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Oil and Gas Storage

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  • LONDON, Feb 9- Latin America's oil producers have become caught in the crossfire between OPEC and the North American shale drillers. The number of active land rigs has fallen sharply in OPEC members Ecuador and Venezuela as well as non-OPEC Bolivia, Colombia and Mexico. Even OPEC producers such as Petroleos de Venezuela and Petroecuador are being forced to cut...

  • Is this oil rally the real deal? Tuesday, 3 Feb 2015 | 11:33 PM ET
    A worker inspects valves and pipes at an oil gathering station in Russia, January 28, 2015.

    Oil prices have rallied off post-crisis lows, possibly marking the rout's bottom as producers' cutbacks begin pinching supply, some analysts said.

  • We haven't seen the worst in oil yet: Expert Tuesday, 3 Feb 2015 | 3:48 PM ET
    A worker inspects valves and pipes at an oil gathering station in Russia, January 28, 2015.

    A global oversupply in oil and lack of storage make it very likely that oil will slide into the $30s, Citi's Ed Morse told CNBC.

  • Hedge funds may be back in oil: Ex-Shell Oil chief Tuesday, 3 Feb 2015 | 9:11 AM ET
    Idled oil well pump jacks sit in the yard at Wood Energy Inc. in Woodlawn, Ill, Jan. 20, 2015.

    Hedge fund buying may be partly behind the recent rebound in battered oil prices, former Shell Oil President John Hofmeister tells CNBC.

  • CEFC China Energy preps for more open crude market Monday, 2 Feb 2015 | 3:41 AM ET

    CEFC seems to be shifting to that role from an earlier image as a commodity trade financing player, "said a senior Beijing trader, referring to CEFC's practice of using mixed aromatics to raise bank loans to profit from the currency arbitrage. Besides hiring trading executives from state oil companies, CEFC is due to start up an 18- million-barrel tank farm on...

  • Where is global oil money going? To health care Saturday, 31 Jan 2015 | 11:00 AM ET
    A gas flare is seen at an oil well site outside Williston, N.D.

    Oil prices are in the midst of a prolonged slump, squeezing bottom lines everywhere. How do sovereign wealth funds cope?

  • SEOUL, Jan 28- U.S. crude futures fell over 1.5 percent towards $45 a barrel in early Asian trade on Wednesday after data showed U.S. crude stocks surged by nearly 13 million barrels last week, with a global supply glut accumulating in storage tanks. *U.S. crude futures had dropped 73 cents to $45.50 a barrel by 0000 GMT after finishing the previous session finishing...

  • TRIPOLI, Jan 26- Oil output from Libya, where ports and oilfields have been shut due to fighting, has fallen to 363,000 barrels a day with exports at about 200,000, the oil minister appointed by forces in control of the capital Tripoli told Reuters. Its oil minister, Mashallah Zwai, told Reuters in an interview that Libya is producing 362,780 bpd of oil, showing a...

  • HOUSTON, Jan 21- Leading pipeline company Kinder Morgan Inc will buy Hiland Partners, a pipeline and logistics company founded by Continental Resources Inc Chief Executive Officer Harold Hamm, for $3 billion, the company said on Wednesday. Hiland Partners builds and operates oil gathering and transportation pipelines and natural gas gathering and...

  • Kinder Morgan to buy Hiland Partners for $3 billion Wednesday, 21 Jan 2015 | 4:31 PM ET

    HOUSTON, Jan 21- Kinder Morgan Inc will buy Hiland Partners, a pipeline and logistics company founded by Continental Resources Inc Chief Executive Officer Harold Hamm, for $3 billion, the company said on Wednesday. Hiland Partners builds and operates oil gathering and transportation pipelines and natural gas gathering and processing systems primarily in...

  • BEIJING/ YANGON, Jan 20- A crude oil pipeline and a deep sea port meant to secure an alternative route for Chinese imports overland through Myanmar are set to open at the end of January, but an affiliated refinery in China is months away from completion, sources said. The finished development should help ease China's reliance on shipments via the narrow and...

  • *Older tankers being booked to store oil, boon for owners. *Last oil storage play seen in 2009. LONDON, Jan 13- Some of the world's biggest oil traders have booked supertankers to store at least 25 million barrels at sea in recent days, seeking to take advantage of the crash in crude prices and make a profit down the line.

  • Oil traders to store millions of barrels at sea Tuesday, 13 Jan 2015 | 6:24 PM ET
    Oil tanker at the Port of Long Beach, Calif.

    Some of the world's biggest oil traders have booked supertankers to store at least 25 million barrels at sea, to take advantage of lower prices.

  • NEW YORK, Jan 13- Oil prices fell by up 3 percent to near six-year lows on Tuesday, with Brent briefly trading at par to U.S. crude for the first time in three months as some traders moved to take advantage of ample storage space in the United States. Brent was down $1.48 at $45.95 a barrel by 1850 GMT, after falling to $45.19, its lowest since March 2009.

  • *Older tankers being booked to store oil, boon for owners. *Last oil storage play seen in 2009. LONDON, Jan 13- Some of the world's biggest oil traders have booked supertankers to store at least 25 million barrels at sea in recent days, seeking to take advantage of the crash in crude prices and make a profit down the line.

  • Oil prices near 6-year lows: Analyst   Tuesday, 13 Jan 2015 | 11:00 AM ET
    Oil prices near 6-year lows: Analyst

    The oil price is nearing a 6-year low. Richard Mallinson, geopolitical analyst at Energy Aspects, says markets are looking for "a turning point" in oil production and it will end up being non-OPEC countries that cut supplies.

  • China is stocking up on oil   Tuesday, 13 Jan 2015 | 4:40 AM ET
    China is stocking up on oil

    Gareth Lewis-Davies, senior oil strategist at BNP Paribas, says that China is building up a strategic stock of oil, and that low prices provide a "good opportunity to dip into the market and accelerate purchases."

  • --Clyde Russell is a Reuters columnist. LAUNCESTON, Australia, Jan 13- The rise in China's imports of crude oil above 7 million barrels per day for the first time looks impressive, but is it likely to be sustained? In a rare announcement, China said on Nov. 20 it had filled the first phase of its strategic petroleum reserve, which holds about 91 million barrels, enough for...

  • BEIJING, Jan 13- China imported a record 7.15 million barrels of crude oil a day in December, customs data showed on Tuesday, as the world's second largest oil consumer took advantage of low oil prices to fill its strategic reserves. China imported 30.37 million tonnes of crude oil for the month, the data showed, just shy of earlier estimates by Thomson Reuters Oil...

  • 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.