MARKET WATCH: NYMEX oil prices drop $1/bbl on rises in US inventory, Saudi production

Light, sweet crude oil prices for September delivery fell more $1/bbl on the New York market Aug. 10 on reports of increased Saudi production during July over June and an unexpected climb in the weekly US crude oil inventory, which showed commercial crude oil inventories up 1.1 million bbl. Source: News


Chesapeake leaves Barnett, transfers interest to First Reserve unit

Chesapeake Energy Corp., Oklahoma City, has agreed to pay its way out of the Barnett shale in an effort to eliminate future financial commitments in a region it deems uneconomic. The series of deals, expected to close in the third quarter, could ultimately save Chesapeake $1.9 billion in future midstream commitments. Source: News


EIA STEO: US crude production averaged 8.6 million b/d in July

The US Energy Information Administration estimated US crude oil production for July averaged 8.6 million b/d, down almost 200,000 b/d from June, said a Short-Term Energy Outlook released Aug. 9. Source: News


Sound Energy hits 28-m gas column with TE-6 well in Morocco

Sound Energy PLC reported the TE-6 well on the Tendrara license onshore Morocco drilled to a measured vertical depth of 2,665 m and encountered 28 m of net gas pay in the TAGI reservoir. Source: News