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Oil and Gas Refining

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  • LONDON, Jan 29- U.S. commercial crude oil stocks last week hit their highest level since 1931- when the opening of giant oil fields in the United States coincided with the Great Depression to create an enormous glut and sent prices tumbling to just 13 cents per barrel. In October 1929, U.S. commercial crude stocks peaked at a staggering 545 million barrels, following...

  • Refiner Valero Energy's profit falls 5 pct Thursday, 29 Jan 2015 | 8:05 AM ET

    Jan 29- U.S. refiner Valero Energy Corp reported a 5 percent fall in quarterly income, hurt by a narrower spread between Brent and WTI crude and a drop in operating profit at its ethanol business. San Antonio- based Valero said net income from continuing operations attributable to stockholders fell to $1.22 billion, or $2.22 per share, for the quarter ended Dec. 31...

  • SINGAPORE, Jan 29- Oil remained weak in Asia on Thursday after data showing record U.S. stockpiles sent prices tumbling to the lowest level in nearly six years in the previous session and analysts said a global glut would continue to keep the market under pressure. Brent was trading at $48.65 a barrel at 0255 GMT while U.S. crude was at $44.54, versus the low of $44.08...

  • Oil markets open up weak following record U.S. stockpiles Wednesday, 28 Jan 2015 | 8:49 PM ET

    SINGAPORE, Jan 29- Oil prices opened up weak on Thursday in Asia after record U.S. stockpiles sent it tumbling to near six year lows in the previous session, and analysts said that the outlook remained weak. The U.S. Energy Information Administration said domestic crude oil stocks rose by almost 9 million barrels last week to reach nearly 407 million, their highest...

  • *Sale of assets including stake in Greece's main utility halted. *Greek minister says Athens against sanctions on Russia. It said it would halt the sale of stakes in the Public Power Corporation of Greece, Greece's biggest utility, and refiner Hellenic Petroleum and put other planned asset sales of motorways, airports and the power grid on ice.

  • HOUSTON, Jan 26- Representatives of the United Steelworkers union and oil companies have completed six days of talks as of Monday for a new national contract that will cover hourly workers at 63 U.S. refineries that account for 64 percent of national refining capacity. The current national contract expires at 12:01 a.m. local time on Feb. 1.

  • HOUSTON, Jan 26- The United Steelworkers union signaled on Monday a strike by U.S. refinery workers may be necessary to win what it calls a fair contract from oil companies. Royal Dutch Shell Plc is leading the talks on behalf of companies ranging from supermajors such as Exxon Mobil Corp and BP Plc to smaller companies such as HollyFrontier Corp and Delek.

  • UPDATE 9-Oil slides despite OPEC talk of a floor Monday, 26 Jan 2015 | 4:22 PM ET

    *Oil may have hit a floor, OPEC secretary general says. NEW YORK, Jan 26- Oil fell in see-saw trade on Monday, with U.S. crude ending at its lowest in nearly six years, as traders discounted comments from OPEC's top official about the market finally finding a bottom. Following the restart of a major U.S. Midwest refinery unit, the Brent/WTI spread narrowed to $3.01 after...

  • The National Weather Service issued a blizzard warning for New York City and surrounding areas between coastal New Jersey and Connecticut, beginning 1:00 p.m. EST on Monday and worsening overnight into Tuesday morning. It warned of two days of winter storms across the East Coast, from Pennsylvania to Maine. "Crude is getting some help from supportive heating...

  • NEW YORK, Jan 26- U.S. oil prices were steady Monday, ahead of the first big snowstorm this year in the country's Northeast, while benchmark Brent crude fell after pledges of no policy change by the top oil exporter Saudi Arabia after King Abdullah's death. The National Weather Service issued a blizzard warning for New York City and surrounding areas between...

  • TRIPOLI, Jan 26- Oil output from Libya, where ports and oilfields have been shut due to fighting, has fallen to 363,000 barrels a day with exports at about 200,000, the oil minister appointed by forces in control of the capital Tripoli told Reuters. Its oil minister, Mashallah Zwai, told Reuters in an interview that Libya is producing 362,780 bpd of oil, showing a...

  • HOUSTON, Jan 24- With just a week of bargaining left until the national contract for U.S. refinery workers expires, the United Steelworkers union said talks with oil company representatives for a new pact were going slow, according to a Twitter message sent to members. A spokesman for Royal Dutch Shell Plc, the lead negotiator for U.S. refinery owners, confirmed...

  • HOUSTON, Jan 24- With just a week of bargaining left until the national contract for U.S. refinery workers expires, the United Steelworkers union said talks with oil company representatives for a new agreement were going slow, according to a message sent to members via Twitter. The current agreement expires at 12:01 a.m. local time on Feb. 1.

  • OPEC announced last November it would keep output steady at 30 million barrels a day, despite pleas from some members for it to cut output to support prices and revenues. Stuart Glickman, an equity analyst at S&P Capital IQ, said there was no indication OPEC would cut production soon. "It's a calculated bet that the shale producers in the U.S. can't withstand the pain...

  • *Partial shutdown of Indiana refinery pressures US crude. NEW YORK, Jan 23- Brent crude rose on Friday on uncertainty over Saudi oil output following the death of King Abdullah, while U.S. crude prices fell, with traders citing a reported build at the Cushing, Oklahoma storage hub and the partial shutdown of an Indiana refinery. Still, the transition should be...

  • *Saudi-led OPEC focus to remain, safeguarding market share. NEW YORK, Jan 23- U.S. crude fell modestly on Friday while global Brent gained support from market uncertainty over the future of Saudi oil production following King Abdullah bin Abdulaziz's death. Brent was up 30 cents at $48.82 by 11:20 a.m. EST, while U.S. crude fell 21 cents to $46.10.

  • Jan 21- Motiva Enterprises confirmed on Wednesday that maintenance activities had begun at its Port Arthur, Texas, refinery. The 600,250 barrel-per-day refinery, the largest in the United States, informed its neighbors about the scheduled work during the next several weeks, according to a message on a community information phone line on Wednesday.

  • Jan 21- Motiva Enterprises confirmed on Wednesday that maintenance activities had begun at its Port Arthur, Texas, refinery. The 600,250 barrel-per-day refinery, the largest in the United States, informed its neighbors about the scheduled work during the next several weeks, according to a message on a community information phone line on Wednesday.

  • DAVOS, Switzerland, Jan 21- Mexico's state oil company, Pemex, could be ready to start importing light crude from the United States within two to three months of eventual approval by U.S. authorities, the company's chief executive said on Wednesday. Pemex said earlier this month it had proposed an oil swap with the United States, potentially ushering in the first...

  • BEIJING/ YANGON, Jan 20- A crude oil pipeline and a deep sea port meant to secure an alternative route for Chinese imports overland through Myanmar are set to open at the end of January, but an affiliated refinery in China is months away from completion, sources said. The finished development should help ease China's reliance on shipments via the narrow and...