Some of Wednesday's midday movers:» Read More
Aug 15- The first new crude-by-rail project at a California refinery is likely to win approval next month after more than a year of scrutiny, the head of the Kern County planning division told Reuters, and it could help reopen the shuttered plant.
Aug 15- The first crude-by-rail project at a California refinery is likely to win approval next month after more than a year of scrutiny, the head of the Kern County planning division told Reuters, and it could help reopen the shuttered plant.
WASHINGTON/ CALGARY, Aug 14- Thousands of oil train tankers soon to be deemed obsolete in the United States are unlikely get a second life in Canada's oil sands industry, undercutting a U.S. government forecast that the costly cars will continue in use in the energy sector.
July 30- Valero Energy Corp, the largest U.S. independent refiner, on Wednesday reported an increase in quarterly profit as the company processed higher volumes of crude oil. San Antonio- based Valero said second-quarter profit rose to $651 million, or $1.22 per share, from $463 million, or 84 cents, in the same period a year earlier.
VANCOUVER, Washington, July 21- California's chance to keep a lid on some of the nation's highest gas prices and join in the spoils of a domestic oil production boom is threatened by quickly growing opposition to a rail terminal in Washington state.
The United States is swimming in oil and gas. However, processing this bounty is posing a challenge to U.S. refiners.
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*White House says policy has not changed. The U.S. Department of Commerce's Bureau of Industry and Security told Pioneer Natural Resources and Enterprise Product Partners on Tuesday that removing volatile components from condensate, the light oil, was enough to qualify the petroleum as a "refined product."
The Commerce Department's action could unleash as much as $6 billion a year of condensate onto the global market, analysts say.
The U.S. Department of Commerce's Bureau of Industry and Security told Pioneer Natural Resources and Enterprise Product Partners on Tuesday that removing highly flammable gases from light oil, known as condensate, was sufficient processing to qualify the condensate as a "refined product."
The Commerce Department's decision to allow unrefined U.S. oil exports creates clear winner and losers.
Shares of oil and gas producer Pioneer Natural Resources Co and pipeline company Enterprise Products Partners LP rose after the companies received a private ruling from the U.S. Department of Commerce to export the condensate. Shares of Eagle Ford shale producers Rosetta Resources Inc and SM Energy Co were up more than 4 percent in afternoon trading.
The U.S. Department of Commerce's Bureau of Industry and Security told Pioneer Natural Resources Co that lightly processed condensate would be eligible for export without a license.
Take a look at some of Wednesday's midday movers.
*China's commodity imports fall in May on high stocks, tighter credit. NEW YORK, June 9- Brent crude rose on Monday, gaining over $1 to surpass $110 a barrel for the first time in June, while U.S. crude rose by nearly $2, as strong Chinese and U.S. data pointed to healthy economic growth and higher demand for oil from the world's top two consumers.
Advocates for more oil exports say it will lower U.S. energy costs. Not so fast, say their opponents.
WASHINGTON, May 23- Recent meetings between U.S. oil producers and Commerce Department officials have fueled industry hopes that the Obama administration may soon begin to ease a longstanding ban on oil exports.