Oil and Gas Oil and Gas Refining

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  • *EIA says Cushing crude stocks hit record near 65 mln bbls. The Cushing build eclipsed a more bullish number from the EIA showing total U.S. crude stockpiles down for the first time in three weeks. "Since we are going into refinery maintenance season, and coupled with Iranian oil coming into the market, any rally will be short-lived," said Tariq Zahir, crude trader and...

  • NEW YORK, Feb 10- U.S. crude prices fell 2 percent on Wednesday after stockpiles at the main U.S. delivery point hit record highs, while Brent rose for the first time in five days after Russia suggested oil producers cut output by a million barrels each. The Cushing build eclipsed a more bullish number from the EIA showing total U.S. crude stockpiles down for the first...

  • *Russia's Sechin floats idea of oil output cuts. NEW YORK, Feb 10- Oil prices seesawed in choppy trade on Wednesday, with U.S. crude slipping and Brent paring gains as worries about a global supply glut offset data showing a surprise drop in U.S. crude stockpiles. OPEC data pointed to a larger oil supply surplus on the world market this year than previously thought, as...

  • *Russia's Sechin floats idea of oil output cuts. NEW YORK, Feb 10 (Reuters)- U.S. oil prices fell on Wednesday, reversing an early rally, and Brent also pared gains as worries about the global supply glut offset encouraging U.S. government data showing a surprise drop in domestic crude stockpiles. "We believe there's been short covering on the headline and we feel we...

  • NEW YORK, Feb 10- U.S. crude stockpiles fell unexpectedly last week as imports slumped, while gasoline inventories hit a record high for a second week, data from the Energy Information Administration showed on Wednesday. U.S. crude futures initially rose on the news, topping $29 a barrel, but quickly retreated, and was at $27.85, down 9 cents on the day by 11:03 a.m....

  • Oil 'has to go back' to $50 next 12-18 months: Pro Tuesday, 9 Feb 2016 | 1:01 PM ET
    Oil 'has to go back' to $50 next 12-18 months: Pro

    Nearly every oil company stock is lower again, after the IEA saying the risk of oil prices falling further has increased. This can be fixed through a small amount of demand, and supply discipline, explains Kris Kelley, Janus Capital Group's equity research analyst.

  • MUMBAI, Feb 9- Russia's top oil producer Rosneft is still carrying out due diligence to buy a stake in Essar Oil Ltd, the Indian group which runs India's second biggest private sector refinery said on Tuesday. Last week, Bloomberg reported that the company was in talks with Saudi Arabia's biggest oil company Saudi Aramco and National Iranian Oil Company to sell a...

  • Average US gas price falls 8.2 cents in two weeks Monday, 8 Feb 2016 | 10:06 AM ET
    A customer prepares to fuel her vehicle at a Road Ranger gas station in Princeton, Illinois.

    The average price of a gallon of gasoline in the U.S. fell 8.2 cents in the past two weeks, according to a Lundberg survey.

  • UPDATE 5-Oil prices slide, supply overhang in focus Monday, 8 Feb 2016 | 7:19 AM ET

    *Focus shifting to Fed testimony, IEA, EIA and OPEC data. *Iran says European buyers agreed to lift its crude. Global benchmark Brent futures were down 68 cents at $33.38 at 1212 GMT, while U.S. crude futures lost 81 cents to $30.08.

  • LAUNCESTON, Australia, Feb 8-- One of the dominant themes in Asia's oil products markets is the rise of Chinese fuel exports, so much so that the decline in shipments from India barely gets mentioned. India has in recent years been a fairly major player in Asia's market for refined products, given the presence of plants designed to take advantage of the country's...

  • OMAHA, Neb.— Berkshire Hathaway has purchased nearly 1.7 million more shares of Phillips 66 to give it ownership of almost 14 percent of the oil refiner. Berkshire Hathaway owns about 90 subsidiaries in a variety of industries, including insurance, utilities, railroads, retail and manufacturing. It also holds major investments in Coca-Cola Co., Wells Fargo& Co.,...

  • LAGOS, Nigeria— Nigeria's state oil company lost 267 billion naira in 2015, even as it tried to pump more oil to counter slashed world prices, the Nigerian National Petroleum Corp. said Thursday. Nigeria is Africa's biggest oil producer but imports most refined products because its refineries are inefficient. According to the report, profits came from the...

  • LAUNCESTON, Australia, Feb 4-- The new entrants to China's crude market will not only boost the amount of oil imported, but are also likely to affect the supply sources and method of delivery. China more than doubled the non-state crude import quota for 2016 to 87.6 million tonnes, equivalent to 1.75 million barrels per day, part of efforts to boost competition and...

  • NEW YORK, Feb 3- U.S. crude oil and gasoline inventories jumped more than expected last week to record highs, data from the Energy Information Administration showed on Wednesday. "I didn't expect to see that big of a build, but it didn't surprise me," said Tariq Zahir of Tyche Capital in Laurel Hollow, New York. "The bears are controlling the market, the bulls are only going...

  • Feb 3- Refiner Marathon Petroleum Corp said on Wednesday its pipeline unit would increases dividends at a slower-than-expected pace this year, as its cash flow is hit by a fall in volumes of natural gas and natural gas liquids. The cut in the targeted distribution rate was negative, given that MPLX closed its $15.63 billion purchase of natural gas processor...

  • Feb 3- Refiner Marathon Petroleum Corp reported a better-than-expected quarterly profit as low crude costs and strong gasoline demand pushed up margins. Marathon Petroleum, which was spun off from Marathon Oil Corp, said the crack spread increased to $6.65 per barrel in the fourth quarter from $5.43 per barrel a year ago. Marathon Petroleum earned 79 cents per...

  • Marathon Petroleum profit falls 77 pct Wednesday, 3 Feb 2016 | 6:48 AM ET

    Feb 3- Refiner Marathon Petroleum Corp reported a 77 percent fall in quarterly profit as it took an inventory valuation adjustment charge of $370 million. Net income attributable to the company fell to $187 million, or 35 cents per share, for the quarter ended Dec. 31 from $798 million, or $1.43 per share, a year earlier. Revenue and other income fell nearly 30 percent...

  • Trafigura's China oil chief released on bail - sources Wednesday, 3 Feb 2016 | 1:56 AM ET

    BEIJING, Feb 3- The head of Swiss trading giant Trafigura's Beijing office was released on bail this week after eight months in detention, while a probe into alleged fraudulent oil trading continues, two sources with direct knowledge of the matter said. A spokesperson for the Cangzhou Police Bureau, the north China- based police authority in charge of the probe,...

  • Exxon's profit tumbles 58% as low crude hurts Tuesday, 2 Feb 2016 | 11:01 AM ET
    Exxon Mobil

    Exxon reported a steep drop in earnings as low oil prices hurt results at the world's largest publicly traded oil company.

  • NEW YORK, Feb 1- U.S. gasoline margins jumped on Monday on news that PBF Energy was forced to abandon the restart of its 212,000 barrel-per-day Delaware City, Delaware refinery, after a leak was discovered in the fluid catalytic cracker. The refinery has halted production since Jan. 23, when the company said the blizzard that blanketed the East Coast caused a power...