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Oil and Gas Refining

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  • UPDATE 1-Oil prices dip on U.S. gasoline stock build Wednesday, 17 Jun 2015 | 9:52 PM ET

    SEOUL, June 18- Oil prices slipped on Thursday after U.S. government data showed that gasoline stocks and distillate inventories rose last week, although falls were checked by continuing Middle East geopolitical tensions. July crude edged down 16 cents at $59.76 a barrel as of 0140 GMT after falling 5 cents in the previous session. Brent August crude shed 8 cents...

  • NEW YORK, June 17- Magellan Midstream Partners LP, one of the ten largest U.S. oil pipeline companies, is considering opening an oil trading operation for the first time to enter a business that generates hundreds of millions of dollars a year for some of its rivals. Magellan may hire traders and acquire other assets related its existing pipeline and oil storage...

  • "The Fed again cited international concerns and the lower growth, opening the door for delaying the expected rate hike and keeping liquidity boosted," said Phil Flynn, an analyst at Price Futures Group in Chicago. Brent August crude rose 17 cents to settle at $63.87, having swung from $62.60 to $65.47 and ending back below its 50- day moving average of $64.16.

  • *Concerns about Greece debt crisis, impact on Europe weigh on oil. "The decline in refinery utilization is also bearish for crude oil price, since any diminution in demand will cause the recent trend of crude oil inventory declines to reverse," said John Kilduff, partner at Again Capital LLC in New York. Brent August crude was down 90 cents at $62.80 a barrel, having...

  • Roaring gasoline puts Europe's refiners in driving seat Wednesday, 17 Jun 2015 | 12:29 PM ET

    LONDON, June 17- There's rarely been a better time to produce gasoline. Already, the margins or so-called cracks have surpassed $25 per barrel in Europe, their highest since 2007.. But with Asian demand "nothing short of phenomenal," according to Energy Aspects, cargoes from Europe have had their choice of outlets, virtually around the globe.

  • *Diesel demand hit as China's heavy industry, coal mining slows. BEIJING/ SINGAPORE, June 17- Diesel has found an unexpected ally in the growing legion of delivery trucks spawned by China's rapidly expanding e-commerce, forestalling any drop in the country's consumption of the fuel as the economy shifts its focus away from manufacturing. In a sign of China's...

  • UPDATE 4-Oil prices rise on strong U.S. demand Wednesday, 17 Jun 2015 | 5:14 AM ET

    *Brent-WTI premium close to 2015 lows around $3/ barrel. LONDON, June 17- Brent crude oil rose on Wednesday as strong demand and falling stockpiles in the United States pushed prices higher. Brent futures were up 99 cents at $64.69 a barrel at 0914 GMT.

  • UPDATE 3-Oil steady as supply glut offsets robust demand Wednesday, 17 Jun 2015 | 4:05 AM ET

    *Brent-WTI premium close to 2015 lows around $3/ barrel. LONDON, June 17- Brent crude oil was stable on Wednesday as strong demand was unable to lift prices in an oversupplied market. Brent futures were up 6 cents at $63.76 a barrel at 0738 GMT.

  • *Brent-WTI premium close to 2015 lows around $3/ barrel. SINGAPORE, June 17- Crude prices were virtually unchanged in early Asian trade on Wednesday as firm demand met strong output, with the market waiting for U.S. storage figures later in the day. Front month U.S. crude was trading at $60.12 per barrel at 0642 GMT, up 15 cents from its last settlement.

  • *Brent-WTI premium close to 2015 lows around $3/ barrel. SINGAPORE, June 17- Crude prices were virtually unchanged in early Asian trade on Wednesday as firm demand met strong output, with the market waiting for U.S. storage figures later in the day. Front month U.S. crude was trading at $60.05 per barrel at 0553 GMT, up 8 cents from its last settlement.

  • NEW YORK, June 17- Magellan Midstream Partners LP, one of the ten largest U.S. oil pipeline companies, is considering opening an oil trading operation for the first time to enter a business that generates hundreds of millions of dollars a year for some of its rivals. Magellan may hire traders and acquire other assets related its existing pipeline and oil storage...

  • SINGAPORE, June 17- Crude prices were virtually unchanged in early Asian trade on Wednesday as firm demand met strong output, with the market waiting for U.S. storage figures later in the day. Front month U.S. crude was trading at $60.05 per barrel at 0128 GMT, up 8 cents from its last settlement. Brent futures edged up 2 cents to $63.72 a barrel.

  • *Varo Energy seeking to expand its northern Europe turf. LONDON, June 16- A fast-growing European oil venture between the world's top energy trader Vitol and private equity firm Carlyle Group is attempting to cash in where the industry's biggest companies have struggled for years. The merged company controls businesses from oil production to refineries to...

  • LAUNCESTON, Australia, June 15- Almost unnoticed, India is starting to exercise increasing influence on crude oil markets in Asia. Two recent events underscored the importance that India is assuming in Asian crude oil markets: the visit by a senior official of Saudi Arabia's state oil giant and talks between Indian refiners and Iraq over filling strategic...

  • *Saudis, UAE to cut gasoline imports as refining capacity grows. SINGAPORE, June 15- Middle Eastern oil producers Saudi Arabia and the United Arab Emirates will sharply cut or even halt costly gasoline imports next year after ramping up new refining capacities that put them a step closer to becoming exporters of the motor fuel. The estimated loss of at least...

  • SINGAPORE, June 15- U.S. crude opened this week's trading with further drops following two straight days of declines on Thursday and Friday as high production globally offset healthy refining demand. *Front month U.S. crude futures were down 16 cents to $59.80 a barrel by 0011 GMT. *The euro slipped in early Asian trade on Monday, after Greece's talks with lenders to...

  • Nigeria starts investigating crude oil swap contracts Saturday, 13 Jun 2015 | 4:16 AM ET
    A worker inspect facilities on an upstream oil drilling platform at the Total oil platform at Amenem, 35 kilometers away from Port Harcourt in the Niger Delta in 2009.

    Nigeria is probing whether it was short-changed by deals to swap crude for refined products, the state oil company, traders and a security source said.

  • NEW YORK, June 12- The U.S. Energy Information Administration has been granted access to real-time oil export information for the first time, allowing it to improve weekly estimates of fuel demand at a time of intensifying scrutiny of energy data. The most recent monthly data, pulled from the U.S. Census Bureau, is roughly two months old. In the upcoming weeks-...

  • SINGAPORE/ SEOUL, June 12- South Korea's GS Caltex Corp is set to receive its first shipment of West African crude in almost a year as the country looks to diversify supply away from the Middle East. GS Caltex, South Korea's second-biggest refiner, is due to receive 920,000 barrels of crude from West Africa that is being shipped on the Very Large Crude Carrier New...

  • SINGAPORE, June 12- South Korea's GS Caltex Corp is set to receive a shipment of 2 million barrels of West African crude, dwarfing the country's usual purchases from the region as it looks to diversify supply away from the Middle East. South Korea's second-biggest refiner is due to receive a total of 2 million barrels of crude from Angola and the Republic of Congo...