Oil Product

Aug 26 - Saudi energy minister tempers expectations for production freeze 

Saudi Arabian Energy Minister Khalid Al-Falih tempered expectations that the world's major oil producers would look to freeze production next month, telling Reuters on Thursday that the "market is moving in the right direction" already."We don’t believe any significant intervention in the market is necessary other than to allow the forces of supply and demand to do the work for us," he said in an interview following a speech at the U.S.-Saudi Arabian Business Council in Los Angeles. Click here to read full stories.

Aug 26 - More fully laden LPG tankers gather off Singapore awaiting buyers

Tankers full of liquefied petroleum gas (LPG) are gathering off Singapore waiting for buyers as a flood of supply from the U.S. and Saudi Arabia has outpaced demand for the fuel, trade and industry sources said on Thursday.The number of ships congregating near Singapore, a key ship-fueling and oil product trading area for Asia, has surged to over 10 from under seven just five weeks ago, said trading and industry sources that are familiar with the market. Shipping data carried on Thomson Reuters Eikon shows that there are at least eight Very Large Gas Carriers (VLGCs) anchored near Singapore including the Chaparral, Ming Long, Promise, Cratis, British Commerce and Berge Nantong. Click here to read full stories.

Aug 26 - Venezuela's oil imports slump on payment woes, economic meltdown 

Venezuela has not been able to import all the crude and fuel it needs this year to cover shortfalls at oilfields and refineries as state-run PDVSA struggles to pay suppliers on time, according to trade sources and internal company data seen exclusively by Reuters.The decline is the largest in five years as the worst economic crisis in decades undermines PDVSA's [RIC:RIC:PDVSA.UL] ability to buyoil imports, which fell 21 percent in the first seven months of this year to 154,465 barrels per day (bpd), the data showed. Click here to read full stories.

Aug 26 - Low prices may hobble potentially massive new Canada oilfield 

A deepwater oilfield off the coast of eastern Canada could hold 25.5 billion barrels of crude, according to a new seismic report by the Newfoundland and Labrador government, potentially making it the country's largest offshore resource.But the West Orphan Basin, 300 km (186 miles) northeast of Newfoundland, may still struggle to attract exploration bids in a November land sale due to persistently low crude prices. Click here to read full stories.

Aug 25 - Oil refiners face reprieve as maintenance tames fuel glut 

Oil refiners reeling from tumbling profits can expect some reprieve in the coming weeks as lower production will tame a huge global excess of gasoline and diesel.Dozens of plants that will switch off for regular autumn maintenance will help slow the downward spiral in margins (the profit from refining crude into oil products) that have fallen to barely break even in 2016 from highs of around $11 a barrel a year earlier, analysts said. Click here to read full stories.

Aug 25 - Brazil to let ethanol tax break expire in December - sources

The Brazilian government has no plans to extend a tax exemption for ethanol sales that expires in December as it pushes to rebalance the country's depleted public accounts, two government officials told Reuters on Wednesday.Ending the exemption, a de facto tax increase, should make the biofuel less attractive for mills and motorists, and prompt Brazil to produce and export more sugar while importing more gasoline. Click here to read full stories.

Aug 25 - Iran, Ecuador discuss ways to strengthen oil prices 

Iran and Ecuador on Wednesday discussed ways that the two countries can strengthen oil prices as Iran signals it may support joint efforts by exporters to prop up flagging crude.Iran has been boosting output since Western sanctions were eased in January. Tehran refused to join a previous attempt this year by OPEC plus non-members such as Russia to stabilize production, and talks collapsed in April. Click here to read full stories.

Aug 25 - U.S. crude, gasoline stocks build unexpectedly as refineries cut output -EIA 

U.S. crude and gasoline inventories rose unexpectedly last week as refineries cut output, the U.S. Energy Information Administration said on Wednesday, prompting a drop in oil futures.Crude inventories rose 2.5 million barrels in the week to Aug. 19, compared with expectations for a decrease of 455,000 barrels. Crude stocks on the U.S. East Coast soared 3.1 million barrels, the biggest build since February 2015. Click here to read full stories.

Aug 24 - Iran signals more willingness for OPEC action to boost oil price 

Iran is sending positive signals that it may support joint action to prop up the oil market, sources in OPEC and the oil industry said, potentially aiding efforts to revive a global deal on freezing production levels at talks next month.OPEC's third-largest producer has been boosting output after the lifting of Western sanctions in January. Tehran refused to join a previous attempt this year by OPEC plus non-members such as Russia to stabilise production, and talks collapsed in April.  Click here to read full stories.

Aug 24 - Saudi Arabia isn't flooding oil market ahead of freeze talks: Kemp 

Saudi Arabia’s oil production hit a record in July, according to published statistics, and is likely to hit another in August, according to industry sources.Some analysts have interpreted the increases as an aggressive demonstration of the kingdom’s ability to ramp up output ahead of an informal meeting of oil ministers in Algeria next month. Click here to read full stories.

Aug 24 - Iraq has not yet reached its full oil market share, says PM 

Iraq's prime minister said the country has not yet reached its full oil market share, suggesting his government would not restrain crude output as part of any possible OPEC agreement to lift prices."And the capping, we are not open to that because Iraq is still below what it should produce," Haider al-Abadi told reporters, responding to a question about whether the second-largest OPEC producer would be open to such a deal. Click here to read full stories.

Aug 24 - ConocoPhillips hits snag in Senegal deepwater stake sale to Woodside 

ConocoPhillips' plan to sell its stake in an oil find off Senegal to Woodside Petroleum hit a speed-bump on Tuesday as a junior partner attempted to buy time to pre-empt the deal at the same time it announced an increase in the size of the field.ConocoPhillips agreed in July to sell its 35 percent stake in the deepwater SNE field offshore Senegal to Woodside for up to $430 million. At the time, the SNE field was estimated to hold 561 million barrels of oil. Click here to read full stories.

Aug 23 - Saudi Arabia to discuss energy cooperation with China, Japan - SPA 

Saudi Arabia, the world's top oil exporter, plans to discuss energy cooperation agreements with China and Japan, the Saudi cabinet said on Monday."The cabinet has approved to delegate a number of ministers to discuss with the Chinese side the following projects: a memorandum of understanding (MOU) to cooperate in the energy sector; an initial cooperation memorandum in the field of crude storage," a cabinet statement on state news agency SPA said. Click here to read full stories.

Aug 23 - Iran to start using new oil and gas contract 

Iran's Vice President Eshaq Jahangiri has told the oil and finance ministries to start using the approved new draft for the Iran Petroleum Contract (IPC) for oil and gas deals, the Oil Ministry's news agency SHANA reported on Monday.The launch of the IPC has been postponed several times as hardline rivals of President Hassan Rouhani resisted any deal that could end the so-called buy-back system under which foreign firms were banned from owning stakes in Iranian companies. Click here to read full stories.

Aug 23 - China's surging fuel exports less worrisome than costly crude for refiners: Russell 

A surge in China's diesel exports last month to record levels is probably the last thing refiners in the rest of Asia wanted to hear, but they should probably worry more about rising crude oil prices.While China's booming fuel exports appears to have contributed to a structural lowering of profit margins for the region's refiners, the ups and downs still seem to be largely inversely linked to movements in crude prices. Click here to read full stories.

Aug 23 - CME Group suspends gold, natural gas trader for spoofing 

CME Group Inc on Monday suspended from its markets a futures trader who used the manipulative practice known as spoofing and was suspected of money laundering, the exchange operator said.CME, which owns Comex, the Chicago Mercantile Exchange and other markets, barred Andrey Sakharov from trading for 60 days and could extend his ban, according to a disciplinary notice. Click here to read full stories.

Contact information for Sakharov could not immediately be found. 

Aug 23 - Iraq's new oil minister sticks by demand to review foreign contracts 

Iraq wants to review contracts with oil companies to cut the fees that the firms receive when crude prices are low, the OPEC nation's new oil minister said, standing by a demand made by his predecessor.Oil Minister Jabar Ali Al-Luaibi conveyed his position at a meeting on Monday in Baghdad with BP's head in Iraq, Michael Townshend, the ministry said in a statement. Click here to read full stories.

Aug 22 - China's oil product exports surge in July- customs 

China's diesel, gasoline and kerosene exports surged in July from a year earlier, customs data showed on Monday, the latest sign the world's top commodities consumer can't cope with its domestic oversupply of fuel.Diesel exports rose 181.8 percent to 1.53 million tonnes, gasoline shipments were up 145 percent at 970,000 tonnes and kerosene exports jumped 46 percent to 1.09 million tonnes. Click here to read full stories.

Aug 22 - U.S. speculators raise net crude longs by most in five years - CFTC 

Money managers raised their net long U.S. crude futures and options positions in the week to Aug. 16 by the most seen in five years, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.The move came as speculators braced for planned talks next month between Organization of the Petroleum Exporting Countries and non-OPEC nations. OPEC is expected to revive discussions on freezing oil output levels, which could prove bullish for oil futures. Click here to read full stories.

Aug 22 - Distressed-debt investor Ross bets on troubled energy debt -report 

Distressed-debt investor Wilbur Ross is taking a large bet on troubled energy debt amid a two-year global price slump, according to a Wall Street Journal report citing people familiar with the matter.Ross' investment firm WL Ross & Co. has purchased hundreds of millions of dollars in troubled energy debt in a bid to take control of distressed oil and gas companies if they have to turn over ownership to creditors, according to the report on Saturday. Click here to read full stories.

Aug 22 - Chevron says no plan to exit Thailand, may keep stake in Myanmar gas field 

Chevron is committed to its Thailand investments despite job cuts that have spurred rumours of the U.S. oil major's exit, and may keep a Myanmar gas field stake if no attractive offer is made for the asset, an executive said in a statement on Friday.The U.S. oil major - the country's largest oil and gas producer, supplying more than one-third of its natural gas demand - operates several exploration and production blocks in the Gulf of Thailand. Click here to read full stories.

Aug 22 - Exxon says no output impact from RHC unit shutdown at Baytown, Texas refinery 

Exxon Mobil Corp said there was no impact to production from an unanticipated shutdown of a raffinate hydroconversion (RHC) unit at its 561,000 barrels per day (bpd) Baytown, Texas, refinery.The incident occurred on Saturday, according to a filing with the state pollution regulator over the weekend. Click here to read full stories.

Aug 19 - Nigeria oil minister says OPEC cuts unlikely, Algeria meeting could help price 

Nigerian oil minister Emmanuel Ibe Kachikwu said on Thursday that while a cut in OPEC production is unlikely, there is hope a meeting of producers in Algeria next month could help shore up crude prices. Kachikwu also said in a speech in Lagos that his country's oil output had fallen to 1.56 million barrels per day (bpd) as persistent militant attacks took out some 700,000 bpd. Click here to read full stories.

Aug 19 - Tanker sent by Libya's NOC starts to load oil from threatened port 

A tanker sent by Libya's National Oil Corporation (NOC) began to load oil on Thursday at the country's eastern Zueitina port, after rival forces stationed in the area agreed to let it dock and take the oil to safety, a port official said. The NOC expressed concern earlier this month after reports of possible clashes between the Petroleum Facilities Guard (PFG), one of Libya's many armed brigades, and forces loyal to eastern commander Khalifa Haftar, fearing these might damage the port infrastructure.  Click here to read full stories.

Aug 19 - Iraq resumes pumping oil through Kurdish pipeline 

Iraq has resumed pumping oil from fields operated by state-run North Oil Company (NOC) via a Kurdish pipeline to Turkey, a spokesman for the oil ministry in Baghdad said on Thursday. About 70,000 barrels per day (bpd) are being pumped through the pipeline controlled by the Kurdish regional authorities, spokesman Asim Jihad told Reuters, giving no further details. Click here to read full stories.

