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Oil and Gas Oil and Gas Refining

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  • 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...

  • The problem was particularly acute in North Dakota in recent years because of the oil drilling activity in the western part of the state. "I have not heard of anything anybody is concerned about," said Watne, whose group has about 41,000 members in North Dakota. Dawna Leitzke, director of the South Dakota Petroleum Marketers Association, said an expected "...

  • 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...

  • Aug 17- Canadian pipeline operator Enbridge Inc is rationing space for mid-month on its line 4/ 67 ex Kerrobert for August, according to a notice to shippers on Monday that was seen by Reuters. Enbridge restarted two key Canadian crude lines last week after they were shut following a crude oil release in Missouri on Aug 11. The discount on Western Canada Select...

  • *Japan economy shrinks in Q2, China remains on watch for oil. NEW YORK, Aug 17- Oil prices fell on Monday with U.S. crude near 6-1/ 2- year lows after No. 3 consumer Japan suffered an economic contraction in the second quarter and China's slowdown continued to weigh on oil market sentiment. U.S. crude futures were 5 cents down at $42.45 by 11:30 a.m. EDT.

  • *Iran seeks to upgrade derelict refining, petchem sector. *Oil services executives visit Iran on tour of sites. Officials from Iran's oil refining company NIORDC, its National Petrochemical Company and the privately owned Persian Oil and Gas are holding talks with services firms to clinch projects to repair Iran's derelict refining and petrochemical sector.

  • *Kuwait's Shuaiba refinery shuts down after fire. LONDON, Aug 17- Oil fell towards six-year lows on Monday on data showing the economy of Japan, the world's third-biggest oil consumer, contracted in the second quarter. Brent futures briefly reversed losses on news that Kuwait's 200,000- barrel-per-day Shuaiba refinery had been shut down following a fire.

  • *Japan economy shrinks in Q2. LONDON, Aug 17- Oil fell towards six-year lows on Monday, on data showing the economy of Japan, the world's third biggest oil consumer, contracted in the second quarter. U.S. crude, or West Texas Intermediate, for September was trading 36 cents lower at $42.14 a barrel at 1038 GMT, close to its lowest level in more than six years.

  • *Citi lowers oil price outlook. LONDON, Aug 17- Oil prices fell towards six-year lows on Monday after data showed Japan's economy contracted and producers in the United States added drilling rigs for a fourth straight week despite a recent rout in prices. Japan's economy, the world's third biggest oil consumer, shrank in the second quarter from a year earlier,...

  • Researchers work on possible diesel replacement Sunday, 16 Aug 2015 | 3:40 PM ET

    TOPEKA, Kan.— Researchers from Kansas, Michigan and Nebraska are modifying an oilseed for use as a potential diesel replacement. Their work on Camelina sativa is focused on lowering its viscosity— essentially, its resistance to flowing. But researchers may have solved the viscosity problem, said Tim Durrett, an assistant professor of biochemistry and molecular...

  • MEXICO CITY, Aug 14- An historic crude oil swap between the United States and Mexico is "great news" for both countries, and Mexico's national oil company Pemex expects the permit by the end of this month, the head of its commercial arm said on Friday. Reuters reported earlier on Friday that the Obama administration will allow limited sales of U.S. crude to Mexico for...

  • MEXICO'S PEMEX SAYS ITS TULA AND SALAMANCA REFINERIES WILL PROCESS FIRST IMPORTS OF LIGHT CRUDE- PMI CEO.

  • WASHINGTON, Aug 14- The Obama administration will allow limited sales of U.S. crude to Mexico for the first time, a senior administration official told Reuters, marking another milestone in loosening a contentious ban on exporting domestic oil. The approvals come eight months after Mexico formally sought permission for a swap, a historic step for a nation where...

  • *North Dakota crude production rises in June. "Producers don't seem to want to blink," said Gene McGillian, senior analyst at Tradition Energy in Stamford, Connecticut, commenting on the North Dakota data. September crude was up 21 cents at $42.44 a barrel at 11:55 a.m. EDT, after reaching $42.96 and having fallen to $41.35, the lowest front-month price since March...

  • WASHINGTON, Aug 14- The Obama administration will allow limited sales of U.S. crude to Mexico for the first time, a senior administration official told Reuters, marking another milestone in loosening a contentious ban on exporting domestic oil. The approvals come eight months after Mexico formally sought permission for a swap, a historic step for a nation where...

  • 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.

  • UPDATE 8-U.S. crude oil steadies from 6-1/2-year low Friday, 14 Aug 2015 | 9:50 AM ET

    *Citi downgrades 2015 WTI price forecast to $48. *Weak yuan puts downward pressure on commodities- Goldman Sachs. U.S. crude hit an intraday low of $41.35 a barrel, its lowest since March 2009, before recovering to $42.86 by 1338 GMT, up 63 cents on the day.

  • *Lower yuan puts downward pressure on commodities- Goldman Sachs. LONDON, Aug 14- U.S. crude oil fell to its lowest in almost six-and-a-half years on Friday as huge stockpiles and refinery shutdowns added to concerns about global oversupply and slowing economies in Asia. U.S. crude was down 30 cents at $41.93 a barrel by 0945 GMT.

  • SHANGHAI/ SYDNEY, Aug 13- Two massive explosions at the Chinese port of Tianjin that ripped through parts of the terminal have hit iron ore import operations, as well as disrupting oil tanker arrivals and departures at this gateway to northeast China. Reuters shipping data showed there were more than two dozen tankers in the Tianjin port region, either waiting to...