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Oil futures rebounded on the New York market Jan. 4, rising nearly $1 to settle above $53/bbl in a week of oil-price swings. The US benchmark oil price for February delivery on Jan. 3 briefly reached above $55/bbl for the first time since July 2015 while the Jan. 3 low was about $52/bbl.

Denver independent Whiting Petroleum Corp. has completed the sale of its midstream assets in North Dakota’s Williston basin to Tesoro Logistics Rockies LLC (TLRL), a division of Tesoro Corp. affiliate Tesoro Logistics LP (TLLP).

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, declined 7.1 million bbl during the week ended Dec. 30, 2016, compared with the previous week’s total, the US Energy Information Administration reported.

A political logjam that has kept Lebanon out of promising natural gas development in the Eastern Mediterranean has begun to loosen.

Workers at Trinidad and Tobago’s state-owned Petrotrin have gone on strike, effectively shutting down the company’s 165,000-b/d refinery and stopping its 45,000 b/d crude oil production from fields both on and offshore.

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