Aug 19 - Vitol says Exxon Mobil lacked 'transparency' during Torrance outage 

Swiss commodity trader Vitol SA criticized Exxon Mobil Corp this week for failing to be transparent about maintenance at its Los Angeles refinery following a February 2015 blast, which contributed to tighter gasoline supplies and higher prices. Speaking before a committee of the California Energy Commission on Tuesday, Brad Lucas, a West Coast trader for Vitol, said that lack of information from Exxon made it difficult to time cargo deliveries into the West Coast market. Click here to read full stories.

Aug 18 - Saudi signals it may hit new oil output record ahead of freeze talks -sources 

Saudi Arabia is sending signals that it could boost its crude oil supplies in August to a new record level, overtaking Russia, the world's top oil producer, as it gets ready for tough talks next month for a global output freeze pact. Industry sources say the kingdom, already the world's largest oil exporter, started to raise production from June, after holding it steady for the first half of the year, to meet rising seasonal domestic demand as well as higher export requirements. Click here to read full stories.

Aug 18 - Oil traders rush to secure vessels as U.S.-Europe export arb opens 

A rare opening of an export window for crude moving from the U.S. Gulf to Western Europe has caused a flurry of interest among oil traders, with at least two securing vessels. On Tuesday, global marker Brent's premium traded to as much as $2.50 a barrel over U.S. crude futures, the most since late February. The widening of the premium presented an arbitrage opportunity, prompting oil traders to secure vessels to send crude eastward across the Atlantic, sources said. Click here to read full stories.

Aug 18 - Bashneft sale should be postponed for up to 5 years - regional boss 

Russia should delay selling its majority stake in mid-sized oil producer Bashneft for up to five years, until it is worth more, the head of a region that holds 25 percent of the company told Reuters. Rustem Khamitov, president of the oil-producing internal Russian Republic of Bashkortostan, said he supported the government's decision to postpone selling its 50.08 percent stake, which was announced on Tuesday. Click here to read full stories.

Aug 18 - U.S. crude stocks fall unexpectedly in week - EIA 

U.S. crude stocks fell unexpectedly last week, while gasoline stocks decreased more than expected and distillate inventories rose, data from the Energy Information Administration showed on Wednesday. Crude inventories fell by 2.5 million barrels in the last week, compared with analysts' expectations for an increase of 522,000 barrels.Click here to read full stories.

Aug 18 - Freight recovery offers hope for U.S. diesel demand in 2017: Kemp 

U.S. freight shipments are showing tentative signs of a recovery which could underpin faster growth in diesel demand in 2017. Freight movements increased by 0.6 percent in June, building on gains of 0.1 percent in May and 1.5 percent in April. Click here to read full stories.

Aug 17 - Will OPEC agree to freeze output in Sept? Kemp 

OPEC and non-OPEC countries are again flirting with the idea of a production freeze to accelerate oil-market rebalancing, according to recent statements by several oil ministers. "Rebalancing is already taking place," Saudi Energy Minister Khalid Al-Falih observed in comments published on Saturday, which had already leaked on Thursday. "We are on track and prices should reflect that," the minister explained. Current prices were unsustainably low and the minister blamed the "large short positioning" in the oil market for causing prices to "undershoot". Click here to read full stories.

Aug 17 - Russia orders surprise delay in Bashneft oil firm sale 

Russian Prime Minister Dmitry Medvedev has postponed the privatisation of mid-sized oil producer Bashneft, his spokeswoman said on Tuesday, a decision she said was approved by President Vladimir Putin. The privatisation of Bashneft was meant to help plug gaps in Russia's budget caused by an oil price slump and Western sanctions imposed over the country's actions in Ukraine. Click here to read full stories.

Aug 17 - Iran says new oil contracts need more amendments 

Iran's new oil and gas contracts will need amendments, its oil minister said on Tuesday after a meeting with the speaker of parliament, adding that the new contracts will not be sent to the assembly for final approval. The launch of the Iran Petroleum Contract (IPC) has been postponed several times as hardline rivals of pragmatist President Hassan Rouhani resisted any deal that could end the so-called buy-back system, under which foreign firms were banned from owning stakes in Iranian companies. Click here to read full stories.

Aug 17 - Siccar Point in first N. Sea oil deal as private equity warms to sector 

Private equity-backed oil and gas venture Siccar Point Energy announced its first North Sea investment on Tuesday and said it planned to do more deals over the next year as cash-rich firms step up activity after a two-year rout in the sector. Siccar Point, headed by Jonathan Roger, a former Centrica executive, and backed by private equity firm Blue Water Energy and Blackstone, acquired a 8.9 percent stake in the UK North Sea Mariner field from JX Nippon. Click here to read full stories.

Aug 16 - OPEC deal a tough task, as oil output freeze expectations rise 

OPEC will probably revive talks on freezing oil output levels when it meets non-OPEC nations next month as top exporter Saudi Arabia appears to want higher prices, according to OPEC sources, although Iran, Iraq and Russia present obstacles to a deal. Riyadh sharply raised expectations for a global production deal between on Thursday when Energy Minister Khalid al-Falih said Saudi Arabia will work with OPEC and non-OPEC members to help stabilise oil markets. Click here to read full stories.

Aug 16 - Oil may test 2016 highs if Brent passes $50, WTI breaches $48 

Oil prices could set new highs for 2016 over the next four to six weeks if Brent crosses the $50-a-barrel threshold and U.S. crude pierces the $48 mark, technical analysts said on Monday. During the session, both benchmarks hit highs last seen in July, with Brent coming within $5 a barrel and U.S. West Texas Intermediate less than $6 from this year's peaks.  Click here to read full stories.

Aug 16 - Volatility ahead for U.S. crude as investors split bets 

U.S. crude oil is set for a volatile path ahead as both bullish and bearish wagers soar to record levels, with even large Wall Street banks at odds over future trends. Total long positions have risen to the highest level in over a year, while short positions climbed to a fresh record high, data from the U.S. Commodity Futures Trading Commission (CFTC) on Friday showed. Click here to read full stories.

Aug 16 - Top U.S. investors take profits, hold out hopes on energy in Q2 

Top U.S. investors such as Berkshire Hathaway and Paulson & Co slashed some energy investments in the second quarter amid strong gains in crude and natural gas prices, while also appearing optimistic by maintaining or placing new bets on the sector, regulatory filings showed on Friday and Monday. Warren Buffett's conglomerate Berkshire Hathaway cut its stake in oil exploration and production (E&P), refining and marketing company Suncor Energy by 7.7 million shares to 22.3 million shares over the quarter, filings with the Securities and Exchange Commission filing showed. The company's stock price was little changed at the end of the quarter. Click here to read full stories.

Aug 16 - Only special Russian decree could bar Rosneft from Bashneft sale -ministry letter 

Russia's Economy Ministry has advised Prime Minister Dmitry Medvedev he would have to issue an unprecedented special decree if he wants to bar state-controlled oil major Rosneft from the privatisation of a mid-sized energy group, according to a letter seen by Reuters. The planned auction of a 50 percent stake in state-owned oil producer Bashneft later this year will pit some of Russia's most powerful businessmen, executives and officials against each other if Rosneft and other state-controlled groups are allowed to participate.Click here to read full stories.

Aug 15 - Oil reshuffle in Poland: Urals out, Iran in 

Poland is replacing Russian oil with Iranian oil and unsold Urals crude is being redirected to Asia, industry sources told Reuters. Trader Mercuria, once the largest seller of Urals in Poland, is closing down and emptying Russian oil out of its tanks in the port of Gdansk. Mercuria will use a tanker bringing in Iranian oil to transport out its unwanted Urals. Click here to read full stories.

Aug 15 - Lack of investment, payment delays hamper Venezuela oil output 

Venezuela, which holds the world's largest crude reserves, is on track to suffer its steepest annual oil output drop in14 years as it suffers the effects of an economic crisis and years of under investment and mismanagement, according to data seen by Reuters and interviews with company sources and workers. The state-run oil company, Petroleos de Venezuela (PDVSA), is struggling to stem a production decline that has accelerated this year as a result of payment delays to suppliers, lack of investment in equipment, and poor planning in the country's vast oil fields. Click here to read full stories.

Aug 15 - Money managers boost bullish bets on oil for first time in a month 

Hedge funds and speculators raised their bullish wagers on U.S. crude for the first time in a month, data showed on Friday, after resurgent rumors on producer action to prop up the market helped oil rebound above $40 a barrel. Money managers, including hedge funds and other speculators, raised their net long position on NYMEX's West Texas Intermediate (WTI) crude by 17,671 contracts to 97,973 in the week to Aug. 9, data from the U.S. Commodity Futures Trading Commission (CFTC) showed.  Click here to read full stories.

Aug 12 - Big Dakota pipeline to upend oil delivery in U.S.  

It may seem odd that the opening of one pipeline crossing through four U.S. Midwest states could upend the movement of oil throughout the country, but the Dakota Access line may do just that. At the moment, crude oil moving out of North Dakota's prolific Bakken shale to "refinery row" in the U.S. Gulf must travel a circuitous route through the Rocky Mountains or the Midwest and into Oklahoma, before heading south to the Gulf of Mexico. The 450,000 barrel-per-day Dakota Access line, when it opens in the fourth quarter, will change that by providing U.S. Gulf refiners another option for crude supply. Click here to read full stories.

Aug 12 - China crude output falls to five-year low in July 

China's crude oil production in July fell 8.1 percent from a year ago to the lowest since October 2011 on a daily basis, as low prices limit the incentive to keep some wells operating in the world's fourth-largest oil producer. Crude output last month was 16.72 million tonnes in July, data from the National Bureau of Statistics showed on Friday. On a daily basis July's production is about 3.94 million barrels per day (bpd), down from June's 4.03 million bpd and the fifth straight month of declines in terms of daily output. Click here to read full stories.

Aug 12 - Iran cuts Sept Iranian Light crude price to Asia to 8-mth low 

Iran cut the official selling price (OSP) of its Iranian Light grade for its Asian buyers to the lowest since January, the latest among Middle East producers to cut prices to the region this month in an ongoing battle for market share. The OSP for Iranian Light was at $0.85 below the Oman/Dubai average for September, down $1.30 from the previous month, an industry source with direct knowledge of the matter said on Friday. Click here to read full stories.

Aug 12 - Iraq, oil companies agree to restart investment, boost output 

Iraq has reached agreement with BP, Shell and Lukoil to restart stalled investment in oil fields the firms are developing, allowing projects that were halted this year to resume and crude production to increase in 2017, Iraqi oil officials said. The agreements, reached in July and August, effectively delay to the second half of the year projects that the three companies had planned to carry out in the first half, which had been suspended because of low oil prices. Click here to read full stories.

Aug 12 - Saudi minister: Algeria meeting may discuss stabilising oil market 

Saudi Arabia will work with OPEC and non-OPEC members to help stabilise oil markets, it said on Thursday a month ahead of an informal meeting of major producing countries in Algeria. Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria from Sept. 26-28, Qatar's energy ministry said on Monday. Click here to read full stories.

Aug 12 - Oil demand likely rising in sweltering Middle East: Kemp 

Saudi Arabia raised its oil production to a record last month while much of the kingdom sweltered in record temperatures that have also hit neighbouring countries across the Middle East. There is not enough statistical data to draw a direct connection between the two but it is likely most if not all the extra oil production was burned in the kingdom's power plants to meet electricity demand. Click here to read full stories.

