- WTI is up 39c to $57.82/Bbl, and Brent is up 4c to $65.24/Bbl
- Russian comments from its energy minister signal likely cooperation with OPEC
- Minister Alexander Novak said on Monday that International cooperation on crude production has helped stabilize the oil markets and is more important now than ever (Reuters)
- Russia has always been reluctant to jump head first into oil cuts like Saudi Arabia has in previous cooperation
- The US oil-directed rigs rose by one to 789, off the lowest level since February 2018
- By state, Texas lost the most, at four, while Pennsylvania lost two
- State totals include gas and oil directed rigs
- By state, Texas lost the most, at four, while Pennsylvania lost two
- President Trump plans to impose more sanctions on Iran as soon as Monday in retaliation to a downed US drone near Iran
- The US has already targeted Iran heavily with sanctions, leaving only smaller targets
- Natural gas is up 5.8c to $2.244/MMBtu
- There is currently a 40% to 60% chance of a tropical cyclone formation coming up through southern Mexico
- The storm is forecasted to travel west to northwestward away from the coast
- Record June gas demand, 65.5 Bcf/d, is also leading to multi-year highs for storage levels
- Storage levels are negatively impacting west coast gas markets the hardest
- Southern California city-gate cash prices currently sit at $1.14/MMbtu
- Other west coast basis’ are reaching lows not seen since 2008
- Baker Hughes gas rig count lost four rigs, to bring the total gas rig count to 177
- The major gas basins, Haynesville and Marcellus remained unchanged, while the Utica basin lost one rig
