Oil and Gas Oil and Gas Storage

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  • LONDON, March 23- Trading houses are betting on oil markets remaining oversupplied for at least two more years even as crude prices stage a recovery driven by early signs of falling production. Ian Taylor, chief executive of top oil trader Vitol, said on Tuesday that "stocks of crude and products continue to build and these will weigh upon the market."

  • NEW YORK, March 23- U.S. corn producers may have found two unlikely allies in their decade-long battle with big oil to get ethanol into the nation's fuel stream: automobile manufacturers and American drivers. That is considerably above the 14 percent estimate from June 2015 from the American Automobile Association and that share could climb to nearly a quarter...

  • Gas prices are on the rise

    The average price of a gallon of gasoline gained nearly 25 cents in the past four weeks.

  • HOUSTON/ NEW YORK, March 21- A dreaded scenario for U.S. oil bulls might just be becoming a reality. In key shale areas such as Eagle Ford or Wolfcamp and Bone Spring in Texas such backlog has fallen by as much as a third over the past six months, according to data compiled by Alex Beeker, a researcher at Wood Mackenzie. About 660 wells could be the equivalent of between...

  • SINGAPORE, March 16- Oil prices rose early on Wednesday after falling in the previous session, with U.S. producers showing increasing signs of financial distress and as focus shifted to U.S. inventory data due later in the day. West Texas Intermediate crude futures were trading at $36.94 per barrel at 0117 GMT, up 60 cents from their last settlement.

  • SINGAPORE, March 14- Oil prices were stable in early trading on Monday, with global oversupply and slowing economic growth weighing on markets but prospects of falling production lending crude some support. West Texas Intermediate crude futures were trading at $38.36 per barrel at 0055 GMT, down 14 cents from their last settlement, but international...

  • *Iran intent on raising output to regain market share. SINGAPORE, March 11- Oil prices jumped on Friday supported by fresh investment and a strong yuan, which makes fuel cheaper for Chinese importers, but analysts warned that any price rally was pre-mature as a global glut remained in place. U.S. crude futures were trading at $38.66 a barrel at 0409 GMT, up 82 cents and...

  • *Iran intent on raising output to regain market share. West Texas Intermediate crude futures were trading at $38.29 per barrel at 0225 GMT, up 45 cents from their last close. "The funds have turned bullish and the market seems determined to stay at or around $40," said Pete Donovan, broker at Liquidity Energy in New York.

  • SINGAPORE, March 10- Producers have been locking in recent gains across the crude futures price structure, selling forward contracts and potentially undermining further recovery because they do not trust a jump in front-month oil since January. Front-month benchmark Brent crude futures have surged more than 40 percent from 12- year lows hit early this year...

  • WILMINGTON, Del, March 8- The $500 billion midstream sector is bracing on Tuesday for a ruling from a U.S. bankruptcy judge that could determine if energy producers can use Chapter 11 to shed contracts with pipeline operators for transporting oil and natural gas. Bankruptcy Judge Shelley Chapman in Manhattan will read her ruling at 2:30 pm ET on a request by...

  • SINGAPORE, March 7- Oil prices jumped on Monday, extending a rally that has lifted crude by over a third from this year's lows, as tightening supply and an improving global outlook strengthened the sentiment for a market recovery. West Texas Intermediate futures were trading at $36.55 a barrel, up 63 cents from the last close and 40 percent above February lows.

  • WILMINGTON, Del, March 4- Small U.S. oil-and-gas producer Quicksilver Resources Inc began making its case in court on Friday for using its bankruptcy to reject a pipeline contract, a move that trade groups warned could undermine the $500 billion midstream industry. "We're here today on a white-hot issue," Sarah Schultz, a lawyer for Quicksilver, said at Friday's...

  • WILMINGTON, Del, March 4- Small U.S. oil-and-gas producer Quicksilver Resources Inc began making its case in court on Friday for using its bankruptcy to reject a pipeline contract, a move that trade groups warned could undermine the $500 billion midstream industry. "We're here today on a white-hot issue," Sarah Schultz, a lawyer for Quicksilver, said at Friday's...

  • *Calgary bars filled with bankers eyeing up deals. CALGARY, Alberta, March 2- Executives at some of Canada's biggest pension funds say they are looking more closely at the oil and gas sector, attracted by low valuations, but will take a scrupulous approach to deals given the uncertain oil price outlook. So we see excellent opportunities for long-term investors, "...

  • *South Korea to increase Iran oil imports as sanctions lifted. *Iran in talks to lease oil storage in South Korea. Iran is exporting 100,000 barrels of oil a day to South Korea, one of its main crude customers, and hopes to double that figure by the end of 2016, Oil Minister Bijan Zanganeh was quoted as saying on Monday.

  • *Oil dips as China manufacturing sector contracts again. *OPEC production dips to 32.37 million bpd. SINGAPORE, March 1- Crude prices dipped on Tuesday as another slump in China's manufacturing sector outweighed overnight reports of falling U.S. and OPEC production and strong oil demand.

  • SINGAPORE, Feb 25- Crude prices fell on Thursday as strong gasoline demand and lower U.S. crude output failed to counter downward pressure from global overproduction that has left storage facilities swelling with unsold oil. The international Brent crude benchmark was trading at $34.18 per barrel at 0643 GMT, down 23 cents from its last close, hit by global...

  • SINGAPORE, Feb 25- Crude prices dipped on Thursday as strong U.S. gasoline demand failed to counter downward pressure from global overproduction that has left storage facilities swelling with unsold oil. The international Brent crude benchmark was trading at $34.17 per barrel at 0242 GMT, down 24 cents from its last close, hit by global oversupply that sees 1...

  • WASHINGTON, Feb 23- The head of the U.S. natural gas industry group responsible for persuading companies to voluntarily report their methane emissions says he has not seen- and does not expect to see- a high number of companies participating in the program. Spurred by the months-long methane leak at the Aliso Canyon natural gas storage facility in California,...

  • HOUSTON, Feb 22- Oil and gas pipeline and processing companies that borrowed vast amounts to grow when crude oil prices were much higher and U.S. output was surging now face major issues over that leverage, the CEO of Occidental Petroleum Corp warned on Monday. "If you think debt is bad in the production business, the midstream has a lot more relatively," Stephen...