Aug 11 - OPEC points to 2017 oil surplus as Saudi output hits record

Top oil exporter Saudi Arabia boosted its oil output to a record high in July, it told OPEC, in a sign key members remain focused on market share rather than tackling a supply glut by curbing production. The monthly report from the Organization of the Petroleum Exporting Countries also said output from the 14-member group hit a new high last month, indicating excess global supply may persist into next year. Click here to read full stories.

Aug 11 - U.S. oil stocks rise, but product inventories fall - EIA

U.S. crude stocks rose last week, but stocks of gasoline and distillates fell, the U.S. Energy Department said on Wednesday. Crude inventories rose 1.1 million barrels in the last week, compared with analysts' expectations for a decrease of 1.0 million barrels. Click here to read full stories.

Aug 11 - Refiners on track to spend record on U.S. clean fuel standards

Major refiners like Valero Energy Corp are on track to pay record amounts this year for credits to comply with U.S. renewable fuel rules, corporate filings show, a trend that hurts profits and has some looking to export more to avoid the cost. Refiners and fuel importers are required to meet a U.S. biofuel quota of roughly 10 percent through blending products like ethanol into gasoline and diesel. If they fall short, they can buy credits generated by companies in compliance. But the cost of the credits, known as Renewable Identification Numbers (RINs), has jumped. Click here to read full stories.

Aug 11 - U.S. oil stocks rise, but product inventories fall-EIA

U.S. crude stocks rose last week, but stocks of gasoline and distillates fell, the U.S. Energy Department said on Wednesday. Crude inventories rose 1.1 million barrels in the last week, compared with analysts' expectations for a decrease of 1.0 million barrels.

Aug 10 - Global glut of oil products threatens crude recovery

Gasoline and diesel stockpiles have swollen to record highs across the globe, leaving refiners and traders few places to dump excess supplies and threatening large-scale production cuts that could derail an oil price recovery. Typically, U.S. and European refiners deal with excess regional inventories by exporting extra supplies to markets where margins for diesel, gasoline, or other oil products remains strong. However, months of above-average global refinery utilization rates and the addition of refining capacity globally has left storage tanks from Houston to Singapore full to the brim. Click here to read full stories.

Aug 10 - Venezuela tries to rally support for oil producer meeting

Venezuela on Tuesday said it was trying to rally support for a meeting of oil producers to agree measures to prop up oil prices, the struggling Latin American country's biggest source of income. Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC), is suffering from an economic and political crisis and relies heavily on oil export revenues. Click here to read full stories.

Aug 10 - Brent oil price held back by crude stored offshore Britain

The volume of crude held in floating storage off Britain's coast has grown this year due to excess supply, trade sources say, helping to put a cap on some parts of the Brent market which helps set global prices. More than 10 million barrels of crude - over 10 percent of daily world production - was parked in tankers off the British coast for part of July, according to trade sources and shipping data. While some floating storage is not uncommon, traders say the amount has been rising this year. Click here to read full stories.

Aug 10 - Oil short-selling cycle may be at or near turning point: Kemp

The enormous concentration of bearish short positions in U.S. crude oil futures and options contracts by hedge funds and other money managers left the market ripe for a short-covering rally. The rebound in futures prices, with the September WTI contract up by 10 percent since Aug 2, has all the characteristics of a short-covering rally (“Hedge fund short covering probably accounts for oil rally”, Reuters, Aug 8). Click here to read full stories.

Aug 10 - EIA sees smaller drop in U.S. 2016 crude output as drilling picks up

The U.S. Energy Information Administration said on Tuesday that it expects a smaller decline in U.S. crude oil production in 2016than it forecast a month agoas an uptick in drilling will lead to more output later this year. The agency said 2016 crude production will fall by 700,000 barrels per day (bpd) to 8.73 million bpd, according to the EIA's short term energy outlook. Previously, it forecast a drop of 820,000 bpd to 8.61 million bpd. Click here to read full stories.

Aug 09 - Venezuela says OPEC, non-OPEC countries may meet in 'coming weeks'

A meeting between OPEC and non-OPEC countries may take place "in the coming weeks," Venezuelan Oil Minister Eulogio del Pino said on Monday, as the crisis-stricken South American nation seeks to prop up weak oil markets. "We are actively promoting a meeting of producers, which we estimate could take place in the coming weeks, so that OPEC and non-OPEC countries can sit down to see what the scenario for the winter looks like," Del Pino told state television. Click here to read full stories.

Aug 09 - BP seeks buyers for China petchem JV stake in up to $3 bln deal -sources

British oil major BP is seeking buyers for its 50 percent stake in a Chinese petrochemicals joint venture, its single largest investment in China, in a deal that would fetch $2-$3 billion, people familiar with the matter told Reuters. BP has hired an investment bank to sell its shareholding in SECCO as part of a drive to cash out of businesses where it lacks control, the people added. A successful deal would mark BP's first significant exit from a business in China. Click here to read full stories.

Aug 09 - Hedge fund short covering probably accounts for oil rally: Kemp

Benchmark crude prices have risen almost 8 percent since early last week in what has all the hallmarks of a short-covering rally. Brent futures for October have risen by more than $3 per barrel from a low of $41.80 on Aug. 2 to over $45 in trading earlier on Monday. Click here to read full stories.

Aug 09 - Texas oil regulator expects $60/barrel crude by 2017

A Texas oil industry regulator expects crude oil prices to eclipse $60 per barrel by next year as global supply and demand balance, a price that would again make production profitable across the largest producing U.S. state. Any rise in oil prices would be a welcome relief to Texas energy companies, especially those who operate in the Eagle Ford shale region, where production has slumped with prices slumped near $43 per barrel. Click here to read full stories.

Aug 08 - China fuel exports hit record in July, crude imports up 1.2 pct

China's fuel exports rose to a record in July as easing demand growth and a surplus in refined oil products pushed refiners to increase shipments to overseas buyers. The refined fuel exports surged 52.3 percent from a year ago to a monthly record 4.57 million tonnes, data from the General Administration of Customs showed on Monday. Click here to read full stories.

Aug 08 - Four-month hangover from Singapore fuel oil party finally ends

Singapore's long hangover from a near-record fuel oil trading binge in March is ending as tonnage traded that month and held offshore moves into landed tanks, signalling a tighter market in the world's biggest trading hub for the shipping fuel. The excess floating storage taken up in March is now virtually empty. With fuel oil supplies coming into Asia expected to remain low because of inventory declines in Europe and strong seasonal demand from the Middle East, onshore stocks are also expected to fall, while prompt values for the bottom-of-the-barrel product improve. Click here to read full stories.

Aug 08 - Libya's NOC calls on rival factions to protect Zueitina terminal

Libya's state oil company on Sunday called on rival armed factions to avoid damaging the oil terminal in Zueitina, following reports of possible clashes at the eastern port. The National Oil Corporation (NOC) said it was concerned by reports of "imminent conflict" between the Libyan National Army (LNA) and the Petroleum Facilities Guard (PFG) in the vicinity of Zueitina. Click here to read full stories.

Aug 08 - Oil traders prepare fond farewells to Yahoo Messenger

Oil traders on Friday were lamenting the imminent demise of their main communication tool, Yahoo Messenger, which has been an industry standard since the late 1990s. To some traders' surprise, the software was still operating and in use during New York trading hours, even though Yahoo Inc had set Aug. 5 as the date for shutting down the legacy version of its chat that many were reluctant to give up. Click here to read full stories.

Aug 08 - China overtakes S. Korea as Asia’s biggest Forties crude buyer for 2016

China has surpassed South Korea as the top destination in Asia for North Sea Forties crude this year after Royal Dutch Shell sent 10 million barrels of the oil for arrival between May and September. Stuck with excess North Sea crude after a strike in France dampened European demand, Shell is pushing crude to the world's second-largest oil consumer as it struggles to find an outlet for its share of the Forties stream close to home. Click here to read full stories.

Aug 05 - Chevron to sell assets in Asia worth up to $5 bln - WSJ 

Chevron Corp, the second-largest U.S. oil company, is selling some assets in Asia worth up to $5 billion, the Wall Street Journal reported, citing people familiar with the matter. The company is set to start selling its offshore China assets this month, the Journal reported on Thursday. Click here

Aug 05 - Private equity funds eye ending drought in U.S. energy IPOs - sources 

Private equity funds are looking to sell shares in two U.S. energy companies, people familiar with the plans said this week, deals that could end a year-long drought for Initial Public Offerings (IPOs) in the oil and gas sector. Denver-based Extraction Oil & Gas LLC, an oil explorer and driller in Colorado’s Denver-Julesburg (DJ) basin backed by private equity firm Yorktown Partners LLC, has fileda confidential registration with the U.S. Securities and Exchange Commission (SEC) indicating it is planning on going public, people familiar with the matter said. Click here

Aug 04 - As U.S. crude wobbles near $40, new oil rally in doubt

U.S. crude's slide below $40 a barrel this week has hardened the resolve of oil market bears to drive prices lower, with oversupply, refining cutbacks and a breakdown in the oil/dollar trade spelling an end to this year's rally. Few believe oil will revisit the 12-year lows of $26 to $27 a barrel seen in the first quarter, but many are zeroing in on $35 a barrel or lower for U.S. crude. Short bets have increased in recent weeks as investors believe the spring rally that nearly doubled the price of oil took the market too far, too fast. Click here

Aug 04 - Idemitsu, Showa Shell shares slide after Idemitsu family moves to block deal 

A move by Idemitsu Kosan Co Ltd's founding family to block management's plan to acquire smaller rival Showa Shell Sekiyu KK sent shares in the Japanese refiners tumbling on Thursday as concerns grew that the family might well succeed. Idemitsu has said its planned takeover of Showa Shell, which would create Japan's No.2 refiner by capacity, is necessary to cope with lower demand but the family argues the two companies are too culturally different for a merger to work. Click here

Aug 04 - Enbridge's Sandpiper looks to be latest victim of pipeline overbuild 

The long-planned and oft-delayed Sandpiper pipeline through the U.S. Midwest may not be dead, but it appears to be on life support, a likely casualty of the oil-and-gas industry's infrastructure overbuild amid a two-year global oil rout. After years of delays, refiner Marathon Petroleum Corp and midstream giant Enbridge Inc on Tuesday announced they would scrap their joint venture agreements and transportation services for the 450,000 barrels per day Sandpiper project, instead agreeing to acquire a portion of the rival Dakota Access Pipeline. Click here

Aug 04 - Why is oil market rebalancing taking so long? Kemp 

Rebalancing the oil market is proving a long and frustrating process because the oil-exporting countries hit hardest by the slump were the themselves some of the fastest growing oil consumers before prices tumbled. As oil revenues have shrivelled, their economies have slowed or gone into recession, removing one of the most dynamic drivers of oil demand, and leaving the rest of the world economy to fill the gap. Click here

Aug 04 - Overstated supply risks likely to offer limited support to oil bulls - Citi 

The potential easing of supply disruptions of crude oil in Libya has been likely overstated and could provide "cold comfort" to bulls in the oil market, Citi said in a note this week. Global output disruptions are likely to increase a little in August as output from Libya and Nigeria are expected to remain challenged, the bank said. Click here

Aug 04 - U.S. crude inventories rise unexpectedly as distillate stocks grow 

U.S. crude stocks rose unexpectedly for a second week last week as distillate inventories jumped, while gasoline stocks sank more than expected, the U.S. Energy Department said Wednesday. Crude inventories rose by 1.4 million barrels in the last week, compared with analysts' expectations for a decrease of 1.4 million barrels. Click here

Aug 04 - U.S. frackers surprise themselves as tweaks keep adding barrels 

Nimble U.S. shale oil producers continue to show an uncanny ability to squeeze more and more crude from new wells, allowing them to do more with less as they try to weather another dip in oil prices to $40 a barrel. Comments from Noble Energy, Devon Energy and Occidental Petroleum on Wednesday were significant because only six months ago many analysts were fretting that shale producers had hit a wall after slashing costs and lifting well output by as much as 50 percent since the steepest price crash in a generation started in mid-2014. Click here

Aug 03 - Big investors pare energy junk bond holdings after big rally 

Investors in junk-rated energy bonds, who have made a mint this year betting on this battered sector, are paring their holdings as oil flirts with sub-$40-a-barrel levels on concerns about a persistent overhang in supplyand choppy demand. Thanks to the two-year slump in the price of oil, energy debt securities yielded a whopping 21 percent in Februarywhen crude hit its lowest in over a decade at about $26. That brought in opportunistic buyers who watched prices rise, pushing yields to around 9.5 percent now, a level that these investors see as overvalued relative to oil's weakening price. Click here

Aug 03 - Libya's NOC wary of broken promises in oil ports deal 

Libya's National Oil Corporation, which hopes to more than quadruple the country's oil output by the end of this year, remains wary that promises to reopen blockaded ports could be broken, the NOC chief in Tripoli told Reuters on Tuesday. Libya's U.N.-backed government has signed a deal with an armed brigade controlling the major Ras Lanuf and Es Sider oil ports to end a blockade and restart exports from the terminals, which have been shut since December 2014.

