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A Nov. 12, 2016, fire on a Gulf of Mexico offshore platform, which injured three Wood Group contract employees, broke out when a flammable gas mixture that was released through the thief hatch on the dry oil tank, migrated into the left fire tube, where it contacted either the left fire tube flame or the left burner pilot flame, a US Bureau of Safety and Environmental Enforcement investigation concluded.

Light, sweet crude oil and Brent crude oil prices jumped by more than $1.60/bbl on Sept. 11 while market participants monitored tropical weather systems headed toward the US East Coast and possibly the Gulf of Mexico. Tropical Storm Isaac could aim at Texas later this week although that system appeared to be fading as of early Sept. 12, forecasters said.

OMV AG would acquire 50% of Sapura Upstream Sdn. Bhd. under a heads of agreement it has entered with parent Sapura Energy Bhd., Seri Kembangan, Malaysia, to form a strategic partnership. The proposed transaction has an enterprise value of $1.6 billion, according to Sapura Energy, an integrated oil and gas services provider and sole owner of Sapura Upstream.

US crude oil inventories, excluding the Strategic Petroleum Reserve, decreased by 5.3 million bbl for the week ended Sept. 7, according to data from the US Energy Information Administration. At 396.2 million bbl, US crude oil inventories are about 3% below the 5-year average for this time of year, the report indicated.

In its September Short-Term Energy Outlook the US Energy Information Administration forecasts Brent crude oil prices to average $74/bbl and West Texas Intermediate crude oil prices to average more than $67/bbl in 2019. Both forecasts are $3/bbl higher than the forecast from the August STEO.


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