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Oil and Gas Oil and Gas Refining

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  • Oil futures crash no help to sellers of the real thing Wednesday, 26 Aug 2015 | 5:15 AM ET

    *From Russia to Nigeria, crude values still depressed. LONDON/ MOSCOW, Aug 26- When oil futures markets crash- as they have this summer- physical markets often move the other way as refiners jump on the opportunity offered by cheap oil to stockpile. But traders in barrels from Nigeria to Russia say the physical market remains stubbornly weak in further evidence a...

  • Oil near 6-1/2 year lows as China economy fears linger Tuesday, 25 Aug 2015 | 9:24 PM ET

    *Iran to ramp up output; Nigeria to export highest volume of 2015. SEOUL, Aug 26- Crude oil futures dipped on Wednesday on fears of a hard landing for China's economy despite central bank moves to bolster stumbling growth and concerns about a supply glut. Brent lost 10 cents to $43.11 a barrel as of 0110 GMT after it settled up 52 cents at $43.21 a barrel in the previous...

  • SEOUL, Aug 26- U.S. crude steadied on Wednesday as oversold conditions tempted some buyers, but prices were kept in check by concerns over a global supply glut and fears of a hard landing for China's economy. *U.S. front-month October crude futures added 6 cents to $39.37 a barrel as of 0021 GMT, after finishing the previous session $1.07 higher at $39.31.

  • BP restarts part of Indiana oil refinery after repairs Tuesday, 25 Aug 2015 | 12:02 PM ET

    SOUTH BEND, Ind.— A large Indiana oil refinery whose unplanned shutdown for repairs earlier this month caused gasoline prices in the Great Lakes region to spike restarted Tuesday, leading experts to predict a quick drop in prices. AAA Hoosier Motor Club reports gas prices hit a high of $2.976 in Indiana for self-serve regular unleaded on Aug. 16 in Indiana.

  • NEW YORK, Aug 24- A key gasoline-making unit at PBF Energy Inc's 182,200- barrel-per-day Delaware City, Delaware, refinery is expected to be shut for at least a month- and possibly much longer- following an explosion and fire on Friday, a source familiar with plant operations said on Sunday. The primary wet gas compressor associated with the FCC at Delaware City and...

  • *China's weak factory activity triggers stock selloff. NEW YORK, Aug 21- U.S. oil prices traded below $40 a barrel for the first time since the 2009 financial crisis on Friday, ending 2 percent lower on signs of U.S. oversupply and weak Chinese manufacturing and notching the longest weekly losing streak in almost three decades. "Everyone is still looking at it saying'...

  • BOOK CLIFFS, Utah— On a remote Utah ridge covered in sagebrush, pines and wild grasses, a Canadian company is about to embark on something never before done commercially in the United States: digging sticky, black, tar-soaked sand from the ground and extracting the petroleum. Across the rolling green hills of the Book Cliffs of eastern Utah, about 165 miles from Salt...

  • *Calls for emergency OPEC meeting rebuffed. DUBAI/ LONDON, Aug 21- Some of OPEC's Gulf members are concerned about the latest drop in oil prices which had not been expected, OPEC delegates said, but they see little chance of the exporting group diverting from its policy of defending market share. "There is a concern about the health of the Chinese economy, but as...

  • Chinese trading rivalry ruffles Asian oil markets Thursday, 20 Aug 2015 | 5:00 PM ET

    *Chinaoil, Unipec face off in Asia crude trade. BEIJING/ SINGAPORE, Aug 21- An intensifying rivalry between China's two top oil traders Chinaoil and Unipec is whipsawing Asia's oil market, pitting the state-owned firms against each other in a battle for control of the region's crude benchmark. Aggressive trading- with heavy buying by Chinaoil met by selling from...

  • FACTBOX-China's top two oil traders Thursday, 20 Aug 2015 | 5:00 PM ET

    BEIJING, Aug 21- An intensifying rivalry between China's two top oil traders Chinaoil and Unipec is whipsawing Asia's oil market, pitting the state-owned firms against each other in a battle for control of the region's crude benchmark. *Trading desk: Unipec has 400 staff with trade hubs in Beijing, Hong Kong, Singapore, London and New York. Hong Kong and London...

  • U.S. futures retested support near $40 a barrel early in the session, falling to their lowest level since 2009, and Brent fell to a fresh October contract low above $46 a barrel as a global supply glut and concerns about sputtering growth in China continued to weigh on oil prices. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan shed 1.5 percent...

  • NEW YORK, Aug 20- Americans drove more miles this June than ever before, data showed on Thursday, highlighting the surprisingly rapid pickup in driving activity that is pushing gasoline use toward a new record. The combination of cheaper fuel, an improving economy and summer school holidays fueled a 3.9 percent jump in the number of miles driven in June, the...

  • The United States imported 56.3 million barrels of crude in the week ending Aug. 14, up from 53.0 million barrels the week before, according to the U.S. Energy Information Administration. Higher imports largely accounted for the reported 2.6 million barrel increase in commercial crude stocks, though refinery processing also slipped as a result of problems at...

  • UPDATE 2-U.S. oil falls towards $40 on global glut Thursday, 20 Aug 2015 | 5:26 AM ET

    LONDON, Aug 20- U.S. crude oil prices fell to almost $40 a barrel on Thursday, its lowest since the global financial crisis of 2009, as supplies rose in North America and the Middle East, filling stockpiles to record levels. All the main oil futures contracts looked to be heading lower, PVM Oil Associates director and technical analyst Robin Bieber said.

  • *U.S. crude falls to March 2009 lows just above $40/ bbl. *If US crude breaks below $40, could drop under $30- analysts. NEW YORK, Aug 19- U.S. crude oil slumped over 4 percent on Wednesday to hit a 6-1/ 2- year low and almost break below $40 per barrel, as a huge unexpected stockpile build in the United States reinforced concerns about a growing global oil glut.

  • NEW YORK, Aug 19- U.S. crude oil inventories rose and gasoline stocks fell last week as crude imports surged while refinery problems cut runs during the summer driving demand season, data from the Energy Information Administration showed on Wednesday. "The report is bearish, with the focus squarely on crude oil and the large increase in overall inventories, due...

  • The problem was particularly acute in North Dakota in recent years because of the oil drilling activity in the western part of the state. "I have not heard of anything anybody is concerned about," said Watne, whose group has about 41,000 members in North Dakota. Dawna Leitzke, director of the South Dakota Petroleum Marketers Association, said an expected "...

  • LONDON, Aug 18- A relatively small group of hedge fund managers has placed a record bet on U.S. oil prices declining further in the months ahead. Hedge funds and other money managers had accumulated gross short futures and options positions totalling 163 million barrels in the main NYMEX light sweet crude contract by Aug. 11, according to data released by the...

  • *China stock markets plunge on economic worries. LONDON, Aug 18- U.S. oil prices fell towards six-year lows on Tuesday after stock markets tumbled in China, the world's largest energy consumer, adding to worries about global fuel demand at a time of heavy oversupply. U.S. crude futures were 35 cents weaker at $41.52 a barrel by 0850 GMT, close to their lowest since...

  • Aug 17- Canadian pipeline operator Enbridge Inc is rationing space for mid-month on its line 4/ 67 ex Kerrobert for August, according to a notice to shippers on Monday that was seen by Reuters. Enbridge restarted two key Canadian crude lines last week after they were shut following a crude oil release in Missouri on Aug 11. The discount on Western Canada Select...