Oil and Gas Oil and Gas Storage

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  • *OPEC widely expected to maintain output. LONDON, Dec 4- Crude oil prices rose on Friday as OPEC ministers met in Vienna, while the dollar hovered near one-month lows a day after staging its largest one-day fall in nearly seven years. OPEC was not expected to change its unchanged output policy, but nervousness among traders and investors ran high.

  • *China taking advantage of cheap oil to build strategic stocks. SINGAPORE/ BEIJING, Dec 4- China is likely to double its strategic crude oil purchases next year as one of the biggest ever price routs spurs a buying spree that would offer some support to battered markets for the commodity. Any sign of fresh buying for China's strategic reserves would offer rare...

  • *China taking advantage of cheap oil to build strategic stocks. SINGAPORE/ BEIJING, Dec 4- China is likely to double its strategic crude oil purchases next year as one of the biggest ever price routs spurs a buying spree that would offer some support to battered markets for the commodity. Any sign of fresh buying for China's strategic reserves would offer rare...

  • Online video images showed thick black smoke billowing into the sky from the plant in Orla, Texas, owned by Western Gas Partners LP, a unit of Anadarko Petroleum Corp.. Anadarko's master limited partnership, Western Gas Partners LP acquired the plant as part of its $1.5 billion deal for Nuevo Midstream LLC in 2014.. Units of Western Gas Partners and shares of its...

  • COLUMN-Oil storage business is booming: Kemp Thursday, 3 Dec 2015 | 1:02 PM ET

    Since September 2011, total capacity for storing crude in the United States has expanded by almost 87 million barrels, 19 percent, the EIA reported on Monday. Commercial storage capacity is also expanding around the rest of the world including major trading hubs in Singapore, South Africa and the Caribbean. Most facilities are owned by unlisted private firms or...

  • Oil glut so bad people are putting it back in the ground Wednesday, 2 Dec 2015 | 10:30 AM ET
    Oil glut so bad people are putting it back in the ground

    CNBC's Morgan Brennan details how U.S. oil supplies are so high that storage capacity is getting tight.

  • Don't hold your breath waiting for energy mergers Wednesday, 2 Dec 2015 | 9:29 AM ET
    A worker with Apache in the Permian Basin in Mentone, Texas.

    Dealmaking in America's oil patch has slowed to a trickle, while organized restructurings have ticked up among drillers.

  • Oil glut causing storage problem Wednesday, 2 Dec 2015 | 8:31 AM ET
    Oil glut causing storage problem

    CNBC's Morgan Brennan reports U.S. oil supplies are at near record levels and storage capacity is getting tight.

  • NEW YORK, Dec 1- A long-sought deal to bring a Caribbean oil refinery out of bankruptcy emerged on Tuesday, unexpectedly including a partnership with U.S. commodity trader Freepoint and handing Asia's biggest oil refiner, Sinopec, access to a huge oil storage facility. U.S. private equity firm ArcLight Capital, together with Freepoint, unveiled plans on Tuesday...

  • Dec 1- Boston- based private equity firm ArcLight Capital, together with commodities trader Freepoint, unveiled plans on Tuesday to buy the Hovensa refinery complex in St. Croix in the Caribbean and turn it into a massive oil storage hub. The partners also said China's Sinopec, Asia's largest oil refiner, has leased 75 percent of Hovensa's existing crude oil...

  • Why OPEC's plan to balance oil markets backfired Tuesday, 1 Dec 2015 | 8:44 AM ET
    An oil site in the middle of the Rub Al Khali ("the empty quarter") desert, Saudi Arabia.

    Instead of falling off as OPEC hoped, oil production has increased from where it was last year, and the world is still swimming in crude.

  • Chart: $29 oil? Technician says that's the target Wednesday, 25 Nov 2015 | 3:34 AM ET
    Rusted out 'pump-jacks' in the oil town of Luling, Texas.

    Nymex oil may have a prolonged sideways consolidation between $38 and $48 but charts suggest that, long-term, it has further to fall.

  • MEXICO CITY, Nov 24- Mexico's state oil company Pemex will process the lowest amount of crude this year in at least a quarter century, internal refining plan documents seen continue to batter margins. The decline is a double blow, as it means the national oil giant will likely struggle to compete in the upcoming liberalization of Mexico's retail oil sector and the...

  • Noble Midstream Partners postpones IPO amid oil slump Thursday, 19 Nov 2015 | 4:35 PM ET

    Nov 19- Noble Midstream Partners LP, a wholly owned unit of Noble Energy Inc, said it postponed its planned IPO amid a slump in oil prices. The company filed for an initial public offering on Oct. 22. Noble Midstream will continue to evaluate the timing for the proposed offering as market conditions develop, the company said.

  • *March 2016 would mark start of low-demand spring season. *Steep rise in $35, $30 put options reveals downside targets. SINGAPORE, Nov 19- Oil traders are preparing for another downward turn in prices by March 2016, market data suggests, as what is expected to be an unusually warm winter dents demand just as Iran's resurgent crude exports hit global markets after...

  • SINGAPORE, Nov 12- Oil prices struggled to break away from over two-month lows on Thursday, and the outlook remains bleak as traders ditch positions and producers hedge against lower prices despite some analysts saying market oversupply may have been overstated. U.S. crude futures were at $43.14 a barrel at 0740 GMT, up 21 cents from Wednesday when prices...

  • SINGAPORE, Nov 12- Crude oil prices edged away from over two-month lows in early Thursday trading, after a sharp slide on concerns the market would take much longer than many anticipated to rebalance as supplies far outstrip demand. Benchmark U.S. crude futures were at $43.25 a barrel at 0242 GMT, up 32 cents from Wednesday when prices tumbled 3 percent on the back...

  • HOUSTON, Nov 10- A traffic jam of oil tankers has emerged along the U.S. More than 50 commercial vessels were anchored outside ports in the Houston area at the end of last week, of which 41 were tankers, according to the Houston Pilots, an organization that assists in the navigation of larger vessels in and around port areas. As of Nov. 6, more than 20 million barrels of...

  • HOUSTON, Nov 10- A traffic jam of oil tankers has emerged along the U.S. More than 50 commercial vessels were anchored outside ports in the Houston area at the end of last week, of which 41 were tankers, according to the Houston Pilots, an organization that assists in the navigation of larger vessels in and around port areas. As of Nov. 6, more than 20 million barrels of...

  • NEW YORK/ CALGARY Nov 4- Canadian pipeline company Enbridge Inc is considering spending about $5 billion on oil storage assets in the U.S. Gulf Coast region, but has made no concrete investment decisions yet, a company spokesman said on Wednesday. In an investor presentation last month, Enbridge outlined opportunities to build storage and terminal assets on the...