Oil and Gas
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PERTH, May 24- U.S. crude futures dropped to around $94 a barrel on Friday after disappointing China data and on lingering concerns the U.S. July oil futures contract had fallen 9 cents to $94.16 a barrel by 0038 GMT.
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PERTH, May 24- U.S. crude futures dropped to around $94 a barrel on Friday after disappointing China data and on lingering concerns the U.S. July oil futures contract had fallen 9 cents to $94.16 a barrel by 0038 GMT.
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The 238,000 barrel-per-day Bayway refinery is one of several on the East Coast emerging from years of poor margins as they have depended on higher-priced oil from Europe and Africa due to a lack of access to cheaper domestic crude.
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*BP, Shell, Statoil in EU oil price probe. NEW YORK/ CHICAGO May 23- A Chicago- based commodities trading firm has filed suit against three of the world's largest oil companies, accusing them of colluding to fix oil prices after European authorities opened an investigation last week.
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You say the name of a stock, and Mad Money's Jim Cramer tells you whether to buy or sell.
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CNBC's Scott Wapner and the Fast Money traders discuss the day's top trades and the stocks they'll be watching tomorrow.
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*Coal producers face too much supply through 2020. Prices have slumped around 30 percent since their peak two years ago as coal flooded global markets, especially from the United States where cheap gas has cut domestic demand and led to a nearly 50 percent jump in thermal coal exports last year.
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RIO DE JANEIRO, May 23- Brazil plans to sell the right to explore and develop its largest-ever oil discovery in October, putting up for auction an offshore petroleum prospect that is expected to produce about 12 billion barrels of oil over 35 years.
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WASHINGTON, May 23- Quebec will announce within weeks that it will launch its own public review of a proposed pipeline that would deliver crude oil from western Canada to eastern markets, its environment minister said Thursday.
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CNBC's Sharon Epperson discusses the day's activity in the commodities markets. The hurricane forecast is for 7 to 11 hurricanes this season, which could be bullish for the energy markets. Nat gas was up on the day because storage levels rose less than expected.
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*U.S. equities recoup earlier losses, supporting oil. NEW YORK, May 23- Brent crude oil prices retraced earlier losses after falling to a three-week low on Thursday in a broader commodities selloff, riding the coattails of a late turnaround in U.S. equities to end flat.
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WASHINGTON, May 23- Quebec will announce within weeks that it will launch its own public review of a proposed pipeline that would deliver crude oil from western Canada to eastern markets, its environment minister said Thursday.
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NEW YORK, May 23- Oil prices pared losses after falling to a three-week low on Thursday in a broader commodities selloff, supported as selling in U.S. equities tapered off on the back of encouraging domestic economic data.
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CARACAS, May 23- Venezuela is slipping into high inflation and economic stagnation this year due to a shortage of hard currency and a decade-long weakening of domestic industry, the head of the country's main business group Fedecamaras said.
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*Delta eyes chances to ship jet fuel to Midwest markets. And it expect costs will fall further as Delta ramps up supplies of cheap crude to the refinery from the Bakken play in North Dakota.
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July crude was down $2 at $92.28 a barrel at 10:04 a.m. EDT, below the 200- day moving average of $92.29 and having dropped as low as $92.21.
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LONDON, May 23- Oil fell to a three-week low near $101 a barrel on Thursday in a broader commodities selloff as a decline in China's factory activity entrenched concern about weak demand and on worries about an early scale-back in U.S. China's factory activity shrank for the first time in seven months in May, a survey showed.
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MOSCOW-- Russia's deputy prime minister said Thursday that Rosneft's CEO has assured him the interests of disgruntled minority shareholders in oil firm TNK-BP would be respected. TNK-BP, Russia's third-largest oil company, was taken over by Rosneft last year.
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May 23- Marathon Oil Corp said on Thursday that negotiations to sell a portion of its 20 percent stake in the Athabasca Oil Sands Project in Canada ended without a deal.
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COLUMBUS, Ohio-- A northeast Ohio injection-well operator whose former senior officer faces federal charges of violating the Clean Water Act told a state regulatory panel Wednesday that the company can't be blamed for the acts of "a bad person."
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*Repsol open to an out-of-court YPF compensation package. MADRID/ BUENOS AIRES, May 23- A year after Argentina seized the local business of Spanish oil firm Repsol, there seems little prospect of a quick deal on compensation despite signs that both sides would rather avoid a costly, drawn-out legal battle.