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Market Roundup

Crude Oil prices fell yesterday, but a bounce by equity markets pulled crude futures well above lows and allowed traders to shrug off data showing combined U.S. crude and product stocks rose to the highest since weekly records began in 1990.

In Focus

- U.S. commercial crude and product stocks rose last week to the highest level since the U.S. government began tracking weekly data, government data showed Wednesday, a sign fuel supply is outpacing demand amid a slow U.S. economic recovery.

- China’s diesel exports...

The energy giant is teaming up with partners in a liquefied natural gas project in Papua New Guinea to supply China, Japan and Taiwan.

Exxon Mobil and its partners approved development of a $15 billion Papua New Guinea liquefied natural gas venture, the country’s biggest resource project, to supply the cleaner-burning fuel to China, Japan and Taiwan.

Exxon Mobil and its partners approved Tuesday the development of a $15 billion liquefied natural gas venture in Papua New Guinea to supply fuel to China, Japan and Taiwan.

The project is to be the country’s biggest natural resource development.

Construction is to begin in 2010 after the companies complete agreements with their customers and financing arrangements with lenders, said Exxon, which is the largest U.S. oil company.

Emirates National Oil Co., Dubai’s government-run refiner, offered to buy the rest of Dragon Oil Plc for about 1.1 billion pounds ($1.8 billion) to tap deposits in Turkmenistan and make up for dwindling supplies and meet rising demand at home.

Gazprom and China National Petreleum Corporation will continue negotiations for pricing, volume, route and duration of gas supply to China. It is expected that the two companies may sign a framework agreement the supply of gas to China.

Pioneer Natural Resources Company today announced a significant discovery in the Eagle Ford Shale in South Texas. The Sinor #5 well, which is located in Live Oak County, Texas, flowed at an initial rate of approximately 11.3 million cubic feet of natural gas equivalent per day (approximately 8.3 million cubic feet of natural gas per day and...

The U.S. consumes about 23 trillion cubic feet (TCF) of natural gas a year, according to the Department of Energy’s Energy Information Agency (EIA). The Potential Gas Committee (PGC), an organization headquartered at the Colorado School of Mines, put the country’s potential natural-gas resources at 1,836 TCF in a biennial assessment released in June.