Oil & Energy

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EIA Inventory report showed a surprise build after last week's draw, the releases and estimates and completely out of whack the past month or so. Gasoline showed a draw also with production falling for the first time in over 6 weeks.

Australian mining giant BHP announced it will sell its U.S. shale assets to Britain's oil major BP for $10.5 billion.  BHP about a year ago said it would sell them after it had determined "are non-core and we are actively pursuing options to exit these assets for value".

U.S. oil rigs in service were higher by 3 this week with rigs taken up in the Periman. U.S. oil production hit another all time high of 11 million bpd. Schlumberger reported a massive 45% gain in North American Revenue for the June Quarter. Bottlenecks remain in the Midland Texas area.

The EIA reported a lower than expected build of +24 Bcf in natural gas storage this week. Excitment comes from pipeline repairs and heat and storms, but only in the vernacular it seems. June was the 3rd warmest in history.

EIA Inventory report showed a large draw in crude after last week's huge build. Gasoline showed a large draw also with production unchanged. 

U.S. oil rigs in service were lower by 5 this week with rigs taken down in Texas. U.S. oil production hit another all time high of 11 million bpd. Schlumberger reported a massive 45% gain in North American Revenue for the June Quarter. Bottlenecks remain in the Midland Texas area.

Natural gas futures responded higher after EIA reported a natural gas storage build of +46 Bcf last week. Excitment comes from pipeline repairs and heat and storms, but only in the vernacular it seems. June was the 3rd warmest in history.

EIA Inventory report showed a large build in crude after last week's huge draw. WTI futures have fallen to $67bbl from the high $74 high into the report on with massive longs feeling the weight into options and futures expiration.

U.S. oil rigs in service were unchanged this week with oil production at record highs this week as oil continues over $70 with Iranian tensions. Canadian oil rigs rose 13 with the Synocrude outage. Bottlenecks remain in the Midland Texas area.

The Oil refiner and marketer Viva Energy IPO debuted Friday in Australia down 4 percent below the issue price, dissappointing for owners led by independant global energy trader Vitol.

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