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MARKET WATCH: NYMEX oil prices plummet on crude inventory build, Iran deadline extension

Oil prices plummeted more than $2/bbl July 1 to settle at a 2-month low on the New York market after a weekly government report showed the first rise in US crude inventories in 9 weeks.

API to issue recommended practice to address pipeline safety

The American Petroleum Institute expects to issue a new recommended practice in another few weeks that addresses pipeline safety issues, but the trade association is equally working on challenges involving rail and maritime transportation, said Robin Rorick, API midstream and industry operations director.

Shell Midstream Partners takes interest in Poseidon oil pipeline

Shell Midstream Partners LP has completed its acquisition of 36% equity interest in Poseidon Oil Pipeline Co. LLC from Equilon Enterprises LLC, a subsidiary of Shell Oil Products US, for $350 million.

MARKET WATCH: Oil prices decline as US crude inventories post first gain in 9 weeks

Oil prices on July 1 surrendered much of their gains from the day before after the release of a government report showing the first rise in US crude inventories in 9 weeks.

FWS issues Shell letter of authorization on Chukchi Sea lease

The US Fish & Wildlife Service issued Shell Gulf of Mexico Inc. a letter of authorization (LOA) related to the potential disturbance of polar bears and Pacific walrus resulting from the company’s proposal to operate two drilling rigs in the Chukchi Sea this summer.

USGS: Water usage for fracturing varies widely across shale plays

The volume of water required to hydraulically fracture wells varies widely across the country, according to the first national analysis and map of hydraulic fracturing water usage detailed in a recent US Geological Survey study.

Case for Keystone XL has grown stronger, TransCanada tells Kerry

Canada is taking strong steps toward combating climate change, and the proposed Keystone XL pipeline crude oil pipeline remains in the US national interest, TransCanada Corp. said in a June 29 letter to US Sec. of State John F. Kerry and two senior State Department officials.

Forum extends study of subsea integrity

Work by an industry forum called SURF IM Network, which studies oil and gas subsea integrity management, has been extended by 3 years.

Survey begins of collaboration on the UKCS

Deloitte has begun a survey about collaboration in the oil and gas producing industry of the UK Continental Shelf.

Lytle named to Canada’s National Energy Board

Murray Lytle has been appointed as a full-time member of Canada’s National Energy Board for a term of 7 years, effective July 6.

Court rejects BP, Anadarko Macondo appeals

BP PLC and Anadarko Petroleum Corp. have lost separate appeals to the US Supreme Court to overturn a lower-court decision expanding their financial responsibility for the April 2010 Macondo blowout and spill in the Gulf of Mexico.

Senate Democrats outline broad energy goals to nation’s governors

Forty-five US Senate Democrats outlined broad energy policy goals including more clean energy technology investments, infrastructure improvement, and carbon pollution reduction in a letter seeking support from the nation’s governors.

MARKET WATCH: NYMEX, Brent crude oil prices slump on Greek default fears

US light, sweet crude oil futures and Brent crude oil futures for August delivery each settled down by more than $1/bbl on June 29, with Brent sliding to its lowest closing in more than 2 months.

Firms form Powder River basin logistics JV

NGL Energy Partners LP, Tulsa, and Meritage Midstream Services II LLC, Denver, have formed a joint venture to develop crude oil gathering and water-services systems in the Powder River basin of Wyoming.

Group suggests principles for Alberta royalty review

The Canadian Association of Petroleum Producers (CAPP) has suggested that four principles guide Alberta in an oil and gas royalty review planned by a new center-left government in conjunction with a toughened approach to climate change.

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North Atlantic Refining

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