Oil and Gas Refining


  • *OPEC says output higher than demand. SINGAPORE, Nov 13- Brent crude climbed above $106 per barrel on Wednesday, recovering some lost ground after oil was hit by speculation the U.S. Brent for December delivery was 25 cents higher at $106.06 per barrel at 0208 GMT, after settling 59 cents lower on Tuesday.

  • U.S. crude for December delivery was down 8 cents at $92.96 per barrel at 0022 GMT, after settling $2.10 lower. *OPEC's production remains higher than next year's global requirement for its crude, the exporter group said on Tuesday, even after Saudi Arabia cut production from a record high level.

  • *Sinopec exploring Africa and Australia; building storage in Indonesia. SINGAPORE, Nov 13- From Africa to Australia, Chinese refiners are exploring new markets to ship surplus oil products such as jet fuel and diesel, putting them on track to compete with global trading houses and refining centres such as Singapore.

  • *Conflicting signals from Iran talks add volatility. NEW YORK, Nov 12- U.S. oil futures fell more than $2 a barrel on Tuesday, posting a fresh four-and-a-half-month low, amid speculation the U.S. Any tapering would "tighten the screws on the market," said Bob Yawger, director of commodity futures at Mizuho Securities in New York.

  • Nov 12- Western Refining Inc said it would buy a controlling stake in Northern Tier Energy LP for about $775 million to add refining capacity with direct access to cheap crude oil.

  • *Conflicting signals from Iran talks add volatility. LONDON, Nov 12- Brent crude futures rose towards $107 a barrel on Tuesday as tensions in major oil exporter Libya and uncertainty over nuclear talks between Iran and world powers clouded the supply picture.

  • NEW DELHI, Nov 12- India's Hindustan Petroleum Corp Ltd may import about 6 million barrels of Iranian oil by March 31 if New Delhi starts a fund to back local insurers for covering plants processing oil from the sanctions-hit nation, its head of refineries said.

  • *Platinum set to average $1,465/ oz in next 6 months. Refiner Johnson Matthey said on Tuesday in its Platinum 2013 Interim Review that the platinum market was expected to show a shortfall of 605,000 ounces this year from 340,000 ounces last year.

  • SINGAPORE, Nov 11- Iran's fuel oil exports will plunge to as little as a third of previous levels over the next few months as winter demand forces the country to divert the product to its own power plants, according to a National Iranian Oil Company source.

  • LAUNCESTON, Australia, Nov 11- Once again the Chinese oil import and demand figures have thrown up seemingly contradictory information, but it's more useful to focus on the overall trends rather than monthly vagaries.

  • MUMBAI, Nov 11- India is reviving plans to sell its 10 percent stake in state refiner Indian Oil Corp, worth about $800 million, and will launch investor roadshows in the United States on Tuesday, two sources with direct knowledge of the matter said.

  • No injuries have been reported, but 20 of the train's cars derailed and 11 were still on fire, the train owner, Genesee& Wyoming, said in a statement. If so, it may have been carrying the same type of light crude oil that was on a Canadian train that derailed in the Quebec town of Lac-Megantic this summer, killing 47 people.

  • LAUNCESTON, Australia, Nov 8- It was always likely that China's imports of major commodities would retreat from September's elevated levels, but is the October pullback an aberration or is it enough to temper any bullish views?

  • LONDON, Nov 7- China may have overtaken the United States as the world's biggest oil importer, but America is now the land of opportunity for traders looking to profit off energy markets, thanks to changes brought by the shale gas revolution.

  • NEW DELHI, Nov 7- Iran is offering free delivery of crude to major client India, industry sources said, signalling that tough Western sanctions which have slashed its exports in half are driving Tehran to increasingly desperate measures to keep oil flowing.

  • NEW YORK, Nov 6- CME Group Inc plans to announce new specifications and tests for West Texas Intermediate crude backing its benchmark oil futures contract early next year, and implement the new specs by the end of 2014, a person familiar with knowledge of the plan said on Wednesday.

  • *Energy Transfer, Enbridge Inc end partnership in Gulf access project. *Energy Transfer aims to move volumes from Enbridge and others. HOUSTON, Nov 6- Energy Transfer Partners LP shelved a new Louisiana- only leg of its Eastern Gulf Crude Access pipeline project over lack of shipper interest, Chief Operating Officer Marshall McCrea told analysts on Wednesday.

  • *Militias fight gun battles in Libyan capital Tripoli. LONDON, Nov 6- Brent oil rose to $106 a barrel on Wednesday, supported by a fall in U.S. oil product inventories and worries about prolonged weakness in supply from Libya as the peak winter heating season looms.

  • LAUNCESTON, Australia, Nov 6- Middle East oil prices may rise relative to other global crudes and physical premiums stand to gain, assuming Asia's major buyers cut purchases from Iran.

  • NEW YORK, Nov 5- U.S. crude oil futures settled at their lowest point in five months on Tuesday, pressured by forecasts for rising supplies and continued weak demand as Gulf Coast refineries were expected to remain offline at least through the end of this week.

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