Light, sweet crude oil prices for November delivery rallied by more than $2/bbl on the New York market Oct. 6 to settle above $48.50/bbl while Brent crude oil prices also rose more than $2/bbl on the London market to settle at a 4-week high of nearly $52/bbl for November delivery. Source: News
Lukoil starts up cracker at Russian refinery
PJSC Lukoil has commissioned a second complex for catalytic cracking of vacuum gas oil at its 17 million-tonne/year Nizhny Novgorod refinery at Kstovo, Russia. Source: News
Groups urge House leaders to support bill ending crude export ban
Top officials from 13 US oil and gas associations and three non-energy national business groups called on US House leaders to support HR 702, a bill that would end the 40-year ban on exporting US-produced crude oil, when it comes to a floor vote on Oct. 9. Source: News
US should modernize, not down-size, its SPR, Senate committee told
The US should resist congressional calls to sell part of its Strategic Petroleum Reserve to raise money for other federal programs, and concentrate instead on thoroughly analyzing where the SPR fits within dramatically different global markets than existed 40 years ago when it was established, witnesses told the US Senate Energy and Natural Resources Committee. […]
EIA: US heating costs expected to be lower this winter
US average home heating expenditures during the upcoming winter heating season (Oct. 1 through Mar. 31) will be lower than last winter, according to the US Energy Information Administration’s Winter Fuels Outlook. Source: News
Petrobras cuts capital budget for 2015-16
Petroleo Brasileiro SA (Petrobras) reported further cuts to its capital budget, reducing planned spending for 2015 by $3 billion to $25 billion and by $8 billion to $19 billion for 2016. The company cited low crude oil prices and unfavorable exchange rates. Source: News
Canadian Oil Sands board to review Suncor’s unsolicited takeover offer
The board of Canadian Oil Sand Ltd. (COS) reported it will review the unsolicited takeover offer made Oct. 5 by Suncor Energy Inc., Calgary. Suncor’s offer to acquire all the outstanding shares of COS is valued at $4.3 billion (Can.). Source: News
Freeport-McMoRan considers spinning off oil, gas business
Freeport-McMoRan Inc., Phoenix, is reviewing “strategic alternatives” for its oil and gas business, including its possible spinoff to shareholders, joint venture arrangements, and further spending reductions. Source: News
MARKET WATCH: NYMEX, Brent oil prices rise on lower US rig count
Light, sweet crude oil prices for November delivery rose on the New York market Oct. 5 as did Brent crude oil prices on the London market, which analysts largely attributed to cuts in US production capacity as indicated by a falling rig count. Source: News
Ghana block study: 500 million bbl in place
A block with three legacy oil fields in shallow water offshore Ghana holds 500 million bbl of oil and 282 bcf of natural gas in place, according to an independent assessment reported by Erin Energy Corp., Houston. Source: News