Oil & Energy

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U.S. oil rigs in service fell nine this week as U.S. oil production rose again to the all time high of 11 million bpd. Canadian oil wells rose 12 to offset. Bottlenecks remain in the Midland Texas area.

The EIA reported a less than expected build of +48 Bcf in natural gas storage this week. Prompt Henry Hub Futures closed the week around 2.94 btu and haven't ventured far away. Meanwhile Mexican exports are hitting a record high. 

EIA Inventory reported a larger draw in crude oil inventories this week. Both gasoline and distillates showed bigger builds with production rising again for two weeks in a row. 

Investment in Russia's oil and gas upstream needed for expanding the country's oil and gas production capacity has fallen behind as U.S. led sanctions bite Sigal Mandelker, under secretary for terrorism and financial intelligence said in prepared testimony.

U.S. oil rigs in service were unchanged this week as U.S. oil production rose after falling for two weeks from the all time high of 11 million bpd. Bottlenecks remain in the Midland Texas area.

The EIA reported a higher than expected build of +33 Bcf in natural gas storage last week. Prompt Henry Hub Futures traded lower on the news to 2.90 btu. Meanwhile Mexican exports are hitting a record high. 

EIA Inventory report a huge build in crude oil inventories when a draw was expected. Gasoline drew and distillates showed bigger builds with production rising after falling for two weeks in a row. 

Devon Energy announced the sale of non-core Dellaware basin assets after the market close Tuesday to Carrizo Oil and Gas, $CRZO will pay $DVN $215 million and plans to fund the purchase price with net proceeds from an equity offering.

The OPEC Monthly Oil Market Report (MOMR) for August released Monday 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.

U.S. oil rigs in service rose by 10 this week with rigs up 5 in the Periman. U.S. oil production fell for the second week in a row from the all time high of 11 million bpd. Bottlenecks remain in the Midland Texas area.

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