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Oil and Gas Oil and Gas Refining

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  • LONDON, July 21- California motorists are paying $1 per gallon more for gasoline than drivers in the rest of the country as problems at state refineries leave the state fuel market unusually tight. The gap between fuel prices in California and the rest of the country hit a record $1.06, up from just 43 cents at the start of the year. California levies almost 61 cents...

  • *China domestic diesel sales fall in June. Expectations of more Iranian supply following a nuclear deal and concerns that economic worries in China and Europe will weigh on demand have put pressure on oil prices this month. "Pessimism about oil prices because of the Iran nuclear deal and economic concern about China and Europe are overblown," analysts at PIRA...

  • The Coast Guard said it took over four hours to extinguish the blaze on one of the barges, which was carrying 1 million gallons of the highly volatile gasoline additive naphtha. The Coast Guard and the Texas General Land Office said it was unclear if any of the naphtha spilled into the waterway. A Coast Guard spokesman said naphtha evaporates quickly and that...

  • LONDON, July 20- Oil dropped on Monday as signs of a growing glut in refined products outweighed a fall in Saudi crude exports and slower U.S. rig activity. Crude prices have fallen for three weeks in a row on expectations of increased oil sales from Iran following a deal to ease sanctions against the OPEC producer. Brent crude for September was down 35 cents at...

  • UPDATE 4-Oil steadies as Saudi crude exports fall Monday, 20 Jul 2015 | 4:41 AM ET

    LONDON, July 20- Oil prices steadied on Monday after data showing a sharp drop in Saudi Arabia's crude oil exports balanced signs of rising refined products stocks. Brent crude for September was 5 cents up at $57.15 a barrel by 0825 GMT. Oil prices have fallen for three weeks in a row on expectations of increased exports from Iran following a deal to ease sanctions...

  • LONDON, July 17- The oil market was massively oversupplied in the second quarter and remains so today, the International Energy Agency wrote in its latest monthly oil market report. "The market's ability to absorb that oversupply is unlikely to last. Brent and WTI futures imply the market is willing to pay less than 45 cents per barrel per month to finance and store...

  • July 17- U.S. exports of refined petroleum products to Latin America have soared over the past decade as strong economic growth in the region boosted demand while inadequate refinery investment limited supply. *Last year, it had pledged to invest $2.8 billion in refinery upgrades. *State-run oil company Petrobras hopes to boost the crude processing capacity of...

  • Refiners made billions by turning half of that extra supply into products such as gasoline and diesel that could be freely exported to countries including Brazil and Colombia. That is equivalent to the combined imports by Brazil and Ecuador, two of the biggest buyers of U.S. fuel, in the first four months of the year. To be sure, struggling economies, such as...

  • SINGAPORE, July 16- Saudi Arabia, the world's top crude oil exporter, has turned itself into a major refined-fuels power, offering customers millions of barrels of diesel and potentially triggering a price war with Asian competitors as its exports feed into a glut. Saudi Arabia, a leading member in the Organization of Petroleum Exporting Countries, had pledged...

  • NEW YORK, July 16- Front-month Brent crude prices rose on Thursday after a power outage shut production at Britain's largest oilfield and as the August contract approached expiration. Expiring Brent August crude rose 46 cents to settle and go off the board at $57.51 a barrel, having reached $58.21. "Another build at Cushing would be bearish for U.S. crude, and the...

  • Iran and six major world powers reached a landmark nuclear deal on Tuesday, clearing the way for an easing of international sanctions on Tehran and higher oil exports. While oil analysts do not expect Iran to make a major return to the market until next year, it has been parking millions of barrels of oil on tankers for months. The fully laden Starla, operated by...

  • NEW YORK, July 16- Brent crude prices rose on Thursday after a power outage shut production at Britain's largest oilfield and as the August contract approached expiration at the end of the session. Brent August crude was up 71 cents at $57.76 a barrel at 11:56 a.m. EDT, having reached $58.21. "Another build at Cushing would be bearish for U.S. crude, and the Buzzard...

  • *UK's biggest oilfield shut by power outage- traders. *OPEC output 2.5 mln barrels per day higher than demand. LONDON, July 16- Oil prices rose on Thursday after a power outage closed the UK's largest oilfield and following data showing a fall in crude inventories and strong demand from refineries in the United States.

  • UPDATE 5-Oil rises after UK North Sea oilfield outage Thursday, 16 Jul 2015 | 6:56 AM ET

    *UK's biggest oilfield shut by power outage- traders. *OPEC output 2.5 mln barrels per day higher than demand. LONDON, July 16- Oil prices rose on Thursday after a power outage closed the UK's largest oilfield, restricting flows to the North Sea's main oil stream that underpins the global benchmark Brent crude.

  • UPDATE 4-Oil prices rise as stock draw balances supply Thursday, 16 Jul 2015 | 5:35 AM ET

    *OPEC production around 2.5 mln bpd higher than demand. LONDON, July 16- Oil prices rose on Thursday after data showed U.S. crude inventories dropped and refinery demand was robust despite ample supply in the global oil market. Brent crude for August was up 75 cents at $57.80 a barrel by 0925 GMT.

  • *OPEC production around 2.5 mln bpd higher than demand. LONDON, July 16- Oil prices steadied on Thursday after data showed U.S. crude inventories dropped and refinery demand was robust, although the global market remained extremely well supplied. U.S. crude inventories fell by 4.3 million barrels last week, according to the Energy Information Administration, as...

  • Front-month U.S. crude futures were trading at $51.71 per barrel at 0115 GMT, up 30 cents from their last settlement. Iran, a member of the Organization of the Petroleum Exporting Countries has some of the world's biggest oil reserves. "Although Iran has around 20 million barrels of oil in storage, some of it is needed for operational reasons domestically and is...

  • Asia ready to buy more Iranian oil when sanctions lifted Wednesday, 15 Jul 2015 | 4:29 AM ET

    *India, others set to increase Iran oil imports when allowed. NEW DELHI/ SINGAPORE, July 15- Asian refiners are set to buy more crude oil from Iran once they receive word on when sanctions will be lifted, expecting Tehran to price its oil competitively as it tries to rebuild market share in an oversupplied market. Iran has said its priority destination for selling its...

  • 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.

  • DUBAI, July 14- Iran will return to the global oil market with maximum capacity once the sanctions against the country are lifted following Iran's nuclear deal with world powers, a deputy oil minister was quoted as saying on Tuesday. Iran and six major world powers reached a landmark nuclear deal on Tuesday, capping more than a decade of negotiations.