Oil and Gas Oil and Gas Refining

  • London Brent crude for November delivery was down 36 cents at $49.63 a barrel by 0023 GMT. It settled up $2.01, or 4.2 percent, at $49.99 on Thursday after touching a near two-week high of $50.14 earlier. Traders said the imports fell as ships delayed offloading cargoes in Texas and Louisiana due to Tropical Storm Hermine.

  • London Brent crude for November delivery was down 36 cents at $49.63 a barrel by 0023 GMT. It settled up $2.01, or 4.2 percent, at $49.99 on Thursday after touching a near two-week high of $50.14 earlier. Traders said the imports fell as ships delayed offloading cargoes in Texas and Louisiana due to Tropical Storm Hermine.

  • *Traders say imports fell due to Tropical Storm Hermine. NEW YORK, Sept 8- Oil prices surged over 4 percent on Thursday, with Brent briefly touching $50 a barrel for the first time in two weeks, after a surprisingly huge drawdown in U.S. crude stocks as Gulf Coast imports slumped to a record low. Traders said the imports fell as ships delayed offloading cargos in Texas...

  • Sept 8- U.S. crude stocks slumped more than 14 million barrels last week in the biggest weekly drawdown since 1999 as imports to the Gulf Coast hit a record low, which analysts attributed to Tropical Storm Hermine. Crude inventories fell 14.5 million barrels for the week ended Sept. 2, compared with expectations for an increase of 225,000 barrels, the U.S. Energy...

  • SINGAPORE, Sept 8- Conspicuous consumption, mostly liquid, has long been a feature of Singapore's annual APPEC oil gathering, but it is a more sober affair in 2016, as executives in the third year of an industry downturn keep a clear head for deal opportunities. "Last year, there was a large roof-top event that went all night, and people were rolling out at 6 or 7 a.m.," said...

  • Sept 7- U.S. crude stocks surprisingly plunged more than 12 million barrels last week, data from industry group the American Petroleum Institute showed on Wednesday, boosting the price of oil. There's apprehension of crude restocking as we exit the gasoline season and we exit strong demand, "said Gene McGillian, senior analyst at Tradition Energy in Stamford,...

  • LONDON, Sept 7- Algeria is sending crude oil to Cuba for the first time to help offset lower supplies from the island's closest ally, Venezuela, where low prices have caused the steepest production decline in more than a decade, sources with direct knowledge said on Wednesday. The cargo would be the OPEC member's first crude delivery to Cuba, sources who monitor its...

  • LONDON, Sept 7- Algeria is sending crude to Cuba for the first time to help offset lower supplies from Venezuela, hit by production problems due to low oil prices, sources with direct knowledge said. The cargo would be the OPEC member's first crude delivery to Cuba, sources who monitor its exports said. Cuba relies almost exclusively on Venezuela, also an OPEC member,...

  • TOKYO, Sept 7- Japanese refiner Idemitsu Kosan Co has postponed its acquisition of Showa Shell Sekiyu shares as regulatory approval is taking longer than expected- a delay that comes amid uncertain prospects for the deal due to a spat with the Idemitsu founding family. Public broadcaster NHK reported the review by Japan's Fair Trade Commission was taking time...

  • TOKYO, Sept 7- Japanese refiner Idemitsu Kosan Co has postponed its acquisition of Showa Shell Sekiyu shares as regulatory approval is taking longer than expected- a delay that comes amid uncertain prospects for the deal due to a spat with the Idemitsu founding family. Public broadcaster NHK reported the review by Japan's Fair Trade Commission is taking time...

  • HOUSTON, Sept 6- The Houston Ship Channel re-opened to some vessel traffic on Tuesday afternoon, the U.S. Coast Guard said, after an early morning tanker fire prompted closure of the waterway. Coast Guard Houston Vessel Traffic Service said it would commence with tow vessel transit outbound from Old River and San Jacinto River. Only a light sheen from bunker fuel, a...

  • The ship was moved to a dock and was no longer in the waterway, the Coast Guard said. Only a light sheen from bunker fuel, a type of diesel, has been seen in the channel, according to the Coast Guard. The tanker caught fire near the intersection of Buffalo Bayou and the San Jacinto River, the Coast Guard said.

  • The ship has been moved to a dock and is no longer in the waterway, the Coast Guard said. Only a light sheen from bunker fuel, a type of diesel, has been seen in the channel, according to the Coast Guard. The tanker caught fire near the intersection of Buffalo Bayou and he San Jacinto River, the Coast Guard said.

  • In Texas, Valero Energy Corp's Houston refinery, LyondellBasell Industries' Houston refinery, Petrobras' Pasadena refinery and Royal Dutch Shell's joint-venture Deer Park refinery have crude on-site in storage tanks and also have access to long-distance and short-haul pipeline systems. The Coast Guard was conducting assessments about how long it would...

  • *Plans aggressive expansion of lubricants business in Europe. MILAN, Sept 6- Malaysia's state-owned oil and gas company Petronas is on track to get its $27 billion refining and petrochemical complex in the south of the country up and running in 2019, the head of the group's downstream operations told Reuters. Petronas has earmarked heavy spending cuts to...

  • SINGAPORE, Sept 6- Iran expects to complete a pipeline and a terminal to export a new grade of crude by year-end, boosting the country's drive to ramp up oil production to pre-sanctions levels. A senior official from the National Iranian Oil Company said late on Monday that the terminal near Kharg Island in the Persian Gulf would be ready to export the new grade of...

  • LONDON, Sept 5- U.S. gasoline stockpiles remain at record highs for the time of year but excess inventory is smaller than it appears once adjusted for the higher level of domestic consumption and exports. But stockpiles look more reasonable when compared with the record level of gasoline consumption at home and strong exports to Mexico and the rest of Latin...

  • HOUSTON/ NEW YORK, Sept 5- Saudi Aramco and its U.S. refining joint-venture Motiva Enterprises lead the race to buy LyondellBasell Industries Houston refinery, according to three sources familiar with the matter. Reuters reported on Aug. 25 that Dutch chemical company Lyondell had retained Bank of America Merrill Lynch to help with a sale of the refinery.

  • LONDON, Sept 5- U.S. gasoline stockpiles remain at record highs for the time of year but excess inventory is smaller than it appears once adjusted for the higher level of domestic consumption and exports. But stockpiles look more reasonable when compared with the record level of gasoline consumption at home and strong exports to Mexico and the rest of Latin...

  • Traffic drives along US 98 as Hurricane Hermine approaches on September 1, 2016 in Eastpoint, Florida.

    East Coast refiners are built to withstand Cat-3 storms, but operations could still be affected, oil expert John Kilduff says.