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Oil and Gas Refining

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  • NEW YORK, May 20- Oil prices rebounded on Wednesday, with U.S. crude snapping a five-day decline, after another weekly inventory draw but gains were still limited by a huge supply overhang and concerns about a strong dollar. U.S. crude stocks fell nearly 2.7 million barrels last week, down for a third consecutive week, as refineries hiked output, the government-run...

  • COLUMN-How do you lose 100 million barrels of oil? Kemp Wednesday, 20 May 2015 | 11:52 AM ET

    LONDON, May 20- Oil-market watchers are struggling to reconcile the large estimated oversupply in the market with the much smaller buildup of reported inventories and narrowing contango in futures prices. Stockpiles should have increased by between 200 million and 350 million barrels, according to the International Energy Agency, OPEC and the U.S. Energy...

  • *Middle East crude flows to China down over 10 pct since January. BEIJING/ SINGAPORE, May 20- Saudi Arabia and its main Middle East OPEC partners are turning down Chinese requests for extra oil as they hold back fuel for their own refineries just as demand from the world's biggest crude importer hits new records. Reuters pricing and trade flow data show a 40 percent...

  • *Japan's economy surprises with 2.4 pct annualised growth. Brent futures rose 79 cents to $64.81 a barrel by 0840 GMT. "The market came under a lot of pressure yesterday and it's not unusual to see a bit of a correction the day after," said Hans van Cleef, senior energy economist with Netherlands- based ABN Amro.

  • *Japan's economy surprises with 2.4 pct annualized growth. SINGAPORE, May 20- Crude oil prices bounced back on Wednesday from steep falls in the previous session as strong Japanese economic growth surprised markets and the consumer outlook in Australia seemed to brighten, stoking producer hopes of increased demand. Japan's economy, the world's third largest,...

  • HOUSTON, May 19- Marathon Petroleum Corp said on Tuesday it was disappointed by the rejection of a contract offer by striking workers at the company's Galveston Bay Refinery in Texas City, Texas. The stoppage at the Galveston Bay Refinery has become especially bitter as the union said the company was pushing proposals that would eliminate job security and roll...

  • TEXAS CITY, Texas, May 18- Hourly workers at Marathon Petroleum Corp's Galveston Bay, Texas, refinery voted on Monday to continue a strike, rejecting a contract proposal developed by a federal mediator aimed at ending a stoppage that has lasted three-and-a-half months. The workers voted by secret ballot at their Texas City, Texas, union hall within sight of the...

  • HOUSTON, May 18- U.S. refiner Tesoro Corp has ordered new crude oil railcars with features that surpass safety standards that federal regulators set this month, executives told Reuters. The 210 tank cars being built in northern Louisiana are so-called pressure cars, with the same design as those that carry liquid petroleum gases such as propane and butane, gas...

  • LONDON, May 15- The United States is fast becoming the major refining hub for the entire western hemisphere as plentiful crude at home and superior efficiency enable U.S. refiners to grab market share across the region. Argentina, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Guatemala, Honduras, Mexico, Panama, Peru and Venezuela all...

  • HOUSTON, May 14- Striking workers at Marathon Petroleum Corp's Galveston Bay, Texas, refinery are scheduled to vote on Monday on a new contract proposal hammered out by a federal mediator, company and union officials said on Thursday. National Labor Relations Board told labor and management that they had found merit to charges brought by the local union over...

  • HOUSTON, May 14- Striking workers at Marathon Petroleum Corp's Galveston Bay, Texas, refinery are scheduled to vote on Monday on a new contract proposal hammered out by a federal mediator, an official of the United Steelworkers union local chapter said on Thursday. National Labor Relations Board told labor and management that they had found merit to charges...

  • May 14- Delta Air Lines Inc's refinery Monroe Energy has stopped importing crude oil from West Africa, the airline's Chief Financial Officer Paul Jacobson said Thursday during a transportation conference that was webcast. The Philadelphia- area refinery instead takes its supply from U.S. and some Canadian sources, "dramatically" lowering its transportation...

  • May 13- Exxon Mobil Corp said on Wednesday it has shut a gasoline-making fluid catalytic cracking unit, alkylation unit, LPG merox, one of the hydrogen plants, and a couple of coker towers for a planned maintenance at its 149,500- barrel-per-day refinery in Torrance, California.

  • NEW YORK, May 13- Oil prices fell after initially rallying on Wednesday as worries about huge supplies weighed on the market despite a second straight week of draws in U.S. crude. "It looks like a buy the rumor, sell the news event," said John Kilduff, partner at New York energy hedge fund Again Capital. U.S. crude futures settled down 25 cents at $60.50 a barrel, after...

  • NEW YORK, May 13- Oil prices fell after initially rallying on Wednesday as worries about huge supplies weighed on the market despite a second straight week of draws in U.S. crude. "It looks like a buy the rumor, sell the news event," said John Kilduff, partner at New York energy hedge fund Again Capital. U.S. crude futures settled down 25 cents at $60.50 a barrel, after...

  • NEW YORK, May 13- Oil prices rose on Wednesday as U.S. crude stockpiles slipped for a second straight week, but traders and analysts said inventories were still hefty for this time of year and could undercut the market's advance. "We are still about 20 percent higher than a year ago in terms of inventories," said Tariq Zahir, managing member at Tyche Capital Advisors in...

  • LONDON, May 12- "The data must be wrong," according to veteran oil analyst Phil Verleger, who wrote in a blistering note that the Energy Information Administration is probably overestimating U.S. oil production by 1.6 million barrels per day. Verleger argues substantially lower U.S. production is the most likely explanation for why global stocks are not rising as...

  • SEOUL, May 12- South Korean prosecutors raided Korea National Oil Corp and the local office of Bank of America Merrill Lynch on Tuesday in a probe over the state oil firm's 2009 acquisition of a Canadian refiner, two people familiar with the matter said. Bank of America Merrill Lynch advised KNOC on its acquisition of Harvest Operations Corp..

  • NEW YORK, May 12- In a long-running battle between oil refiners and the U.S. farm lobby over the future of ethanol fuel, biofuel producers may have just made a small, but important dent in big oil's formidable defenses. Over the past few months, privately held retailers Kum& Go and Sheetz have become the first significant chains to announce plans to start selling E15, a...

  • Tesoro cancels Utah crude pipeline project Monday, 11 May 2015 | 6:15 PM ET

    HOUSTON, May 11- Tesoro Corp has canceled a crude pipeline project in Utah because of low oil prices and economic challenges, the company said on Monday. Tesoro had proposed the pipeline to move black waxy crude produced in Utah's Uinta Basin to Salt Lake City- area refineries. Tesoro recently finished the second phase of a $275 million conversion project at its...