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Oil and Gas Storage

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  • NEW YORK, Jan 12- The U.S. oil storage trade is back- and may be bigger than ever. Six years ago, the financial crisis led to a sudden surplus of oil and a collapse in prices, spurring a classic low-risk trade that's set to make a comeback: buying crude to store in onshore tanks or floating tankers, since oil costs $8 a barrel less now than what futures buyers will pay in a year.

  • So long sacred cow! Gas tax builds momentum Saturday, 10 Jan 2015 | 11:03 AM ET
    The gas prices are advertised outside the Costco store in Westminster, Colorado, December 2, 2014.

    A twist of fate has made slumping gas prices fuel a discussion once thought to be anathema in a Republican-led Congress: higher gas taxes.

  • How to stem oil free fall  Wednesday, 7 Jan 2015 | 4:00 AM ET

    In order to stem the free fall in oil prices, one of three key things must be done, says Sabine Schels, a commodity strategist at BofA Merrill Lynch Global Research.

  • UPDATE 3-Oil hits 5-1/2-year lows on supply glut Monday, 5 Jan 2015 | 3:36 AM ET

    Russia's oil output hit a post-Soviet high last year, averaging 10.58 million barrels per day, up 0.7 percent thanks to small non-state producers, Energy Ministry data showed. But oil producer group OPEC has decided not to cut output, opting to let the market find its own level. Brent crude for February dropped as low as $55.25 a barrel, its weakest since May 2009,...

  • U.S. crude slid as low as $51.40 a barrel on Monday, its lowest since May 2009, and at 0535 GMT was at $51.60 a barrel, still down $1.09. February Brent crude dropped as low as $55.36 a barrel, also its lowest since May 2009, before edging back to $55.51, down 91 cents. "Oil demand is unlikely be robust this year when we look at the state of economies in China, Japan and Europe,"...

  • SINGAPORE, Jan 5- U.S. crude and Brent futures dropped to fresh 5-1/ 2- year lows on Monday as worries about a surplus of global supplies amid weak demand continued to drag on oil markets. U.S. crude slid as low as $51.40 a barrel, its lowest since May 2009, and at 0312 GMT was just a tick above that at $51.59 a barrel, still down $1.10. February Brent crude dropped as low as...

  • SEOUL, Jan 2- U.S. crude futures rose over $54 a barrel on the first trading day of 2015 in Asia, supported by last week's larger-than-expected fall in U.S. crude stocks but inventories at the oil hub at Cushing, Oklahoma, grew, keeping prices depressed. *U.S. crude gained 80 cents a barrel at $54.07 as of 2346 GMT after it fell 85 cents to settle at $53.27 a barrel on the last...

  • NEW YORK, Dec 31- Oil prices continued to decline on Wednesday as investors digested a government report showing slowly growing demand and an increasing supply glut at the U.S. oil storage hub at Cushing, Oklahoma. The Energy Information Association released data showing a larger than expected drop in the U.S. crude oil inventory, but a large build at Cushing,...

  • BENGHAZI, Libya, Dec 31- Libya has made progress containing a fire at its largest oil port that has destroyed four days of the country's oil production but the damage to storage tanks will hamper efforts to resume exports, officials and industry insiders said. Both sides command forces made up of former rebel troops which helped oust Gaddafi but which are now...

  • *OPEC's Dec oil supply falls to six-month low. SINGAPORE, Dec 31- Brent crude prices dropped towards $57 a barrel on Wednesday as weak Chinese manufacturing data and demand concerns outweighed supply disruptions in Libya. China's factory sector shrank for the first time in seven months in December, with the final HSBC/ Markit Purchasing Managers' Index for this...

  • *OPEC's Dec oil supply falls to six-month low. SINGAPORE, Dec 31- Brent crude prices edged towards $57 a barrel on Wednesday as weak Chinese manufacturing data and demand concerns outweighed supply disruptions in Libya. China's factory sector shrank for the first time in seven months in December, with the final HSBC/ Markit Purchasing Managers' Index for this...

  • On Tuesday, the Commerce Department's Bureau of Industry and Security clarified for the first time that the prohibition on co-mingling was not absolute, issuing guidelines that allow "incidental" contact for foreign oil using the same infrastructure as domestic grades. Canada, the largest oil exporter to the United States, sends 3.4 million barrels a day to...

  • Dec 30- The U.S. Department of Commerce released on Tuesday a long-awaited explanation of what petroleum is allowed to be shipped under the nation's contentious 40- year ban on exports of most domestic crude. The new guidance from the Bureau of Industry and Security was posted on its Frequently Asked Questions webpage at around 1 pm EST. The text was briefly...

  • COMMERCE DPMT, IN ISSUING GUIDELINES, SAYS UNDERSTANDS SOME MIXING OF US AND FOREIGN CRUDE MAY OCCUR IN PIPELINES, STORAGE TANKS.

  • TRIPOLI, Dec 29- Libya's recognized government has contracted a U.S. firefighter firm to help extinguish fires at storage tanks at the Es Sider oil port, a spokesman said on Monday. The value of the contract was $6 million, the statement said, without naming the company. Fire has been raging for days at several storage tanks at Es Sider, Libya's biggest oil port, due to...

  • SINGAPORE Dec 29- U.S. crude rose more than $1 in early Asian trade on Monday, reversing a fall in the previous session as escalating clashes in Libya threatened oil exports and supply disruptions from the OPEC member. Forces loyal to Libya's recognised government launched air strikes on the western city of Misrata on Sunday in apparent retaliation against a...

  • UPDATE 1-Libya fighting destroys two days oil supply Sunday, 28 Dec 2014 | 10:08 AM ET

    BENGHAZI, Libya, Dec 28- A fire caused by fighting at one of Libya's main export terminals has destroyed more than two days of the country's oil production, officials said on Sunday, as clashes escalated between factions battling for control of the OPEC member nation. A missile hit an oil storage tank last week at the port of Es Sider during fighting between forces...

  • SEOUL, Dec 26- U.S. oil rose above $56 a barrel in early trade on Friday after news that a rocket hit a storage tank at Libya's biggest oil port, but prices were on track for a fifth weekly drop with data showing a surprise build in crude stocks in the United States. *U.S. crude's front-month contract for February delivery gained 37 cents a barrel at $56.21 as of 0032 GMT,...

  • Dec 22- Canada's Encana Corp will sell some natural gas gathering and compression facilities in British Columbia it owns jointly with a unit of Mitsubishi Corp to Veresen Midstream LP. Veresen Midstream will provide gathering and compression services to Encana and Cutbank Ridge Partnership, its partnership with a Mitsubishi unit, for a fee.

  • LONDON, Dec 15- The oil price drop will hand tanker markets an unexpected bonus next year, boosting demand for oil storage at sea while distant eastern markets also bargain-hunt fuel and need shipping. Supertanker rates are already close to five-year highs of over $83,000 a day- helped by a drop in shipping fuel bunker prices. Herbjorn Hansson, chairman and chief...