Aug 03 - Husky oil spill in Canadian river followed two others nearby -records 

A Husky Energy Inc oil spill into a major Canadian river on July 20 was the third in the same area in eight months, government records showed, and could put new pressure on the province of Saskatchewan's energy regulator to improve its monitoring of pipelines. The economy ministry is the energy regulator in the western Canadian province and officials there told Reuters it has never physically inspected the 19-year-old Husky pipeline since it was constructed.

 Aug 03 - Delta's refinery sacrifices profits for lower fuel cost - memo

Delta Air Lines Inc is flooding the New York market with jet fuel from its refinery, sacrificing refining profits in order to lower the carrier’s fuel costs, according to a company memo seen by Reuters. The memo, written by the head of Delta’s Monroe Energy subsidiary, says the refinery will act against its own financial interest to try to maintain lower jet fuel prices and save the nation’s second-largest airline money on fuel, its top operating expense.

Aug 03 - ADM eyes ethanol asset sales as weak margins hit Q2 profit

U.S. grain trader Archer Daniels Midland Co is pulling back in ethanol and exploring sales of its corn dry mills that produce the biofuel, the company said Thursday after reporting a lower second-quarter profit due partly to weak ethanol results. Chicago-based ADM, one of the world's top ethanol makers, has made presentations to seven potential buyers and expects bids for the ethanol assets by the end of August, the company said during a earnings-day call with analysts.

Aug 02 - Iran says crude market oversupplied, balance to be restored

Iran's Oil Minister said on Monday the oil market was oversupplied but predicted balance between demand and supply will be restored, Iranian state television reported on Monday. "The oil market is oversupplied now but there are expectations that there will be balance between demand and supply in the market," Bijan Namdar Zanganeh was quoted as saying by Iran's state TV, without saying when that may happen.

Aug 02 - Hedge funds turn ultra-bearish on crude and gasoline: Kemp

Hedge funds have turned very bearish towards both crude and refined products over the last two months amid signs of an oversupply of gasoline. Hedge funds and other money managers added the equivalent of 56 million barrels of extra short positions in the three main Brent and WTI futures and options contracts in the week ending July 26.

Aug 02 - Maurel et Prom chief sells out to Indonesia's Pertamina

Indonesian state energy firm Pertamina plans to buy a one quarter stake in France's Maurel et Prom from its boss and extend the offer to take over the rest of the Africa-focused oil company in a deal that could value it at close to $1 billion. Pertamina said the acquisition of the 24.5 percent stake from Maurel et Prom (M&P) Chairman and Chief Executive Jean-Francois Henin would fit well with plans to bolster its upstream business globally.

Aug 01 - Is Saudi Arabia back in the oil market share game?  Russell 

Sometimes actions really do speak louder than words, with Saudi Arabia's slashing of crude oil prices to customers in Asia contrasting with recent comments from the kingdom's top oil executive that chasing market share isn't a priority. Saudi Aramco, the state-controlled oil company, cut its official selling price (OSP) for its benchmark Arab Light grade for September-loading cargoes by $1.30 a barrel to a discount of $1.10 to the regional marker Oman-Dubai.

Aug 01 - Libya's NOC welcomes opening of ports, aims for 900,000 bpd by end of year 

Libya's state oil company said on Sunday it welcomed the "unconditional" reopening of blockaded oil ports following a deal between the U.N.-backed government and an armed force which controls key facilities, saying it would begin work to restart exports from the terminals. The agreement, signed on Thursday, could be a major step in reviving Libya's crippled oil output.

 Aug 01 - Saudi Aramco cuts crude prices to Asia ahead of weak demand 

Saudi Arabia has slashed the September price for its Arab Light crude oil for Asian customers by $1.30 a barrel, the largest cut for the flagship grade in nearly a year, helping to shore up sales ahead of fall in demand in October. About 1 million barrels a day of processing capacity in Asia will be shut in October, according to data on Thomson Reuters Eikon, the biggest shutdown in 2016 as refiners try to cope with weak refining margins and high fuel inventories.

 Aug 01 - OPEC oil output set to reach record high in July - survey 

OPEC's oil output is likely in July to reach its highest in recent history, a Reuters survey found on Friday, as Iraq pumps more and Nigeria manages to export additional crude despite militant attacks on oil installations. Top OPEC exporter Saudi Arabia has kept output close to a record high, the survey found, as it meets seasonally higher domestic demand and focuses on maintaining market share rather than trimming supply to boost prices.

Aug 01 - Fight for survival returns to Europe's battle-hardened refineries 

Energy companies' lifeline during the rout in oil prices - refining and downstream - has withered but the fall in margins is hardly a surprise for European refiners, which are turning again to survival strategies honed during the tough years. Results this week from integrated oil majors including Shell, Total, BP and ENI show refinery margins crashing by as much as half from last year.

Aug 01 - Oil rout erodes 2nd-qtr profits for U.S. majors Exxon, Chevron 

Chevron Corp posted its worst quarterly loss since 2001 on Friday and Exxon Mobil Corp reported a 59 percent slide in profit, as the long crude price rout and tumbling refining income inflicted pain across the energy sector. The weak results from two of the world's largest oil producers come as the energy industry is at a crossroads, trying to survive in an era of low prices, which many analysts see as the new status quo, while funding expensive growth projects crucial for long-term survival.

Aug 01 - La Nina set to boost U.S. winter heating oil demand: Kemp

Middle distillates remain the one ray of hope for U.S. oil refiners still struggling to clear a glut of gasoline caused by over-production earlier in the year. Stocks of distillate fuel oil are higher than normal but have been trending down for the last 15 weeks according to the U.S. Energy Information Administration.

Aug 01 - Hedge funds dump U.S. oil, turn record short on gasoline 

Hedge funds have turned more negative on oil amid worry about fundamentals, holding a record net short position on gasoline while cutting bullish wagers on crude to five-month lows, industry data on Friday showed. Oil markets have been gripped by fear in recent weeks that the oversupply in crude could get out of hand again like two years ago. Rising stockpiles of gasoline despite the peak summer driving season in the United States have added to the worries.

 

Aug 01 - U.S. oil drillers add the most rigs in a month in over 2 years - Baker 

U.S. drillers this week added oil rigs for a fifth consecutive week as part of the biggest monthly rig count increase in over two years, Baker Hughes Inc said on Friday. The oilfield services provider and some analysts, however,have cast doubts on a substantial recovery in drilling this year with U.S. crude prices heading for their biggest monthly loss in a year.

Jul 29 - Oil industry suppliers see light at the end of the tunnel 

European suppliers to the oil industry, hit by their customers' spending cutbacks over the past two years, have produced stronger than expected second-quarter earnings and are cautiously pointing to signs of recovery in demand. These companies, which encompass oil drillers, engineering groups, oil services providers and seismic surveyors, have had to slash jobs, costs and investments to cope with the fallout from a 60 percent drop in the oil price since 2014. Click here 

Jul 29 - Valero blames excess winter production for U.S. gasoline glut: Kemp 

The accumulation of gasoline stocks in the United States has been driven by excess gasoline production rather than lack of demand, according to Valero, the largest independent refiner in the United States. “A lot of it is really more a result of utilisation, especially utilisation in periods where we typically see refineries cut,” the company noted during its second quarter earnings call on Tuesday. Click here

Jul 29 - Drop in the ocean: India's strategic oil reserves unlikely to stir market 

India's initial plan to build-up its strategic petroleum reserves (SPR) is not shaping out to be the dramatic event that some in the market had hoped could help reignite global oil demand. While New Delhi has not shown its full hand in revealing its intentions, the first reports that SPRs might provide 90 days of net import coverage had stoked industry hopes of an important new pillar of oil demand. Click here

Jul 29 - Noble's head of Asia energy, oil products traders quit - sources 

Several traders from Noble Group, including its head of Asia energy and metals, have left the company, trade sources said on Thursday, a month after its chief executive quit. The latest staff departures point to a hollowing out of its oil trading team, which expanded less than a year ago, adding to the embattled commodity merchant's woes. Click here

Jul 29 - PES buying gasoline after Philadelphia refining unit shuts 

Philadelphia Energy Solutions Inc was in the market for gasoline after the company shut a gasoline-making unit at the Girard Point section of its Philadelphia refinery complex, according to traders. Gasoline prices rose almost 2 percent, before easing. That PES was said to be buying gasoline would suggest it is bracing for a longer shutdown, two market participants said, as they would need that product to meet customer agreements. Click here

Jul 28 - Investors eye signs of improvement in U.S. energy earnings 

Investors reeling from several quarters of declines from U.S. energy companies are optimistic that a recent oil rebound may help boost results of exploration and production companies reporting in the coming days. After a nearly two-year slide in crude, higher oil prices may lead to higher production this year and in 2017, investors believe. However, a lot depends on whether the big rally in oil prices from February lows has run its course. Click here

Jul 28 - Statoil second quarter lags forecasts, cuts 2016 capex outlook 

Norway's Statoil cut its 2016 capital spending guidance as it missed quarterly earnings forecasts on Wednesday, hit by persistently low crude prices and higher-than-expected costs. Statoil's adjusted operating profit fell almost 70 percent to $913 million in the second quarter from $2.9 billion a year ago, well below analysts' expectations for about $1.4 billion. Click here

Jul 28 - U.S. crude oil stockpiles rise unexpectedly - EIA 

U.S. crude oil stocks rose for the first time since mid-May in the latest week as refinery utilization declined and imports increased, the U.S. Department of Energy said on Wednesday. Gasoline inventories also increased, even as refinery production slowed, the Energy Information Administration said. Click here

Jul 28 - South Africa oil workers' strike could hit refineries 

South African energy workers plan to strike indefinitely from Thursday over pay, the union representing them said, a stoppage that will potentially hit oil refineries of companies including Shell, BP Chevron, and Sasol. Around 23,000 workers in the petrochemical and pharmaceutical sectors are expected to take part in the strike, Clement Chitja, head of collective bargaining, the Chemical, Energy, Paper, Printing, Wood and Allied Workers Union (CEPPWAWU), said on Wednesday. Click here

