Oil & Gas Journal Archive
- Christian elected chairman of Texas RRC
- Anadarko sanctions Mozambique LNG project
- Leaseholders told to recalculate royalties under 2016 rule
- PTTEP agrees to acquire Partex Holdings
- ConocoPhillips to acquire Nuna discovery acreage
- Roberts named Stakeholder Midstream COO
- Lime Rock to buy certain Oklahoma assets from BP
- MARKET: Brent crude falls more than $1/bbl
- ONGC moves 35 rigs ahead of monsoon season
- DRBC approves dock, adds products to Gibbstown project
- MARKET: Brent for August tops $62/bbl
- Baker Hughes: US rig count down 6 units to 969
- WoodMac: Argentina LNG poised to meet Asian demand
- IEA consecutively cuts oil demand growth forecast
- Husky fined for 2016 Saskatchewan oil spill
US crude oil inventories for the week ended May 17, excluding the Strategic Petroleum Reserve, increased by 4.7 million bbl from the previous week, according to data from the US Energy Information Administration.
Oil futures dropped May 22 with light, sweet crude contracts for July and August settling down by more than $1.70/bbl each on the New York market, marking the biggest single-session loss in nearly 3 weeks.
Renewed LPG demand growth in India and China will lead to growth of US exports later this year, according to ESAI Energy’s newly published Global NGL Outlook.
Light, sweet crude oil contracts for July and August plunged by more than $3.50/bbl on May 23, marking the sharpest single-session drop since Dec. 24, 2018, and the lowest settlement since Mar. 12. Brent crude oil prices also fell more than a $3/bbl on the London market with the July contract settling under $68/bbl. Analysts attributed the steep benchmark price drops on US-China trade relations as well as rising US oil supplies.
While there hasn’t been a dramatic change for the energy industry in Mexico since President Andres Manuel Lopez Obrador took office in 2018, progressive collaboration between the industry and country regulators is needed to fulfill the country’s hydrocarbon ambitions.