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Oil and Gas Oil and Gas Refining

  • April 26- U.S. crude oil inventories fell sharply and stockpiles of gasoline and distillates jumped last week as refiners hiked production rates to the highest since November 2015 to process a record amount of crude, the Energy Information Administration said on Wednesday. Refinery crude runs rose by 347,000 barrels per day to a record 17.3 million bpd and...

  • NEW YORK, April 26- Mercuria Energy Trading S.A. has shipped the first ever reported export of Bakken crude oil to Asia, according to a shipping document seen by Reuters on Wednesday, the latest shift in global oil flows as the United States seeks to draw down its bloated inventories. The Swiss-based energy trader loaded more than 600,000 barrels of Bakken crude, as...

  • April 26- U.S. crude oil inventories fell sharply and stockpiles of gasoline and distillates jumped last week as refineries hiked production rates to the highest since November 2015, the Energy Information Administration said on Wednesday. After the data, U.S. crude futures turned positive and by 11:06 a.m., were up 34 cents at $49.90 a barrel while Brent crude...

  • Brent has fallen by almost 10 percent since late 2016, despite efforts led by the Organization of the Petroleum Exporting Countries and Russia to cut output by 1.8 million barrels per day in the first half of 2017.. With oil supplies still around record highs, Stephen Schork of the Schork report said on Tuesday that " OPEC has failed miserably in its endeavor to...

  • LONDON, April 25- U.S. refiners have become a powerhouse of distillate exports, causing the supply-demand balance for fuels from the middle of the barrel to tighten in the United States despite a very warm winter. Exports of distillate fuel oil rose to a record 1.4 million barrels per day in the week ending April 14, according to the U.S. Energy Information...

  • Brent is down 10 percent since late 2016, despite efforts led by the Organization of the Petroleum Exporting Countries and Russia to cut output by 1.8 million barrels per day in the first half of 2017.. With oil supplies still around record highs, Stephen Schork of the Schork report said on Tuesday that " OPEC has failed miserably in its endeavor to balance the oil...

  • Brent is down 10 percent since late 2016, despite efforts led by the Organization of the Petroleum Exporting Countries and Russia to cut output by 1.8 million barrels per day in the first half of 2017.. Given that oil supplies remain at record highs, Stephen Schork of the Schork report said on Tuesday that " OPEC has failed miserably in its endeavor to balance the...

  • Now, at least two East Coast refiners, Phillips 66 and Delta Air Lines Inc's subsidiary Monroe Energy, are looking to move more crude by ship from Texas into the Philadelphia area. This option is more expensive than oil imported to the East Coast, typically from Nigeria. Analysts and traders expected that once the Dakota line came into service, East Coast and West...

  • *Russian energy min won't say if would join new OPEC cuts. LONDON, April 21- Oil held near $53 a barrel on Friday, but was on course for its biggest weekly drop in a month due to doubts that an OPEC- led production cut will restore balance to an oversupplied market. Saudi Arabia and Kuwait, key members of the Organization of the Petroleum Exporting Countries, favor...

  • LAUNCESTON, Australia, April 19- Record crude imports and refinery processing in the first quarter give China's oil sector the appearance of exceptional strength, but in this case looks can be a little deceiving. This isn't to say that China's crude demand and refinery throughput is weak in any shape or form, rather that there are factors that make it look...

  • BEIJING, April 19- China National Petroleum Corp will install its domestic fuel sales chief to head the state-owned oil giant's trading arm, succeeding Wang Lihua who is retiring after two decades guiding one of the world's top oil merchants, sources said. Tian Jinghui, a vice president at PetroChina, CNPC's listed subsidiary, and a veteran of its fuel marketing...

  • *U.S. to review lifting of sanctions against Iran. LONDON, April 19- Oil steadied on Wednesday after OPEC said it was committed to eroding a global supply overhang that has dogged markets since 2014, but with U.S. output and inventories rising, analysts said prices looked vulnerable. Looking at the latest price reactions, one might conclude that the only reason for...

  • *U.S. to review lifting of sanctions against Iran. SINGAPORE, April 19- Oil steadied on Wednesday after OPEC said it was committed to eroding a global supply overhang that has dogged markets since 2014, but with U.S. output and inventories rising, analysts said prices looked vulnerable. Looking at the latest price reactions, one might conclude that the only reason...

  • *U.S. to review lifting of sanctions against Iran. SINGAPORE, April 19- Oil prices were stable on Wednesday as OPEC said it was committed to draw down a global supply overhang that has dogged markets since 2014, although bloated U.S. output and inventories still weighed on crude. OPEC, together with other producers like Russia, has agreed to cut output by almost 1.8...

  • LAUNCESTON, Australia, April 19- Record crude imports and refinery processing in the first quarter give China's oil sector the appearance of exceptional strength, but in this case looks can be a little deceiving. This isn't to say that China's crude demand and refinery throughput is weak in any shape or form, rather that there are factors that make it look...

  • *U.S. to review of lifting sanctions against Iran. SINGAPORE, April 19- Oil prices dipped on Wednesday as bloated U.S. supplies weighed on markets while a fall in Saudi crude exports was offset by rising production in the country. Brent crude futures, the international benchmark for oil, were at $54.77 per barrel at 0354 GMT, down 12 cents from their last close.

  • NEW YORK, April 19- Philadelphia Energy Solutions Inc, the largest refiner on the U.S. East Coast, will not be taking any rail deliveries of North Dakota's Bakken crude oil in June, a source familiar with delivery schedules said on Tuesday- a sign that the impending start of the Dakota Access Pipeline is upending trade flows. "Unless there's an unforeseen event, like a...

  • SINGAPORE, April 19- Oil prices dipped on Wednesday as bloated U.S. supplies weighed on markets while a fall in Saudi crude exports was offset by rising production in the country. Brent crude futures, the international benchmark for oil, were at $54.84 per barrel at 0059 GMT, down 5 cents from their last close. West Texas Intermediate crude futures were down 4 cents...

  • HOUSTON/ PUNTO FIJO, Venezuela, April 18- In the scorching heat of the Caribbean Sea, workers in scuba suits scrub crude oil by hand from the hull of the Caspian Galaxy, a tanker so filthy it can't set sail in international waters. The vessel is among many that are constantly contaminated at two major export terminals where they load crude from Venezuela's state-run...

  • BP declined to comment further on the case and Monroe could not be immediately reached. Monroe has yet to respond to the allegations in court. Monroe agreed to pay $8.35 above the U.S. benchmark price for Eagle Ford and $7.35 above the U.S. benchmark for Bakken deliveries, according to the lawsuit.