Large Rig Count Gains Rock Oil Markets

The number of active oil and gas rigs in the United States increased on Friday by 18 for a total of 712 active rigs, according to oilfield services provider Baker Hughes, which is 93 rigs above the rig count a year ago. Las week, the oil and gas rig count was up by 35. As was the case last week, most of this week’s gains were oil rig gains, which were up 15, from 551 last week to 566 this week. The number of active oil rigs in the United States is now 68 more than the same week last year. Gas rigs also saw a modest three-rig increase, from…

الأسهم الأوروبية تغلق منخفضة متأثرة بالقطاع المصرفي

تراجعت غالبية مؤشرات الأسهم الأوروبية في ختام تداولات الجمعة، حيث وقعت أسهم القطاع المصرفي تحت وطأة الضغوط كما انخفض قطاع الطاقة بالتزامن مع انخفاض أسعار النفط، ولكنها سجلت مكاسب أسبوعية. وفي نهاية الجلسة، انخفض “ستوكس يوروب 600” بنسبة 0.3% أو حوالي نقطة واحدة إلى 366.4 نقطة، وحقق المؤشر القياسي مكاسب أسبوعية بنسبة 1.1%. وانخفض مؤشر […]

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Trump, Mexican President Hold Hour-Long Phone Call, Agree Not To Discuss Payment For “The Wall”

Is the Mexican president looking to salvage something from yesterday’s dramatic diplomatic devastation?
According to AP, shortly before his meeting with Theresa May, President Donald Trump spent one hour talking on the phone to the president of Mexico…

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US Crude Production Nears 10-Month Highs As Rig Count Soars Most In Over 6 Years

Following last week’s massive 29 rig jump in the US oil rig count (the largest since April 2013), Baker Hughes reports another 15 rig surge to 566 in the last week (with the entire rise dominated by horizontal/Permian rigs). US Crude production continues to track the surging rig count and that is weighing on WTI futures prices (back below $53 once again).

 

From the 316 count lows on May 27th, US oil rigs are up 250 overall (up 15 to 566 this week).. This is the biggest 2-week surge in rig counts since Dec 2011

 

And US Crude production is tracking the lagged oil rig count…

 

The surge in oil rig counts since May 2016 has been dominated by Permian…

 

Horizontal rigs…

 

And WTI Futures are back below $53…

 

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Oil Gives Up Gains As Traders Fear Rising U.S. Supply

And crude continues to be more choppy than Chuck Norris fighting Hong Kong Phooey fighting Bruce Lee, selling off today after yesterday’s rally (after selling off on Wednesday after rallying on Tuesday…). Hark, here are five things to consider in energy markets today: 1) Let’s take a look at Mexico, in relation to all the talk of import tariffs and taxes that has been swirling in recent days. Some 84 percent of Mexico’s total exports go to its fellow NAFTA members, the U.S. or Canada. As recently as 2009, crude accounted for 30 percent of its…

Oil Gives Up Gains As Traders Fear Rising U.S. Supply

And crude continues to be more choppy than Chuck Norris fighting Hong Kong Phooey fighting Bruce Lee, selling off today after yesterday’s rally (after selling off on Wednesday after rallying on Tuesday…). Hark, here are five things to consider in energy markets today: 1) Let’s take a look at Mexico, in relation to all the talk of import tariffs and taxes that has been swirling in recent days. Some 84 percent of Mexico’s total exports go to its fellow NAFTA members, the U.S. or Canada. As recently as 2009, crude accounted for 30 percent of its…

Reagan-Thatcher 2.0? President Trump & UK PM May Joint Press Conference – Live Feed

Following his first face-to-face meeting with a foreign leader, President Trump and UK Prime Minister Theresa May will hold a joint press conference to discuss establishing stronger economic and strategic ties having vowed to revive the closeness of their countries during the Reagan-Thatcher years.

As USA Today noted, many are comparing Trump and May to Reagan and Thatcher…

He was a skilled communicator and a celebrity. She was strong-willed and shared his disdain for big government.

 

 

They were the power political couple of the 1980s: Ronald Reagan and Margaret Thatcher. Now a similar pairing is emerging three decades later in President Trump and British Prime Minister Theresa May, who meet at the White House on Friday.

