Access to waterborne trade would increase revenue to oil and gas producers of western Canada by billions of dollars per year, according to the Fraser Institute. Source: News

Saudi Aramco has let a series of new contracts for development of the Fadhili gas program in the eastern province of Saudi Arabia, north of Jubail. Source: News

Niko Resources Ltd., Calgary, named Christopher H. Rudge chairman and Robert S. Ellsworth Jr. interim chief executive officer after the resignation of Kevin J. Clarke. Source: News

Tesoro Corp. and Par Pacific Holdings Inc. have reached an agreement with US regulators under which the companies will spend a combined $425 million to settle past violations of the Clean Air Act (CAA) and reduce future air pollution from six US refineries. Source: News

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, recorded a weekly decline of 2.3 million bbl to 519.5 million bbl during the week ended July 15, data from the US Energy Information Administration indicates. Source: News

Light, sweet crude oil prices for August delivery declined nearly 60¢ to close at $44.65/bbl on the New York market July 19 while the Brent contract for September dropped 30¢ to close at $46.66/bbl on the London market pending release of the weekly US government inventory for crude oil and products. Source: News