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WVONGA’s Spring Meeting has been cancelled due to the CDC’s interim guidelines regarding Coronavirus Disease 2019 (COVID-19)

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.

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