Oil and Gas Refining
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Crude oil had its worst day in three months, with John Kilduff, Again Capital, and :Nan Hayworth, (R) Fmr. New York Representative.
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*Saudi Arabia to produce more crude in Q2- sources. April Brent crude futures were 40 cents down at $117.12 a barrel after posting their first gain in four sessions on Tuesday.
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*Saudi Arabia to produce more crude in Q2- sources. April Brent crude futures was 2 cents up at $117.54 a barrel by 1040 GMT after posting their first gain in four sessions on Tuesday.
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Johannes Benigni, managing director at JBC Energy, explains why the US retail gas prices climb while the NYMEX crude oil is down, saying the underlying international market price is the Brent.
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*Saudi Arabia to produce more crude in Q2- sources. SINGAPORE, Feb 20- Brent crude dropped toward $117 a barrel on Wednesday on the prospect of more Saudi supply while investors look ahead to economic and inventory data from the United States for clues on demand in the world's largest oil consumer.
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*Motiva Port Arthur refinery shuts FCC after malfunction-Sources. NEW YORK, Feb 19- Oil prices rose on Tuesday as traders grew bullish amid a rally in U.S. stock markets, even as U.S. pipeline bottlenecks and European economic concerns threatened to weigh on oil markets. U.S. crude for March delivery rose 80 cents to settle at $96.66 a barrel.
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Best Buy was upgraded at Barclays and Stifel Nicolaus, with the FMHR traders; and a closer look at an opportunity in refining stocks.
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BP said the U.S. Department of Justice has backed its claim that oil it recovered at the 2010 spill site should be excluded from certain penalties it could face, potentially cutting its final fine by as much as $3.5 billion.
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NEW YORK, Feb 19- Brent crude prices fell on Tuesday and U.S. refined products futures pulled back, pressured by concerns about Europe's economic growth and expectations that rising prices will curb demand in the United States. "The concerns about Europe's economy have weighed on crude oil," said Phil Flynn, an analyst at Price Futures Group in Chicago.
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CARACAS, Feb 17- Venezuela's 146,000 barrel-per-day El Palito refinery was still restarting operations on Sunday after an electrical fault hit the installation the day before, state oil company PDVSA said.
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CARACAS, Feb 16- An electrical fault briefly halted operations at Venezuela's 146,000 barrel-per-day El Palito refinery in the latest mishap at the South American OPEC member's oil installations, state-owned company PDVSA said. Twitter users posted photos of smoke rising from El Palito, at Puerto Cabello on Venezuela's north coast, in the afternoon.
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*Tesoro's bid for BP's Carson plant investigated by FTC. WASHINGTON, Feb 14- Tesoro Corp., one of California's biggest gasoline producers, has made an aggressive play to buy a BP refinery in southern California but winning antitrust approval will be no slam dunk.
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TOKYO, Feb 14- U.S. crude futures edged up to stay above $97 a barrel on Thursday, paring a 0.5 percent decline a day earlier, helped by hopes for oil demand growth after a Reuters poll showed that the euro zone is slowly starting to emerge from recession.
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Canada remains cautiously optimistic that Washington will approve the Keystone XL oil pipeline even though President Barack Obama made no mention of it in his State of the Union speech.
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Christophe De Margerie, CEO of Total, sees oil prices staying around $100-110 per barrel in 2013.
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NEW DELHI, Feb 13- India will ensure its refiners have insurance for plants that run crude from Iran, a government source said on Wednesday, allaying fears that imports from the sanctions-hit country may have to be halted.
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*Rosneft wants to raise up to $30 bln from China. *Russia may double oil deliveries to China. LONDON/ MOSCOW, Feb 13- Rosneft is seeking to borrow up to $30 billion from China in exchange for possibly doubling oil supplies, making Beijing the largest consumer of Russian oil and further diverting supplies away from Europe.
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LONDON, Feb 13- Oil fell slightly on Wednesday, after the International Energy Agency cut its demand outlook, tempering optimism on the global economy which helped push oil to its highest in nine months last week.
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*Higher EIA, OPEC demand forecasts support prices. SINGAPORE, Feb 13- Brent crude steadied on Wednesday, holding just below a nine-month high near $119 per barrel on forecasts for faster-than-expected growth in global oil demand this year, with easing tensions in Iran helping to subdue prices.
