Oil and Gas Oil and Gas Storage

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  • LOS ANGELES— Exxon Mobil Corp. won approval Monday for its plan to use trucks to move more than 17 million gallons of oil stranded in storage tanks after a California pipeline break in May. Eight months ago, the ruptured pipeline created the largest coastal oil spill in California in 25 years, fouling beaches near Santa Barbara and spreading goo as far as 100 miles.

  • Feb 1- CenterPoint Energy Inc said on Monday it was considering strategic options for its investment in natural gas pipeline company Enable Midstream Partners LP, including a sale or a spinoff. The move follows CenterPoint's $363 million investment in Enable Midstream's preferred securities on Friday. CenterPoint owns a 50 percent general partner...

  • LOS ANGELES, Jan 27- A California utility failed to protect residents from the largest methane leak in state history at its natural gas field near Los Angeles, a regional pollution watchdog said in a lawsuit filed against the company. The suit, filed on Tuesday in Los Angeles Superior Court by the South Coast Air Quality Management District, seeks penalties...

  • WASHINGTON, Jan 22- In its latest move to combat climate change, the Obama administration on Friday said it will overhaul 30- year-old regulations for oil and gas operations on public and tribal lands to limit the "wasteful release" of natural gas and curb methane emissions. "These updated regulations, which would be phased in over several years... would not only get...

  • Jan 22- Long before a natural gas storage well sprung a disastrous leak near Los Angeles, California, utilities and national industry groups were raising alarms about the danger of aging underground storage infrastructure. Jurisdiction over facilities storing gas to be transported across state lines falls to the U.S. Pipeline and Hazardous Materials...

  • *U.S. East Coast, continental Europe gripped by icy weather. West Texas Intermediate crude futures were up 17 cents at $29.70 per barrel at 0206 GMT, around $3.50 away from a 12- year low of $26.19 hit earlier this week. Oil prices drew support from freezing weather conditions and snowstorms that have gripped the U.S. East Coast and parts of continental Europe like...

  • SINGAPORE, Jan 22- U.S. crude oil prices were stable in early Asian trading on Friday after bouncing away from 12- year lows the previous day as rallying financial markets gave some traders reason to cash in on record short positions. Front-month West Texas Intermediate crude futures were trading at $29.82 per barrel at 0056 GMT, up 29 cents from their last...

  • The Interior Department's Bureau of Land Management wants to limit venting and flaring natural gas at wells on public land, practices that let methane into the atmosphere. An Interior Department spokeswoman declined to comment. "A strong BLM rule would ensure that industry has an incentive to capture and sell a valuable resource, ensuring taxpayers get the...

  • *U.S. crude hits September 2003 low under $28. It bounced back to trade down 70 cents at $27.76 as of 0945 GMT. "You need the low price to slow down shale much faster," said Bjarne Schieldrop, chief commodities analyst with SEB in Oslo.

  • Ample storage space for oil may limit price moves Tuesday, 19 Jan 2016 | 6:20 AM ET

    *New storage capacity to come on line in Asia this year. New storage tanks built in recent years, mostly in the United States and Asia, leave hundreds of millions of barrels of space to fill, confounding expectations that excess production could overflow tanks and drive prices further down. Benchmark Brent crude dipped below $28 a barrel on Monday, its lowest level...

  • Jan 14- China's state-run oil refiner Sinopec Corp has purchased its first ever batch of U.S. crude oil for export, a source told Reuters on Thursday, a landmark transaction after the ending of a four-decade ban on domestic exports. The cargo, due to be loaded from a Gulf Coast port in March, may mark the start of a sustained flow of U.S. oil to China, the world's...

  • LAUNCESTON, Australia, Jan 15-- Sort of lost among the attention given to China's record crude oil imports in December was the fact that the nation's exports of refined fuels also hit an all-time high. There is little doubt that China has been taking advantage of the relentless decline in crude prices to fill strategic and commercial stockpiles, a trend likely to...

  • *Refiners tweak crude oil feedstocks to favor gasoline. LONDON, Jan 12- After years of building up diesel production, European oil refiners are using every trick in the book to maximize gasoline output to meet unabated global demand as the two fuels stage a sharp reversal of fortune. But today the world faces a growing excess of diesel and spectacular demand in...

  • BENGHAZI, Jan 11- Libya's National Oil Corporation has emptied oil storage tanks at the Ras Lanuf terminal as a precaution after Islamic State militants attacked the country's two biggest oil ports last week, an official from the company said on Monday. "We have taken all the oil stored in the tanks there to a safer location," Mohamed al-Manfi, an official at the...

  • RABAT, Jan 11- Libya's National Oil Corporation has emptied oil storage tanks in Ras Lanuf as a precaution after the Islamic State group attacked Libya's two biggest oil ports last week, an official from the company said on Monday.

  • *China's oil demand seen slowing after years of record growth. SINGAPORE, Jan 11- Brent crude oil fell over 3 percent on Monday as China's economic slowdown dented the outlook for demand, with traders placing record bets on even lower prices as they increasingly lose faith in a significant market recovery. Analysts pointed to China's slowdown, which saw a slide in...

  • *China's oil demand seen slowing after years of record growth. SINGAPORE, Jan 11- Crude oil prices fell over 2 percent on Monday as China's economic slowdown dented the outlook for demand and traders are placing record bets on even lower prices as they increasingly lose faith in a significant market recovery. Other oil market analysts are pointing to China's...

  • SINGAPORE, Jan 11- U.S. crude oil prices were down more than 2 percent in early trading on Monday as traders increasingly lose faith in a significant market recovery soon and bet on even lower prices. U.S. crude West Texas Intermediate dropped more than 2 percent in early Monday trading to a low of 32.43 per barrel before edging back to $32.51 by 0038 GMT, still down 65...

  • SINGAPORE, Jan 7- Oil prices tumbled over 5 percent to levels not seen since the early 2000 s on Thursday as a sliding yuan and a second emergency halt in China's stock trading this week left Asian markets in turmoil. Mirroring the weakness across financial markets, the global benchmark Brent fell over 5 percent and around $2 per barrel to a low of $32.16 per barrel, a...

  • *China's market turmoil weighs on Brent. SINGAPORE, Jan 7- Brent crude prices tumbled over 4 percent to levels not seen since April 2004 on Thursday as as a sliding yuan and a second emergency halt in China's stock trading this week left Asian markets in turmoil. China's stock markets were suspended for the rest of the day, less than half an hour after opening, as a new...