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• Newfield Exploration (NYSE:NFX) provides an update on its sale of assets. It is saying that the program to shed non-strategic assets will provide cash of $735 million including the $400 million already booked in 2011, and the plan is to re-allocate people and use proceeds from the asset sales to focus on strong oil growth.
• Don’t Miss: Obama Orders Tighter Sanctions on Iran.Brent crude is up 0.5%, but WTI (NYSEARCA:USO) crude is down 0.5%. But as long as Iran finds a buyer for most of its oil, which could be China and/or India, its economy and nuclear program should continue to move despite some of the toughest sanctions in decades, says Gary Hufbauer, despite President Obama signing an order blocking more Iranian assets. In a television interview Obama acknowledged military activity in the Gulf could hit United States consumers with higher prices on services and products tied to oil. He notes Iran’s energy exports account for just 21% of gross domestic product as opposed to 30-50% for the Gulf’s Arab exporters.
• Doubling to more than $18/barrel in five weeks, a popular 2011 trade resurfaces, with the spread between Brent crude (NYSE:BNO) and WTI crude (NYSEARCA:USO). With plenty of Libyan oil back on the market, it’s Iran, Syria, and the continuing gluttony in the United States Midwest pushing the divergence.Denbury Resources (NYSE:DNR) says it ended 2011 with 16% more total proved oil and natural gas reserves than a year earlier. Increased drilling activity in the Bakken shale, and its acquisition of the Riley Ridge natural gas and carbon dioxide project in Wyoming, produced the 2011 results.

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