Super Yachts Moored In South Quay As Their Owners Visit London Ahead Of The Olympics

Brazilian billionaire Eike Batista faces regulatory scrutiny for potential illegal activity at petroleum company OGX. From luncheons with Madonna to reportedly selling his $19 million yacht for scrap, Batista’s highly-publicized fall from grace continues. [New York Times]

Chinese national oil champion CNPC just bought into Novatek’s Yamal LNG venture, giving French Total and CNPC 20% each and Novatek the remaining 60% equity. CNPC is not known for its LNG liquefaction expertise, so the deal appears to be more about financing and ensuring Chinese access to Russian gas. Much remains to be decided, however, as gas pricing disputes between Moscow and Beijing have continued for at least a decade and Gazprom maintains a gas export monopoly. [Natural Gas Europe]

US oil and gas inventory data sent oil prices up and natural gas prices down. “Benchmark oil for October delivery gained 93 cents, or 1.1 percent, to close at $108.37 a barrel on the New York Mercantile Exchange. But natural gas futures fell 10.5 cents, or 2.9 percent, to $3.575 per 1,000 cubic feet.” [AP]