Oil and Gas Oil and Gas Refining

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  • 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.

  • 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'...

  • *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...

  • 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...

  • U.S. crude prices plummet Friday, 14 Aug 2015 | 10:00 AM ET
    U.S. crude prices plummet

    U.S. crude oil hits prices not seen since March of 2009.

  • Pro: EOG the Apple of oil Tuesday, 11 Aug 2015 | 12:48 PM ET
    Pro: EOG the Apple of oil

    What's fueling oil's collapse? Paul Sankey, Wolfe Research analyst, has the play on the commodity space.

  • Chevron's ugly earnings put focus on oil dividends Friday, 31 Jul 2015 | 2:12 PM ET

    Chevron earnings fell well below expectations Friday, raising new questions about shareholder returns at a time when oil prices are sliding again.

  • Oil to hit low $30s by the end of 2015: Kilduff Thursday, 30 Jul 2015 | 7:56 AM ET
    Pump jacks and wells are seen in an oil field on the Monterey Shale formation, March 23, 2014, near McKittrick, Calif.

    By Christmas, oil will be rebounding off the mid to lows $30s, John Kilduff told CNBC.

  • An energy play that nobody's talking about Thursday, 23 Jul 2015 | 12:38 PM ET
    Flared natural gas is burned at an Apache natural gas plant in the Permian Basin in Garden City, Texas.

    Companies are plowing billions into infrastructure projects, making long-term bets that demand for nat gas will keep growing.

  • Why Iranian crude won't be arriving anytime soon Tuesday, 14 Jul 2015 | 6:07 PM ET
    Why Iranian crude won't be arriving anytime soon

    Matt Smith, Director of Commodity Research at ClipperData, says sanctions against Tehran won't be lifted until December so until then, Iranian crude won't be hitting export markets.