Oil & Energy

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EIA Inventory report showed larger draws in crude oil, gasoline and distillates this week after API had showed builds the prior evening, data confusion. Production rose again as oil rigs continue to rise.

The OPEC Monthly Oil Market Report (MOMR) for June released Tuesday provides OPEC's outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply.

New U.S. oil rigs put into service were higher this week by 1 new rig as U.S. oil production hit record highs this week.  The rise in production continued with bottlenecks that have hit the Midland price differential.

Natural gas futures  $3.00 stop run failed again this week. EIA reported a natural gas storage build of +92 Bcf his week.  Pipeline explosions join heat and storms are in the vernacular now.

The Quebec Government announced plans to ban shale gas fracking and tighten rules for energy exploration with new measures to ban drilling for oil and gas in 1-km zone around urban areas, including Montreal.

EIA Inventory report showed larger builds in crude oil, gasoline and distillates this week. Gasoline futures sold off aggressively. Production rose again as oil rigs continue to rise. Crude speculators unwound record length on Russia and KSA comments in the geopolitical risk matrix.

Head of the Central Bank of Russia Elvira Nabiullin says that the Russian economy and ruble have become less dependent on oil markets. This comes at a time when Russian oil giants are getting record prices, but not commesurate profits with the price of crude in rubles at an all-time high. Questions remain.

With Australia set to be the world's biggest LNG exporter it has left a domestic supply gap with fulfilling export contracts. Australian utility AGL Energy will invest around A$250 million (US$190.9 million) in its LNG import facility off Melbourne to cover future gas supply.

New U.S. oil rigs put into service were higher this week by 2 new rigs as U.S. oil production held at record highs this week.  The rise in production continued with bottlenecks that have hit the Midland price differential.

EIA Inventory report showed larger draw in crude oil and cushing but builds in products. We saw production rise again after oil rigs continue to rise. Crude speculators unwound record length on Russia and KSA in the geopolitical risk matrix.

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