Shell sheds 50% stake in SADAF chemicals JV

Royal Dutch Shell PLC has completed the sale of its 50% interest in the Saudi Petrochemical Co. (SADAF) joint venture to Saudi Basic Industries Corp. (SABIC), its partner, for $820 million. Source: News

EIA: US crude inventory drops nearly 9 million bbl

US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, decreased by 8.9 million bbl for the week ended Aug. 11 compared with the previous week, the Energy Information Administration said in its weekly oil and products inventory report.   Source: News

MARKET WATCH: NYMEX, Brent oil prices hold steady

US light sweet crude prices dropped only a few cents on Aug. 15, setting at $47.55/bbl while Brent crude prices also slipped a few cents to settle below $51/bbl for a second consecutive day.   Source: News

DOE plans to announce new sales of crude from SPR later in August

The US Department of Energy expects to issue a notice of sale of crude oil from the Strategic Petroleum Reserve later in August, DOE’s Fossil Energy Office said on Aug. 15. The anticipated sale of 14 million bbl will fulfill requirements of Section 5010(a)(1)(B) of the 21st Century Cures Act (Public Law 114-255) and Section […]

New NAFTA talks may help Mexico lock in energy reforms, speaker says

North American Free Trade Agreement renegotiations, which are scheduled to begin on Aug. 16, could help Mexico solidify the substantial energy reforms it enacted following the original agreements adopted 23 years ago, a former Mexican Foreign Affairs Ministry official suggested. Source: News

Court rejects Sierra Club challenges of DOE’s Freeport LNG findings

A federal appeals court in Washington rejected the Sierra Club’s contention that US Department of Energy authorizations for the Freeport, Tex., liquefied natural gas project’s plans to export LNG inadequately considered environmental consequences. Oil and gas groups immediately welcomed the US Appeals Court for the District of Columbia’s Aug. 15 decision. Source: News