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Oil futures prices eased May 24 on both London and New York markets. Light, sweet oil prices followed a fall in US equity markets after US President Donald Trump’s announcement calling off a summit with North Korea.

Countries seeking ways to increase access to energy should view hydraulic fracturing cautiously because of possible gaps in local geological and hydrological knowledge, inadequate regulatory environments, and diversion of resources from renewable energy source, a United Nations Conference on Trade and Development (UNCTAD) report recommended on May 24.

Global consumption of natural gas, paced by “huge growth” in China, rose last year at more than twice the average rate of the previous 5 years, reported Cedigaz, the International Association of Natural Gas, Paris.

Governments at every level and all parts of the US oil and gas industry have learned from past extreme weather events and are better prepared for the 2018 Atlantic Hurricane Season, officials from six national trade associations generally agreed on May 22.

The American Petroleum Institute and eight other national oil and gas trade associations jointly called for companies in the industry to receive relief from anticipated US steel tariffs and quotas.

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