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• Algeria to block Total from buying Anadarko’s Algerian assets - minister
  ALGIERS, May 26 (Reuters) - Algeria will block Total from acquiring Anadarko’s assets in Algeria, energy...
  ALGIERS, May 26 (Reuters) - Algeria will block Total from acquiring Anadarko’s assets in Algeria, energy minister Mohamed Arkab told reporters at a conference on Sunday.
  
  Occidental Petroleum has agreed to sell Anadarko Petroleum Corporation's assets in Algeria, Ghana, Mozambique and South Africa to Total for $8.8 billion if the U.S. oil company succeeds in completing its plan to take over Anadarko.
  
  “Our ministry has contacted Anadarko to get explanations on this information, but so far we got no answer," Arkab said.
  
  "It means there is no contract between Total and Anadarko ...We have good relations with Anadarko and we will do the utmost to preserve Algeria’s interests, including using our pre-emption right to block the sale,” the minister said.
  
  Anadarko holdings in Algeria represent about 260,000 barrels of oil per day, more than 25% of the country's crude production estimated at 1 million barrels per day.
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• Oil Prices Finish Higher Friday
  Oil prices rose Friday, stabilizing from the previous day’s slide after data showed the number of rigs...
  Oil prices rose Friday, stabilizing from the previous day’s slide after data showed the number of rigs drilling for oil in the U.S. fell in the past week and President Trump said he is sending more troops to the Middle East amid heightening tensions with Iran.
  
  Light, sweet crude for July delivery advanced 1.2% to $58.63 a barrel on the New York Mercantile Exchange, rebounding from a 2 ½-month low on the heels of its worst day in 2019. Oil still posted a 6.8% drop for the week and is 12% below its April peaks.
  
  Brent, the global benchmark, rose 1.4% to $68.69 a barrel.
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• Distress looms over Wis. frac sand industry
  A nationwide glut of frac sand coupled with the recent debt restructuring deal by Emerge Energy Services...
  A nationwide glut of frac sand coupled with the recent debt restructuring deal by Emerge Energy Services could portend more trouble for Wisconsin's frac sand industry, which is already suffering due to drillers' growing preference for cheaper, locally sourced sand. Samir Nangia, energy consulting director at IHS Markit, says the frac sand oversupply could force up to 75% of Wisconsin's frac sand mines to shutter operations, at least temporarily, or leave the state.
  
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• Permian gas prices slide into negative territory again
  Surging natural gas production and insufficient pipeline capacity sent next-day gas prices at the Waha...
  Surging natural gas production and insufficient pipeline capacity sent next-day gas prices at the Waha Hub in the Permian Basin below zero for the first time since April 3, trading at an average of negative-40 cents per million British thermal units on Wednesday. Waha gas prices have averaged just 92 cents per mmBtu to date in 2019, compared with $2.10 per MMBtu last year.
  
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• EIA: US crude inventories rise for 2nd week in a row
  US crude oil stockpiles increased for a second consecutive week last week, adding 4.7 million barrels,...
  US crude oil stockpiles increased for a second consecutive week last week, adding 4.7 million barrels, compared with analyst forecasts for a 2 million-barrel decline, the Energy Information Administration reported. Meanwhile, gasoline and distillate supplies jumped by 3.7 million barrels and 800,000 barrels, respectively.
  
  Data from the American Petroleum Institute on Tuesday had shown an increase of 2.4 million barrel.
  
  
  
  
  
  
  
  
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