US crude oil inventories, excluding the Strategic Petroleum Reserve, declined by 1.4 million bbl for the week ended Aug. 3, according to data from the US Energy Information Administration. At 407.4 million bbl, US crude oil inventories are about 1% below the 5-year average for this time of year, the Weekly Petroleum Status Report indicated. […]

STAR Rafineri, a subsidiary of SOCAR Turkey Energy—the Turkish arm of State Oil Co. of Azerbaijan Republic—has received the first 80,000-tonne cargo of crude oil for processing at its soon-to-be fully commissioned 10 million-tonne/year SOCAR Turkey Aegean Refinery under construction in Izmir, Aliaga, Turkey. Source: News

Keyera Corp. has let an engineering services contract to Jacobs Engineering Group for the second-phase expansion of the Wapiti development project south of Grand Prairie, Alta. As part of the project, Jacobs will design a second 150-MMcfd sour gas processing train to the Phase 1 plant now under construction at the site. Source: News

International Frontier Resources reported plans for a horizontal well on the Tecolutla block in the Mexican state of Veracruz after production increased throughout an extended production test of its TEC-10 well. It expects its Tonalli Energia joint venture to spud the horizontal well, TEC-11, late in the fourth quarter in the northern extension of the block. […]

Light, sweet crude oil prices rose slightly on the New York market Aug. 7 to settle above $68/bbl for October delivery while the Brent contract for October gained 90¢ to settle at $74.65/bbl. Source: News

The front-month futures price for Brent crude oil settled at $73.45/bbl on Aug. 2, a decrease of $3.85 from July 2. The front-month futures price for West Texas Intermediate crude oil for delivery at Cushing, Okla., decreased $4.98/bbl during the same period, settling at $68.96/bbl on Aug. 2. Source: News