Jul 28 - Suncor turns to loss as wildfire shutdown drags on earnings

Suncor Energy Inc, Canada's largest oil and gas company, reported a second-quarter loss on Wednesday, as it was hit by a significant decline in oil sand production due to the shut in of operations during the Fort McMurray wildfire. The Calgary-based company posted an operating loss of C$565 million, or 36 Canadian cents per share. That was below the average analyst estimate of an operating loss of 26 Canadian cents per share, according to Thomson Reuters I/B/E/S. Click here

Jul 27 - In Venezuela's murky oil industry, the deal that went too far 

Even for Venezuela's notoriously opaque economy, it was a sweetheart deal that went too far. Last August, state oil company Petroleos de Venezuela SA issued one of its largest tenders in recent years: a multi-billion dollar project in the Orinoco Belt, the world's largest crude reserve. The project was designed to shore up the OPEC country's stagnating oil production and ease an economic crisis. Click here 

Jul 27 - Why haven't oil prices fallen further as hedge funds boost short positions? Kemp 

Hedge funds and other money managers have begun to amass another large short position in futures and options contracts linked to the price of crude oil. But the current wave of short-selling has been associated with a much smaller decline in WTI prices than last summer, at least so far. Click here

Jul 27 - British oil major BP pursues new projects despite profit miss

BP will forge ahead with at least three more new projects this year, its CEO said, despite the British oil major reporting a 45 percent drop in second-quarter earnings that prompted a cut in its 2016 investment budget to below $17 billion. Tuesday's results missed expectations, with analysts surprised by higher corporate charges, including administrative costs relating to Gulf of Mexico oil spill liabilities, and a lower contribution from BP's stake in Russian oil producer Rosneft. Click here

Jul 27 - Freeport-McMoRan takes foot off gas on asset sales, to issue shares

Freeport-McMoRan Inc, the world's biggest publicly listed copper miner, put its high-profile asset sales plan on the rear burner on Tuesday, and instead unveiled a $1.5 billion share issue to help it cut debt. Freeport's chief executive said he was confident the company could reduce its $18.8 billion of net debt to between $13.2 billion and $10.5 billion by the end of 2017 on the back of already executed asset sales and excess cash it expects to earn from higher mined volumes and metals prices.Click here

Jul 26 - Renewed oil weakness sparks demand fears 

U.S. oil prices topped $50 a barrel in June, boosting optimism a two-year price rout might end. Six weeks later, the long hoped for recovery has yet to take hold. Mounting fears that demand has fallen short of expectations as production increases and rig counts rise has analysts believing that any oil price recovery may be a year or more in the future. Click here

Jul 26 - Libyan deal to end oil ports blockade still needs signing - Guard's Jathran 

Libyan Petroleum Facilities Guard (PFG) commander Ibrahim Jathran said on Monday he was ready to end a blockade at key oil terminals, but the U.N.-backed government still needs to sign an agreement for exports to resume. The PFG has been demanding payment of workers' wages as part of any deal to end the blockade of Ras Lanuf, Es Sider and Zueitina. Details of the negotiations have not been made public. Click here

Jul 26 - Hedge funds in new cycle of oil short-selling: Kemp 

Hedge funds have been liquidating their former record bullish position in crude futures and options putting downward pressure on oil prices in recent weeks. But now the liquidation of old long positions is being replaced by the establishment of new short positions as fund managers try to capitalise on the downward cycle in prices. Click here

Jul 26 - China plans 70 mln cubic meters for strategic oil storage - state paper 

China plans to construct a total of 70 million cubic meters of storage for its strategic petroleum reserve (SPR) in three construction phases, a state-run newspaper said on Monday. Equivalent to 441 million barrels, that would equal about 60 days of China's current crude imports of about 7.4 million barrels per day, according to Reuters calculations. Click here

Jul 26 - U.S. refiners, stuck with lots of gasoline, switch to winter brew

Winter has come early for U.S. refiners and blenders. In a summer of discontent with high inventories and an unseasonably weak demand, some refiners have started blending winter grade gasoline earlier than usual to sell later in the year,two trading sources told Reuters last week. Click here

Jul 26 - Russian oil industry close to major taxation overhaul 

Russia is planning to overhaul its oil industry tax, introducing a profit-based system designed to boost government revenue and lift output from 2018, according to documents seen by Reuters and industry sources. The current tax is currently based on production and exports. Companies have long been lobbying for profit-based taxation, saying it will spur production and it better reflects exploration costs and risks. Click here

Jul 26 - Husky shuts pipeline indefinitely after Canadian oil spill 

Husky Energy Inc has indefinitely closed a pipeline that leaked oil into a major Canadian river, a company official said on Monday, as the spill forced a second city to stop drawing drinking water. Heavy oil and diluent leaked from a 19-year-old pipeline in Husky's Saskatchewan Gathering System on Thursday, flowing into the North Saskatchewan River, which supplies water to several communities in the western Canadian province. Click here

Jul 25 - Libya oil exports threatened as NOC warns against port deal 

Libya's hopes to boost crude exports have been dealt a blow after the head of the National Oil Corporation (NOC) objected to a deal between the government and local guards to reopen key ports. In a letter seen by Reuters to U.N. Libya envoy Martin Kobler and a number of oil and diplomatic officials, NOC chairman Mustafa Sanalla said it was a mistake to reward Ibrahim Jathran, head of the Petroleum Facilities Guard (PFG), for a blockade of the oil ports of Ras Lanuf, Es Sider and Zueitina. Click here 

Jul 25 - At least 40 percent of Canada oil spill recovered - officials 

Authorities have recovered at least 40 percent of the 1,572 barrels of oil that leaked into a major western Canadian river, but the spill is still moving downstream and threatening the drinking water of riverside communities, officials said on Sunday. The heavy oil and diluent leaked from Husky Energy Inc's Saskatchewan Gathering System pipeline on Thursday, flowing into the North Saskatchewan River. Click here

Jul 25 - Hedge funds' bullish oil bets at 4-month low as outlook weakens 

Hedge funds have slashed positive bets on U.S. crude oil to a four-month low, industry data released on Friday showed, as weakening fundamentals flushed more bullish speculators out of the market. The U.S. Commodity Futures Trading Commission reported that money managers, including hedge funds and other big speculators, cut their combined net longs in U.S. crude futures and options in both New York and London by 24,912 contracts to 155,652 in the week to July 19. That was the lowest net long position for money managers since the week ended March 8. Click here

Jul 25 - Squeezed out by China, Japan's JX slashes Russian ESPO crude buys 

Japan's JX Nippon Oil & Energy Corp, a major buyer of Russia's ESPO crude blend, has slashed purchases in favour of cheaper Middle East oil, reflecting the impact of China's "teapot" refineries on global oil flows. A long-time buyer of ESPO crude from Russia's Far East, JX has changed contract terms with Russia's top oil firm Rosneft and trading firm Tenergy, enabling it to take less oil or buy alternative blends, two sources with direct knowledge of the matter said. Click here

Jul 25 - U.S. oil drillers add rigs for fourth straight week - Baker Hughes 

U.S. drillers this week added oil rigs for a fourth consecutive week, according to a closely followed report on Friday, with the recent return to the well pad expected to soften the decline in domestic crude production. Drillers added 14 oil rigs in the week to July 22, bringing the total rig count up to 371, compared with 659 a year ago, energy services firm Baker Hughes Inc said. That is the biggest weekly increase since December. Click here

Jul 25 - Singapore floating storage, Bukom restart offset lower fuel oil arbitrage volumes 

Fuel oil arbitrage volumes into Singapore have fallen for three consecutive months, but so far the drop-off has not led to any supply constraints in the trading hub as there is plenty of the shipping and industrial fuel stored offshore in tankers. Total fuel oil flows into East Asia - most of which finds its way to Singapore - are down 23 percent in July compared with the previous month and are nearly half of the year-to-date average, according to data from Thomson Reuters Supply Chain and Commodities Research. Click here

Jul 22 - Traders eye export markets as U.S. crude futures pummeled

A ballooning spread between the price of U.S. and European oil, coupled with lower shipping costs, has traders scrambling to take advantage of what may be a brief window of opportunity to ship crude to higher priced markets. The premium for Brent futures relative to U.S. West Texas Intermediate (WTI) crude rose above $1.50 barrel on Thursday, its largest level since April, up 50 cents from the start of the week. click here.

Jul 22 - Saudi Arabia regains top ranking in China crude supply 

Saudi Arabia, the world's biggest oil exporter, regained its position as China's top crude supplier in June, after losing out to Russia over the previous three months, customs data showed on Thursday. China imported 4.569 million tonnes of crude from Saudi Arabia in June, or 1.112 million barrels per day (bpd), down 14.2 percent on the year but beating 961,000 bpd in May. click here .

Jul 22 - U.S. refinery profits set for worst year since start of shale boom 

U.S. independent refiners such as Valero Energy Corp and Phillips 66 look set to post another quarter of disappointing earnings, putting the industry on track for its worst year since the U.S. shale boom began in 2011. The companies had hoped to rebound from a weak first quarter on the back of strong U.S. gasoline demand. But while U.S. motorists have taken to the highway in record numbers, refiners have been undone by record supplies of gasoline and diesel products. click here .

Jul 22 - Iraq oil exports set to rise in July, despite leak 

Iraq's oil exports are set to rise in July, according to loading data and an industry source, putting supply growth from OPEC's second-largest producer back on track after after two months of declines. Iraq in 2015 provided OPEC's biggest rise in supply. The growth has slowed this year due to maintenance and technical problems, and Iraqi officials say seasonally higher domestic use has curbed volumes available for export. click here .

Jul 22 - U.S. refiners carry on processing despite gasoline glut: Kemp

Fears that U.S. refiners will cut crude processing in response to deteriorating margins and rising gasoline stocks have haunted the oil market for the past two months. But so far there are few signs that U.S. refiners are actually making voluntary "economic run cuts" as a result of the glut of gasoline and sharp falls in gasoline prices. click here .

Jul 22 - Indonesia plans to start building strategic oil reserves this year 

Indonesia plans to start installing tanks for its strategic petroleum reserves (SPR) and filling them this year with the goal of covering 30 days worth of emergency stocks eventually, the energy minister said on Thursday. "This year we already got an allocation of 800 billion rupiah ($61.07 million) from the state budget for the SPR, so we can start to have it this year," Energy Minister Sudirman Said told reporters. click here .

Jul 21 - More pain seen for U.S. crude as product glut adds to gloom 

A glut of refined products has worsened the already-grim outlook for U.S. crude oil for the rest of the year and the first half of 2017, traders warned this week, as the spread between near-term and future delivery prices reached its widest in five months. A stubborn, massive supply overhang punished crude over the winter as U.S. oil futures hit 12-year lows in February. As supply outages and production cuts increased, crude rallied and spreads tightened significantly in May. click here.

Jul 21 - Saudi Aramco not worried about others gaining market share in Asia -CEO

Saudi Aramco is not worried about competition from other producers raising their crude sales in Asia as the number of customers the state oil giant deals with is also increasing, its chief executive said on Wednesday. Iraq overtook Saudi Arabia for the first time to be India's top oil supplier in the June quarter, helped by sales of discounted heavy crude that refiners have also been using to make bitumen to build roads in the world's No.3 oil consumer. click here.

Jul 21 - Russia's energy minister: No discussions about coordination with OPEC on oil output 

Russian Energy Minister Alexander Novak said in an interview there were no discussions about possible coordination with OPEC on oil output after a failed attempt to jointly maintain production levels earlier this year. "We do not discuss the issues of coordination of actions between Russia and OPEC... We can't agree on production cuts as we don't have such tools and mechanisms," Novak told Reuters in interview cleared for publication on Wednesday. click here.

