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Oil and Gas Refining

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  • NEW YORK, Dec 14- For the past 18 months, Americans from Albany to Oregon have voiced growing alarm over the rising number of oil-laden freight trains coursing through their cities, a trend they fear is endangering public safety. The public assistance in states like New York, Pennsylvania, Ohio, Oklahoma and Oregon comes as railroads are posting record profits, and...

  • FACTBOX-Taxpayers help subsidize oil-by-rail boom Sunday, 14 Dec 2014 | 7:00 AM ET

    Granting Agency: U.S. Department of Transportation Amount: $10 million Year: 2013 Recipient: South Eastern Pennsylvania Transportation Authority Description: Used to separate a CSX freight and commuter line that became crowded as demand for crude by rail grew in the Philadelphia area. Granting Agency: U.S. Department of Transportation Amount: $6.6 million...

  • Bakken-Cushing pipeline project slammed shut Saturday, 13 Dec 2014 | 11:01 AM ET

    Enterprise Products Partners is shelving a pipeline that would have transported crude from North Dakota to Oklahoma, the company said Friday.

  • UPDATE 11-Oil tumbles towards $62 on supply glut Friday, 12 Dec 2014 | 10:09 AM ET

    LONDON, Dec 12- Oil fell to fresh lows not seen since July 2009 on Friday with Brent crude slipping towards $62 a barrel on concerns over a global supply glut and weak demand. The International Energy Agency said oil prices would likely come under further pressure, cutting its outlook for demand growth in 2015 and predicting that non- OPEC output gains would...

  • *China monthly crude output, refinery data eyed. LONDON, Dec 12- Oil's rout extended on Friday, with Brent crude slipping towards $62 a barrel, its lowest since July 2009, on persistent concerns over a global supply glut and weak demand outlook. Oil prices will likely come under further downward pressure, the International Energy Agency said as it cut its outlook for...

  • *Oil refiners may pay $1 billion more in taxes. NEW DELHI, Dec 12- A plunge of nearly half in oil prices could help Indian Finance Minister Arun Jaitley reap a fiscal windfall of at least $12 billion when he presents his 2015/ 16 budget in February, two government sources told Reuters. As a result, the government would claw back most of the money that India saves on oil...

  • *China monthly crude output, refinery data eyed. LONDON, Dec 12- Brent crude oil slipped on Friday to below $63 a barrel, its lowest since July 2009, on persistent concerns over a global supply glut and weak demand outlook. Oil prices will likely come under further downward pressure, the International Energy Agency said as it cut its outlook for demand growth in 2015...

  • Oil plunges again, reaches recession-level depths Friday, 12 Dec 2014 | 6:12 AM ET

    Friday's trigger was a lowered expectation for oil consumption from the International Energy Agency. The benchmark U.S. oil price closed down $2.14 to close at $57.81 a barrel in New York. OPEC said Wednesday that higher production from non- OPEC members and weak global economic growth will reduce demand for its oil to 28.9 million barrels a day next year.

  • *China monthly crude output, refinery data eyed. LONDON, Dec 12- Brent crude oil slipped on Friday to below $63 a barrel, its lowest since July 2009, on persistent concerns over a global supply glut and a sluggish demand outlook. Oil prices will likely come under further downward pressure, the International Energy Agency said as it cut its outlook for demand growth in...

  • *China monthly crude output, refinery data eyed. LONDON, Dec 12- Brent crude oil slipped on Friday to below $63 a barrel, its lowest since July 2009, dragged down by persistent concerns over a global supply glut and a sluggish demand outlook. Oil prices will likely come under further downward pressure, the International Energy Agency said as it cut its outlook for...

  • LONDON, Dec 12- Brent crude oil slipped on Friday to $63 a barrel, its lowest since July 2009, dragged down by persistent concerns over a global supply glut and a sluggish demand outlook. The market has reacted strongly to the OPEC forecast cut, and it is focusing only on the negative, "said Hans van Cleef, senior energy economist at ABN Amro in Amsterdam.

  • Best-known is Continental Resources, which lifted its hedges in early November, when oil was trading at around $83 a barrel, leaving it unprotected as prices slipped another $20, the most dramatic drop since the 2008 crisis. Apache Corp and Whiting Petroleum are also exposed to lower prices and have underperformed some peers over the past two weeks.

  • WASHINGTON/ OTTAWA, Dec 11- Top transportation officials from Canada and the United States are due to meet next week to hash out differences about safety regulations for trains that carry oil, sources familiar with the planned meeting said on Thursday. That crash involved old-style DOT-111 tanker cars that Canada wants taken off the tracks by May 2017.

  • *India ONGC may get stake in Russia's far east LNG project. NEW DELHI, Dec 11- Russia's top oil producer Rosneft struck oil and gas deals with India on Thursday, seeking to strengthen ties with Asia and diversify its exports away from Europe, under pressure from Western sanctions. During President Vladimir Putin's one-day visit to the Soviet-era ally, Rosneft...

  • SEOUL, Dec 11- U.S. crude futures edged back above $61 a barrel in early Asian trade on Thursday, but remained near the lowest for more than 5 years after data showing a spike in U.S. oil stocks and after another pledge by Saudi Arabia not to cut output. Other OPEC member Venezuela's foreign minister and top OPEC emissary Rafael Ramirez provided his country's answer...

  • NEW YORK, Dec 10- Oil prices tumbled 5 percent on Wednesday, pushing U.S. crude to five-year lows near $60 a barrel after data showed a spike in U.S. inventories and Saudi Arabia's oil minister reiterated that he has no plans to cut output. Saudi Oil Minister Ali al-Naimi, on a visit to Peru, shrugged off suggestions that the kingdom might cut output, sticking to his...

  • Oil takes another dive on OPEC report, US supplies Wednesday, 10 Dec 2014 | 12:13 PM ET

    The U.S. Energy Department reported a surprise increase in domestic oil inventories and OPEC projected that demand for its crude would sink next year to levels not seen in more than a decade. Energy analyst and trader Stephen Schork said in an interview that he expects that the combination of weak economic news out of Asia and growing global supplies will push...

  • HOUSTON, Dec 10- Big foreign oil producers in Venezuela are seeking to sell state-run PDVSA light crudes from countries like Nigeria and even the United States, aiming to better control the quality and cost of domestic blends and boost production from their Orinoco belt joint ventures, sources say. Instead, it began buying Saharan Blend crude produced in...

  • --Clyde Russell is a Reuters columnist. LAUNCESTON, Australia, Dec 8- It's getting harder to pull together a convincing, all-encompassing narrative for China's commodity imports, with the November trade data showing a fractured picture. While China also remained a net exporter of refined fuels in November, it was only just, with customs data showing net exports of...

  • SINGAPORE, Dec 4- U.S. crude futures extended gains towards $68 a barrel on Thursday, buoyed by positive inventory data. *U.S. crude futures had risen 31 cents to $67.69 a barrel by 0010 GMT, after a 50- cent gain in the previous session. *The euro staggered at two-year lows early on Thursday, finding few friends in a market that is wagering the European Central Bank will...