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Oil and Gas Oil and Gas Refining

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  • NEW YORK, Sept 2- U.S. crude oil stockpiles rose unexpectedly last week as refinery throughput fell for a fourth week and imports jumped, while gasoline stocks fell, data from the Energy Information Administration showed on Wednesday. October crude was down $1.22 at $44.19 a barrel at 11:05 a.m. EDT, having swung from $43.71 to $46.32. Brent October crude was down...

  • China oil market reform paves way for new crude benchmark Wednesday, 2 Sep 2015 | 12:50 AM ET

    *Oil market reforms will squeeze China's state oil giants. SINGAPORE, Sept 2- China may launch a global crude oil futures contract as early as October to compete with the existing London Brent and the U.S. The long-awaited crude contract would better reflect China's growing importance in setting crude prices, as well as boost the use of the yuan in which it will be...

  • BEIJING, Sept 2- PetroChina will obey a ruling from the country's environmental watchdog ordering the state energy giant to halt construction of part of a new large refinery in southwestern China, a company official said on Wednesday. PetroChina, the country's top oil and gas producer and second-largest refiner, has been fined for violating environmental...

  • Compelling energy buys Tuesday, 1 Sep 2015 | 12:27 PM ET
    Compelling energy buys

    How to get a piece of the energy plunge, with the FMHR traders.

  • The oil tank cars- a year ago sought-after to haul crude from North Dakota to New Jersey- now stand idle as a result of two converging trends: the reversal in U.S. shale oil production and the completion of new pipelines. Big rail lines, such as Berkshire Hathaway- owned BNSF Railways or Union Pacific are losing what used to be their fastest-growing source of new...

  • A natural gas production platform.

    Italian energy group Eni said it had discovered potentially one of the world's largest natural-gas fields off the Egyptian coast.

  • Berkshire Hathaway builds stake in refiner Phillips 66 Saturday, 29 Aug 2015 | 3:07 PM ET

    Billionaire investor Warren Buffett's company has amassed a stake worth nearly $4.5 billion in Phillips 66 more than a year after trading a chunk of its holding in the oil refiner for a chemical business investment. A regulatory filing says Berkshire Hathaway Inc. has accumulated about 58 million shares, which amounts to more than 10 percent of the Houston...

  • *Refinery outages, Yemen tensions and storm watch fuel gains. NEW YORK, Aug 28- World oil prices roared back to $50 a barrel in the second day of a frenetic short-covering rally on Friday, with violence in Yemen, a storm in the Gulf and refinery outages helping extend the biggest two-day rally in six years. Warplanes from a Saudi-led coalition killed 10 people in air...

  • *Refinery outages, Yemen tensions and storm watch fuel gains. NEW YORK, Aug 28- U.S. crude rose 6 percent on Friday, notching its first weekly gain in two months, after a rally in gasoline from refinery outages and concerns about strife in Yemen fed a second frenzied day of short-covering in oil. "A severely oversold and shorted oil market is creating a bid for covering...

  • *Refinery outages, Yemen tensions and storm watch fuel gains. NEW YORK, Aug 28- U.S. crude jumped as much as 7 percent on Friday as a rally in gasoline prices from refinery outages and concern about strife in Yemen prompted traders to scramble for a second day to cover short positions. U.S. crude's front-month was up $2.25, or 5.3 percent, at $44.81 a barrel by 1:46 p.m....

  • *Gasoline rally, Yemen tensions and storm watch fuel gains. NEW YORK, Aug 28- U.S. crude jumped 6 percent on Friday as a rally in gasoline prices and air raids in Yemen prompted traders to scramble for a second day to cover short positions, while market players also kept an eye on a storm that appeared to be approaching the oil-rich U.S. U.S. crude's front-month was up...

  • NEW YORK, Aug 28- The short-covering frenzy in global oil markets extended for a second straight day on Friday, pushing U.S. crude up as much as 5 percent in morning trade, getting extra support from a rally in gasoline futures, before both began consolidating. "A severely oversold and shorted oil market is creating a bid for covering in U.S. crude," said Chris Jarvis,...

  • NEW YORK, Aug 26- U.S. crude oil stockpiles fell sharply last week as imports tumbled, while gasoline and distillate inventories rose despite a reduction in refinery runs, data from the Energy Information Administration showed on Wednesday. U.S. crude fell more than 1 percent to below $39 a barrel, nearing the 6-1/ 2- year lows touched earlier this week, and New York...

  • *Supply glut and China' hard landing' fears weigh. "Plummeting gasoline seems to be a drag on crude oil prices," said Carsten Fritsch, senior oil analyst at Commerzbank in Frankfurt, Germany. U.S. crude oil was down 20 cents at $39.11 a barrel by 1455 GMT.

  • BEIJING, Aug 26- Two of China's major oil companies said on Wednesday that their profits slumped in the first half of 2015, as a sharp decline in international crude prices hit upstream earnings. Sinopec Corp, Asia's largest refiner, posted profits of 25.4 billion yuan, down 22 percent from 32.5 billion yuan a year earlier, the company said in a filing with the Hong...

  • Top Asian refiner Sinopec's net profits slip 22 pct in H1 Wednesday, 26 Aug 2015 | 7:33 AM ET

    BEIJING, Aug 26- China's Sinopec Corp, Asia's largest refiner, posted a 22 percent fall in first-half profit on a sharp decline in international crude prices that hit upstream earnings. The state-controlled company's net profit was 25.4 billion yuan, compared to 32.5 billion yuan a year earlier, it said in a filing with the Hong Kong bourse. Sinopec reported a...

  • 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.