Oil and Gas Oil and Gas Refining

  • *China's oil demand to hit record, fueled by soaring car sales. SINGAPORE, Jan 12- Oil prices rose on Thursday, supported by expectations of strong demand growth in China and signs that OPEC members are starting to cut output, but markets were still held back by rising U.S. crude inventories and plentiful global supplies. Reflecting China's growing fuel...

  • SINGAPORE, Jan 12- Oil prices dipped on Thursday on the back of rising U.S. crude inventories and plentiful supplies, despite emerging output cuts from OPEC and other producers. West Texas Intermediate crude oil futures were trading at $52.18 a barrel at 0141 GMT, down 7 cents from their last settlement. Prices for Brent crude futures, the international benchmark...

  • SINGAPORE, Jan 12- Oil prices were steady early on Thursday after U.S. crude and refined product stocks sent mixed messages to the market, with ongoing uncertainty over OPEC compliance with planned output reductions also in focus. West Texas Intermediate crude oil futures were trading at $52.24 a barrel at 0040 GMT, virtually unchanged from their last...

  • Crude inventories rose 4.1 million barrels in the week to Jan. 6, the U.S. Energy Information Administration said, higher than analyst expectations for a 1.2- million-barrel build. Counter-seasonal strength in refinery runs have boosted product inventories, while stronger imports have bolstered crude stocks, "said Matt Smith, director of commodity research...

  • Crude inventories rose 4.1 million barrels in the week to Jan. 6, the U.S. Energy Information Administration said, higher than analyst expectations for a 1.2 million-barrel build. Counter-seasonal strength in refinery runs have boosted product inventories, while stronger imports have bolstered crude stocks, "said Matt Smith, director of commodity research...

  • DUBAI, United Arab Emirates— The Abu Dhabi National Oil Co. says a fire has broken out at a refinery, with no injuries immediately reported. Oil-rich Abu Dhabi is the capital of the United Arab Emirates, a seven sheikhdom federation on the Arabian Peninsula. The UAE is a major oil producer and a member of OPEC.

  • IRANIAN OIL HELD IN FLOATING STORAGE SOLD TO BUYERS INCLUDING EUROPEAN REFINERIES IN ITALY AND FRANCE- DATA.

  • LONDON, Jan 6- OPEC and non- OPEC members have pledged to cut their combined oil production by an average of just over 1.7 million barrels per day in the first six months of 2017.. Saudi Arabia and its Gulf allies are expected to implement most of their cuts immediately, but other producers both within and outside the Organization of the Petroleum Exporting...

  • *Some doubt OPEC will lower production as much as promised. NEW YORK, Jan 5- Oil prices rose on Thursday in an up-and-down session, lifted by news that Saudi Arabia had cut production to meet OPEC's agreement to cut output after falling on data showing a surprisingly large increase in U.S. gasoline and distillate inventories. Oil has rallied 23 percent since...

  • *Saudi Arabia talks supply reductions with customers. *Some doubt OPEC will lower production as much as promised. NEW YORK, Jan 5- Oil prices slipped on Thursday after a surprisingly large increase in U.S. inventories of gasoline and distillates, slamming the brakes on an early rally on news that Saudi Arabia had started talks with customers about reducing crude...

  • Jan 5- U.S. crude oil inventories fell sharply as higher refining runs prompted a surge in gasoline and distillate stocks in the last week of 2016, the Energy Information Administration said on Thursday. "The large crude draw can entirely be explained away by the 7.1 million-barrel draw to Gulf coast inventories, as tax mitigation strategies meant crude...

  • Alcoa stopped production at the Suralco refinery, which has an annual refining capacity of 2.2 million metric tons, in 2015 due to dwindling bauxite ore supply. Alcoa also said it would record a $31 million non-cash, after-tax charge associated with its interests in a Western Australia gas field. The smelter was hit when a power interconnector between the...

  • Shares of Marathon jumped 6 percent to $53.17 on the announcement, which included accelerating its drop down of assets into its master limited partnership, MPLX LP, and that it may receive new common units in the partnership. In addition, the Findlay, Ohio- based refiner will form a special board committee to consider a spin-off or other alternatives for Speedway,...

  • Dec 29- U.S. crude oil stocks unexpectedly rose last week, while gasoline and distillate product inventories dropped, the U.S. Energy Information Administration said on Thursday. U.S. crude oil futures were up 1 cent to $54.08 a barrel at 11:38 a.m. EST, leaving the benchmark just shy of the year high of $54.51 reached on Dec. 12. "What seems to be giving this report...

  • *OPEC, non- OPEC output cut committee to meet in Vienna on Jan. 21-22. Singapore, Dec 29- Oil prices fell in early trade in Asia on Thursday following a surprise build in U.S. crude stocks shown in data published by the American Petroleum Institute late on Wednesday. U.S. benchmark West Texas intermediate crude futures were down 31 cents or 0.57 percent to $53.75 at 0104...

  • Singapore, Dec 29- U.S. oil prices fell on Thursday following a surprise build in the country's crude stocks shown in data published by the American Petroleum Institute late on Wednesday. U.S. benchmark West Texas intermediate crude futures were down 39 cents or 0.72 percent to $53.67 at 0033 GMT after settling up 16 cents at $54.06 per barrel in the previous...

  • Dec 28- Western Refining's plant in St. Paul Park, Minnesota could be headed for a strike at the beginning of the year, according to a union statement on Wednesday. The 90,000- barrel-per-day refinery produces gasoline, diesel, jet fuel and asphalt which is sold around the U.S. The Local 120 Teamsters union authorized a strike in a vote earlier in the month, it said in...

  • RABAT, Dec 28- The court-appointed manager of Morocco's only oil refiner, Samir, has received a $3 billion offer for the business from a foreign conglomerate, he said on Wednesday, without naming the bidder. "We were planning to launch expressions of interest this week, but we have received an offer of 31 billion dirham from a foreign conglomerate," Mohamed El-Krimi,...

  • MOSCOW, Dec 26- Russia's output of oil products is expected to fall by about 2.5 percent in 2017 due to further work on a massive refinery modernisation programme aimed at boosting fuel quality, a deputy energy minister said. In 2011, the government and oil producers agreed on the $50 billion initiative to update Russia's refineries, most of which were built in...

  • WASHINGTON, Dec 22- Billionaire investor Carl Icahn targeted environmental and banking regulations on Thursday as big drags on U.S. corporate investment and said revamping them would be a top priority in his role as adviser to President-elect Donald Trump. Icahn refused to speculate on candidates he would recommend to lead the U.S. Securities and Exchanges...