MARKET WATCH: NYMEX April oil price approaches $57/bbl on inventory draw

Light, sweet crude oil prices for April rose more than $1/bbl to approach $57/bbl after a US government weekly oil inventory reported showed a draw in oil supplies. US crude oil inventories for the week ended Feb. 22, excluding the Strategic Petroleum Reserve, decreased by 8.6 million bbl from the previous week, the US Energy […]

Ring to acquire North Central basin assets from Wishbone Energy

Ring Energy Inc., Midland, Tex., agreed to acquire North Central basin platform assets in the Permian basin—primarily in Southwest Yoakum County, Tex., and East Lea County, NM—from Wishbone Energy Partners LLC, Houston, and affiliates in a cash and stock deal worth $300 million. Source: News

Meridian secures midstream logistics partner for Davis refinery

Meridian Energy Group Inc. has signed a letter of intent with an unidentified firm to support midstream logistics for Meridian’s recently approved grassroots 49,500-b/sd high-conversion Davis refinery to be built in Billings County in the heart of southwestern North Dakota’s Bakken shale region. Source: News

Ineos plots energy plant to support Grangemouth refinery

Ineos AG, Rolle, Switzerland, is investing £350 million to build an energy-efficient electric power plant at its majority owned Petroineos Refining Ltd.’s 180,700-b/d Grangemouth integrated refinery complex on the Firth of Forth in Scotland, which as the country’s only refinery, supplies more than 80% of motor fuels to the Scottish market. Source: News

ADNOC plans oil storage in Fujairah

Abu Dhabi National Oil Co. plans to build in Fujairah what it calls “the world’s largest single underground project ever awarded for oil storage.” It let an engineering, procurement, and construction contract to SK Engineering & Construction Co. Ltd., Seoul, for three underground storage caverns with capacities of 14 million bbl each. Source: News

EIA: US crude inventories down 8.6 million bbl

US crude oil inventories for the week ended Feb. 22, excluding the Strategic Petroleum Reserve, decreased by 8.6 million bbl from the previous week, data from the US Energy Information Administration showed. At 445.9 million bbl, US crude oil inventories are about 3% above the 5-year average for this time of year, the report indicated. […]

MARKET WATCH: NYMEX oil price holds above $55/bbl awaiting EIA inventory report

Light, sweet crude oil prices traded higher on the New York Mercantile Exchange Feb. 26 after the American Petroleum Institute reported US oil supplies fell by more than 4 million bbl for the week ended Feb. 22. The US Energy Information Administration is expected to release its oil and product inventory report later Feb. 27. […]

Proposed RIN reforms would only make program worse, API study finds

Changes which the US Environmental Protection Agency proposed to improve the Renewable Identification Numbers biofuel credits program under the federal Renewable Fuel Standard would have the opposite effect, a study commissioned by the American Petroleum Institute concluded. Source: News

Court nixes challenge to Alberta export bill

The government of British Columbia has received a setback to its challenge of legislation that would empower the Alberta energy minister to require licenses for the transport of energy away from the province. Source: News

Official: Thai licensing round due in June

Thailand will open its 21st round of bidding for offshore oil and gas licenses in June, according to Energy Minister Siri Jirapongphan. Source: News