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MARKET WATCH: NYMEX oil prices decline but settle above $60/bbl

US light, sweet crude oil prices ended down slightly during the May 13 trading session after a switch in direction, yet the settlement price stayed above $60/bbl on the New York market, and analysts said the market clearly lacked direction given various government and agency reports.

IEA: Oil price rallied on slowing US LTO production

Despite persistently high global supply and continued stock builds, oil prices rallied in April and early May, likely sparked by signs of slowing US light, tight oil (LTO) output, according to the most recent Oil Market Report from the International Energy Agency.

Murkowski, Heitkamp introduce bill to end US crude oil export ban

US Sens. Lisa Murkowski (R-Alas.) and Heidi Heitkamp (D-ND) jointly introduced legislation that would end a 40-year ban on exports of crude oil produced in the US. Eleven more Senate Republicans cosponsored the measure.

APPEA appoints Roberts as chief executive officer

The Australian Petroleum Production & Exploration Association has appointed Malcolm Roberts as its chief executive officer, following the resignation of David Byers earlier this year to take up a senior role in public policy and government affairs with BHP Billiton.

MARKET WATCH: NYMEX, Brent oil prices rise on higher OPEC world demand forecast

US light, sweet crude oil prices rose more than $1/bbl to settle above $60/bbl on the New York market while Brent crude oil settled above $66/bbl on the London market on May 12 as the Organization of Petroleum Exporting Countries increased its global oil demand forecast and as oil traders awaited weekly US government inventory numbers.

WEA survey finds strong support nationwide for energy development

US voters strongly support developing resources on public lands, giving states more control over regulating such activities, and lifting the ban on exporting crude oil produced in the US, concluded a survey commissioned by the Western Energy Alliance.

Hamilton named to Panoro’s chief executive role

Panoro Energy ASA, Oslo, has named John Hamilton as its chief executive officer. Nishant Dighe, who has served as interim chief executive officer, will continue as president and chief operating officer.

EIA forecasts higher global oil consumption growth

In its most recent Short-Term Energy Outlook (STEO), the US Energy Information Administration expects global oil consumption to rise by 1.2 million b/d in 2015 and by 1.3 million b/d in 2016, upward from last month’s STEO by an average of 200,000 b/d in both 2015 and 2016, as lower oil prices stimulate demand growth more than previously expected.

Investigation launched into fire at Greek refinery

An investigation is under way into the cause of an early May fire at Hellenic Petroleum SA’s 148,000-b/d refinery in Aspropyrgos, Greece, that left several workers injured.

Encana records 1Q net loss of $1.7 billion

Encana Corp. posted a first-quarter net loss of $1.7 billion primarily due to a noncash, aftertax ceiling test impairment and a non-operating foreign exchange loss.

WoodMac: Brazil, Norway oil to alter markets

An estimated 3.8 million b/d of new supply by 2025 of heavy, sweet crude from large developments offshore Brazil and Norway will help European refiners, says Wood Mackenzie.

Low crude prices may thin, but not kill, US production, speakers say

Overseas competitors who were caught off-guard initially by rising US unconventional crude oil production have increased their own outputs now and can be expected to try and keep prices low to protect their global market shares, speakers at a May 12 Atlantic Council discussion said.

MARKET WATCH: NYMEX oil price drops slightly on stronger dollar

The light, sweet crude oil futures contract for June delivery fell slightly as the dollar strengthened but front-month oil prices held above $59/bbl by settlement May 11 on the New York market.

Shell gets conditional approval for US Arctic drilling plan

The US Bureau of Ocean Energy Management (BOEM) on May 11 conditionally approved Shell Gulf of Mexico Inc.’s revised multiyear exploration plan (EP) that proposes the drilling of as many as six wells on the Burger prospect in the Chukchi Sea.

PwC: Low oil prices reduce 1Q M&A activity in US

Mergers and acquisitions (M&A) activity in the oil and gas industry took a hit in value and volume during the first quarter compared with fourth-quarter 2014, as the drop in oil prices continued to impact companies’ growth strategies, according to a report from PwC US.

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