The light, sweet crude price for June delivery rose modestly on the New York market May 4 to hold at nearly $43.80/bbl despite a growing US weekly crude oil inventory. Analyst attributed the price rise to concerns about tightening world supply because of threats to Canada’s and Libya’s oil exports. Source: News
Alberta wildfire forces evacuation, oil sands production cuts
A wildfire raging in the Regional Municipality of Wood Buffalo nearby Fort McMurray, Alta., has forced the mandatory evacuation of tens of thousands of people from the area and has caused many oil sands operators to cut production. Source: News
OTC: Service companies respond to Mexico’s energy reforms
Mexico’s energy reforms will mean changes for international service companies as well as for oil and natural gas operators and investors, a May 3 panel of service company speakers told the Offshore Technology Conference in Houston. Source: News
DNO boosts Kurdistan drilling, production
DNO ASA, a Norwegian oil and gas operator controlled by RAK Petroleum PLC, reported it is using increased revenues for a drilling program at Tawke oil field in the Kurdistan region of Iraq, and executives said the company is on track toward increased profitability for 2016. Source: News
Inventory report shows US oil supplies up 2.8 million bbl
US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased 2.8 million bbl for the week ended Apr. 29 compared with the previous week. The US Energy Information Administration estimated a total of 543.4 million bbl, which is historically high for this time of year. Source: News
Marcellus shale due first methanol plant
Primus Green Energy Inc. (PGE), Hillsborough, NJ, has signed an offtake agreement with methanol distributor Tauber Oil Co., Houston, to sell production from PGE’s planned gas-to-liquids methanol plant in the Marcellus shale. Source: News
MARKET WATCH: NYMEX, Brent crude oil prices still falling
The light, sweet crude price for June delivery fell by more than $1/bbl for a second consecutive day on the New York market May 3 pending release of the weekly government inventory report on oil and products. Source: News
PHMSA working to address gas storage problems, administrator says
The US Pipeline & Hazardous Safety Administration is moving ahead with the US Department of Energy to address natural gas storage problems exemplified by the late-2015 leak at Southern California Gas Co.’s Aliso Canyon facility near Los Angeles that took months to stop, PHMSA Administrator Marie Therese Dominguez said. Source: News
Al Mansour named Aramco general counsel, corporate secretary
Nabeel Al Mansour has been named general counsel and corporate secretary for Saudi Aramco. Source: News
OTC: Egypt eyes free-market future as gas demand requires more development
The recent Zohr discovery in Egypt’s Mediterranean basin has given the country an impetus to further its move to an open oil economy, according Minister Tarek Elmolla of Egypt’s Petroleum and Mineral Resources Ministry. Source: News