Oil & Energy

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Natural gas rigs rose while US oil rigs fell again this week after the Hurricane Harvey cleanup continues. With U.S. oil and gas production already back to pre Harvey levels. Bakers Hughes U.S. oil rig count  fell 5 to 744. Canada added 10 oil rigs.

 

Deep sea driller Transocean $RIG announced Friday that it retire six ultra-deepwater floaters and that as a result they will recognize an impairment charge of $1.4 billion in the third quarter of 2017. $RIG Is up near 2% on the news.

Norway’s sovereign wealth fund just reached a massive $US 1 trillion in value. The so called 'oil fund' is the envy of most countries, particularly countries with large commodity resources such as Saudi Arabia and Australia. 

Oil analysts speculate over OPEC capabilities, shale production and product demand in hopeful scenarios to satisfy a bullish investor environment. The reality is with the U.S. shale presence Russia and Saudi Arabia exports matter and Chinese oil refineries are the prize.

The EIA releases it's weekly natural gas storage report each Thursday at 10.30 ET, the key data point for natural gas traders outside of weather modelling. This week another build is expected.

Our post Harvey TCOIL preview for this week's EIA DOE Weekly Petroleum Status Report highlights the key variables to watch out for. Crude oil markets are watching for products and production after the hurricanes with the all important import export trade.

BP PLC, through BP Energia Mexico began delivering 200,000 MMbtu/d in natural gas to customers across eight Mexican states. This follows $BP being awarded transport capacity on portions of CENAGAS' system through a public auction earlier this year. 

US oil rigs fell this week less than expected after Hurricane Harvey cleanup continues. Bakers Hughes U.S. oil rig count  fell 7 to 749. Canada added 10 oil rigs.

The week following Hurricane Harvey natural gas inventories were more than expected the EIA reported Thursday. Working gas in storage was 3,311 Bcf as of Friday, September 8, 2017, a net increase of 91 Bcf from the previous week.

Hurricanes have taken their toll on products as refineries were shut down with Hurricane Harvey this week's EIA DOE Weekly Petroleum Status Report shows. Oil Production is almost back to Pre Harvey levels.

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