigs up 5 to 57.
U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.
API - “Instead of utilizing a transparent decision-making process that provided room for input from key stakeholders, the administration continues to take serious missteps in the trade arena that could undermine American jobs and America’s role on the global energy stage. Trade wars with key trading partners will be detrimental to the U.S. economy and consumers.”
PLATTS - Since the US dropped all limits on crude exports in 2015, China has competed with Canada as the top buyer of US crude. US crude exports to China averaged over 358,000 b/d in the first quarter, up from nearly 175,000 b/d in Q1 2017. US crude's market share in China rose to 3.5% from 0.4% over the same period.