Jul 21 - Oil investors may get another shot at cheap barrels 

Oil investors who missed the chance to buy crude at multi-year lows earlier this year might get another shot at securing a bargain, as prices are likely to slip in the near term before recovering more steadily, analysts said. Crude prices have risen more than 70 percent to around $46 a barrel since hitting 12-year lows in January. However, investors baulked at pushing the price beyond $50, unsettled by the risk an uncertain global economic outlook poses to the broader market, analysts noted. click here.

Jul 21 - Oil Search bows to ExxonMobil in battle for InterOil 

Australia's Oil Search Ltd has cleared the way for ExxonMobil Corp to take over InterOil Corp for $2.2 billion, giving the U.S. giant access to a rich new gas field to expand its exports from Papua New Guinea. The move could lead ExxonMobil and French giant Total SA to tie together their competing gas interests in the South Pacific nation, cooperating to reduce costs as they battle cheap oil and liquefied natural gas (LNG) prices. click here .

Jul 21 - Halliburton signals better demand for fracking equipment

Halliburton Co indicated that demand for its fracking equipment was returning, despite the fewer number of rigs at work, as high-intensity shale drilling soaked up all the available capacity in the market. Halliburton is the world's largest provider of equipment used in hydraulic fracturing or fracking - the process of pumping water and chemicals, known as proppants, into shale rocks to extract oil and gas. click here.

Jul 21 - U.S. crude stockpiles fall for ninth week, gasoline builds - EIA 

Crude oil stocks in the United States fell for the ninth consecutive week and gasoline stockpiles posted a surprise build last week, data from the U.S. Energy Information Administration showed on Wednesday. Crude inventories fell 2.3 million barrels in the week ending July 15, data from the statistical arm of the Energy Department showed, largely in line with analysts' expectations for a decrease of 2.1 million barrels. click here.

Jul 20 - Silver Run buys into U.S. shale producer Centennial -source

Silver Run Acquisition Corp, run by energy industry veteran Mark Papa, has taken a stake in privately held Centennial Resource Development LLC and plans to develop the crude producer's Texas shale acreage, according to a source familiar with the matter. The move by Silver Run, which went public in February with the aim of investing in U.S. energy companies, is the latest sign that major investors are moving more quickly to secure assets and acreage at depressed prices as U.S. crude prices climb off 2016 lows. click here

Jul 20 - Oil traders lose millions as LPG glut shocks market 

Traders in the liquefied petroleum gas (LPG) market face a "career-ruining" glut that has led to millions of dollars in losses as Chinese buyers, far from coming to the rescue, are in a stand-off with oil companies to cancel deals. LPG, a historically niche and dislocated market, has ballooned with the advent of U.S. exports due to the shale boom. The United States went from an importer to the largest single exporter of propane in just a few years, rivalling the Middle East Gulf producers. click here .

Jul 20 - U.S. fuel terminal operator to offer higher ethanol blend

Midwest fuel terminal operator HWRT Oil Company LLC will become the first U.S. company to sell pre-blended fuel with 15 percent ethanol content in the coming months, the latest sign that more of the biofuel is making its way to the gas pump. HWRT will begin selling the preblended fuel out of its four terminals in Illinois, Arkansas and Indiana in mid-September, the company said on Tuesday, a move that follows announcements by fuel retailers including Power Energy Corp and Thorntons that they will add pumps to sell higher ethanol blends in the Chicago area. click here .

Jul 20 - Chesapeake sued for allegedly rigging U.S. oil, natgas leases

Investors who sold oil and natural gas land leases to Chesapeake Energy Corp and now-bankrupt SandRidge Energy Corp sued Chesapeake and Tom Ward, SandRidge's former CEO, alleging that they conspired to depress the market for those leases. Chisholm Partners LLC, an investment firm that owned leases in Kansas, and other leaseholders said the alleged conspiracy started around Dec. 27, 2007 and continued until at least March 31, 2012, according to a complaint filed in federal court in Kansas on July 13. click here .

Jul 20 - Libya suspends Sarir oil output due to Hariga port protest

A protest over wages that has shut the eastern Libyan oil terminal of Hariga has forced the operator of the Sarir oil field to suspend production of 100,000 barrels per day, an oil company spokesman said on Tuesday. Omran al-Zwai, spokesman for Libya's eastern state oil firm AGOCO, said production at the Messla oil field would also be reduced to a minimum within four or five days if exports continued to be blocked from Hariga. click here .

Jul 19 - Iraq undercuts Saudi Arabia in Q2 to grab top spot in India oil market 

Iraq overtook Saudi Arabia for the first time to become India's top oil supplier in the June quarter, helped by sales of discounted heavy crude that refiners have also been using to make bitumen to build roads in the world's No.3 oil consumer. State oil firm Saudi Aramco has traditionally been the main supplier to India and Riyadh could face pressure to deepen crude price cuts to regain market share, particularly ahead of the planned listing of Saudi Aramco.  click here .

Jul 19 - Dark cloud of offshore fuel storage rising over oil price

This has not been the summer many oil traders had expected after last year's bumper profits. Banking on more of the same, the world's refineries have churned out more diesel, gasoline and jet fuel than eager drivers and holiday makers have been able to consume even over the summer travel season. click here .

Jul 19 - ExxonMobil's offer for InterOil a model for buying at the bottom: Russell

ExxonMobil Corp's bid to buy a junior natural gas explorer in a remote Pacific country shows that rare corporate ability of planning a deal at the bottom of the commodity cycle that holds the promise of long-term returns. ExxonMobil has offered at least $2.2 billion for InterOil Corp in order to obtain the smaller company's natural gas assets in Papua New Guinea. click here .

Jul 19 - Iran targets oil sales to China teapots via Trafigura - sources

An Iranian crude cargo loaded by trading house Trafigura is set to arrive in east China this week, heating up the race among oil suppliers to meet the rise in demand for imports from China's independent refineries, trade sources said. Only last year, China's independent oil refiners, known as teapots, were granted licenses to import crude in line with Beijing's efforts to boost competition in a sector dominated by state-run groups. Frenzied buying by the teapots followed, drawing in rare supplies from both Saudi Arabia and Kuwait. click here .

Jul 18 - Saudi always reacts to oil supply and demand, watching market - minister 

Saudi Arabia's energy minister said on Sunday the kingdom always reacts to oil market supply and demand and it would continue to monitor crude markets for any developments. Khalid al-Falih also said that final agreements with foreign investors taking part in state oil giant Saudi Aramco's huge ship repair and shipbuilding complex that it is developing at Ras al-Khair would be signed "over the next few weeks and months". click here.

Jul 18 - U.S. gas prices must rise to rebalance market: Kemp

The U.S. natural gas market is on an unsustainable course as low prices stimulate strong growth in consumption while production is flat or falling. U.S. power producers burned a record amount of gas last winter despite mild weather as cheap prices and stricter environmental regulations encouraged a shift away from coal. click here.

Jul 18 - Speculators add to bullish U.S. crude bets for 1st time in 3 weeks - CFTC

Hedge funds raised their bullish bets on U.S. crude oil for the first time in three weeks, industry data released on Friday showed, as a technical rebound lifted the market from worries about a global glut that had hammered it to two-month lows. The U.S. Commodity Futures Trading Commission reported that money managers, including hedge funds and other big speculators, raised their combined net longs in U.S. crude futures and options in both New York and London by 8,306 contracts to 180,564 contracts in the week to July 12. click here.

Jul 18 - U.S. oil drillers add rigs for third week in a row - Baker Hughes

U.S. drillers this week added oil rigs for a third week in a row, according to a closely followed report Friday, as some producers boost spending and increase activity to capture higher prices in the future despite a recent slump in crude prices. Drillers added six oil rigs in the week to July 15, bringing the total rig count up to 357, compared with 638 a year ago, energy services firm Baker Hughes Inc said. click here.

Jul 15 - BP puts 2010 Gulf of Mexico penalties at $62bln 

BP on Thursday estimated costs from its deadly 2010 Gulf of Mexico spill will total $61.6 billion after it agreed to a new $5.2 billion charge it said largely drew claims to a close.The company said it will record an after-tax charge of around $2.5 billion in its second quarter as a result of the latest charge.  click here.

Jul 14 - OPEC delegates say Saudi comments show higher oil price desire 

OPEC delegates say comments from top exporter Saudi Arabia, which two years ago led the group to drop its historic role of supporting oil prices, are a change in tone and a sign the kingdom is looking - verbally for now - to prop up the market.Khalid al-Falih, who took over this year from longserving Saudi oil minister Ali al-Naimi, told German newspaper Handelsblatt that an oil price higher than $50 is needed to achieve a balance in oil markets in the long term. click here .

Jul 14 - Depleted crews, idled rigs lie in shale oil's path to revival

Two years ago, Reg MacDonald's 20-day drilling classes were packed to capacity, with nearly 40 students eager to land lucrative jobs in the booming oil and gas industry. Now he is lucky if he gets half a dozen to enroll.The latest rout in oil prices has been the last straw for many workers just getting back on their feet after the last downturn in 2008, said MacDonald, president of Maritime Drilling Schools Ltd in Nova Scotia, Canada, which trains both entry-level and experienced workers for oilfield jobs all over the world. click here .

Jul 14 - Surprise U.S. gasoline stock build crimps refiner margins 

U.S. gasoline and distillate stocks surged unexpectedly last week, data showed on Wednesday, crimping margins for refiners at the height of summer driving season, a time when they generally enjoy healthy demand and profits.Almost two months into the start of a summer when Americans were expected to take to the road at record rates, some 1.2 million barrels of gasoline landed in storage tanks last week, the Energy Information Administration said on Wednesday. click here

 

Jul 14 - Nigerian oil trade union suspends strike 

A Nigerian union representing oil workers has suspended a strike that some feared would lead to fuel shortages and disrupt crude production, one of its leaders said on Wednesday.The strike by about 10,000 members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), which includes refinery workers and office staff, began on Thursday over issues that include oil sector reforms and pay. click here .

Jul 13 - Oil and shipping markets on edge after South China Sea ruling 

Global oil and shipping markets reacted nervously on Tuesday after an international arbitration court ruled against Beijing's claims across large swathes of the South China Sea, fuelling geopolitical tensions in the vital waterway.A tribunal in The Hague, Netherlands, found China had breached the sovereign rights of the Philippines and had no legal basis to its historic claims in the South China Sea, a major shipping lane between Europe, the Middle East and Africa.  click here .

Jul 13 - OPEC sees tighter 2017 oil market, Brexit drag on economy

OPEC on Tuesday gave an upbeat outlook for the oil market in 2017, saying global demand for its crude would be higher than its current production and pointing to a supply deficit rather than a sizeable surplus that has weighed on prices.However, the Organization of the Petroleum Exporting Countries in a monthly report also cut its forecast for world economic growth this year, citing increased uncertainty following Britain's vote to leave the European Union and said the pace of oil demand growth would slow slightly next year, in its first 2017 forecast. click here .

Jul 13 - Supertankers loading oil at Iraq's Basra port after pipeline leak repair 

Two supertankers are loading crude at Iraq's southern port of Basra, resuming operations after a brief outage caused by an oil pipeline leak that has been repaired, shipping sources said.Supertankers Front Commodore and New Frontier are currently loading oil at the Basra Oil Terminal, they said on Tuesday. click here .

Jul 13 - Kuwait studies privatisation of oil services, not output 

Kuwait is considering privatising its oil services sector, a senior finance ministry official said on Tuesday, although any plans would not include its production capability.The finance ministry and state-run Kuwait Petroleum Corporation are studying which sectors and services may be privatised, Undersecretary Khalifa Hamada told a news conference. click here .

