Oil and Gas Oil and Gas Refining

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  • NEW YORK, May 11- U.S. crude stockpiles fell unexpectedly last week for the first time since March as imports slipped, U.S. government data showed on Wednesday, after a wildfire curtailed production in Canada, the top source of U.S. oil imports. "The report has been quickly viewed as bullish with the crude draw just about exactly opposite to what API had: a 3.4...

  • NEW YORK, May 11- U.S. independent oil refiners, such as Marathon Petroleum and Phillips 66, are shelving projects and tightening budgets, as a global glut of diesel and gasoline erodes profits, ending a golden era of high refining margins. Flint Hills Resources, a private operator of refineries in Minnesota and Texas owned by the Koch brothers, suspended a...

  • LONDON, May 10- The rally that carried oil prices up by more than $20 per barrel between the middle of January and the end of April seems to have run out of steam for the time being. In the United States, the generic 3-2-1 crack spread, which measures the gross revenue from turning three barrels of crude into two barrels of gasoline and one barrel of diesel, has fallen...

  • LONDON, May 10- Oil rose on Tuesday, boosted by supply disruptions in Canada and elsewhere that have knocked out 2.5 million barrels of daily production and temporarily eclipsed concern over high global inventories and a looming surplus of refined products. In spite of output outages from Canada to Nigeria, oil prices are down by more than 2 percent so far this...

  • TOKYO, May 10- Japanese oil refiner Idemitsu Kosan Co said on Tuesday its joint venture with Canada's AltaGas would suspend a liquefied natural gas project in Canada for the foreseeable future due to low energy prices. The two firms had conducted a feasibility study to export about 2 million tonnes per year of LNG to Asia from Canada's west coast as early as 2017..

  • LONDON, May 10- Oil rose on Tuesday, driven by supply disruptions in Canada and elsewhere that have knocked out 2.5 million barrels of daily production and temporarily eclipsed concern over high global inventories and a looming surplus of refined products. In spite of outages from Canada to Nigeria, oil prices are down by more than 2 percent so far this week,...

  • SINGAPORE, May 10- Oil prices rose on Tuesday as supply disruptions in Canada and elsewhere that have taken some 2.5 million barrels of daily production off the market outweighed worries over brimming inventories and a looming refined products glut. International Brent crude futures were trading at $44.10 per barrel at 0702 GMT, up 47 cents, or 1 percent, from...

  • TOKYO, May 10- Japanese oil refiner Idemitsu Kosan Co said on Tuesday its joint venture with Canada's AltaGas would suspend commercialisation of a liquefied natural gas project in Canada due to low energy prices.

  • LONDON, May 9- A growing overhang of gasoline and diesel fuelled a sharp sell-off in oil futures on Monday that reversed a recent rally over the wildfires in the heart of Canada's oil sands region, traders and analysts said. While crude oil supplies have significantly tightened in recent weeks due to outages linked to unrest in Libya, militant attacks in Nigeria,...

  • LAUNCESTON, Australia, May 9- Saudi Arabia's decision to hike crude oil prices to Asian customers by the most in more than a year is both understandable and curious. Saudi Aramco, the kingdom's state oil company, lifted its official selling price for June-loading cargoes for the main Arab Light grade to a premium of 25 cents a barrel to the Oman- Dubai benchmark, up...

  • NEW YORK/ CONKLIN, Alberta, May 8- The mass evacuation of residents from the wildfire-devastated Canadian oil town of Fort McMurray is likely to significantly delay the restart of production, even though energy facilities themselves have escaped major damage from the flames. Energy facilities were barely touched through the first week of Alberta's...

  • *Evacuated workers, citizens moved from north of Fort McMurray. NEW YORK, May 6- Canadian crude prices stabilized in thin trading on Friday following a two-day rally as a wildfire in northern Alberta kept nearly one-third of Canadian oil sands production shuttered, with no real clarity on when production would resume. "Clearly, while the disruptions last, they...

  • NEW YORK, May 5- Canadian crude prices rallied on Thursday as a raging wildfire in northern Alberta shuttered nearly one-third of the nation's oil sands production and closed some pipelines, raising concerns about temporary shortages of feedstock to U.S. refineries. The massive fire forced all 88,000 residents of Fort McMurray, home to thousands of oil sands...

  • *Wildfire razes Canadian oil town; some pipelines to U.S. shut Fighting in Libya escalates, disrupting supplies. NEW YORK, May 5- Oil prices jumped about 2 percent on Thursday, resuming their rally from last week, as a raging wildfire cut production from Canada's oil sands region and escalating Libyan violence raised more worries about immediate oil supplies than...

  • HOUSTON, May 5- The owners of a North Dakota refinery that was the first to be built in the United States since the 1970 s have curtailed output and may try to sell it, the latest victim of the oil price slump roiling the energy industry. Before the Dickinson refinery's construction, North Dakota had only one refinery and was importing much of its diesel from the U.S....

  • NEW YORK, May 4- U.S. crude oil stockpiles rose more than expected to fresh record highs last week as imports ticked higher, while gasoline inventories posted a surprise build as refineries ramped up production, data from the Energy Information Administration showed on Wednesday. U.S. crude traded at $44.13 a barrel, up 48 cents at 10:59 a.m. Eastern, after...

  • Crack spreads, the difference between the prices of crude oil and refined products, have narrowed sharply due to a spike in distillate and gasoline inventories in the United States. Average sales price per produced barrel fell to $46.44 from $69.61 a year earlier, pressuring refinery gross margin, which fell to $7.59 per produced barrel from $16.69.

  • CARACAS, May 3- Venezuela's oil output may fall to average some 2.35 million barrels-per-day this year, as the South American OPEC country's cash crunch and shortages weigh on production, according to energy consulting firm IPD Latin America. That estimate is a whisker above the 2.53 million bpd Venezuela produced in the first quarter, according to OPEC...

  • CARACAS, May 3- Venezuela's oil output may fall to average some 2.35 million barrels-per-day this year, as the South American OPEC country's cash crunch and shortages weigh on production, according to energy consulting firm IPD Latin America. That estimate is a whisker above the 2.53 million bpd Venezuela produced in the first quarter, according to OPEC...

  • HOUSTON, May 3- Gulf Coast cash gasoline differentials fell on Tuesday as the well-supplied market anticipated this week's restart of a gasoline-making unit at the nation's largest refinery, traders said. The expected restart of a fluid catalytic cracking unit at Motiva Enterprises' 603,000- barrel-per-day refinery in Port Arthur, Texas, overrode concern...