Oil and Gas Oil and Gas Refining

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  • NEW YORK, July 27- Oil prices tumbled 3 percent on Wednesday, with U.S. crude futures hitting three-month lows, as U.S. crude and gasoline stocks surged on weak demand during the peak summer driving season. The U.S. Energy Information Administration said crude stockpiles soared 1.7 million barrels last week, instead of falling 2.3 million barrels as forecast.

  • NEW YORK, July 27- Oil prices tumbled 3 percent on Wednesday, with U.S. crude futures hitting three-month lows, as U.S. crude and gasoline stocks surged despite the peak summer driving season as weak demand and profits forced refinery cutbacks. The U.S. Energy Information Administration said crude stockpiles soared 1.7 million barrels last week, instead of...

  • NEW YORK, July 27- Oil prices tumbled as much 3 percent on Wednesday, with U.S. crude futures hitting three-month lows, as U.S. crude and gasoline stocks surged despite the peak summer driving season as weak demand and profits forced refinery cutbacks. The U.S. Energy Information Administration said crude stockpiles rose 1.7 million barrels last week, instead of...

  • NEW YORK, July 27- Oil prices tumbled 2 percent on Wednesday, hitting two-month lows, after a surprise build in U.S. crude and gasoline inventories despite the peak summer driving season as refiners cut production amid faltering demand and profits. The U.S. Energy Information Administration said crude stockpiles rose 1.7 million barrels last week, instead of...

  • NEW YORK, July 27- Oil prices tumbled 2 percent on Wednesday, hitting two-month lows, after a surprise build in U.S. crude and gasoline inventories despite the peak summer driving season as refiners cut production amid faltering demand and profits. Brent was down $1.05, or 2.3 percent, at $43.82 a barrel by 11:49 a.m. EDT after hitting $43.62 earlier, its lowest...

  • NEW YORK, July 27- Oil prices tumbled more than 2 percent on Wednesday, hitting a two-month low, after the U.S. government reported a surprise build in crude and gasoline inventories during the peak summer driving season. Brent was down $1.03, or 2.4 percent, at $43.83 a barrel by 11:04 a.m. EDT after hitting $43.62 earlier, its lowest since May 10.

  • NEW YORK, July 26- Valero Energy Corp, the largest U.S. refiner, expects to get hit with a half-billion-dollar bill in the second half of the year thanks to the rising cost of meeting government mandates to blend biofuels. For the full year, the company's cost to blend renewable fuels like ethanol will swell to between $750 million to $850 million, mainly to pay for the...

  • *Q2 earnings/shr $1.07 vs estimate of $1.00. *Refining margin falls to $8.93/ barrel from $13.71. The glut in refined products pushed down Valero's refining throughput margin to $8.93 per barrel in the second quarter ended June 30 from $13.71 per barrel, a year earlier.

  • *Q2 earnings/shr $1.07 vs estimate of $1.00. *Refining margin falls to $8.93/ barrel from $13.71. The glut in refined products pushed down Valero's refining throughput margin to $8.93 per barrel in the second quarter ended June 30 from $13.71 per barrel, a year earlier.

  • *Q2 earnings/shr $1.07 vs estimate of $1.00. *Refining margin falls to $8.93/ barrel from $13.71. Refining throughput margin fell to $8.93 per barrel in the second quarter ended June 30 from $13.71 per barrel a year earlier, Valero said on Tuesday.

  • Valero's refining throughput margin fell to $8.93 per barrel in the second quarter ended June 30 from $13.71 per barrel, a year earlier. Net income attributable to shareholders fell to $814 million, or $1.73 per share, in the latest quarter, from $1.35 billion, or $2.66 per share, a year earlier. Excluding items, Valero reported earnings of $1.07 per share, beating...

  • July 26- U.S. refiner Valero Energy Corp's quarterly profit fell nearly 40 percent due to lower refining margins as elevated gasoline stockpiles offset healthy demand. Net income attributable to shareholders fell to $814 million, or $1.73 per share, in the second quarter ended June 30 from $1.35 billion, or $2.66 per share, a year earlier. Operating revenue fell...

  • Crude Oil

    JPMorgan's Scott Darling explains that the oil supply glut is expected to remain an issue due to moderating global growth.

  • But China and India appear to have crashed that party. And here the main culprits are China and India, both of which have significantly ramped up exports of gasoline in the first six months of 2016.. China exported 4.449 million tonnes, or about 207,800 barrels per day, of gasoline in the first half, a 75 percent increase on the same period last year, according to...

  • But China and India appear to have crashed that party. And here the main culprits are China and India, both of which have significantly ramped up exports of gasoline in the first six months of 2016.. China exported 4.449 million tonnes, or about 207,800 barrels per day, of gasoline in the first half, a 75 percent increase on the same period last year, according to...

  • NEW YORK, July 22- Oil prices settled lower on Friday, losing 4 percent on the week, after the fourth weekly rise in the U.S. oil rig count added to worries about a global crude glut. More than ample inventories and upcoming refinery turnarounds and maintenance have the bulls on the defensive, "said Pete Donovan, broker at Liquidity Energy in New York.

  • WARRI, Nigeria— The force majeure— or freedom from contractual obligations because of extraordinary circumstances— declared by ExxonMobil on Nigeria's largest crude stream could last a month because of extensive damage to its 300,000 barrel-a-day Qua Iboe export terminal, workers of the U.S.-based oil giant told The Associated Press on Friday.

  • NEW YORK, July 22- Oil prices fell 2 percent on Friday, with losses accelerating after the U.S. oil rig count rose for a fourth week in a row, putting crude on track for a weekly loss and dragging Brent to two-month lows. More than ample inventories and upcoming refinery turnarounds and maintenance have the bulls on the defensive, "said Pete Donovan, broker at Liquidity...

  • NEW YORK, July 22- Oil prices fell 2 percent on Friday, with losses accelerating after the U.S. oil rig count rose for a fourth week in a row, putting crude on track for a weekly loss and dragging Brent to two-month lows. More than ample inventories and upcoming refinery turnarounds and maintenance have the bulls on the defensive, "said Pete Donovan, broker at Liquidity...

  • NEW YORK, July 22- U.S. independent refiners such as Valero Energy Corp and Phillips 66 look set to post another quarter of disappointing earnings, putting the industry on track for its worst year since the U.S. shale boom began in 2011.. High volumes of imports, combined with refiners switching to maximum gasoline output earlier than usual, resulted in...