Jul 12 - Iraq halts Basra Light crude oil loading after pipeline leak 

Iraq has suspended Basra Light crude oil loading at two export terminals in the country's south after a pipeline leak, four shipping and trade sources said on Monday.One of the sources said the suspension at the Basra Oil Terminal and the smaller Khor al-Amaya terminal took place on Sunday and there were 15 Very Large Crude Carriers (VLCCs) and Suezmax tankers in the queue. A VLCC can load up to 2 million barrels and a Suezmax has capacity of 1 million barrels. click here.

Jul 12 - Nigerian oil union leaders, government hold talks over strike

Leaders of a Nigerian trade union whose members are on strike held talks with government officials on Monday aimed at resolving the dispute, the Nigerian National Petroleum Corporation (NNPC) and a union leader said.The strike by about 10,000 Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) members, including refinery workers and office staff, began on Thursday over issues the union said were "critical to the survival of the oil and gas industry in the country". click here .

Jul 12 - Hedge funds push oil prices lower: Kemp 

Continued hedge fund liquidation of former bullish bets on oil and the establishment of new short positions have kept crude prices on the defensive over the last month.Hedge funds and other money managers cut their bullish bets on crude oil by another 22 million barrels over the seven days ending on July 5.  click here.

Jul 12 - CEFC Intl's Singapore oil trading team quits - sources 

Singapore-listed CEFC International's oil trading team resigned over the weekend, three sources with direct knowledge of the matter said.The Singapore-based team, including the company's vice president of trading Liu Lei and six members Liu hired over the past six months, decided to quit because of an "internal policy shift" by the company, one of the sources said. click here .

Jul 12 - China to slow energy project construction, shifts to capacity cuts-Xinhua

China will ban the construction of new coal-based chemical facilities and coal-fired power plants until 2018 and continue to shed overcapacity in coal mining and oil refining, state news agency Xinhua reported on Monday.As part of China's 2016-2020 energy plan, expected to be officially unveiled soon, the new measures will cap total national energy consumption at 5 billion tonnes of standard coal equivalent by 2020, and put a ceiling on coal consumption at 4.1 billion tonnes, Xinhua reported. Coal equivalent measures the energy given off by different fuels in a standardised way regardless of type, such as coal, oil or natural gas.  click here.

Jul 12 - North Sea oil output to resume decline in August-schedules 

North Sea crude output is set to fall in August, tanker loading programmes indicated, potentially tightening a market that has been under pressure from ample supplies.Supply from 12 North Sea crude streams will average 1.86 million barrels per day (bpd), down from July's rate of 1.95 million bpd, according to Reuters calculations based on loading programmes provided by trade sources. click here .

Jul 11 - Oil funds hold down risk, eye volatility after weak first half 

Oil's big rebound in the first half of the year was a squandered opportunity for most hedge funds with positions in crude, and a surge in volatility is likely to make it harder for them to call the market in the second half.The majority of hedge funds in the oil universe posted sparse returns in the six months to June even as crude rebounded from 12-yearlows to post a 30 percent gain. click here.

Jul 11 - Asian oil refiners cut output to fight oversupply, low margins 

Oil refiners in Asia are processing less crude as they grapple with margins that plunged to five-year lows after the region was flooded with supply of refined products and as slowing economic growth hits demand for fuels.Asian refiners typically increase utilisation rates from July after carrying out regular maintenance in the second quarter, building stocks of fuels such as diesel and gasoline to meet demand that peaks in summer. click here.

Jul 11 - Bottlenecks expected as more Canadian oil meets tight pipe space

Deeply-discounted prices for heavy crude from the heart of Alberta's oil sands look set to sink further, thanks to hundreds of thousands of barrels of new supply that will have difficulty finding space in crowded pipelines, traders say.It would be another hit for Canada's ailing oil sands producers, who have slashed millions in capital expenditures and been forced to lay off thousands of workers over the two-year downturn in oil prices. click here.

Jul 11 - Hedge funds' bullish U.S. oil bets drop to near 4-month low 

Hedge funds are holding the smallest numbers of bullish bets on U.S. crude oil since March, data showed on Friday, amid worries the global economy will slow and energy demand will not be enough to absorb a petroleum glut.Money managers, including hedge funds and other big speculators, cut their combined net longs in U.S. crude futures and options in both New York and London by 6,732 contracts to 172,258 contracts in the week to July 5, data from the U.S. Commodity Futures Trading Commission showed. click here.

Jul 11 - Shell CEO warns Brexit could slow $30 bln asset sale plan 

Royal Dutch Shell's chief executive, Ben van Beurden, has told investors that Britain's decision to exit the European Union could slow its $30 billion asset sale plan, especially in the North Sea which had struggled to attract buyers for years.The comment, made during an investor and analyst event at the Wimbledon tennis tournament this week, came as Shell mandated Bank of America Merrill Lynch to find buyers for several key assets in the North Sea, including its stake in the lucrative Buzzard oilfield, hoping the sale would raise at least $2 billion.  click here.

Jul 08 - Libya oil guards back NOC state oil company, preparing to reopen fields 

Libya's oil guard brigades, which control Ras Lanuf and Es Sider, two major export terminals closed since 2014, are working with the unity government's state oil company, NOC, and preparing to reopen fields to pump crude again, a spokesman said on Thursday. The spokesman for Ibrahim Jathran's PFG forces did not give any details whether that would include reopening the two ports soon. Starting shipments there would restore a potential 600,000 barrels per day of crude export capacity. click here.

Jul 08 - U.S. crude inventories fall for seventh straight week – EIA 

U.S. crude oil inventories fell for a seventh consecutive week, within analysts forecasts but far less than market expectations amid a drop in refinery runs and higher imports, while gasoline stocks also fell less than expected, the U.S. Energy Information Administration said on Thursday. Crude inventories fell 2.2 million barrels in the week to July 1, inline with analysts' expectations for a decrease of 2.3 million barrels. Crude futures, however, had risen after the American Petroleum Institute, a trade group, late Wednesday reported a much bigger 6.7 million-barrel drop. click here.

Jul 08 - Norway union warns of oil service strike, may hit output 

Labour union Industri Energi on Thursday said a large number of workers at Norwegian oil service firms will go on strike later this year unless a wage deal is found in upcoming mediation. Voluntary wage talks for 6,500 union members at around 60 companies broke down on Wednesday. click here.

Jul 08 - Brazil committee votes to end exclusive Petrobras subsalt rights 

A bill that would allow companies other than state-led Petrobras to run new oil and gas projects in Brazil's prolific subsaltregion advanced on Thursday when a committee of the lower house of Congress voted to recommend it in hopes of reviving stalled petroleum investment. The bill, already passed by Brazil's Senate, will now move to the full lower house in Brasilia for a vote expected as early as next week. click here .

Jul 07 - The oil industry is losing the burn of Asian demand 

After half a year of strong oil price rises, Asian crude demand is slowing and by some measures falling, and many market participants suspect it is not just a cyclical phenomenon, but also a product of more permanent structural changes. With years of annual economic growth of 7-10 percent in China and similar recent figures from India, Asia-Pacific has overtaken the Americas to become the world's biggest oil consuming region, accounting for almost 40 percent of global demand. click here.

Jul 07 - Cruel summer for U.S. refiners as margins tank 

Summer driving season is in full swing and American motorists are filling their tanks at a healthy clip, but that is not swelling the profit margins as much as usual at U.S. independent oil refiners such as PBF Energy Inc and Valero Energy Corp. In April, executives shrugged off the industry’s lousy first quarter as an aberration that would be remedied this summer. click here.

Jul 07 - Trade house Trafigura loads first cargo of Iranian crude 

Trading house Trafigura has loaded its first major cargo of Iranian crude oil for delivery to Asia, industry sources and ship tracking showed. Trafigura loaded the crude onto the Olympic Target tanker, capable of holding 2 million barrels of oil at the end of June, according to a shipping source. click here.

Jul 07 - Norway oil service firms, unions fail to agree wage deal 

Wage negotiations between Norwegian oil service workers and their employers failed early on Wednesday, the Industri Energi trade union said in a statement. The Norwegian Oil and Gas Association, which represents the employers, separately said the negotiations had been put on hold for the time being. click here.

Jul 07 - Russia grants broader access to exchanges before Urals futures launch 

Russia has granted foreign firms direct access to commodities trading on Russian exchanges in a move intended to facilitate the launch of Urals crude futures later this year. Russia's largest commodities exchange said on Wednesday foreign companies could now trade commodities or derivatives based on them without having a registered branch in Russia, following changes approved by President Vladimir Putin. click here.

Jul 06 - Crisis-struck Venezuela sends fuel oil tankers into tight Singapore market 

Crisis-struck Venezuela is sending two supertankers filled with fuel oil across the oceans to Singapore, in what traders described as a surprise move that could help reduce a tight market. Shipping data in Thomson Reuters Eikon shows that two fully-laden very large crude carriers, the New Dream chartered by PetroChina and the Trafigura-chartered Britanis, are heading to Singapore with 270,000 tonnes each of fuel oil from the Bonaire Terminal owned by Petroleos de Venezuela. click here.

Jul 06 - Commodity trade in UK may have some position limit leeway after Brexit 

Britain-based commodity exchanges may have some leeway in the way they manage large positions after the UK exits the European Union, but they will still have to comply with EU rules from 2018, experts say. Position limits, a way of controlling how much of an individual commodity trading firms can hold, are being introduced for the first time in the Markets in Financial Instruments Directive II (MiFID II) from January 2018. click here.

Jul 06 - Saudi Arabia's oil reserves: how big are they really? Kemp 

“How much oil lies beneath the desert sands of Saudi Arabia and how long will it last before running out?” is a question that has intrigued and confounded oil experts for five decades. The kingdom has proven reserves of 266 billion barrels according to government estimates submitted to the Organization of the Petroleum Exporting Countries (“Annual Statistical Bulletin”, OPEC, 2015). click here.

Jul 06 - US shale firms' Q1 hedging rush may squeeze margins, spur output 

As oil prices began recovering from 13-year lows early this year, U.S. shale producers ramped up their hedges against another slump on a scale unseen for at least a year, a Reuters analysis of company disclosures shows. A review of disclosures by the largest 30 U.S. shale firms showed 17 of them increased their hedge books in the first quarter, the most at least since early 2015. click here.

Jul 06 - India's top shipping firm to resume sailing to Iran, boosting shares 

Shipping Corporation of India (SCI) will resume sailing to Iran this month after a four-year gap, transporting an oil cargo for a state-run refiner, the chairman of India's biggest shipping company said on Tuesday. The news sent SCI shares trading on a weak Mumbai market up about 9 percent, marking the biggest percentage rise for the shipping company since September, 2015. click here.

Jul 06 - Kazakhs, Chevron-led group approve $37 bln Tengiz field expansion 

Kazakhstan and a group of oil companies led by Chevron have approved a $36.8 billion plan to boost production at the Central Asian country's Tengiz field, a rare major investment in an industry hit by low prices and a boost to the local economy. The field, one of the world's biggest, already accounts for more than a third of total crude output in Kazakhstan, which is the biggest former Soviet oil producer after Russia. click here .

Jul 05 - Shell seeks $2bln from Aramco in Motiva JV breakup 

Royal Dutch Shell has asked Saudi Aramco for up to $2 billion as part of the breakup of their giant Motiva Enterprises refining joint venture in the United States, the latest stumbling point in a partnership fraught with tension. The payment would be compensation for the Saudi company retaining a larger share of the nearly two decade-old JV. Its split was announced in March and is expected to be completed in October but disagreements over the payment could postpone the final date, sources close to the talks told Reuters.  click here

Jul 05 - Iranian officials revive ghost of oil deals disliked by majors 

Iran's officials are reviving the idea of developing oil fields using buy-back deals that international oil companies dislike, suggesting renewed tensions between hardliners and reformists over the future of the industry. Iran needs money to boost output from its oil reserves, the world's fourth largest, because production has been crippled by years of Western sanctions. Some of these were removed in January. click here .

