Oil & Energy

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Cushing back to a build with a large crude build as oil futures quickly reverted back into contango ahead of this week's EIA oil inventory report while a shifting geopolitical risk matrix develops after President Trump ousted Secretary of State Rex Tillerson.

Australian offshore and onshore petroleum exploration expenditure fell by 13.2%, to A$254.3-million in the December quarter the ABS reported. Onshore exploration expenditure fell 22.8% and offshore expenditure fell by 7.7%.

Norway's Golar LNG Limited $GLNG confirmed first production of LNG has successfully commenced from Hilli Episeyo offshore Cameroon and that the Golar Gandria has been removed from layup and is now at Keppel Shipyard in Singapore.

Australia's Woodside Petroleum has taken on control of Exxon Mobil's 50 percent interest in the Scarborough gas field off Western Australia doubling their gas production. Fellow Australian rival BHP Billiton cleared the way after waiving its right to pre-emption on the deal.

GasLog Ltd. reported it has ordered a Newbuild LNG Carrier from Samsung Heavy Industries GasLog Ltd. The ship is a 180,000 cbm LNG carrier for delivery in Q22020. This is the second $GLOG Newbuild order of 2018.

The EIA reported a draw of - BCF this week. Last week's natural gas inventories drew -78 Bcf the EIA reported with futures steadily rising towards 2.80 on LNG, Mexico and optionality trades ahead of CERAWeek in Houston.

With all the big players in Houston for CERWeek this weeks EIA report is getting attention with another record high in oil production. Exports and gasoline in focus. 

Heading into CERAWeek the IEA has thrown more fuel on the US Shale fire raising US crude oil production by 2.7 million barrels per day (bpd) by 2023 in their 5 year forecast.

The geopolitical nature and globalization of energy makes the IHS Markit hosted CERAWeek one of the world’s premier energy events. The significant players from the world over will be in attendance In Houston March 5 to the 9th, 2018. Speakers include Saudi Aramaco, BP, Shell CEOs and politicians like OPEC Secretary General Mohammed Barkindo.

This week's DoE Petroleum Status Report showed the U.S. back pushing all time high oil production and again U.S. Oil Rig Count rose as worries of a trade war rings out. Oil drillers and producers increased oil rigs by 1 to 800.

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