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  • US running out of room to store oil; price collapse next? Wednesday, 4 Mar 2015 | 11:51 AM ET

    That extra crude is flowing into storage tanks, especially at the country's main trading hub in Cushing, Oklahoma, pushing U.S. supplies to their highest point in at least 80 years, according to the Energy Department. "The fact of the matter is we are running out of storage capacity in the U.S.," Ed Morse, head of commodities research at Citibank, said at a recent...

  • That extra crude is flowing into storage tanks, especially at the country's main trading hub in Cushing, Oklahoma, pushing U.S. supplies to their highest point in at least 80 years, the Energy Department reported last week. "The fact of the matter is we are running out of storage capacity in the U.S.," Ed Morse, head of commodities research at Citibank, said at a recent...

  • March 2- Onshore and offshore driller Nabors Industries Ltd swung to a quarterly loss, hurt by a fall in drilling activity amid a slump in global crude prices. Nabors recorded charges of about $1.2 billion in the quarter related to its pending deal with C&J Energy Services Inc and the "current industry downturn." Nabors posted a net loss of $891.1 million, or $3.08...

  • Feb 27- Offshore driller Nabors Industries Ltd swung to a quarterly loss, hurt by a fall in drilling activity amid a slump in global crude prices. Nabors recorded charges of about $1.2 billion in the quarter related to its pending deal with C&J Energy Services Inc and the "current industry downturn." Nabors posted a net loss of $891.1 million, or $3.08 per share, in the...

  • COLUMBUS, Ohio— The state of Ohio is suing oil and gas company BP for more than $33 million, alleging it double dipped by taking state funds and money from insurers to clean up accidental leaks from underground storage tanks at hundreds of its gas stations around the state. The lawsuit alleges London- based BP wrongfully obtained $33.3 million in reimbursements...

  • ABU DHABI, March 2- The Kuwait Investment Office, the London branch office of sovereign wealth fund Kuwait Investment Authority, is gradually reducing its overweight stance on U.S. assets after keeping that position for seven years, its chief executive said on Monday. Osama al-Ayoub, speaking at a business conference in Abu Dhabi, also said the KIO was going...

  • US rig count decreases 43 to 1,267 Friday, 27 Feb 2015 | 2:49 PM ET

    HOUSTON— Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. fell by 43 this week to 1,267 amid depressed oil prices. Of the major oil- and gas-producing states, North Dakota's count fell by 11, Oklahoma lost nine, Louisiana seven, Texas six, New Mexico four, Colorado three and Wyoming two.

  • *Baker Hughes data shows pace of rig count drop slows. Both Brent and U.S. futures briefly pared gains after data from oil services company Baker Hughes showed its U.S. oil drilling rig count fell only 33 to 986 this week, after rigs were only down 37 in the previous week. Brent April crude was up $1.27 at $61.32 a barrel at 1:28 p.m. EST, on pace to post a 15 percent...

  • *China's implied oil demand set to grow 3 percent this year. *Statoil shuts Statfjord C platform in North Sea. At 1453 GMT, Brent crude futures were up $1.26 at $61.32 a barrel, off an earlier high of $61.75.

  • Feb 27- Contract driller Rowan Cos Plc wrote down the value of 12 of its oldest jack-up rigs by $438.4 million, joining rivals such as Transocean Ltd in recording big asset impairment charges. Rowan swung to a quarterly loss on the impairment charge, although the company's revenue rose 41 percent to $556.2 million due to two ultra-deepwater rigs coming into...

  • Feb 26- Offshore driller Ensco Plc said it would shut down an ultra-deepwater rig as demand dwindles due to a slump in crude prices, a day after it slashed its quarterly dividend by 80 percent. Ensco reported a fourth-quarter loss on Wednesday, compared with year-ago profit, hurt mainly by a $3 billion goodwill impairment charge. Ensco cut its quarterly dividend...

  • Feb 25- Engineering company Weir Group Plc said uncertainty in the oil and gas industry would significantly reduce its 2015 revenue on a constant currency basis despite aggressive cost-cutting, sending its shares tumbling on Wednesday. The number of rigs drilling for oil in North America last week was the lowest since July 2011, a survey by oil services firm...

  • Unit reports 4Q loss Tuesday, 24 Feb 2015 | 11:58 AM ET

    TULSA, Okla. _ Unit Corp. on Tuesday reported a fourth-quarter loss of $42.6 million, after reporting a profit in the same period a year earlier. The Tulsa, Oklahoma- based company said it had a loss of 88 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 89 cents per share.

  • HOUSTON, Feb 23- Shale oil producers are throttling back so quickly on drilling that U.S. crude output could fall sooner than expected, within months, executives say as they slash costs to cope with tumbling crude prices and compete with Persian Gulf rivals. For one, companies are cutting costs deeper and faster than before as Wall Street investors increasingly...

  • US rig count decreases 48 to 1,310 Friday, 20 Feb 2015 | 1:46 PM ET

    HOUSTON— Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. fell by 48 this week to 1,310 amid depressed oil prices. Of the major oil- and gas-producing states, Texas' count fell by 22, Oklahoma lost 16, North Dakota and Wyoming each lost four, Alaska lost three, Colorado lost two and California and Utah...

  • LONDON, Feb 20- Brent crude oil steadied above $60 a barrel on Friday as expectations of falling U.S. rig count numbers outweighed concerns about oversupply. This week's numbers, produced by oil services firm Baker Hughes Inc, are due around 1800 GMT on Friday. "A further sharp decrease in the oil rig count is expected... which points to declining U.S. oil production in...

  • Analysts said the rouble's trajectory would continue to be determined by oil, forex sales before large rouble-denominated taxes due next week and news out of Ukraine, where the market hopes a fragile ceasefire will hold. Russia celebrates the Defender of the Fatherland Day public holiday on Monday, meaning traders could be exposed to losses over the...

  • LONDON, Feb 20- Brent crude oil rose towards $61 a barrel on Friday as expectations of falling U.S. rig count numbers outweighed concerns about oversupply. This week's numbers, produced by oil services firm Baker Hughes Inc, are due around 1800 GMT on Friday. "A further sharp decrease in the oil rig count is expected... which points to declining U.S. oil production in the...

  • MOSCOW, Feb 20- Russia's Eurasia Drilling said on Friday it was delaying a deal to sell a stake in the company to oil services giant Schlumberger while it waited for approval from a Russian regulator. Last month, Schlumberger said it planned to buy a 45.65 percent stake in Eurasia for about $1.7 billion, potentially paving the way for it to become the sole owner of...

  • HOUSTON, Feb 20- Barely two months into his new job as the head of the world's largest offshore driller, Steven Newman was steering Transocean through the 2010 Gulf of Mexico oil spill, quickly earning a reputation as a CEO with a steady hand. A Transocean official declined to comment. According to a Transocean presentation, its fleet is about 25 percent larger than...