Jul 05 - China's CNOOC completes $2 bln upgrade at coastal refinery 

China National Offshore Oil Company, or CNOOC, has started operating an upgraded refinery project in eastern China following a 13-billion yuan ($1.95 billion) revamp programme, which will enable the plant to produce premium-quality fuel and high-value petrochemicals, according to a company official and state media report. CNOOC added 15 production units at Daxie Petrochemical, located in coastal city of Ningbo, boosting its annual production capacity to 7 million tonnes, Xinhua news agency cited CNOOC as saying on Sunday, without giving a comparison.  click here .

Jul 05 - Gunvor in talks to invest in U.S. refinery - sources 

Swiss trading house Gunvor is in advanced talks to restart a New Jersey asphalt refinery in another attempt to expand in the United States as it continues to sever ties with Russia, sources close to the matter said. The pursuit comes a little more than two years after the U.S. Treasury Department placed sanctions on one of Gunvor's co-founders, Russian businessman Gennady Timchenko, briefly plunging the firm into a crisis.  click here .

Jul 05 - Gasoline tankers drop anchor off New York as stocks brim 

At least two tankers carrying gasoline-making components have dropped anchor off New York Harbor for nearly a week, unable to discharge their cargoes in the latest sign that storage for the fuel is running out, traders said. Several tankers with gasoline have also been diverted from the New York region to Florida and the U.S. Gulf Coast in recent days, a rare move that underscores oversupply in the pricing hub for the benchmark U.S. gasoline.  click here .

Jul 05 - Hedge funds to U.S. refiners: produce more diesel, less gasoline

Hedge funds and other money managers are betting diesel and heating oil will take over from gasoline as the main driver of U.S. refinery profitability in the second half of the year. For the past 18 months, refiners have been rewarded for maximising output of gasoline and minimising production of diesel, but that could all be about to change.  click here .

Jul 04 - Saudi energy minister says oil market heading toward a balance, prices beginning to settle -state media 

The energy minister of Saudi Arabia, the world's largest oil exporter, and the secretary general of OPEC agree that the global oil market is heading toward a balance and that prices are starting to settle, according to comments carried by Saudi state news agency SPA. The statement said Khalid al-Falih and the Organization of the Petroleum Exporting Countries' newly appointed secretary general, Mohammed Barkindo, had met in the Saudi city of Dhahran to discuss the role of OPEC in maintaining the stability of oil markets.  click here.

Jul 04 - Asian buying of West African crude to edge higher in July 

Loadings of West Africa oil heading for Asia are set to edge higher in July, supported by firm demand for Angolan oil from China and India, a Reuters survey of shipping fixtures and traders showed. The roughly 1.7 million barrels per day (bpd) scheduled to sail east in July as of now could well move higher, shipping sources said, as some buyers are waiting to book vessels amid weakening freight costs. click here .

Jul 04 - Saudi Arabia keen to expand China energy investments 

Saudi Arabia wants to expand its investments in China's energy industry, its Energy Minister Khalid al-Falih said late on Friday, part of the world's top oil exporter's efforts to boost cooperation with a top customer. Falih's comments were made in an emailed statement after discussions with China's Vice Premier Zhang Gaoli and other officials in Beijing during a G20 ministerial meeting. click here

Jul 04 - India's Iran oil imports surge in June - tanker data 

India's Iran oil imports rose about 39 percent in June year on year, preliminary data obtained by Reuters shows. In the first half of 2016 India's Iran oil imports surged by about 58 percent to about 342,000 bpd, the data showed, in comparison with 216,500 bpd in the same period last year.  click here .

Jul 04 - In sign of progress, Libya's rival NOC oil companies agree to merge 

Libya's state energy company National Oil Corporation has agreed to merge with a rival company established in the east by one of the country's two former competing governments, the NOC said in a statement. The merging of the two NOCs is a positive step to recovering the OPEC member's oil sector which has been battered by militant attacks, rival export attempts and closures of pipelines and oil ports by armed factions. click here .

Jul 04 - BP-Exxon impasse blocks renewal of giant Azeri oil deal - sources 

U.S. oil major Exxon Mobil and Britain's BP are at loggerheads over a giant oil production deal with Azerbaijan, blocking renewal of what was once called "the contract of the century", three high-level industry sources told Reuters. BP, which operates the Azeri-Chigar-Guneshli (ACG) fields in the Caspian Sea and relies on them for a tenth of its global output, has tentatively agreed terms with the Azeri government on extending the 30-year contract, they said.  click here .

Jul 01 - OPEC oil output hits record high in June on Nigerian rebound 

OPEC's oil output has risen in June to its highest in recent history, a Reuters survey found on Thursday, as Nigeria's oil industry partially recovers from militant attacks and Iran and Gulf members boost supplies. Higher supply from major Middle East producers except Iraq underlines their focus on market share. Talks in April between producers on freezing output failed and have not been revived as a recovery in prices to $50 a barrel reduces the urgency to prop up the market. click here.

Jul 01 - Iran claws back market share as oil tanker heads to Poland 

A supertanker with Iranian crude is heading towards Poland's Baltic Sea port of Gdansk, trade sources said and ship-tracking data showed, as Iran continues to claw back market share after the lifting of Western sanctions. It was not immediately clear whether the buyer was Polish refiners PKN Orlen or Grupa Lotos, or whether the oil would remain in Poland or be shipped to Germany, which is connected by pipeline to Gdansk.  click here

Jul 01 -U.S. shale oil's Achilles heel shows signs of mending 

Since the beginning of the U.S. fracking revolution, oil producers have struggled with a vexing problem: after an initial burst, crude output from new shale wells falls much faster than from conventional wells. However, those well decline rates have been slowing across the United States over the past few years, according to data analysis provided exclusivelyto Reuters. click here.

Jul 01 - Brexit no more than a bump on the road to oil rebalancing: Kemp 

Rebalancing the oil market could take slightly longer as a result of the upsurge in uncertainty following Britain’s vote to leave the EU but most traders seem to think it will not slow the process by more than 3-6 months. All the recent weakness in Brent crude prices has been concentrated in nearby futures contracts while contracts expiring in 2018 and beyond closed at fresh highs yesterday. click here.

Jul 01 - Outages to balance oil market, support prices - Poll

A string of unforeseen events have reduced oil supply, helping to rebalance the world oil market and push price forecasts higher over the last month, a Reuters poll showed on Thursday. Wildfires in Canada, attacks on pipelines by rebels in Nigeria and economic crisis in Venezuela have helped cut global oil production by more than 2 million barrels per day (bpd) over the last few weeks. click here.

Jul 01 - Canada court overturns federal approval of Enbridge oil pipeline 

A Canadian court has overturned the approval of Enbridge Inc's Northern Gateway oil pipeline, again delaying a project fiercely opposed by environmentalists and many aboriginal groups. The Federal Court of Appeal ruled in a 2-to-1 decision released on Thursday that the government had failed in its duty to consult with aboriginal groups on the project and sent the matter back to Prime Minister Justin Trudeau's cabinet for a "prompt redetermination." click here.

Jun 30 - Saudi Arabia appears to end oil market share war, starts balancing: Russell 

Has Saudi Arabia already switched tack and started to surreptitiously balance supply and demand in the crude oil market? One of the persistent themes of crude oil markets since the price crashed in mid-2014 is that top exporter Saudi Arabia decided to stop its balancing role and instead chase market share, no matter the implication for prices. click here.

Jun 30 - Statoil nabs 10 pct of WAfrican oil route to China's teapots 

Norway's Statoil has claimed 10 percent of the highly coveted oil trade route between west Africa and China's small 'teapot' refineries, its head of trading said, suggesting its gamble to offer directly to China's newest importers has paid off. China's block of independent 'teapot' refiners became one of the most sought-after targets of oil exporters after the Chinese government late last year allowed them to import crude oil. click here.

Jun 30 - U.S. crude stockpiles fall, gasoline builds as refiners boost output – EIA 

U.S. crude oil stockpiles fell sharply last week and gasoline inventories posted an unseasonably surprise large build as refineries ramped up production, the U.S. Energy Department said on Wednesday. Crude inventories fell 4.1 million barrels in the week to June 24, the sixth consecutive week of drawdowns and bigger than the 2.4 million-barrel drop forecast by analysts and the 3.9 million-barrel fall reported by industry group the American Petroleum Institute late Tuesday. click here.

Jun 30 - China needs market reform, emission rules to boost gas use-industry 

China needs broader market reform and tighter emission regulations to promote natural gas as the most effective fuel to cut its emissions, industry executives said on Wednesday. The world's largest energy user's ambition to spur gas use is hitting snags because of an inflexible pricing mechanism, lack of market access by independent players and infrastructure limitations, they said. click here.

Jun 30 - Oil giant CNPC seals plan to restructure oilfield services 

China's top energy group China National Petroleum Corp (CNPC) has approved plans to restructure its oilfield services business, the company said on Wednesday. The move came one day after filings showed the company is ready to sell some of its largest oilfield subsidiaries which have reported declining revenues over the past few years. click here.

Jun 29 - Traders charter ships to store oil as refinery maintenance crimps demand 

Two trading houses have chartered supertankers to store oil off Singapore, taking advantage of cheap freight and crude, and as refinery maintenance crimps demand. Clearlake, a subsidiary Gunvor, has chartered the 308,596 deadweight tonne (dwt) Very Large Crude Carrier (VLCC) Arenza XXVII at $33,000 per day for one to four months, a Singapore-based shipbroker said. VLCCs can hold up to 2 million barrels. click here.

Jun 29 - Newest U.S. refinery sold at a loss, hurt by oil price slump 

A North Dakota refinery that was the first to be built in the United States since the 1970s has been sold at a loss, with profit elusive since it opened last year, as low oil prices took a toll on the region's energy industry, crimping the appetite for diesel. The sale to Tesoro Corp, which owns the only other refinery in the state, makes it unlikely another refinery will be built in the United States in the near future, despite the glut of cheap crude due to shale oil production. click here.

Jun 29 - Union warns Statoil not to scale back agreements 

Norwegian oil major Statoil must halt attempts to scale back existing labour agreements if it wants to prevent a strike that would hit output from July 2, a trade union said on Tuesday. About 755 Norwegian workers on seven oil and gas fields operated by Statoil, ExxonMobil and Engie will strike unless a deal on wages and other working conditions is agreed, three unions announced on Monday. click here .

Jun 29 - Fire at Mississippi gas plant halts two U.S. Gulf Coast platforms 

At least two offshore oil platforms halted operations on Tuesday in the U.S. Gulf of Mexico after a fire at a natural gas processing plant in Mississippi shut a crucial pipeline that brings output onshore, several companies said. The fire at the Enterprise Products Partners LP plant in Pascagoula was brought under control, but officials were forced to close the 225-mile (362 km) Destin gas pipeline system that can carry 1.2 billion cubic feet per day from offshore fields to Pascagoula. click here.

Jun 29 - China's robust crude oil imports mask changing fuel dynamics: Russell 

China is a bigger concern for crude oil and products markets than the current worries about the British vote to leave the European Union. While the news media continues its relentless focus on Brexit, there is mounting evidence of a shift in the dynamics of China's crude and fuel markets, which may have a far greater impact on global energy markets.click here.