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Oil and Gas Refining

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  • LONDON, June 3- The vanishing contango in U.S. crude oil futures points to a sharp draw down in crude stocks over the next few months as the incentive to store excess oil disappears. The price for storing U.S. crude for six months has shrunk from around $8.75 per barrel in mid-March to $1.25 on Tuesday. Crude stocks in the United States have fallen in each of the last...

  • NEW YORK, June 3- Canada's Come By Chance refinery, located on the eastern island of Newfoundland, has bought Nigerian oil for the first time in at least a decade, the latest addition to the facility's diverse crude slate, according to Reuters customs data. The crude's relatively cheap price has drawn interest from the 115,000 barrel-per-day Come By Chance...

  • Regardless of whether a massive global oil storage trade is rapidly unwound, world oil production has been rising much faster than consumption, feeding an unprecedented global glut on the back of booming U.S. oil output and a Saudi-led decision by OPEC to maintain high output to defend market share. Analysts from Citi said on Tuesday that given OPEC was widely...

  • *May imports from Iran rise nearly 40 pct on-mth to 367,900 bpd. The jump to a 14- month high comes just two months after India dropped its crude imports from Iran to zero under U.S. pressure to limit its purchases of the Islamic republic's oil. Many analysts say Tehran, the United States, Britain, France, Germany, Russia and China will reach an agreement by or shortly...

  • *OPEC not expected to announce output cut this week. SINGAPORE, June 2- Crude oil prices rose on Tuesday due to firm demand after dipping in earlier trade on expectations that OPEC would not cut output at its meeting this week. "OPEC meets on Friday and is in no mood to cut output, Energy Aspects said on Tuesday.

  • *OPEC not expected to announce output cut this week. SINGAPORE, June 2- Crude oil prices edged up on Tuesday due to firm demand after dipping in earlier trade on expectations that OPEC would not cut output at its meeting this week. "OPEC meets on Friday and is in no mood to cut output, Energy Aspects said on Tuesday.

  • Homeless Atlantic oil cargoes deepen global glut Monday, 1 Jun 2015 | 1:00 AM ET

    *WAF, North Sea differentials hit multi-year lows. LONDON, June 1- A shadowy build up of oil has intensified in the Atlantic Basin with homeless cargoes of crude turning into unintentional floating storage- another sign the global surplus has some way to go before clearing. Off the coast of West Africa and in the waters of the North Sea, vessels holding millions of...

  • NEW YORK, May 28- A reported jump in weekly U.S. crude production data that set oil traders atwitter on Thursday was chiefly caused by revisions to two-month-old figures, not a surge in immediate output, a U.S. official said. On Thursday, the Energy Information Administration's Weekly Petroleum Status Report showed field production of crude oil rose by 304,000...

  • *South Korea and Saudi Arabia have long-established business ties. SEOUL/ KHOBAR, Saudi Arabia, May 29- Saudi Arabia's state oil firm is on a hiring spree in South Korea, as the world's top crude exporter seeks engineers to run plants in its soaring refining sector- setting it on course to compete with some Asian countries that are big oil buyers.

  • Industrial hub Ulsan a warning for cooling South Korea Thursday, 28 May 2015 | 5:00 PM ET

    ULSAN, South Korea, May 29- The port of Ulsan was the cradle of South Korea's breakneck industrialisation. Now, the main production site for big manufacturers such as Hyundai Motor and oil refiner SK Innovation risks becoming the country's rust belt. The world's largest shipbuilder, Hyundai Heavy Industries Co, suffered an operating loss last year of about $3...

  • *SK Innovation already runs assets in Oklahoma, Texas. SEOUL, May 28- South Korea's SK Innovation Co Ltd, which owns the country's biggest refiner SK Energy Co Ltd, said it aims to raise investment in U.S. shale fields and increase partnerships with major crude producers to stabilize energy supplies. SK Innovation via its U.S.-based unit SK E&P America in April of...

  • LONDON, May 28- The U.S. shale oil boom is turning global crude pricing on its head with the historical notion that light grades shall be priced at a premium to heavy ones quickly disappearing, according to predictions from producer group OPEC. The trend will have big implications for global oil flows, reducing revenues of light-oil-producing nations such as...

  • COLUMN-Driving is making a comeback in the US: Kemp Tuesday, 26 May 2015 | 9:44 AM ET

    LONDON, May 26- California motorists consumed an extra 34,500 barrels of gasoline every day in February compared with the same month last year, state tax records show. California drivers filled their cars with 1.148 billion gallons of gasoline in February, about 40.5 million gallons more than in February 2014, an increase of almost 3.7 percent.

  • LONDON, May 25- Crude oil futures dipped below $65 a barrel as the dollar strengthened on Monday, with a public holiday in the United States and much of Europe keeping oil trading volumes muted. Front-month Brent crude fell 62 cents to $64.75 a barrel by 0828 GMT. U.S. crude was down 46 cents at $59.26 a barrel.

  • UPDATE 1-Oil prices edge up on firm Asian, U.S. demand Sunday, 24 May 2015 | 11:21 PM ET

    SINGAPORE, May 25- Crude oil futures edged up on Monday, buoyed by healthy Asian appetite and demand from the U.S. driving season. Front-month Brent crude prices had gained 2 cents to $65.39 per barrel by 0312 GMT. Japan's customs-cleared crude oil imports rose 9.1 percent to 3.62 million barrels per day in April from the same month a year earlier, the Ministry of...

  • Oil prices edge up on firm Asian, U.S. demand Sunday, 24 May 2015 | 8:57 PM ET

    Front-month Brent crude prices were up 6 cents at $65.43 per barrel at 0045 GMT. U.S. crude prices were also up 6 cents at $59.78 a barrel. Japan's customs-cleared crude oil imports rose 9.1 percent to 3.62 million barrels per day in April from the same month a year earlier, the Ministry of Finance said on Monday.

  • SINGAPORE, May 25- U.S. crude futures rose in early Asian trading on Monday as high demand at the start of the North American driving season pushed up domestic markets, while international benchmarks were supported by firm Asian consumption and Middle East fighting. "Prices could be buoyed this week as markets focus on rising demand and geopolitical tensions... in...

  • HOUSTON, May 22- Hundreds of barrels of oil that gushed from a ruptured coastal pipeline in scenic California this week could stiffen opposition to large oil projects that companies want to build in the state, notably those to deliver cheap U.S. crude on trains. A leak of 100,000 barrels of crude off Santa Barbara in 1969 led to bans on new leases for offshore...

  • Saudi Arabia rewrites its oil game with refining might Friday, 22 May 2015 | 10:25 AM ET

    *Refining and trading could shift Kingdom's OPEC calculus. LONDON, May 22- Saudi Arabia's rapid transition into one of the world's largest oil refiners adds an extra dimension to the oil exporter's role as the driver of OPEC policy. When it attends OPEC's next meeting in two weeks, it does so with major new state-of-the-art oil refineries that can profit from...

  • HOUSTON, May 21- A judge on Thursday denied Royal Dutch Shell's appeal of a ruling that a proposed oil-by-rail project at its Washington state refinery must undergo a full environmental review, just two weeks after a crude train derailment caused a fire in North Dakota. Shell had appealed a February ruling from a Skagit County Office of Land Use Hearings...