Oil and Gas Oil and Gas Refining

  • OPEC Output

    It is unlikely that key OPEC members such as Saudi Arabia and Iraq will cut production, says ClipperData's Matt Smith.

  • LONDON, Aug 5- Italy's IPLOM oil refinery remained closed on Friday, awaiting a judge's decision on a plan to monitor a connecting pipeline that spilled oil earlier this year, a company spokeswoman said. In an email, the spokeswoman said there was no timeline yet for restarting the 40,000 barrel per day plant. It shut down in early May after authorities ordered an...

  • TOKYO, Aug 5- Japan's Idemitsu Kosan is looking to acquire a smaller stake in Showa Shell Sekiyu than planned, aiming to counter efforts by the former's founding family to block a merger of the two oil refiners, the Nikkei business daily reported on Friday. Shosuke Idemitsu, Idemitsu's honorary chairman and 89- year-old son of its founder, said in an open letter...

  • *Smaller stake purchase may counter Idemitsu family's plan-Nikkei. *Idemitsu: Company chiefs met, no decision on any specific plans. TOKYO, Aug 5- Idemitsu Kosan Co is looking to acquire a smaller stake in Showa Shell Sekiyu than planned, aiming to counter efforts by the former's founding family to block a merger of the two oil refiners, the Nikkei business daily...

  • *Genscape data shows Cushing draw above 89,000 bbls- traders. *Cushing data adds to momentum from U.S. gasoline drawdown. NEW YORK, Aug 4- Oil prices rose nearly 3 percent on Thursday, with U.S. crude advancing firmly above the $40- per-barrel mark on short-covering and after a modest stockpile drop at the delivery hub for U.S. crude futures.

  • *Genscape data shows Cushing draw above 89,000 bbls- traders. *Cushing data adds to momentum from U.S. gasoline drawdown. NEW YORK, Aug 4- Oil prices rose more than 2 percent on Thursday, with U.S. crude advancing firmly above the $40- per-barrel mark on short-covering and after a modest stockpile drop at the delivery hub for U.S. crude futures.

  • Brent crude futures were trading at $42.77 a barrel at 0942 GMT, down 33 cents from their last close and down from an intra-day high of $43.65 a barrel. West Texas Intermediate crude futures were trading at $40.69 per barrel, down 14 cents, and after hitting an intra-day high of $41.41 per barrel and rising 3.3 percent in the previous session. "Maybe the surprise...

  • West Texas Intermediate crude futures were trading at $40.89 per barrel at 0700 GMT, slightly above their previous settlement but after hitting an intra-day high of $41.41 per barrel and rising 3.3 percent the previous day. International Brent crude futures were trading at $43.04 a barrel, down 6 cents from their last close and down from an intra-day high of...

  • MONTREAL/ NEW YORK, Aug 3- Irving Oil said on Wednesday it agreed to buy Ireland's only refinery from Phillips 66, scooping it up at a discount in a deal that will extend the Canadian company's reach across the Atlantic. "It gives them a product terminal asset that could be valuable: Ireland still has need for refined product, whether it's produced locally or...

  • A Phillips 66 logo is seen on a gas pump as a car is filled a Beck's station in Princeton, Illinois.

    Phillips 66 shares climbed more than 2 percent after Cowen and Company upgraded the energy company to "outperform" from "market perform."

  • MONTREAL, Aug 3- Irving Oil said on Wednesday it agreed to buy Ireland's only refinery from Phillips 66, a deal that will extend the Canadian company's reach across the Atlantic. The value of the deal, expected to close by the end of the third quarter, was not disclosed in a news release from Irving, which operates Canada's largest refinery in the province of New...

  • *Adjusted Q2 EPS $0.28 vs. est $0.32. "I think that's going to be more of an East Coast phenomenon where the Bakken barrel doesn't fit anymore." Refiners on the East Coast typically tend to have thinner margins than their rivals elsewhere, and some of them have already clipped production.

  • HollyFrontier's gross margin fell to $8.88 per produced barrel in the second quarter, from $17.42 a year earlier. The company said it incurred $57 million in costs during the quarter to comply with the U.S. Environmental Protection Agency's Renewable Fuel Standard program. The net loss attributable to the company's shareholders was $409.4 million, or $2.33...

  • DUBAI, Aug 2- Libya's National Oil Corporation, which hopes to more than quadruple the country's oil output by the end of this year, remains wary that promises to reopen blockaded ports could be broken, the NOC chief in Tripoli told Reuters on Tuesday. Libya's U.N.-backed government has signed a deal with an armed brigade controlling the major Ras Lanuf and Es...

  • LONDON, Aug 2- Oil rose more than 2 percent on Tuesday after falling by around $4 a barrel in one week, but investors remained concerned about oversupply weighing on prices. Global benchmark Brent crude was trading up 87 cents at $43.01 a barrel at 1354 GMT, after touching a session high of $43.18. West Texas Intermediate crude was up 67 cents at $40.73 a barrel, having...

  • *WTI crude briefly dips below $40 a barrel. Global benchmark Brent crude was trading up 80 cents at $42.94 a barrel at 1221 GMT. West Texas Intermediate crude was up 54 cents at $40.60 a barrel, after briefly dipping below $40.

  • *WTI crude briefly dips below $40 a barrel. Global benchmark Brent crude was trading up 49 cents at $42.63 a barrel at 1031 GMT. West Texas Intermediate crude was up 38 cents at $40.44 a barrel, after briefly dipping below $40.

  • SINGAPORE, Aug 2- Oil prices edged up in early trading on Tuesday after U.S. crude broke below $40 per barrel the previous session, but traders said fuel markets continued to be dogged by excess production. West Texas Intermediate crude was at $40.16 a barrel at 0148 GMT, up 10 cents from its last close after dipping below $40 for the first time since April the...

  • *U.S. crude below $40 for first time since April. NEW YORK, Aug 1- U.S. crude tumbled below $40 per barrel on Monday for the first time since April, as oil prices settled down nearly 4 percent on heightened worries of a crude glut despite peak summer fuel demand. West Texas intermediate crude plumbed $39.86, its lowest since April 20, before settling at $40.06, down $1.54,...

  • *U.S. crude below $40 for first time since April. *Worries of record high OPEC output, U.S. oil rigs weigh. NEW YORK, Aug 1- U.S. crude tumbled below $40 per barrel on Monday for the first time since April, as oil prices settled down nearly 4 percent on heightened worries of a crude glut despite peak summer fuel demand.