Oil and Gas Oil and Gas Refining

  • *North Sea oil field maintenance supports Brent futures. SINGAPORE, April 7- Crude futures rose on a raft of supportive indicators on Thursday, although some traders warned that physical supply and demand fundamentals did not warrant a strong price recovery at this stage. International Brent futures jumped above $40 per barrel in early trading and stood at...

  • NEW YORK/ HOUSTON, April 6- The sudden closure and subsequent delay in restarting the Keystone crude pipeline has caused traders to sell off heavy Canadian oil for immediate delivery, trading sources said on Wednesday, while temporarily lending support to U.S. futures markets. The line, which delivers crude from Hardisty, Alberta to Cushing, Oklahoma, and on to...

  • NEW YORK, April 6- Oil prices surged by 4 percent or more on Wednesday after the U.S. government reported a surprise draw in domestic crude stockpiles last week, versus market expectations for a new record high. U.S. crude futures were up $1.60, or 4.4 percent, at $37.49 a barrel by 11:20 a.m. EDT. "I think the market is more about the total change in inventories, rather...

  • April 6- U.S. crude oil inventories unexpectedly fell from record highs last week as refineries continued to hike output and imports fell, while gasoline stocks rose, snapping a six-week decline, data from the Energy Information Administration showed on Wednesday. The EIA report was "modestly supportive" with the jump in refinery runs and fall in imports "...

  • *Kuwait says production freeze deal is likely this month. LONDON/ SINGAPORE, April 6- Crude futures rose on Wednesday as hopes for an agreement among exporters to freeze output underpinned the market, although persistent global oversupply and Iran's plans to boost production pressured physical oil prices. Oil futures recovered from one-month lows to end the...

  • NEW YORK, April 5- The sudden closure of the Keystone oil pipeline from Canada has forced Phillips 66 to shut several units at its Illinois refinery, sources said on Tuesday, as the ripple effects of disrupting one of the largest U.S. import lines spread. TransCanada Corp said it had shut its 590,000 barrel per day Keystone pipeline system, which carries light and...

  • NEW YORK, April 5- U.S. refiners who are delaying compliance with new cleaner gasoline production rules could face soaring costs beginning next year as they scramble to find deadline-extending fuel credits in a tight market, industry experts warn. The U.S. Environmental Protection Agency awards credits to refiners who produce gasoline with sulfur levels...

  • CUSHING, OK, April 5- From the air above this small Oklahoma town, the 300 steel oil storage tanks that dot the landscape appear filled to the brim, their floating lids bobbing atop more than 65 millions of barrels of oil. Such worries make weekly estimates of Cushing stockpiles from the Energy Information Administration one of the hottest market indicators.

  • *State refiners looking to buy 240,000 bpd total from Iran. Iran was India's second biggest oil supplier- a position now belonging to Iraq- before economic sanctions aimed at Iran's nuclear programme hampered its trade relations, forcing the South Asian nation to tap alternative suppliers. India's state refiners- Indian Oil Corp, Mangalore Refinery and...

  • LONDON, March 31- Strong growth in consumption of gasoline while demand for other fuels remains more subdued is creating a headache for oil refiners in the United States and around the rest of the world. U.S. refineries are configured to turn just under half of the crude petroleum they process into motor gasoline, according to the U.S. Energy Information...

  • Brent crude futures fell 45 cents to $38.81 a barrel as of 0823 GMT. The front-month contract for U.S. crude futures was down 65 cents at $37.67 a barrel, after dropping to $37.57, the lowest since March 16. "The door is open for lower prices," said Hamza Khan, head of commodity strategy with ING.

  • SINGAPORE, March 31- Oil futures fell in Asian trade on Thursday, with U.S. crude hitting its lowest level in more than two weeks, amid renewed worries of global oversupply after inventories in the United States rose to a record high. The front-month contract for U.S. crude futures dropped 43 cents to $37.89 a barrel, after dropping to $37.74 earlier, the lowest since...

  • LAUNCESTON, Australia, March 31- Should Asia be bracing itself for a flood of gasoil from China in the second quarter? So far this year China has already been ramping up exports of middle distillates, with diesel shipments rising 736 percent to 1.52 million tonnes in the first two months of the year compared to the same period last year, while jet kerosene gained...

  • Brent crude futures fell 36 cents to $38.90 a barrel as of 0331 GMT. The front-month contract for U.S. crude futures dropped 46 cents to $37.86 a barrel, after dropping to $37.74 earlier, the lowest since March 16. Prices will "zig-zag" for the rest of the year, said Tony Nunan, oil risk manager at Japan's Mitsubishi Corp..

  • Brent crude futures fell 22 cents to $39.04 a barrel as of 0136 GMT. The front-month contract for U.S. crude futures dropped 26 cents to $38.06 a barrel, after settling up 4 cents in the previous session following a gain of 3 percent earlier in the session. Prices will "zig-zag" for the rest of the year, said Tony Nunan, oil risk manager at Japan's Mitsubishi Corp..

  • The front-month contract for U.S. crude futures dropped 29 cents to $38.03 a barrel by 0021 GMT, after settling up 4 cents in the previous session following a gain of 3 percent earlier in the session. Brent crude futures fell 25 cents to $39.01 a barrel after ending the previous session up 12 cents, having retreating from a session peak of $40.61.

  • *Weak dollar, Wall Street rally lent support to oil. NEW YORK, March 30- Oil prices settled steady on Wednesday, erasing most of the day's gains, after U.S. government data showed crude inventories at all-time peaks again despite strong refinery runs. Crude stockpiles in the United States rose 2.3 million barrels last week, reaching a seventh straight week of record...

  • *Weak dollar, Wall Street rally limit downside in oil. Crude stockpiles in the United States rose 2.3 million barrels last week, reaching a seventh straight week of record highs at 534.8 million barrels, the Energy Information Administration reported. U.S. crude futures' front-month contract was down 5 cents at $38.23 a barrel by 1:57 p.m. EDT on selling by...

  • *Wall Street rally, weak dollar still bolster oil. Brent crude's front-month contract was up 40 cents, or 1 percent, at $39.54 a barrel by 11:49 a.m. EDT. U.S. crude's front-month rose 30 cents, or 0.8 percent, to $39.58, reaching $39.85 earlier.

  • NEW YORK, March 30- U.S. crude oil stockpiles rose less than expected last week as imports fell and refinery runs rose, while gasoline and distillate inventories drew down, data from the Energy Information Administration showed on Wednesday. "Large decline in imports likely contributed to the smaller-than-expected crude oil build," said Dominic Chirichella,...