Here are five key points that The Hill believes will be top-of-mind during the meeting and the press conference…

U.S.-U.K. trade deal

Trump has said that he wants a trade agreement between the United States and Britain “very quickly,” and May has expressed a similar eagerness to forge a deal. But the United Kingdom must complete negotiations to leave the European Union before it can sign any new trade agreements. That process is expected to begin in March and could take upward of two years to complete. The U.S. and the U.K. can hold discussions and lay the groundwork parallel to the Brexit process so they are prepared to move quickly.  May has said in recent days that she wants the relationship between the United Kingdom and the EU to remain strong.  “I’m confident we can look at areas even in advance of being able to sign a formal trade deal,” she said, according to media reports.

 

Here is MEP Daniel Hannan offering a brief overview of what could be possible…

 

The future of NATO

The long-standing alliance is a top priority for May, who is expected to challenge Trump over his lack of support for the 28-member treaty.  Trump sent mixed messages in a recent interview with two European publications — The Times of London and Bild, a German newspaper — calling NATO  “obsolete” while at the same time saying the alliance “is very important to me.” The president has criticized members for failing to pay their bills and leaving the United States holding the check. But newly confirmed Secretary of Defense James Mattis pledged during his confirmation hearing to “maintain the strongest possible relationship with NATO.” NATO leaders will meet for a major summit in Belgium this summer. Whether Trump will choose to attend remains to be seen, but his decision either way will send a strong message throughout the world.  For her part, May argues that NATO must “evolve to be able to effectively counter the biggest threats of the day, in particular terrorism and cyberattacks.” So expect the British prime minister to not only try to clear up any confusion about where Trump stands but to work to win his support for keeping NATO running at full speed. During her remarks to congressional Republicans, May said, “America’s leadership role in NATO, supported by Britain, must be the central element around which the alliance is built.”

 

The battle against terrorism

Trump made defeating the ISIS and fighting terrorism a central tenet of his campaign.  May told congressional Republicans on Thursday that she joins the U.S. in its “determination to take on and defeat Daesh and the ideology of Islamic extremism that inspires them and many other terrorist groups in the world today,” using another name for ISIS. “It is in both our national interests to do so.”  She said it would require intelligence gathering and “military might” to defeat ISIS.  “But it also demands a wider effort because one of the lessons of fighting terrorism in the last 15 years or so is that yes, killing terrorists can save innocent lives, but until we kill the idea that drives them, the ideology, we will always have to live with this threat.”  In that vein, May is expected to challenge Trump over his widely condemned remarks that the U.S. would consider renewing the use of torture to gather intelligence. During her trip to the U.S., May told reporters: “We condemn torture and my view on that won’t change, whether I am talking to you or talking to the president.”  Top congressional lawmakers have said that they don’t support the legalization of waterboarding or other methods.

 

Conflict in Syria

May said that defeating ISIS hinges on a “secure a political solution in Syria and challenging the alliance between the Syrian regime and its backers in Tehran.” “We must employ all of the diplomatic means at our disposal,” May told Republican lawmakers.  But the situation in Syria, and the two countries’ approach, is in flux. U.K. Foreign Secretary Boris Johnson said Thursday that Syrian leader Bashar Assad could remain in power if a peace accord is reached, a big shift from the previous demand that he step down. And Trump has signaled a willingness to work more closely with Russia, which is backing Assad’s regime. Johnson said the U.K. needs to get a clearer picture on where the U.S. stands. “We need to understand exactly where the White House is coming from,” Johnson said on the eve of the Trump-May meeting. “We need to understand how they see the end game here and we need to help shape that conversation.”  Trump is suspending new visas for Syrians and asking the Pentagon and State Department to craft a plan for setting up safe zones for civilians inside war-torn Syria, a move that Russian officials on Thursday said should be thoroughly evaluated. The Obama administration previously had ruled out the move. 

 

Relations with Russia

Trump has spoken warmly about Russian President Vladimir Putin, a position that has created unease in the U.S. and around the world.  The new president has said he hopes to make a deal with Putin to reduce nuclear weapons stockpiles that would ease tensions and lead to the lifting of economic sanctions against Moscow. But May warned on Thursday that when it comes to Russia and talks with Putin, her advice is to “engage but beware.” “There is nothing inevitable about conflict between Russia and the West,” she told lawmakers. “And nothing unavoidable about retreating to the days of the Cold War.” “But we should engage with Russia from a position of strength. And we should build the relationships, systems and processes that make cooperation more likely than conflict — and that, particularly after the illegal annexation of Crimea, give assurance to Russia’s neighboring states that their security is not in question,” she said.  

President Trump and Prime Minister May are expected to start their joint press conference at 1300ET…

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