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Oil and Gas Storage

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  • 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...

  • June 11- Oil and natural gas producer Hess Corp said it would sell half of its Bakken midstream assets to private equity firm Global Infrastructure Partners for $2.68 billion to form a master limited partnership. Hess, which will retain control of the midstream assets' operations, expects the MLP's net income of $145 million to $155 million for the year ending...

  • June 11- Oil and natural gas producer Hess Corp said it will sell half of its Bakken midstream assets to Global Infrastructure Partners for $2.68 billion. The joint venture, valued at $5.35 billion, plans to file for an initial public offering, upon closing of the transaction, Hess said on Thursday. Hess said in July it plans to form a publicly traded master limited...

  • NEW YORK, June 10- Oil rallied for a second straight day on Wednesday as U.S. government data confirmed a big weekly drawdown in domestic crude stockpiles, although profit-taking by players who had bet on the draw pulled the market back from its highs. By 11:50 a.m. EST, global crude benchmark Brent was up 20 cents, or 0.3 percent, at $65.08 a barrel, from the session...

  • *OPEC oil production likely to continue to exceed demand. "A 4-6 percent drop is acceptable for refinery maintenance season in China, but 20 percent or more is a sign of demand collapse," said Bob Yawger, director of energy futures at Mizuho Securities USA. Phil Flynn, an analyst at Chicago- based Price Futures Group, said a continuous slump in Chinese demand could be a "...

  • BEIJING, June 8- China's oil imports fell about 11 percent in May from a year ago in the steepest drop since November 2013, likely knocking the country off its perch as the world's top crude buyer- a spot it claimed for the first time in April. Lower imports by China, at a time when markets are expected to be oversupplied following OPEC's decision to keep its output...

  • 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...

  • Iraqi refinery may be destroyed in battle to save it Wednesday, 13 May 2015 | 4:50 AM ET

    BAGHDAD, May 13- Islamic State militants have dug trenches around natural gas and hydrogen tanks at Iraq's largest refinery, raising the stakes in a battle where the price of victory may be the refinery itself. The Baiji refinery remains contested despite more than 300 coalition air strikes in the vicinity since the Islamist insurgents overran the area last...

  • SINGAPORE, May 11- China's appetite for crude oil is expected to pick up later this year as storage comes online and new buyers emerge, even after its inbound shipments surpassed United States imports last month for the first time, analysts and traders say. China's crude oil imports hit a record 7.37 million barrels per day in April, making it the world's biggest...

  • SINGAPORE, May 11- China's appetite for crude oil is expected to pick up later this year as storage comes online and new buyers emerge, even after its inbound shipments surpassed United States imports last month for the first time, traders and analysts say. China's crude oil imports hit a record 7.37 million barrels per day in April, making it the world's biggest...

  • *OPEC will not cut output alone- Gulf delegate. SINGAPORE, May 7- Oil prices eased on Thursday after hitting 2015 highs in the previous session, as an OPEC delegate indicated the group would stick to a strategy of pursuing market share rather than cutting output and traders took profits after a multi-week rally. Brent crude was trading 13 cents lower at $67.64 per...

  • *Iran ship seizure, Yemen incident boost prices early. NEW YORK, April 28- Oil prices remained under pressure on Tuesday, with Brent settling lower and U.S. crude near flat, as worries about swollen U.S. crude stockpiles cut price gains from an early rally on security scares in the Middle East and a weak dollar. U.S. crude settled up 7 cents at $57.06, after running to as...

  • CALGARY, Alberta, April 24- TransCanada Corp, whose controversial Keystone XL pipeline project has waited more than six years for U.S. approvals, is asking the Obama administration to approve another pipeline, one that would take American crude oil into Canada. The company, Canada's No. 2 pipeline operator, said it applied on Wednesday for a presidential permit...

  • CALGARY, Alberta, April 24- TransCanada Corp, whose controversial Keystone XL pipeline project has waited more than six years for U.S. approvals, is asking the Obama administration to approve another pipeline, one that would take American crude oil into Canada. The company, Canada's No. 2 pipeline operator, said it applied on Wednesday for a presidential permit...

  • NYMEX-Crude steady; U.S. inventories seen up again Monday, 20 Apr 2015 | 8:17 PM ET

    TOKYO, April 21- U.S. crude futures held steady on Monday as a drop in stockpiles at a key U.S. delivery point offset near record high production in Saudi Arabia and an expected build in U.S. oil inventories. *NYMEX crude for May delivery, which expires later in the day, was down 4 cents at $56.34 a barrel by 0000 GMT, after settling up 64 cents at $56.38 on Monday.

  • NEW YORK, April 20- Oil prices ended in positive territory on Monday after a drop in stockpiles at the delivery point for U.S. crude in the second half of last week outweighed pressure from near record high production in Saudi Arabia. Tensions after the dispatch of U.S. Navy ships to waters near Yemen and an alert issued by Saudi Arabia for a possible militant attack...

  • NEW YORK, April 20- Oil prices rose on Monday after a drop in stockpiles at the delivery point for U.S. crude in the second half of last week outweighed pressure from near record high production in Saudi Arabia. Brent, the more widely-referenced benchmark, was up 40 cents at $63.85 a barrel by 1:12 p.m. EDT, after falling more than $1 earlier. "The market was bouncing...

  • Tensions in the Middle East and a drop last week in the number of rigs drilling for oil in the United States also put a floor beneath U.K. North Sea Brent and U.S. crude futures, traders said. Brent, the more widely-referenced benchmark, was up 10 cents at $63.55 a barrel by 11:53 a.m. EDT, after falling more than $1 earlier. "The market was bouncing around looking for...

  • Why the price of crude oil will remain stagnant Thursday, 16 Apr 2015 | 11:24 PM ET
    Why the price of crude oil will remain stagnant

    Michael Yoshikami, founder & CEO of Destination Wealth Management, expects oil that was previously kept in storage to hit the market over the next 45-90 days thereby keeping prices low.

  • SINGAPORE, April 17- U.S. crude futures slipped towards $56 a barrel on Friday as soaring oil production from OPEC members stoked concerns over a global glut, but Middle East tensions kept a floor under prices. It climbed 32 cents to settle at $56.71 the day before, after hitting a 2015- high of $57.42. *Russian President Vladimir Putin said Iran's flexibility over...