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Oil and Gas Refining

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  • Scant relief: Summer gas price to dip a penny Tuesday, 8 Apr 2014 | 12:24 PM ET

    NEW YORK— Drivers will get the slightest of breaks on gasoline prices this summer, according to the Energy Department. The national average price is forecast to fall— by just one cent— to $3.57 a gallon between April and September, the months when Americans do most of their driving.

  • SAO PAULO, April 8- Petroleo Brasileiro SA borrowed 4 billion reais in a 17- year loan from Banco Bradesco SA to help pay for work on the Abreu e Lima refinery in northeastern Brazil, a source with direct knowledge of the deal said on Tuesday.

  • UPDATE 1-Magellan shifts focus to crude oil pipelines Tuesday, 8 Apr 2014 | 12:13 PM ET

    NEW YORK, April 8- Magellan Midstream Partners, the U.S. In a presentation made to investors on Tuesday, Magellan said of the $950 million it plans to spend between 2014 and 2016, 80 percent will go to crude oil projects primarily in and around Texas and its shale oil plays.

  • *Asia to buy nearly 60 percent of Iraq's Basra Lt exports. SINGAPORE/ BASRA, Iraq, April 8- Iraq's rush to pump more oil to Asia has coincided with complaints from some buyers about the quality of its crude, casting doubt on whether Baghdad can increase the volumes of its key Basra Light grade to the region by a third in 2014..

  • TRIPOLI, April 7- Libya's Zueitina oil port prepared on Monday to load crude on tankers after the government reached a deal with rebels to reopen four terminals that insurgents have occupied since summer.

  • LAUNCESTON, Australia, April 3- That Australia's oil refining industry is uncompetitive in the face of the new, complex plants in Asia is obvious. BP became the latest in this trend, announcing on Wednesday that it was closing its 102,000 barrels per day plant in Brisbane by 2015, and possibly converting it to an import terminal.

  • VANCOUVER, April 2- Canada's energy regulator said on Wednesday it would hold hearings on Kinder Morgan Energy Partners LP's proposed expansion of the Trans Mountain oil pipeline from Edmonton to Vancouver, with its review expected to wrap up in mid-2015.

  • Oil heads lower as Libya resolution appears near Wednesday, 2 Apr 2014 | 3:57 PM ET

    U.S. oil futures slipped further below the key $100 a barrel level, and international crude moved closer to U.S. prices as some geopolitical pressures eased.

  • *BP blames competition from mega-refineries in Asia. SYDNEY, April 2- BP is ceasing production at its Bulwer Island refinery in Brisbane, Australia by mid 2015, blaming competition from new mega-refineries in Asia that are cheaper to operate.

  • *BP blames competition from mega-refineries in Asia. SYDNEY, April 2- BP said on Wednesday it will cease production at its Bulwer Island refinery in Brisbane by mid 2015, blaming competition from large, more cost-effective, refineries in Asia that has piled pressure on smaller plants in Australia.

  • *Coming up: API weekly oil stocks data at 4:30 p.m. EDT. NEW YORK, April 1- Brent crude oil futures fell to their lowest settlement in nearly five months on Tuesday as poor manufacturing data from China and Europe weighed, and U.S. oil futures fell in anticipation of another build in domestic supplies.

  • NEW YORK, April 1- Crude oil futures fell more than $1 per barrel on Tuesday, with U.S. oil futures pressured by expectations for a build in domestic inventories, and Brent by lackluster manufacturing data in China and Europe.

  • NEW YORK, April 1- Crude oil futures tumbled more than $1 on Tuesday, with U.S. crude pressured by expectations for a build in domestic stocks, and Brent by lackluster manufacturing data in China and Europe.

  • US oil boom takes punch out of Putin on crude Tuesday, 1 Apr 2014 | 12:00 PM ET

    The next move for world oil prices is likely lower, as growing U.S. oil production outweighs the impact of elevated tensions surrounding Ukraine.

  • LONDON, April 1- Lifting the ban on U.S. oil exports would cut gasoline and diesel prices for motorists, boost the national economy and create up to 300,000 new jobs, according to a study commissioned by the American Petroleum Institute.

  • *Russia pulls back some troops from near Ukraine's eastern frontier. LONDON, April 1- Brent crude slipped towards $107 on Tuesday due to lacklustre manufacturing data from China and Europe and the possibility of a jump in supplies from Libya after rebels blocking eastern oil ports hinted at a deal with Tripoli.

  • *Russia pulls back some troops from near Ukraine's eastern frontier. LONDON, April 1- Brent crude slipped towards $107 on Tuesday due to lacklustre manufacturing data from China and the possibility of a jump in supplies from Libya after rebels blocking eastern oil ports hinted at a deal with Tripoli.

  • TRIPOLI, March 31- Libya is burning through central bank reserves and scrapping infrastructure projects to overcome its worst budget crisis in decades after the seizure of oil installations by armed groups has reduced the government's income almost to zero.

  • FACTBOX-The final tally on U.S. refiners' RIN costs Monday, 31 Mar 2014 | 7:00 AM ET

    NEW YORK, March 31- In 2013, U.S. oil refiners spent at least $1.35 billion on renewable identification number credits, a Reuters review of securities filings shows.

  • NEW YORK, March 31- Last year's spike in the price of ethanol blending credits cost independent refiners at least $1.35 billion, more than three times as much as the year before, according to a Reuters' review of securities filings.

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