WTI crude oil has continued its decline for the week as inventories in the United States has

remained oversupplied. Several domestic firms have already begun issuing 2014 guidance on capital expenditures, Shell even submitted a proposal to the State of Alaska to potentially drill in the artic. Sandy Fieldstien wrote a piece earlier this week on the Tuscaloosa Marine Shale, which would bring the shale movement closer to our part of the country (although located primarily in the Delta region of Mississippi). With crude stockpiles rising and E&P firms still chomping at the bit in the U.S., it will be interesting to see how this plays out. North America: Im Waiting For The Crude Handling The Texas Gulf Coast Crude Flood | RBN Energy - If you add up the numbers since the start of 2012 just under 2 MMb/d of transport capacity has been added to bring crude into the Texas Gulf Coast refining region. In the next two years (2014 and 2015) we expect another 2.1 MMb/d of crude pipeline and rail transport capacity to be added. In total that is over 4.1 MMb/d of potential incoming crude to a region with just under 3.7 MMb/d of nameplate refining capacity. Today we begin a series describing the incoming flood of crude and preparations being made to handle it. WTI Crude Trades Near Five-Month Low in New York - For several weeks now weve seen higher supply and that weighs on the WTI price, said Hans van Cleef, an energy economist at ABN Amro Bank NV in Amsterdam, who sees WTI weakening to average $90 a barrel next year. Thats despite the pick-up in demand from the U.S. economic recovery. The economic picture is turning in the right direction in the U.S., but prices will decline even further because of oversupply. Fuel Fix Congress seen debating oil exports while wary of gasoline costs - Congress probably will consider loosening restrictions on U.S. oil exports, though a push by industry to sell more crude overseas will be resisted by members concerned about the impact on gasoline prices, lawmakers said. Fuel Fix Linn Energy boosts buyout offer for Berry Petroleum - Months after Linn Energys all-stock deal to buy Denver oil producer Berry Petroleum stalled under shareholder and regulatory pressure, the Houston firm is putting another $600 million on the table. EPP starts up Texas Express NGL pipeline - Oil & Gas Journal - Enterprise Products Partners LP has started up its 583-mile Texas Express natural gas liquids pipeline with an initial capacity of 280,000 b/d that can be ramped up to 400,000 b/d. - The line extends from Skellytown, Tex., to the NGL fractionation and storage complex in Mont Belvieu, Tex., linking producers in West and Central Texas, the Rocky Mountains, southern Oklahoma, the Midcontinent, and the Denver-Julesburg basin with takeaway capacity for growing NGL volumes and access to the Gulf Coast trading hub. Louisiana/Mississippi: Goodrich sets jump in 2014 budget - Oil & Gas Journal - TMS outlays would climb to $300 million in 2014 from $75 million this year, including an increase to five horizontal rigs running by the end of 2014 versus two at present. The $300 million would go for drilling and completions and facilities. Talisman Sells Montney to Petronas for $1.4 Billion

Talisman Energy Inc. (TLM), the Canadian oil and natural gas producer being targeted by investor Carl Icahn, agreed to sell part of its Montney acreage to Malaysias Petroliam Nasional Bhd for C$1.5 billion ($1.4 billion). The transaction involves about 127,000 net acres, representing 75 percent of Talismans Montney shale holdings in the Farrell Creek and Cypress areas of British Columbia

South America: OSX Said Planning to File for Bankruptcy Protection Today - Bloomberg - Eike Batistas shipbuilder OSX Brasil SA (OSXB3) is planning to file for bankruptcy protection today (11/8), according to two people familiar with the matter. Europe: Brent Crude Traders Claim Proof BFOE Boys Rigged Market - Four longtime traders in the global oil market claim in a lawsuit that the prices for buying and selling crude are fixed -- and that they can prove it. - Over 85 pages, the plaintiffs describe how the market allegedly showed that the Dated Brent spot price was artificially driven up or down by the defendants, depending on what would profit them most in swap, futures or spot markets. Shell to Drill First Wells in $10 Billion Ukrainian Project - Bloomberg - Shell will need to drill as many as 15 wells to complete the initial exploration appraisal of the 8,000 square-kilometer (3,100 square-mile) Yuzivska field in the eastern part of the country Fuel Fix Cyprus, Frances Total to cooperate on gas plant - Cyprus and French energy company Total have agreed to cooperate on developing a planned natural gas processing facility in the bailed-out country. Asia / Pacific: Sheikhs Debt Deal for Exxon LNG Stake May Prompt Offers - The export terminal being built by Exxon Mobil Corp. (XOM) is in Papua New Guinea, one of the worlds poorest nations, which now wants to buy back the debt before it becomes equity for Abu Dhabi. The project is forecast to double the local economy with global LNG demand estimated to rise twofold by 2025. Africa: Total awarded solar power generation plant in South Africa - Renewable Energy Focus Total SA has been selected as the preferred bidder for an 86 MWp ground-mounted solar power project by South Africas Department of Energy (DoE). Middle East: BP to Give Up Control of Libyan Energy Project - WSJ.com BP is in talks to relinquish control of a major oil and natural-gas project in Libya, a blow to the country as it tries to attract companies to tap Africa's largest oil reserves.