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• Oil climbs, but U.S. benchmark ends lower for the week
  From MarketWatch - Oil futures climbed on Friday,...
  From MarketWatch - Oil futures climbed on Friday, buoyed by positive results tied to a COVID-19 treatment, but U.S. prices ended lower for the week as a report from the International Energy Agency cautioned that weaker demand caused by the coronavirus pandemic will linger, even if the worst of the hit to economies has subsided.
  
  August West Texas Intermediate crude rose 93 cents, or about 2.4%, to settle at $40.55 a barrel on the New York Mercantile Exchange, after sliding 3.1% on Thursday to hit the lowest level for a front-month contract since June 30, according to Dow Jones Market Data.
  
  Global benchmark Brent oil for September added 89 cents, or 2.1%, at $43.24 a barrel on the ICE Futures Europe exchange, following a 2.2% drop a day earlier to its lowest finish since July 1.
  
  For the week, WTI saw a 0.3% weekly decline, while Brent’s Friday gain led to a weekly increase of 1%,
  
   
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• Alaska gives Italian oil giant six more months to make $2.7M rent payment on leases
  The Alaska State Department of Natural Resources is giving Italian oil giant ENI a six-month...
  The Alaska State Department of Natural Resources is giving Italian oil giant ENI a six-month break on a nearly $3 million rent payment for oil and gas leases on the North Slope.
  
  It’s the third time DNR has granted such an extension in the past three months, citing the coronavirus pandemic’s impact on the oil industry.
  
  In a letter to Natural Resources Commissioner Corri Feige, ENI asked for a one-year extension on its payments for 110 exploration leases encompassing about 275,000 acres southeast of Prudhoe Bay. ENI said the economic impact of the pandemic and the unforeseen drop in crude prices “significantly curtailed” its cash reserves. The company said it needed time to budget and reevaluate its business plans for the leases.
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• U.S. rig count falls more while Oklahoma remains steady
  The number of oil and gas rigs in the U.S. declined by 5 in the past week, falling to...
  The number of oil and gas rigs in the U.S. declined by 5 in the past week, falling to 258 while the number in Oklahoma remained at 10  rigs currently drilling.
  
  Baker Hughes reported the national rig count included a decline of four oil rigs leaving 181 active while the number of gas-drilling rigs fell by one to 75. The 258 active rigs are 700 fewer than the 958 working rigs reported one year earlier.
  
  In the past year, the decline in working rigs included a drop of 603 oil rigs and 97 gas rigs.
  
  Oklahoma’s current number of rigs is 10 which is the same as one week ago and also 88 fewer than the number of one year earlier. Texas reported a decline of 5 rigs in the past week, leaving 107 actively pursuing new sources of oil and gas, far below the 456 from a year ago.
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• Transocean to lay off 110 offshore rig workers
  Transocean Deepwater plans to lay off as many as 110 workers after...

  Transocean Deepwater plans to lay off as many as 110 workers after the Houston offshore driller could not secure a new contract for one of its drillships amid low oil prices.

  
  

  Between 75 and 110 employees working on the Discoverer Inspiration, an ultra-deepwater drillship operating in international waters off the Gulf of Mexico will be laid off after its contract ends. Layoffs are expected to begin on Sept. 15, and affected workers will receive severance, Transocean told the Texas Workforce Commission on Tuesday.

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• Crude Morning Outlook 7/10/20
  Early Nymex Crude is Trading steady/ lower. The US Dollar Index is...
  
  

  Early Nymex Crude is Trading steady/ lower. The US Dollar Index is higher (96.77) and the Dow Jones Futures are steady/mixed.  Crude trading slightly lower this AM following a big sell-off yesterday on fears the COVID virus is making a second wave across the south along with Libya announcing they are resuming production on one of their larger oil fields. The increase in world production along with some US states halting further openings has caused long crude spec funds to move back to the sidelines. Also, news this morning that the Canadian tar oil sands production has begun to ramp up with the latest upswing in prices is keeping the pressure on crude. Technically August Nymex futures remain in a bullish structure, however violating trend line support this morning. Major support now rests at the 37.08 area, a close below targets the 100-day moving avg. Major resistance remains at the chart gap (42.17). ~Source: BOK

  
  
  
  
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