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Oil and Gas Oil and Gas Storage

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  • *ABN AMRO cuts 2016 crude price forecasts. U.S. crude stockpiles fell by 4.2 million barrels in the week to July 24, more than 20 times analysts' expectations of a decrease of 184,000 barrels, Energy Information Administration data showed on Wednesday. Brent crude was up 20 cents a barrel at $53.58 by 1345 GMT, after settling 8 cents higher in the previous session.

  • UPDATE 5-Oil rises after U.S. crude stocks draw Thursday, 30 Jul 2015 | 6:36 AM ET

    *ABN AMRO cuts 2016 crude price forecasts. Benchmark Brent crude was up 80 cents a barrel at $54.18 by 1025 GMT, after settling 8 cents higher in the previous session. U.S. crude rose 30 cents to $49.09, after ending the previous session up 81 cents, or 1.7 percent.

  • *ABN AMRO cuts 2016 crude price forecasts. Benchmark Brent crude oil was up 30 cents a barrel at $53.68 by 0805 GMT, after settling 8 cents higher in the previous session. "Oil is consolidating," said Carsten Fritsch, senior oil analyst at Commerzbank.

  • An energy play that nobody's talking about Thursday, 23 Jul 2015 | 12:38 PM ET
    Flared natural gas is burned at an Apache natural gas plant in the Permian Basin in Garden City, Texas.

    Companies are plowing billions into infrastructure projects, making long-term bets that demand for nat gas will keep growing.

  • *Low oil boosts consumption, but China industrial demand flat. LONDON, July 16- Royal Dutch Shell expects oil prices to recover gradually over the next five years, with progress slowed by persistent global oversupply and receding Chinese demand growth. The Anglo-Dutch energy giant is betting on crude rising to $90 a barrel by 2020, a key assumption in its move to...

  • 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...

  • Asia oil pricing change to raise trade volumes Thursday, 25 Jun 2015 | 11:44 PM ET

    The change in how fuel oil, diesel, jet fuel and gasoline are assessed for loadings out of Singapore and Malaysia takes a borderless approach similar to that in the world's largest oil storage hub Amsterdam- Rotterdam- Antwerp. The main change is that from July in Platts' free-on-board Singapore price assessments- the basis for most contract and spot deals done in...

  • June 25- Oil and natural gas producer Magnum Hunter Resources Corp said it expected to raise $600- $700 million by selling its 45.53 percent stake in its natural gas gathering subsidiary, Eureka Hunter Holdings. Magnum Hunter had $13.7 million in cash and cash equivalents and total debt of $951 million as of March 31, according to Thomson Reuters data.

  • Magnum Hunter looking to divest stake in pipeline unit Thursday, 25 Jun 2015 | 6:40 AM ET

    June 25- Oil and natural gas producer Magnum Hunter Resources Corp said it expected to raise $600- $700 million by selling its 45.53 percent stake in its natural gas gathering subsidiary, Eureka Hunter Holdings. The potential deal would allow Magnum Hunter to restructure its balance sheet and improve its current liquidity position, the company said.

  • NEW YORK, June 17- Magellan Midstream Partners LP, one of the ten largest U.S. oil pipeline companies, is considering opening an oil trading operation for the first time to enter a business that generates hundreds of millions of dollars a year for some of its rivals. Magellan may hire traders and acquire other assets related its existing pipeline and oil storage...

  • NEW YORK, June 17- Magellan Midstream Partners LP, one of the ten largest U.S. oil pipeline companies, is considering opening an oil trading operation for the first time to enter a business that generates hundreds of millions of dollars a year for some of its rivals. Magellan may hire traders and acquire other assets related its existing pipeline and oil storage...

  • June 11- Oil and natural gas producer Hess Corp said it would sell half of its Bakken midstream assets to private equity firm Global Infrastructure Partners for $2.68 billion to form a master limited partnership. Hess, which will retain control of the midstream assets' operations, expects the MLP's net income of $145 million to $155 million for the year ending...

  • June 11- Oil and natural gas producer Hess Corp said it will sell half of its Bakken midstream assets to Global Infrastructure Partners for $2.68 billion. The joint venture, valued at $5.35 billion, plans to file for an initial public offering, upon closing of the transaction, Hess said on Thursday. Hess said in July it plans to form a publicly traded master limited...

  • NEW YORK, June 10- Oil rallied for a second straight day on Wednesday as U.S. government data confirmed a big weekly drawdown in domestic crude stockpiles, although profit-taking by players who had bet on the draw pulled the market back from its highs. By 11:50 a.m. EST, global crude benchmark Brent was up 20 cents, or 0.3 percent, at $65.08 a barrel, from the session...

  • *OPEC oil production likely to continue to exceed demand. "A 4-6 percent drop is acceptable for refinery maintenance season in China, but 20 percent or more is a sign of demand collapse," said Bob Yawger, director of energy futures at Mizuho Securities USA. Phil Flynn, an analyst at Chicago- based Price Futures Group, said a continuous slump in Chinese demand could be a "...

  • BEIJING, June 8- China's oil imports fell about 11 percent in May from a year ago in the steepest drop since November 2013, likely knocking the country off its perch as the world's top crude buyer- a spot it claimed for the first time in April. Lower imports by China, at a time when markets are expected to be oversupplied following OPEC's decision to keep its output...

  • Regardless of whether a massive global oil storage trade is rapidly unwound, world oil production has been rising much faster than consumption, feeding an unprecedented global glut on the back of booming U.S. oil output and a Saudi-led decision by OPEC to maintain high output to defend market share. Analysts from Citi said on Tuesday that given OPEC was widely...

  • Iraqi refinery may be destroyed in battle to save it Wednesday, 13 May 2015 | 4:50 AM ET

    BAGHDAD, May 13- Islamic State militants have dug trenches around natural gas and hydrogen tanks at Iraq's largest refinery, raising the stakes in a battle where the price of victory may be the refinery itself. The Baiji refinery remains contested despite more than 300 coalition air strikes in the vicinity since the Islamist insurgents overran the area last...

  • SINGAPORE, May 11- China's appetite for crude oil is expected to pick up later this year as storage comes online and new buyers emerge, even after its inbound shipments surpassed United States imports last month for the first time, analysts and traders say. China's crude oil imports hit a record 7.37 million barrels per day in April, making it the world's biggest...

  • SINGAPORE, May 11- China's appetite for crude oil is expected to pick up later this year as storage comes online and new buyers emerge, even after its inbound shipments surpassed United States imports last month for the first time, traders and analysts say. China's crude oil imports hit a record 7.37 million barrels per day in April, making it the world's biggest...