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Oil and Gas Refining

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  • *Brent seen averaging $105.90, WTI $98.70 in 2014. Brent crude oil will average $105.90 a barrel in 2014, the Reuters monthly survey of 28 analysts projected, below the $108.19 average seen so far this year. In order to average $105.90 for 2014, Brent would need to drop sharply to an average of $104.26 a barrel for the remaining seven months of this year.

  • UPDATE 8-U.S. oil falls $1 on expected inventory build Wednesday, 28 May 2014 | 3:28 PM ET

    NEW YORK, May 28- U.S. crude fell more than $1 a barrel on Wednesday as traders took profit ahead of inventory reports that were expected to show a build in crude, while Brent edged lower, propped up by geopolitical tensions in Ukraine and Libya.

  • NEW YORK, May 28- U.S. crude fell more than $1 on Wednesday as traders took profit ahead of inventory reports that are expected to show a build in crude, while Brent edged slightly lower, propped up by geopolitical tensions in Ukraine and Libya.

  • NEW YORK, May 28- Crude oil prices slid lower for a second straight day on Wednesday as a stronger dollar and lower demand outweighed geopolitical tensions in Ukraine and Libya and positive economic data in the United States.

  • Gabon Oil Company to boost oil sales, eyes acquisitions Tuesday, 27 May 2014 | 10:21 AM ET

    LIBREVILLE, May 27- State-owned Gabon Oil Company plans to purchase new oil assets and market a bigger portion of Gabon's crude oil, its chief executive told Reuters, aiming to grow to compete alongside international oil firms.

  • Albany's tracks handle as much as a fourth of the oil pumped from North Dakota's booming Bakken Shale, or up to several 100- car trains per day, each carrying 70,000 barrels.

  • WASHINGTON, May 23- Recent meetings between U.S. oil producers and Commerce Department officials have fueled industry hopes that the Obama administration may soon begin to ease a longstanding ban on oil exports.

  • BEIJING, May 23- China's commercial crude oil inventories at the end of April rose 0.56 percent from a month earlier on high imports, the official Xinhua news agency said on Friday.

  • *First 1 million barrel cargo being loaded at Ceyhan, Turkey. ANKARA/ ISTANBUL, May 22- Iraqi Kurdistan started loading oil from its new pipeline for shipment from a Turkish port on Thursday, defying the Baghdad government, which claims sole authority over Iraqi crude and declares any independently sold oil as' smuggled'.

  • Europe's refining sector has been weakened by a combination of high oil prices, slack demand and poor profit margins, prompting many companies to sell off refining units, which Russia has been buying. Russia's Lukoil, for instance, owns refining operations in Italy, the Netherlands and Romania.

  • *Move likely to infuriate Baghdad. ANKARA/ ISTANBUL, May 22- Iraqi Kurdistan started loading oil from its new pipeline for shipment from a Turkish port on Thursday despite a dispute with Baghdad, which claims sole authority over Iraqi oil and declares any independently sold oil as' smuggled'.

  • *Deal to give Speedway gas stations, stores on East Coast. May 22- Refiner Marathon Petroleum Corp said it would buy oil and natural gas producer Hess Corp's retail business for $2.87 billion to expand its network of gas stations and convenience stores along the U.S. East Coast.

  • SINGAPORE, May 21- Brent futures edged higher towards $110 per barrel on Wednesday, supported by industry data showing an unexpected draw in U.S. crude inventories and new violence in OPEC oil producer Libya. Investors will now be watching closely to see if official data from the U.S. Department of Energy's Energy Information Administration confirms the drop.

  • SINGAPORE, May 21- Brent futures edged higher towards $110 per barrel on Wednesday, supported by violence in OPEC oil producer Libya and industry data showing an unexpected draw in U.S. crude inventories. Investors will now be watching closely to see if official data from the U.S. Department of Energy's Energy Information Administration confirms the big drop.

  • SEOUL, May 21- U.S. crude futures rose in early Asian trade on Wednesday, supported by a disruption in Libya's oil output and an unexpected draw in U.S. crude oil inventory according to industry data. *U.S. crude for July delivery rose 57 cents at $102.90 a barrel as of 0006 GMT after it settled 22 cents up at $102.33 a barrel in the previous session.

  • *Libya output at 210,000 bpd; western oilfields shut. NEW YORK, May 20- Brent rose modestly on Tuesday supported by instability in Libya, pulling U.S. oil for July delivery higher in spite of expectations for an increase in domestic stockpiles.

  • *Libya output at 210,000 bpd; western oilfields shut. NEW YORK, May 20- Brent rose on Tuesday supported by instability in Libya, while U.S. oil for June delivery slipped lower as expectations for an increase in domestic stockpiles added buying pressure on the contract's last day of trading.

  • UPDATE 6-Brent climbs on Libyan uncertainty Tuesday, 20 May 2014 | 12:21 PM ET

    *Libya output at 210,000 bpd; western oilfields shut. NEW YORK, May 20- Brent rose on Tuesday supported by instability in Libya while U.S. oil for June delivery edged higher as expectations for an increase in domestic stockpiles were outweighed by buying pressure on the contract's last day of trading.

  • May 15- Thousands of gallons of crude oil spilled over a half-mile area in Los Angeles on Thursday due to a break in an above-ground Plains West Coast pipeline, the city fire department said. The pipeline runs from the San Joaquin Valley in California to Long Beach, Moore said.

  • May 15- Thousands of gallons of crude oil spilled over a half-mile area in Los Angeles on Thursday due to a break in an above-ground Plains West Coast pipeline, the city fire department said. The pipeline was shut off remotely, and the incident shut down a section of the Atwater Village area of the city, a local NBC affiliate reported.