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• Equinor, Partners to Develop $940 Million Norway Gas and Condensate Project
  Equinor and partners on May 25 submitted a plan to develop a cluster of gas and condensate discoveries...
  Equinor and partners on May 25 submitted a plan to develop a cluster of gas and condensate discoveries in the Norwegian Sea for 9 billion crowns ($940 million), part of a rush of new petroleum projects expected in Norway this year.
  
  Halten East contains reserves of around 100 MMboe, 60% of which is natural gas, and is expected to begin exporting to Europe in 2025, Equinor said.
  
  The project would develop an area with six gas and condensate discoveries, with the option of developing a further three prospects, Equinor said in a statement.
  
  Source: Reuters
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• Cargoes of Russia's flagship crude oil at sea climb to record high
  HOUSTON (Reuters) Some 62 million barrels of Russia's flagship Urals crude oil, a record...
  HOUSTON (Reuters) Some 62 million barrels of Russia's flagship Urals crude oil, a record amount, are sitting in vessels at sea, data from energy analytics firm Vortexa showed, as traders struggled to find buyers for the crude.
  
  The volume of Urals crude oil on the water is triple the pre-war average, Vortexa said, even as Russian seaborne oil exports fell to 6.7 million barrels per day (bpd) so far in May, down about 15% from the 7.9 bpd in February.
  
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• The API Reports Small Build in Crude Oil Inventories
  The American Petroleum Institute (API) reported a small build this week for crude oil of 567,000...
  The American Petroleum Institute (API) reported a small build this week for crude oil of 567,000 barrels.
  
  The draw comes even as the Department of Energy released 6 million barrels from the Strategic Petroleum Reserves in Week Ending May 20.  In the week prior, the API reported a draw in crude oil inventories of 2.445 million barrels after analysts had predicted a build of 1.533 million barrels.
  
  U.S. crude inventories have shed some 75 million barrels since the start of 2021 and about 18 million barrels since the start of 2020, according to API data.
  
  Cushing saw a 731,000-barrel draw this week. Cushing inventories crashed to 25.839 million barrels in the week prior, as of May 13, according to EIA data—down from 59.2 million barrels at the start of 2021, and down from 37.3 million barrels at the end of 2021.
  
  
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• Nasdaq closes down over 2% after Snap's warning; Dow ekes out gain
  Major U.S. stock indexes closed mixed Tuesday in choppy trade punctuated by another sharp selloff in...
  Major U.S. stock indexes closed mixed Tuesday in choppy trade punctuated by another sharp selloff in the internet sector. The Dow Jones Industrial Average DJIA, +0.15% swung to a slight gain late in the session, adding about 50 points, or 0.2%, to end near 31,931. The main action resided in the tech-heavy Nasdaq Composite Index COMP, -2.35%, which shed 2.4%, while the S&P 500 index SPX, -0.81% closed down 0.8%, failing to add to Monday's bounce for the large-cap index. An earnings warning from Snapchat parent Snap SNAP, -43.08% was pegged as a key catalyst for losses in internet stocks, which swept up other social-media companies, including Facebook parent Meta Platforms Inc. FB, -7.62%, Pinterest Inc. PINS, -23.64%, Google parent Alphabet GOOG, -5.14% and Twitter Inc. TWTR, -5.55%.
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• Oil steadies after choppy trade, U.S. says export ban not ruled out
  Oil prices steadied on Tuesday after choppy trade as tight supply worries offset concerns...

  Oil prices steadied on Tuesday after choppy trade as tight supply worries offset concerns over a possible recession and China's COVID-19 curbs.

  
  

  Prices turned negative after U.S. Energy Secretary Jennifer Granholm said President Joe Biden had not ruled out using export restrictions to ease soaring domestic fuel prices. read more

  
  

  Brent crude rose 14 cents to settle at $113.56 a barrel. U.S. West Texas Intermediate (WTI) crude fell 52 cents to settle at $109.77 a barrel.

  
  

  Oil has surged this year with Brent hitting $139 in March, the highest since 2008, after Russia's invasion of Ukraine exacerbated supply concerns.

  
  

  NEW YORK, May 24 (Reuters)

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