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Oil and Gas Refining

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  • LONDON, May 28- The U.S. shale oil boom is turning global crude pricing on its head with the historical notion that light grades shall be priced at a premium to heavy ones quickly disappearing, according to predictions from producer group OPEC. The trend will have big implications for global oil flows, reducing revenues of light-oil-producing nations such as...

  • COLUMN-Driving is making a comeback in the US: Kemp Tuesday, 26 May 2015 | 9:44 AM ET

    LONDON, May 26- California motorists consumed an extra 34,500 barrels of gasoline every day in February compared with the same month last year, state tax records show. California drivers filled their cars with 1.148 billion gallons of gasoline in February, about 40.5 million gallons more than in February 2014, an increase of almost 3.7 percent.

  • Correction: Nigeria-Fuel Crisis story Monday, 25 May 2015 | 8:34 AM ET

    LAGOS, Nigeria— In a story May 25 about Nigeria's fuel crisis, The Associated Press erroneously reported that the country produces more than 2 billion barrels of oil a day. Nigeria's leading cellphone provider urgently needs diesel to prevent countrywide shut-down. Nigeria's leading cellphone provider said Sunday it urgently needs diesel to prevent...

  • LONDON, May 25- Crude oil futures dipped below $65 a barrel as the dollar strengthened on Monday, with a public holiday in the United States and much of Europe keeping oil trading volumes muted. Front-month Brent crude fell 62 cents to $64.75 a barrel by 0828 GMT. U.S. crude was down 46 cents at $59.26 a barrel.

  • UPDATE 1-Oil prices edge up on firm Asian, U.S. demand Sunday, 24 May 2015 | 11:21 PM ET

    SINGAPORE, May 25- Crude oil futures edged up on Monday, buoyed by healthy Asian appetite and demand from the U.S. driving season. Front-month Brent crude prices had gained 2 cents to $65.39 per barrel by 0312 GMT. Japan's customs-cleared crude oil imports rose 9.1 percent to 3.62 million barrels per day in April from the same month a year earlier, the Ministry of...

  • Oil prices edge up on firm Asian, U.S. demand Sunday, 24 May 2015 | 8:57 PM ET

    Front-month Brent crude prices were up 6 cents at $65.43 per barrel at 0045 GMT. U.S. crude prices were also up 6 cents at $59.78 a barrel. Japan's customs-cleared crude oil imports rose 9.1 percent to 3.62 million barrels per day in April from the same month a year earlier, the Ministry of Finance said on Monday.

  • SINGAPORE, May 25- U.S. crude futures rose in early Asian trading on Monday as high demand at the start of the North American driving season pushed up domestic markets, while international benchmarks were supported by firm Asian consumption and Middle East fighting. "Prices could be buoyed this week as markets focus on rising demand and geopolitical tensions... in...

  • HOUSTON, May 22- Hundreds of barrels of oil that gushed from a ruptured coastal pipeline in scenic California this week could stiffen opposition to large oil projects that companies want to build in the state, notably those to deliver cheap U.S. crude on trains. A leak of 100,000 barrels of crude off Santa Barbara in 1969 led to bans on new leases for offshore...

  • Saudi Arabia rewrites its oil game with refining might Friday, 22 May 2015 | 10:25 AM ET

    *Refining and trading could shift Kingdom's OPEC calculus. LONDON, May 22- Saudi Arabia's rapid transition into one of the world's largest oil refiners adds an extra dimension to the oil exporter's role as the driver of OPEC policy. When it attends OPEC's next meeting in two weeks, it does so with major new state-of-the-art oil refineries that can profit from...

  • HOUSTON, May 21- A judge on Thursday denied Royal Dutch Shell's appeal of a ruling that a proposed oil-by-rail project at its Washington state refinery must undergo a full environmental review, just two weeks after a crude train derailment caused a fire in North Dakota. Shell had appealed a February ruling from a Skagit County Office of Land Use Hearings...

  • 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 stronger dollar. U.S. crude stocks fell nearly 2.7 million barrels last week, down for a third consecutive week, as refineries hiked output, the...

  • 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...