EIA oil inventory report shows 3.3 million-bbl decline

US commercial crude oil inventories declined 3.3 million bbl during the week ended Aug. 18 compared with the previous week’s total, continuing a months-long downward trend, the US Energy Information Administration reported.   Source: News

Court overturns FERC’s approval of southeastern US gas pipelines

A federal appeals court overturned the US Federal Energy Regulatory Commission’s approval of three proposed southeastern US natural gas pipelines and ordered the regulator to more closely examine potential environmental consequences of using gas that the systems would carry.   Source: News

Falcon Oil lets contract for Pakistani refinery

Falcon Oil PLC, a subsidiary of Pakistani conglomerate Wak Group, Lahore, Punjab, has let a contract to China Energy Engineering Corp. subsidiary Guangdong Electrical Design Institute (GEDI) to build a grassroots deep-conversion refinery in Dera Ismail Khan, Khyber Pakhtunkhawa (KPK), Pakistan.   Source: News

MARKET WATCH: Light, sweet crude prices stay below $48/bbl

Light, sweet crude oil prices on the New York Mercantile Exchange increased modestly on the New York market on Aug. 22 but still settled below $48/bbl for a second consecutive day while market participants awaited the latest inventory reports.   Source: News