EIA: US crude supplies rise unexpectedly | China's Sinopec buys record amount of US crude | Harold Hamm sees US oil topping $80 per barrel
May 24, 2018
API SmartBrief
News for the oil and natural gas industry
Top Story
EIA: US crude supplies rise unexpectedly
US crude inventories posted an unexpected build of 5.8 million barrels last week, versus analyst expectations for a 1.7-million-barrel decline, according to the Energy Information Administration. Gasoline stocks increased by 1.9 million barrels, while distillate supplies dropped by 1 million barrels.
MarketWatch (5/23) 
LinkedIn Twitter Facebook Google+ Email
Industry News
China's Sinopec buys record amount of US crude
Chinese state oil giant Sinopec has bought a record 16 million barrels of US crude oil to load in June as part of China's effort to shrink its trade deficit with the US. The purchase, valued at about $1.1 billion at current oil prices, would significantly boost China's imports of US crude from the roughly 330,000-barrel-per-day average for the six months ending in February.
Reuters (5/23) 
LinkedIn Twitter Facebook Google+ Email
Harold Hamm sees US oil topping $80 per barrel
Harold Hamm sees US oil topping $80 per barrel
Hamm (Alex Wong/Getty Images)
Continental Resources Chairman and CEO Harold Hamm believes US oil prices have more room to increase in the future, potentially crossing the $80-per-barrel mark. "We're not looking at $100 oil in the future, or probably $90 oil, but it certainly could be in the mid-$70s and low $80s," Hamm said in an interview.
CNBC (5/23) 
LinkedIn Twitter Facebook Google+ Email
US oil squeezed by range of factors
Multiple factors are holding down US oil prices and contributing to a widening spread between WTI and Brent, write Bloomberg Intelligence analysts Peter Pulikkan and Fernando Valle. The phenomenon can be attributed to strong shale output, tapped-out refining capacity and export growth that's not quite fast enough to keep up, they write.
Bloomberg Professional Services (5/21) 
LinkedIn Twitter Facebook Google+ Email
Oil rebound fuels streak of employment growth in Texas
Texas added almost 40,000 jobs in April, marking the 22nd consecutive month of growth, while the unemployment rate edged up slightly from 4% in March to 4.1% in April, according to the Texas Workforce Commission. The manufacturing sector, which is closely linked to the oil and natural gas industry, saw the largest gains with 8,600 job additions, while oil and gas and energy services added almost 5,000 jobs during the month.
Houston Chronicle (tiered subscription model) (5/18) 
LinkedIn Twitter Facebook Google+ Email
Remedies to Fluid Film Bearing Damage
When fluid film bearings suffer damage, the cause may be obscure and, frequently, external to the bearing. Common causes include abrasives, overload and overheating, lack or loss of lubricant, loss of clearance, electrical discharge, and misalignment. In the diagnosis and remedy of causes, start with the Bearing Damage Index.
Exploration & Production
Offshore drilling hasn't made a comeback yet, analysts say
Offshore oil drilling is showing some signs of recovery, but the business remains costly and risky when compared with onshore shale drilling, and operators are not yet convinced that offshore efforts make sense, analysts say. Higher oil prices are helping the offshore industry, but a comeback will be evident when more contracts are awarded, the offshore supply deficit becomes clear and investors show stronger interest.
S&P Global Platts (5/21) 
LinkedIn Twitter Facebook Google+ Email
Refining & Marketing
Marathon Petroleum requests exemption from biofuels program
Marathon Petroleum, the second-biggest US refiner, has reportedly applied for a hardship waiver asking the Environmental Protection Agency to exempt one of its facilities from complying with the Renewable Fuel Standard for the 2017 calendar year.
Reuters (5/23) 
LinkedIn Twitter Facebook Google+ Email
Policy Watch
Federal attorneys due in court to defend Keystone XL pipeline
A court hearing on the Keystone XL oil pipeline is set for today in Montana, during which attorneys for the Trump administration are expected to argue in favor of the controversial project. "While the importance of climate change was considered, the interests of energy security and economic development outweighed those concerns," the attorneys said recently.
The Associated Press (5/24) 
LinkedIn Twitter Facebook Google+ Email
API News
Qualified Crane Operator
The operator course is intended to familiarize the participant with lifting loads with slings, rigging hardware and safety concerns and is intended to give the individual the knowledge and skills required to competently act as a Qualified Crane Operator and effectively conduct safe lifting operation. Presented by Thunder Oilfield Services (Thailand), June 19 to 21, July 16 to 19; Australasian Training Co. (Singapore), June 25 to 29, June 30. To learn more and to register, visit the API-U Calendar.
LinkedIn Twitter Facebook Google+ Email
API launches 18LCM registration program for product life cycle management systems
Industry service organizations now have a certification that provides their customers the benefit of knowing that the life cycle of products used in the field has been managed according to the API Standard 18LCM, Product Life Cycle Management System Requirements for the Petroleum and Natural Gas Industries. Get a quote for your organization.
LinkedIn Twitter Facebook Google+ Email
Learn more about API:
API Homepage | Join Us | Publications | Meetings and Training
You never really understand a person until you consider things from his point of view -- until you climb into his skin and walk around in it.
Harper Lee,
LinkedIn Twitter Facebook Google+ Email
Sign Up
SmartBrief offers 200+ newsletters
Learn more about the SmartBrief audience
Subscriber Tools:
Contact Us:
Advertising  -  Elizabeth Kaufman
Editor  -  Bryan McBournie
Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004
© 1999-2018 SmartBrief, Inc.®
Privacy Policy (updated May 25, 2018) |  Legal Information