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Oil and Gas Oil and Gas Refining

  • NEW YORK, Feb 23- U.S. crude oil stockpiles rose last week for a seventh straight week but less than forecast, while gasoline inventories fell far more than expected as refineries cut output, the Energy Information Administration said on Thursday. With those two together, the U.S. is becoming an export juggernaut, "said John Kilduff, partner at New York energy hedge...

  • NEW YORK, Feb 23- U.S. crude oil stockpiles rose last week for a seventh straight week but less than forecast, while gasoline inventories fell far more than expected as refineries cut output, the Energy Information Administration said on Thursday. By 11:30 a.m. EST or half an hour after the report, however, U.S. crude futures pared gains to 1.5 percent at $54.40 a...

  • West Texas Intermediate crude April contract added 41 cents, or 0.8 percent, to $54.00 a barrel at 0011 GMT. Crude inventories fell by 884,000 barrels in the week to Feb. 17 to 512.7 million, compared with analysts' expectations for an increase of 3.5 million barrels, data from industry group the American Petroleum Institute showed on Wednesday.

  • Gatta, 41, an investment professional who worked at various private equity firms including Basso Capital Management and Pegasus Capital Advisors, will replace CEO Phil Rinaldi, who is retiring in March. Rinaldi has been CEO of the privately held company since 2010, when Carlyle Group and Sunoco formed a joint venture to rescue the Philadelphia refinery, the...

  • KHOBAR, Saudi Arabia/ LONDON Feb 22- Oil giant Saudi Aramco is believed to be the front-runner to buy Turkish fuel stations business Petrol Ofisi from Austrian oil group OMV, sources familiar with the matter said. For SOCAR, owning a large number of petrol stations in Turkey would offer a natural outlet for the Star refinery it is building in Turkey and hoping to...

  • *OPEC says 90 percent of oil output cuts made in January. *OPEC wants compliance with cuts even higher, says Sec-Gen. LONDON, Feb 21- Oil prices rose more than $1 a barrel on Tuesday after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher.

  • *OPEC says 90 percent of oil output cuts made in January. *OPEC wants compliance with cuts even higher, says Sec-Gen. LONDON, Feb 21- Oil prices rose more than $1 a barrel on Tuesday after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher.

  • *OPEC says 90 percent of oil output cuts made in January. *OPEC wants compliance with cuts even higher, says Sec-Gen. LONDON, Feb 21- Oil prices rose more than $1 a barrel on Tuesday after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher.

  • *Singapore is main regional oil trading hub. Monday's announcement that a carbon tax on direct emitters is to be introduced from 2019 shows that Singapore, Asia's main oil trading hub, could be moving towards a longer-term future dominated by cleaner technology and resources. "It is the first time in the history of Singapore that a budget has placed such a high...

  • *Money managers bet OPEC cuts will tighten market. LONDON, Feb 21- Oil rose on Tuesday after exchange data showed hedge funds placing record bets on North Sea and U.S. crude as OPEC production cuts tightened supply. Money managers now hold the highest volume of net long Brent futures and options on record, InterContinental Exchange data showed on Monday, betting on...

  • *Singapore is main regional oil trading hub. Monday's announcement that a carbon tax on direct emitters is slated to be introduced from 2019 indicates that Singapore, Asia's main oil trading hub, could be moving towards a longer-term future dominated by cleaner technology and resources. "The proposed carbon tax on emitters would prove a significant drag on...

  • *Singapore plans carbon tax from 2019. SINGAPORE, Feb 21- A tax proposed by Singapore on emissions of greenhouse gases will likely cover the city-state's oil refineries, a government official said on Tuesday, driving up costs in one of the region's key energy hubs. Refineries in Singapore currently pay no taxes on carbon emissions, so such a tax would weigh heavily...

  • *JX says problems with secondary units at multiple refineries. TOKYO, Feb 20- Japan's JX Nippon Oil& Energy Corp has cut the amount of crude oil it expects to refine in February by about 4 percent from an earlier target due to unspecified problems with secondary units at multiple refineries. Industry paper Nenryo Yushi earlier reported that JX was facing problems...

  • China's state owned enterprise (SOE) reform is facing fresh questioning, the SCMP reports.

  • Feb 18- An explosion and fire at an oil refinery in Torrance, California, on Saturday forced the partial shutdown of the plant, leading oil traders to expect a spike this week in West Coast gasoline prices. Two years ago, a fire at the same plant led to its closure for several months and a sustained increase in West Coast gasoline prices for more than a year.

  • *Oil from Nigeria, Libya and Kazakhstan gives a boost. LONDON, Feb 17- A global deal to cut oil production has had the unintended consequence of aiding Europe's older refineries by bolstering supplies of light crude while curbing shipments of the heavier grades favored by more advanced plants in other continents. "European refiners are well positioned versus...

  • *Says Dubai crude supply tightened following OPEC output cuts. SEOUL, Feb 17- SK Energy has bought Russian Urals crude for the first time in 10 years, a spokeswoman for the parent company of South Korea's top refiner said on Friday. "Dubai crude supply is tight in Asia after the OPEC cut deal, making other crude outside the region more economical," she said, adding that...

  • SINGAPORE, Feb 17- Oil prices edged up on Friday, lifted by a report that producer club OPEC could extend an output cut aimed at reining in a global fuel supply overhang. The Organization of the Petroleum Exporting Countries and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day during the first half of 2017, and...

  • *OPEC, others promised to cut 1.8 million bpd in H1. *OPEC could extend or deepen cuts if global glut persists. LONDON, Feb 16- Oil prices rose on Thursday after OPEC sources said the group could extend its oil supply-reduction pact with non-members and might even apply deeper cuts if global crude inventories failed to drop to a targeted level.

  • *OPEC, others have already promised to cut 1.8 million bpd in H1. *OPEC could extend or even deepen cuts if global glut persists. LONDON, Feb 16- Oil prices rose on Thursday after OPEC sources said the group could extend its oil supply-reduction pact with non-members and might even apply deeper cuts if global crude inventories failed to drop to a targeted level.