Oil

Mexican Senate nears final vote on oil opening

MEXICO CITY (AP) — Mexico's Senate debated the final pieces of legislation Wednesday needed to enact a dramatic expansion of the role of foreign and private companies in the state-run oil industry.

The Senate was expected to approve the final packages of laws to regulate private oil and gas drilling that is being allowed for the first time since the industry was nationalized 76 years ago. The overhaul is supported by the governing Institutional Revolutionary Party, the conservative National Action Party and a smaller party that together can form a majority.

Oil

More of California’s crude-by-rail coming from Utah

Source: 
Bloomberg

The amount of crude brought to California by rail in June increased from Utah, but decreased from Canada and North Dakota’s Bakken shale, Bloomberg reports, noting that the quantities are still dwarfed by international imports of more than a million barrels a day.

Oil

Oil drops again on higher Cushing stocks

Source: 
Reuters

News that crude stocks at the Cushing hub increased by 83,000 barrels sent oil prices lower again Wednesday. U.S. benchmark crude for September delivery settled down 46 cents to $96.92 a barrel on the New York Mercantile Exchange, while in London Brent crude dropped 2 cents to $104.59 a barrel, its lowest close since November, Reuters reports.

Oil

Blueknight to build pipeline connecting Eaglebine with a Houston terminal

Source: 
FuelFix

Blueknight Energy Partners said Wednesday it will build a 160-mile pipeline from Eaglebine – the northeast tip of the Eagle Ford Shale – to a terminal on the Houston Ship Channel, to make it easier for drillers to send up to 100,000 barrels of oil a day out of the region, FuelFix reports.

Oil

‘Catastrophe’ averted but risks remain in Libya as fuel tank fire under control

Source: 
The Wall Street Journal

Continued fighting by rival militia groups continues to pose a threat to Libya’s main fuel depot even though a major fire burning in eight tanks since Saturday has been brought under control, according to a spokesman for the National Oil Corp., The Wall Street Journal reports.

US trade gap narrows, petroleum deficit lowest in 4 years

WASHINGTON (AP) — The U.S. trade deficit fell in June to its lowest level since January as imports dropped sharply, led by lower shipments of cellphones, petroleum, and cars.

The trade deficit fell 7 percent in June to a seasonally adjusted $41.5 billion, from $44.7 billion in May, the Commerce Department said Wednesday.

Oil

Oil rebounds on drop in crude stocks

Source: 
Reuters

Data from the American Petroleum Institute showing a drop in crude stocks last week has prompted a rebound in oil prices. U.S. benchmark crude for September delivery increased 16 cents to $97.54 a barrel in electronic trading on the Nymex, while in London Brent crude gained 17 cents to $104.78, Reuters reports.

Oil

Strong shale performance boosts EOG profit

Source: 
FuelFix

EOG Resources Inc. Tuesday reported a 7 percent increase in second quarter profit to $706 million on strong performance in North Dakota’s Bakken Shale and in Eagle Ford Shale and the Permian Basin in Texas, FuelFix reports.

Oil

Noble CEO says Colorado methane compromise could serve as model

Source: 
FuelFix

The compromise in Colorado between environmentalists and the oil industry over controlling methane emissions from drilling could serve as an example for other parts of the country, according to Noble Energy CEO Chuck Davidson, FuelFix reports.

Oil

Oil drops on expectations of lower refinery demand

Source: 
Bloomberg

Oil prices fell Tuesday on expectations of lower demand as refineries schedule maintenance in the autumn. Benchmark West Texas Intermediate for September delivery closed 91 cents lower, to $97.38 a barrel on the New York Mercantile Exchange, while in London Brent crude dropped 80 cents to $104.61, Bloomberg reports.

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