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Oil and Gas Oil and Gas Refining

  • LONDON, Sept 22- U.S. stocks of distillate fuel oil, which have been trending downwards all year, now look tight following disruption to major refineries caused by Hurricane Harvey. But a recovery in freight, coupled with a boom in oil and gas drilling, which relies heavily on diesel, and record exports to Latin America and other markets have steadily whittled away...

  • Rainwater from Hurricane Harvey surrounds oil refinery storage tanks in this aerial photograph taken above Texas City, Texas, on Wednesday, Aug. 30, 2017.

    High profit margins at refineries is driving demand for crude oil, offsetting persistently robust exports from OPEC.

  • Sept 22- Phillips 66 Partners LP, the master limited partnership of Phillips 66, said it would buy assets from the refiner in a deal valued at $2.4 billion, including debt, in its biggest acquisition ever. The MLP said it would buy a 25 percent interest in two of the refiner's pipelines in the Bakken basin, and a 100 percent interest in the Merey Sweeny LP coke...

  • London, Sept 22- Oil prices were marginally firmer on Friday, as the market waited to see whether major producers meeting in Vienna would back an extension to output cuts beyond March next year. Some ministers from the Organization of the Petroleum Exporting Countries and from other producers led by Russia are set to discuss a possible extension to the current...

  • Some ministers from the Organization of the Petroleum Exporting Countries and from other producers are set to meet in Vienna at 0900 GMT on Friday to discuss a possible extension of an oil supply cut deal that is aimed at supporting oil prices. An OPEC source told Reuters the meeting had been postponed from 0800 GMT. The ministers from OPEC nations and others led...

  • BRUSSELS/ LONDON, Sept 21- Hurricane Harvey's crippling impact on U.S. oil refinery operations this month and the challenge buyers faced in filling the gap in gasoline supplies has exposed a shortage of spare refining capacity around the globe. Global refining is considered to be running at its maximum when capacity utilization is 85.5 percent, the highest...

  • SINGAPORE, Sept 22- Two South Korean refiners are exporting excess cargoes of residual fuel oil to nearby China, displacing some Singaporean sales of the commodity which can be used in ships and power stations, three trade sources said. Scheduled maintenance work at S-Oil Corp's Onsan plant in September and a fire at GS Caltex's Yeosu refinery in August has...

  • The rebalancing process was never going to happen overnight; it was never going to happen in a linear fashion; and it was always going to require a concerted effort, OPEC observed. OPEC has often stated that it wants to see the contango narrow as part of the rebalancing process. Crude in floating storage has fallen by 30 million barrels since the start of the year,...

  • *OPEC cartel meets in Vienna on Friday. *OPEC panel to discuss extending oil cut deal, tracking exports. "Compliance looks to be a bit of an issue" if prices rise much from current levels, said John Kilduff, partner at Again Capital LLC in New York.

  • *OPEC meets in Vienna on Friday. *OPEC panel to discuss extending oil cut deal, tracking exports. Ministers from the Organization of the Petroleum Exporting Countries, Russia and other producers meeting in Vienna on Friday, will discuss a possible extension of a deal to cut 1.8 million barrels per day of supply to support prices and will consider monitoring...

  • *OPEC meets in Vienna on Friday. NEW YORK, Sept 21- Oil prices were largely steady on Thursday, coming under slight pressure from a stronger dollar as traders waited to see whether oil-producing countries set to meet in Vienna would extend production limits to reduce the global crude glut. Ministers from the Organization of the Petroleum Exporting Countries,...

  • *OPEC meeting in Vienna on Friday. *OPEC to discuss potential extension of production cuts. "The bull run in the oil market is running out of steam as unease builds ahead of tomorrow's OPEC/ non- OPEC meeting," said Stephen Brennock, analyst at London brokerage PVM Oil Associates.

  • BRUSSELS/ LONDON, Sept 21- Hurricane Harvey's crippling impact on U.S. oil refinery operations this month and the challenge buyers faced in filling the gap in gasoline supplies has exposed a shortage of spare refining capacity around the globe. Global refining is considered to be running at its maximum when capacity utilisation is 85.5 percent, the highest...

  • The rebalancing process was never going to happen overnight; it was never going to happen in a linear fashion; and it was always going to require a concerted effort, OPEC observed. OPEC has often stated that it wants to see the contango narrow as part of the rebalancing process. Crude in floating storage has fallen by 30 million barrels since the start of the year,...

  • *OPEC meeting in Vienna on Friday. *OPEC to discuss potential extension of production cuts. "The bull run in the oil market is running out of steam as unease builds ahead of tomorrows OPEC/ non- OPEC meeting," said Stephen Brennock, analyst at London brokerage PVM Oil Associates.

  • *Saudi also making efforts to grow China market share. BEIJING/ MOSCOW, Sept 21- Chinese oil refineries are gearing up to receive more Russian oil transported through an expanded Siberian pipeline network from January, likely cementing Russia's position as China's largest oil supplier in a close race with Saudi Arabia. The planned ramp-up in pipeline supplies...

  • *OPEC meeting in Vienna on Friday. *OPEC to discuss potential extension of production cuts. OPEC and its allies have agreed to reduce output by about 1.8 million barrels per day until March 2018 in an attempt to empty inventories.

  • *OPEC meeting in Vienna on Friday looms over market. *OPEC to discuss potential extension of production cuts. OPEC and its allies have agreed to reduce output by about 1.8 million barrels per day until March 2018 in an attempt to empty inventories.

  • NEW YORK, Sept 20- Oil prices settled up 2 percent on Wednesday despite a rise in U.S. crude inventories, with the market heading for its largest third-quarter gain in 13 years after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts. Brent crude futures rose $1.06, or 1.9 percent, to $56.20 a barrel, while U.S.

  • HOUSTON, Sept 20- Lawyers expect a spate of force majeure contract lawsuits after Hurricane Harvey tore through Southeast Texas and parts of Louisiana last month, paralyzing a fifth of U.S. fuel output and pushing some oil production offline. Damage in Texas wrought by Harvey is estimated at around $180 billion, according to Texas Governor Greg Abbott, with some...