MARKET WATCH: NYMEX oil prices drop modestly on inventory gain

Light, sweet crude oil prices for November delivery dropped on the New York market to close slightly lower Oct. 15 following a larger-than-expected jump in crude oil and product supplies, and analysts said the increase was an affirmation that ample global oil supplies continue. Source: News


OPEC accepts Indonesia’s request to reactivate membership

The Organization of Petroleum Exporting Countries has accepted Indonesia’s request to reactivate the country’s membership. Indonesia formally asked for reinstatement at the cartel’s June ministerial meeting in Vienna. Source: News


Gastar looking for buyer for Marcellus, Utica assets

Gastar Exploration Inc. announced it is looking for a buyer for its Marcellus and Utica acreage, saying it intends to concentrate on its US Midcontinent assets where it is acquiring more interest in the Stack and Hunton limestone formations in Okalahoma. Source: News


MARKET WATCH: Oil prices fall slightly ahead of inventory jump

Light, sweet crude oil prices for November delivery edged down on the New York market Oct. 14 awaiting release of the weekly government crude oil and product inventory report, which was delayed 1 day later than normal because of the federal Columbus Day holiday on Oct. 12. Source: News


NEB: Canada has biggest percentage drop in rigs

Canada’s National Energy Board says Canada’s 47% drop in rig activity thus far in 2015 makes it “the hardest hit region in the world” on a percentage basis. Source: News


Sasol lets contract for Louisiana petrochemical complex

South Africa’s Sasol Ltd. has let a contract to a division of Emerson Electric Co., St. Louis, Mo., to provide automation services and technology for a proposed integrated ethane cracker and downstream derivatives complex to be built adjacent to the company’s existing operations near Lake Charles in Westlake, La. Source: News


Kuwait, like UAE, maintaining oil outlays

Kuwait is maintaining its oil industry investments despite the drop since mid-2014 in the price of crude oil. Source: News