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  • NEW YORK, Jan 12- The U.S. oil storage trade is back- and may be bigger than ever. Six years ago, the financial crisis led to a sudden surplus of oil and a collapse in prices, spurring a classic low-risk trade that's set to make a comeback: buying crude to store in onshore tanks or floating tankers, since oil costs $8 a barrel less now than what futures buyers will pay in a year.

  • Wall Street is also punishing the sector. "The producers have to be getting murdered," said Steven Boyd, senior managing director at Sun Coast Resources Inc., a Houston- based distributor of petroleum and alternative fuels. Blue Ridge Biofuels, a small biodiesel producer in Asheville, North Carolina, that makes its product from used restaurant cooking oil, says...

  • UPDATE 1-Halcon Resources cuts 2015 spending again Thursday, 8 Jan 2015 | 6:06 PM ET

    Jan 8- Oil and gas producer Halcon Resources Corp said it would further cut its drilling and completion budget for 2015, responding to the continuing fall in oil prices. Halcon said on Thursday it now expected to spend between $375 million to $425 million, down from its earlier forecast of $750 million to $800 million. The midpoint of the earlier forecast on Nov. 10...

  • NYC grabs back top spot for global property investors Tuesday, 6 Jan 2015 | 12:01 PM ET

    Jan 5- New York City regained its top position among global commercial real estate buyers, unseating London and highlighting the appeal of U.S. properties in general, according to a survey of international investors released Tuesday. In the U.S., investors' top pick of New York was followed by San Francisco, Houston, Los Angeles and Washington, D.C., respectively.

  • NEW YORK, Jan 6- As a test of wills between OPEC nations and U.S. shale drillers fuels a global oil market slump, a brewing battle between Canadian and Saudi Arabia heavy crudes for America's Gulf Coast refinery market threatens to drive prices even lower. From the Middle East, top exporter Saudi Arabia is offering crude at discounted prices in an attempt to defend...

  • NEW YORK, Jan 5- As a war of nerves between U.S. shale producers and Gulf powerhouses intensifies, OPEC's biggest members are counting down the months until their upstart rivals lose the one thing shielding them from crashing oil prices- hedges. OPEC officials hope that once U.S. oil companies get fully exposed to the impact of an over 50 percent slide in crude...

  • The retrenchment at Civeo Corp, which provides temporary housing for oilfield workers and miners, is the most-severe symptom of pain inflicted on the oil service industry by the slide in crude prices, and may presage similar steps by peers. Analysts and investors say Civeo's problem is that it has spread itself geographically too thin, with not enough cash to...

  • *Excelerate Energy suspends Lavaca Bay LNG project. MILAN, Dec 30- Excelerate Energy's Texan liquefied natural gas terminal plan has become the first victim of an oil price slump threatening the economics of U.S. The floating 8 million tonne per annum export plant moored at Lavaca Bay, Texas advanced by Houston- based Excelerate has been put on hold, according to...

  • WILLISTON, N.D., Dec 29- Civeo Corp, which provides temporary housing for oilfield workers and miners, slashed its workforce on Monday and said revenue could fall by a third as slumping crude prices force oil producers to cut costs. The warning adds jitters to the already-wary global oil market and highlights weakness in Australia's coal industry, one of Civeo's...

  • Civeo revenue forecast lags estimate, shares slide Monday, 29 Dec 2014 | 5:48 PM ET

    Dec 29- Civeo Corp, a provider of oilfield accommodation services, forecast revenue for the first quarter and full year much below average analyst estimate, pulling down the company's shares by nearly 30 percent in extended trading. Civeo also suspended its quarterly dividend and said it has cut its workforce in the United States by 45 percent and in Canada by 30...

  • AUSTIN, Texas, Dec 26- With high-speed rail in the United States long on plans and short on construction, a Texas company is aiming to fast-track service between Dallas and Houston. The Texas Central Railway Company plans to use private investment and Central Japan Railway bullet train technology to run a line between two of the largest U.S. cities.

  • JAKARTA, Dec 22- The Ciliwung River flows from a volcano south of the Indonesian capital, through the heart of one of the world's most densely populated cities and almost into Jakarta Bay. The same is true for the rest of the half-dozen sewage-choked rivers that wind though central Jakarta. "Jakarta is a bowl, and the bowl is sinking," said Fook Chuan Eng, senior water...

  • MEXICO CITY, Dec 19- The allure of investing in Mexico's historic oil sector opening has been dimmed by the plummeting price of crude, putting pressure on the government to offer bigger incentives to private investors in the first major round of contracts up for grabs. Since Congress in August approved the laws governing the dissolution of Mexico's 75-...

  • Analysts say companies with considerable debt such as Nabors Industries Ltd and small private firms with less efficient rigs will scramble to keep them in operation. Rig rates of $25,000- $30,000 per day in the quarter ended Sept. 30, are expected to fall 20-25 percent or more next year and talks over lower rates are already underway, analysts said.

  • You're going to see volatility here, "said Daniel Flynn, energy analyst at Chicago's Price Futures Group. Brent for February delivery was up $1.05 at $61.06 a barrel by 2:37 p.m. EST, after hitting a session high of $63.40. The biggest slide in oil prices since the 2008 financial crisis had accelerated after OPEC met in November, when Gulf producers resisted calls...

  • NEW YORK, Dec 17- Crude oil jumped nearly 5 percent on Wednesday as important chart support prices held fast after nearly a week of selling, leading to technical buying that turned the market around abruptly. "I think it was triggered by some short-covering, and once it gets going it feeds upon itself," said John Saucer at Mobius Risk Group in Houston.

  • Investors in beat-up oil bonds lean on banks for rescue Wednesday, 17 Dec 2014 | 1:00 AM ET

    BOSTON, Dec 17- Independent oil exploration and production companies are leaning heavily on bank credit lines to survive plunging crude prices, making it a nervous time for U.S. funds holding their junk-rated debt. 'said Francis Bradley III, a Greenberg Traurig attorney in Houston who specializes in energy company financing deals. " U.S. mutual funds hold an...

  • Dec 16- Citgo Petroleum Corp, Venezuela's U.S. oil refining unit, has received revised bids from at least four bidders, some which have valued the company at more than $10 billion, according to three people familiar with the matter. The companies that made bids in December include Marathon Petroleum Corp, Valero Energy Corp, HollyFrontier Corp and a consortium of...

  • WASHINGTON, Dec 15- A U.S. federal appeals court on Monday threw out a human rights lawsuit brought against Occidental Petroleum Corp over allegations that it played a role in killings carried out by the Colombian military in 2004.. A three-judge panel of the San Francisco- based 9th U.S. Circuit Court of Appeals upheld a district court judge's decision to...

  • LOS ANGELES, Dec 15- The union for 20,000 dockworkers and a group of their employers at 29 U.S. West Coast ports say they are making slow but steady progress in months-long contract talks seen by the shipping industry as a contributing factor in chronic cargo backups. The International Longshore and Warehouse Union and the Pacific Maritime Association,...