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