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Oil and Gas Refining

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  • SINGAPORE, March 2- U.S. crude futures fell towards $49 a barrel on Monday after rising more than $1 in the previous session to close February with the first monthly gain since June last year. Economic data from manufacturing activity in China to jobs in the United States will dominate investors' radar this week. *U.S. crude futures dropped 41 cents to $49.35 a barrel...

  • HOUSTON, Feb 27- Negotiations to settle the largest U.S. refinery strike are set to resume on March 4, the union and lead oil company negotiator said on Friday, the 27th day of the work stoppage. Talks between Shell Oil Co, the U.S. arm of Royal Dutch Shell Plc and the United Steelworkers union broke off on Feb. 20 after refinery owners balked at a settlement.

  • Gas prices soar in California as supply shrinks Friday, 27 Feb 2015 | 4:34 PM ET

    LONG BEACH, Calif.— Gas prices are soaring in California in a classic example of supply and demand after an explosion stopped gasoline production at an Exxon Mobil refinery while another remains offline due to labor unrest. The situation underscores the frustrating complexity of the gasoline market in California, where state environmental regulations...

  • LONDON, Feb 27- U.S. refineries are processing record quantities of heavy crude from Canada as the perfect complement to light oils from North Dakota and Texas as they struggle to keep their average blend steady. Bakken and Eagle Ford are light, sweet oils, while Saudi Arabia's Arab Heavy and Alberta's Western Canadian Select are much heavier and sourer.

  • *Statoil shuts Statfjord C platform in North Sea. SINGAPORE, Feb 27- Crude oil futures rebounded on Friday, with Brent heading for its biggest monthly gain since May 2009, as supply outages in the North Sea and renewed fears of gas supply disruption in Europe supported prices. Norwegian energy firm Statoil has shut its Statfjord C platform in the North Sea after...

  • Brent approaches $61, set to end 7-month losing streak Thursday, 26 Feb 2015 | 9:24 PM ET

    *Statoil shuts Statfjord C platform in North Sea. SINGAPORE, Feb 27- Crude oil futures rebounded on Friday, with Brent heading for its biggest monthly gain since May 2009, as supply outages in North Sea and renewed fears of gas supply disruption in Europe supported prices. Norwegian energy firm Statoil has shut its Statfjord C platform in the North Sea after...

  • HOUSTON, Feb 26- The United Steelworkers union and lead refinery owner representative Shell Oil Co discussed on Thursday a possible resumption of face-to-face negotiations to settle the U.S. refinery strike, which was in its 26th day, people familiar with the discussions told Reuters. No date had been set as of Thursday for resuming direct meetings, the sources...

  • NEW YORK, Feb 26- Crude oil futures fell sharply on Thursday as rising inventories in the United States pressured both Brent and U.S. contracts and countered expectations for recovering demand. While Brent losses were tempered by those expectations for improving global demand and geopolitical concerns about energy supplies from Libya and Russia, U.S. crude...

  • Feb 26- Western Refining Inc reported a fourth-quarter profit compared with a loss a year earlier, helped by improved refining margins and a hedging gain. The U.S. oil refiner reported a net profit attributable to the company of $130.9 million, or $1.33 per share, in the quarter ended Dec. 31, compared with a net loss of $7.3 million, or 9 cents per share.

  • PARAGUANA/ CARACAS, Venezuela, Feb 25- Venezuelan state oil company PDVSA's 146,000- barrel-per-day El Palito refinery has been halted since Monday due to problems with a compressor and a demineralization plant, union leader Ivan Freites said on Wednesday. Amuay, the OPEC country's biggest refinery, is operating at 370,000 bpd, well below its 645,000- bpd...

  • Feb 25- A leak caused the shutdown of a crude distillation unit at BP Plc's Whiting, Indiana, refinery on Wednesday, according to a report on the nwitimes news website. The refinery continues to produce gasoline and other fuels, the report said, citing BP spokesman Scott Dean. Reuters earlier reported the shutdown of the second-largest crude distillation unit, the...

  • Are oil producers running out of closet space? Wednesday, 25 Feb 2015 | 5:51 PM ET
    Oil tanks and pump jacks are seen in an oil field near Bakersfield, Calif.

    Oil supply running ahead of demand hasn't just pressured prices, it's also filling up storage space, potentially pushing crude toward another leg down.

  • HOUSTON, Feb 25- The largest U.S. refinery strike since 1980 continued through its 25th day on Wednesday with no movement toward renewed talks to end a walkout by 6,550 union workers at 15 plants, including 12 refineries accounting for one-fifth of domestic capacity. A spokesman for lead refinery owner representative Shell Oil Co, the U.S. arm of Royal Dutch Shell...

  • *Saudi Arabia's oil minister says markets are calm. LONDON, Feb 25- Brent crude held steady around $59 a barrel on Wednesday as Saudi Arabia's oil minister said oil demand is growing and markets are calm. "Markets are calm now... demand is growing," said minister Ali al-Naimi, the driving force behind OPEC's shift in policy at its November meeting, when the group decided...

  • SINGAPORE, Feb 25- Brent crude edged up towards $59 a barrel on Wednesday, helped by better than expected Chinese factory activity data, the Federal Reserve's flexible stance on U.S. interest rates and the euro zone's approval of reforms proposed by Greece. Brent had climbed 16 cents to $58.82 a barrel by 0537 GMT, while U.S. crude futures fell 11 cents to $49.17 a...

  • SINGAPORE, Feb 25- Brent crude rose marginally towards $59 a barrel on Wednesday, helped by better than expected Chinese factory activity data, the Federal Reserve's flexible stance on U.S. interest rates and the eurozone's approval of reforms proposed by Greece. Brent added 22 cents to $58.88 a barrel by 0317 GMT, while U.S. crude futures fell 2 cents to $49.26 a...

  • The U.S. Senate Majority Leader Mitch McConnell, after receiving Obama's veto message, immediately countered by announcing the Republican-led chamber would attempt to override it by March 3. The TransCanada Corp pipeline would carry 830,000 barrels a day of mostly Canadian oil sands crude to Nebraska en route to refineries and ports along the U.S.

  • UPDATE 1-Obama vetoes Keystone XL pipeline bill Tuesday, 24 Feb 2015 | 4:06 PM ET

    WASHINGTON, Feb 24- President Barack Obama on Tuesday swiftly delivered on his vow to veto a Republican bill approving the Keystone XL oil pipeline from Canada, leaving the long-debated project in limbo for another indefinite period. The Senate received Obama's veto message and Senate Majority Leader Mitch McConnell immediately countered by announcing...

  • HOUSTON, Feb 24- United Steelworkers union International President Leo Gerard said on Tuesday that the U.S. refinery strike could spread if talks do not resume soon. "depends on what happens in the next round of negotiations and that those negotiations resume fairly quickly," Gerard in a telephone news conference from Atlanta. No date has been set to resume talks...

  • WASHINGTON— Defying the Republican-run Congress, President Barack Obama rejected a bill Tuesday to approve construction of the Keystone XL oil pipeline, wielding his veto power for only the third time in his presidency. Instead, Obama sought to reassert his authority to make the decision himself, rebuffing GOP lawmakers who will control both the House and...