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Oil prices dropped in the international market on Wednesday, stressed by rising U.S. inventories and the rift within OPEC intensified oversupply concerns. Brent futures slipped 3.6%, at $25.41 a barrel. U.S. West Texas Intermediate (WTI) crude futures dropped to $20.37 a barrel. Data released by the American Petroleum Institute showed a rise of 10.5 million barrels in U.S. crude inventories.
Trade association, the American Petroleum Institute (API) has granted a contract for the full-scale S-N fatigue testing of large diameter bolts to Norway-based DNV GL. The program aims at improving fatigue assessments of critical bolted connections, specifically in subsea applications. DNV GL will carry out the testing at its global laboratory network. The new test data will be shared on Veracity, DNV GL’s digital platform.
The latest monthly statistical report coming from American Petroleum Institute (API) showed record 4.4 MMbpd productions of natural gas liquids (NGL) in US, last month. US also leveled the previously set record for crude oil production at 10.7 MMbpd. Solid economic activities in July drove the demand for US petroleum to 20.6 MMbpd, which is its highest level in 11 years.
Leading engineered polymer solutions firm, Trelleborg has launched a new custom-made wellhead sealing solution. In the new metal end cap seal, the flexibility of an elastomer has been combined with the pressure and extrusion resistance of a metal-to-metal bonded component. In static applications, the seal can sustain pressures up to 15,000 psi. The sealing materials are in total compliance with Total, NORSOK, NACE, and API standards.
Oil prices, today, went down again after the industrial body API reported a rise in US crude inventories last week, disregarding analyst speculations of a significant reduction. Brent futures were down by 0.4% and traded at $71.85 a barrel. West Texas Intermediate (WTI) crude was down by 0.5%, priced at $67.72. The US Department of Energy Information Administration will today release official numbers in this regard.
The American Petroleum Institute (API) has shown disappointment from US administration denial to exclude imported steel to be used in certain parts of oil and gas industry, from Section 232 tariffs. API VP believes that the process which decided whether to grant exclusion or not lacks transparency. The association has said that the decision is misguided and will impact American energy production and jobs.
US petroleum demand is approaching its highest level in eleven years. The macroeconomic background is in sync with the rising demand and continues to reflect solid momentum in 2018 so far. Economists at the American Petroleum Institute (API) say that consumers will gain from this momentum and would enjoy affordable and reliable fuels produced in their own country. Moreover, a buoyant industry value chain has absorbed the growth efficiently.
As reported by Reuters, Brent crude prices slipped back consecutively for a second day owing to weak economic figures from China and growing U.S. oil inventories. Traders across the globe expressed their concern regarding an international economic slowdown as China reported that factory growth has sunk to its lowest rate since 2016.