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Oil and Gas Oil and Gas Refining

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  • Stick with Valero & Tesoro: Trader Monday, 13 Jul 2015 | 5:10 PM ET
    Stick with Valero & Tesoro: Trader

    Valero Energy is adding $2.5 billion to its share buyback. "Fast Money" trader Guy Adami likes the stock.

  • BEIJING, July 13- China's June crude oil imports rose 27 percent on year, customs data showed on Monday, putting the world's second largest economy into contention again for topping the United States as the biggest buyer of the commodity on international markets. China imported 29.49 million tonnes, or 7.176 million barrels per day in June, data from the General...

  • Oil refiners' "mini golden era" will end soon - IEA Friday, 10 Jul 2015 | 8:47 AM ET

    LONDON, July 10- A brief period of high profitability for the world's oil refineries is likely to come to an end as quickly as it began, the International Energy Agency said on Friday. In the first quarter of this year, combined profits for the likes of BP, Royal Dutch Shell, Exxon Mobil, Total and Eni from refining and trading represented 60 percent of total earnings,...

  • From massive California to tiny New Hampshire, traffic on U.S. roads is growing at some of the fastest rates for a decade, according to state transportation agencies. Traffic in California, the largest gasoline market in the nation, rose by 2.6 percent in the 12 months to May, compared with just 0.7 percent in May 2014 and May 2013 and 1.1 percent in May 2012.

  • WASHINGTON, July 9- Lifting the U.S. ban on oil exports would bolster energy security in Europe by allowing countries to find alternative sources, the Czech Republic ambassador to the United States told lawmakers considering a bill to do away with the trade restriction. "The larger the number of stable democracies among the world's exporters, the more robust the...

  • UFA, Russia, July 9- Russia's top oil producer Rosneft has taken a significant step towards expanding its global reach by signing a preliminary deal to acquire up to 49 percent in Essar Oil Ltd, India's second biggest private refiner. Rosneft had initially said it would buy into Essar's Vadinar refinery. The deal with Essar from India, a country Russia has close...

  • China to let independent refiners import more crude Thursday, 9 Jul 2015 | 5:32 AM ET

    *Independent refiners to push up China's crude demand. SINGAPORE/ BEIJING, July 9- China is opening its crude oil imports to buyers outside of the state-owned sector, and independent refiners could get approvals for up to 600,000 barrels per day in shipments this year. China's largest independent refiner Shandong Dongming Petrochemical won approval this week...

  • RIO DE JANEIRO, July 8- Brazil's state-run oil company Petrobras hopes to boost the crude processing capacity of its newest refinery 62 percent to as much as 120,000 barrels per day in the second half of this year, the company's refining chief said Wednesday. Petroleo Brasileiro SA, as Petrobras is formally known, plans to start testing higher processing levels...

  • More than half of Mexico's fuel imports in recent months have been gasoline. Ultra-strong gasoline demand worldwide, from the United States to India, has soaked up much of the world's excess supply. Additionally, problems at gasoline-making fluid catalytic crackers in Venezuela and the United States have tightened availability and created more rival...

  • *Rosneft says Vadinar refinery capacity to more than double. UFA, Russia, July 8- Russia's top oil producer Rosneft has made a significant step in its efforts to expand its global reach by signing a preliminary deal with Essar Group about acquiring up to 49 percent of the Vadinar oil refinery in India. Rosneft, the world's top listed oil producer, has long sought to...

  • DUBAI, July 7- United Arab Emirates crude oil exports are expected to fall in the fourth quarter of 2015 as the Gulf OPEC member upgrades its Ruwais refinery and processes more oil to feed rising domestic demand, industry and trading sources said. The UAE's Ruwais refinery expansion, which more than doubles the plant's capacity from 415,000 barrels per day, was...

  • LONDON, July 3- U.S. crude stocks unexpectedly rose by almost 2.4 million barrels last week, breaking a run of eight consecutive weekly declines and sending oil prices sharply lower. Domestic crude production was around 8.7 million bpd in 2014 and the country imported around 7.3 million bpd of crude, according to the Energy Information Administration.

  • Tracking Total's expansion strategy Thursday, 2 Jul 2015 | 7:43 PM ET
    Tracking Total's expansion strategy

    Philippe Boisseau, president of New Energies at Total, discusses the launch of its new Singapore plant which will be the biggest lubricants oil blending facility in the world.

  • LONDON, July 2- Oil prices edged higher on Thursday as the U.S. dollar slipped following weaker-than-expected U.S. non-farm payrolls data. Brent futures were trading 60 cents higher at $62.61 per barrel at 1247 GMT. "Overall, production was supported by increased output from the Gulf of Mexico," Barclays said in a note following the publication of the inventories...

  • SINGAPORE, July 2- Rallying oil refining margins have ground to a halt in Asia. Currently at a 2015 low, they could drop another 20-30 percent this quarter, led by declining profits in diesel as supply from the Middle East adds to a global glut. But they have almost halved this week to $5.60 with supply of refined products from traditional importers in the Middle East...

  • *Government wants to slim Japan's refining industry. TOKYO, July 2- Japan's largest oil refiner, JX holdings, said it would be open to talks on a possible merger, with the government pushing for consolidation in an industry struggling as people switch to more efficient cars and as the country's population dwindles. The government wants to slim Japan's refining...

  • LAUNCESTON, Australia, July 2- One of the little mysteries this year in Asian oil markets has been the drop in China's diesel exports. Customs data show that China exported 1.303 million tonnes of diesel in the first five months of the year, a drop of 24 percent over the same period in 2014.. It would seem logical that they would have done so as diesel margins have held...

  • South Korea turns to cheap spot crudes as glut grows Thursday, 2 Jul 2015 | 1:05 AM ET

    SEOUL, July 2- Refiners in South Korea, the world's fifth-largest crude oil importer, have stepped up spot purchases this year, buying at prices depressed by an oil glut as they run their plants at high rates to catch strong processing margins. "Refining margins are firm thanks to rising demand triggered by weak oil prices, which has supported higher throughput...

  • NEW YORK, July 1- U.S. crude oil inventories rose last week for the first time since April, while gasoline stocks decreased unexpectedly, data from the Energy Information Administration showed on Wednesday. "The crude build was definitely a surprise as was the Cushing build," said Tariq Zahir, managing member at Tyche Capital Advisors in Laurel Hollow, New York.

  • Red-hot fuel demand can't shore up the oil price alone Wednesday, 1 Jul 2015 | 8:48 AM ET

    LONDON, July 1- Sales of transport fuels have exceeded all expectations this year, making demand from reviving economies the mantra of bulls who say the oil price is well on the mend. But warning signs, especially in Europe, may derail that view. Gasoline consumption has bounced far higher, with U.S. drivers joining those in India, Indonesia and China in driving more...