EIA: US crude stockpiles up 5.3 million bbl

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased 5.3 million bbl during the week ended Nov. 11 compared with the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report. Source: News

MARKET WATCH: NYMEX, Brent crude prices rally on OPEC supply-cut efforts

The light, sweet crude oil contract for December jumped nearly $2.50/bbl on the New York market Nov. 15 while Brent oil prices also rose about $2.50/bbl. Analysts attributed the rally to producers’ efforts to achieve a deal within the Organization of Petroleum Exporting Countries. Source: News

Genesis buys NZOG’s interest in Kupe field off New Zealand

New Zealand Oil & Gas Ltd. has sold its 15% interest in Kupe oil and natural gas field offshore Taranaki basin in the North Island to the country’s largest electricity retailer Genesis Energy Ltd. for $168 million (NZ). Source: News

ExxonMobil lets contract for Beaumont polyethylene expansion

ExxonMobil Corp. has let a contract to Zachry Group, San Antonio, to provide a series of support services for the company’s recently announced plan to add a polyethylene (PE) unit at its 1-million tonne/year PE plant in Beaumont, Tex. Source: News