From: "API SmartBrief"

CFTC chief: Consider limits on noncommercial energy tradingCommodity Futures Trading Commission Chairman Gary Gensler said Tuesday the federal government should "seriously consider" limiting futures trading in oil, natural gas and other energy products by noncommercial entities. Limiting how much volume banks, hedge funds and other financial institutions can trade energy futures might curtail speculation and lessen price volatility, Gensler said. The New York Times (7/28)
Valero Energy posts loss for 2nd quarterValero Energy reported a loss of $254 million in the second quarter compared with a profit of $734 million during the same period last year. CEO Bill Klesse told analysts that Valero did not expect the "dramatic fall in the medium and sour [grade] discounts" the company once enjoyed in the oil market. The Wall Street Journal (7/29)
BP sees relationship with Chinese firms as key to growthThe chief executive of BP, Tony Hayward, said Tuesday he is focused on expanding the company's refining and marketing business in China. Hayward said BP is looking to strengthen its relationship with Chinese companies. The Wall Street Journal/Dow Jones Newswires (7/28)
2nd-quarter earnings decline at QuestarQuestar reported second-quarter net income of $77.9 million, compared with profits of $172.6 million in the same period last year. The company also raised the lower end of its full-year earnings outlook. It now expects $2.35 to $2.45 per share. Reuters (7/28)
National Oilwell Varco's net income declines 48%National Oilwell Varco reported that second-quarter net income dropped 48% to $220 million. The company said its order backlog decreased because declining oil prices prompted customers to cut spending on derricks and drill bits. Houston Chronicle/Bloomberg (7/28)
Superior Energy's adjusted earnings slideSuperior Energy Services posted a net loss of $68.9 million in the second quarter, worse than analysts expected. Reduced demand for services and tools affected adjusted earnings, which ended up at $27.6 million. Reuters (7/28)

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Exploration & Production

Petrobras tells regulators all Santos Wells are positivePetrobras says the 11 wells it drilled in the Santos Basin region all have tested positive for oil or natural gas. Petrobras made the claim in a filing with stock regulators after a report in Brazilian media that 32% of the wells were dry or not commercially viable. The Wall Street Journal/Dow Jones Newswires (7/28)
Refining & Marketing

Valero estimates 3rd-quarter runs from Gulf Coast refineriesValero Energy anticipates its seven Gulf Coast refineries will produce 1.2 million to 1.25 million barrels per day in the third quarter. The refineries are capable of producing of 1.6 million barrels per day. Reuters (7/28)
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Policy Watch

Policy analyst: Shale is important to U.S. energy securityH. Sterling Burnett of the National Center for Policy Analysis writes that it is in the nation's interest to remove barriers to oil shale production. The Obama administration erred in canceling leases on land previously auctioned for oil shale production, Burnett writes. The Examiner/Washington, D.C. (7/29)

China, U.S. sign pact on climate-change cooperationChina and the U.S. on Tuesday signed a "memorandum of understanding," agreeing to increase efforts toward a climate-change treaty and cooperate on clean-energy technology. Secretary of State Hillary Clinton said the pact gives the nations "direction as we work together to support international climate negotiations." Bloomberg (7/28)
API News

API RP 571 Damage Mechanisms Course, Aug. 18 to 20, Edmonton, Alberta The American Petroleum Institute conducts training classes that help attendees understand its new Recommended Practice 571, Damage Mechanisms Affecting Fixed Equipment in the Refining Industry. Over the past decade, API has developed two major technologies to improve fixed equipment reliability in refining. They cover Fitness-For-Service (RP 579) and Risk-Based Inspection (RP 580/581). Learn more.