Oil and Gas Oil and Gas Storage

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  • *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...

  • *China's market turmoil weighs on Brent. SINGAPORE, Jan 7- Brent crude futures fell to a fresh 11- year low on Thursday as a sliding yuan and an emergency halt in China's stock trading left Asian markets in a turmoil, while a huge supply overhang and near-record output levels also continued to drag on oil prices. Trading on its stock markets was suspended for the rest...

  • *China slowdown weighs on Brent. *Iran- Saudi dispute to hurt OPEC coordination- traders. SINGAPORE, Jan 7- Brent crude prices fell to fresh 11- year lows on Thursday as fresh concerns over China's economy added to huge storage overhangs, near-record production and slowing demand that have already pummeled prices.

  • SINGAPORE, Jan 7- U.S. oil prices edged away from 2009 lows in early trading on Thursday but overall market sentiment remained extremely bearish due to huge unused amounts of petroleum sitting idle in storage tanks and as China's economy was showing no signs of recovery. West Texas Intermediate futures were trading at $34.23 per barrel at 0026 GMT, up 26 cents...

  • A truck used to carry sand for fracking is washed in a truck stop in Odessa, Texas. As crude oil prices have fallen, many American communities that became dependent on oil revenue are preparing for hard times.

    As oil prices fell toward an 11-year low Tuesday, experts debated what this means for the Texas and broader global economy.

  • SINGAPORE, Dec 21- U.S. crude oil prices dipped in early Asian trading on Monday, heading towards last week's 2015 lows as a rebound in drilling activity, a strong dollar and brimming storage facilities weighed on prices. West Texas Intermediate crude futures were trading at $34.48 per barrel at 0008 GMT, down 25 cents from their last settlement and close to last...

  • There is no immediate prospect of large-scale oil exports from the United States because domestic refineries have increased their processing of U.S. crude while domestic oil output has leveled off thanks to the slump in oil prices. The best way to ensure the United States continues to enjoy a healthy domestic oil industry is to allow both oil drillers and...

  • An oil pumpjack operates near Williston, North Dakota.

    U.S. House Republicans plan to file a government funding bill on Tuesday night that will include a provision lifting the U.S. ban on crude oil exports.

  • Halliburton

    Halliburton has been forced to delay for a second time its planned $26bn acquisition of rival Baker Hughes, the Financial Times reports.

  • BEIJING, Dec 11- China said it more than doubled the size of its strategic crude oil reserves between November 2014 and the middle of this year, building inventories at a rate exceeding analysts' estimates of the country's stockbuilding. China intends to build crude reserves of 550 million barrels by 2020. The 190.5 million barrels is equivalent to about one...