Joshua's Feed
Oct 26, 2010

Oil up slightly after U.S. consumer confidence rise

NEW YORK (Reuters) – Oil rose slightly, hovering above $82 a barrel on Tuesday, getting a boost from growing U.S. consumer confidence, which can help drive fuel demand, partly offset by a firming dollar that may cut demand abroad.

After swings between negative and positive territory, U.S. crude for December was up 20 cents at $82.72 a barrel by 12:02 p.m. EDT, extending gains from two previous sessions.

Oct 21, 2010

US fuel exports to Europe surge on French strike

NEW YORK, Oct 21 (Reuters) – U.S. exports of fuel to Europe
have surged by up to 20 percent in recent weeks as refiners
take advantage of an arbitrage window created by French port
and refinery strikes, according to shipping sources.

One tanker operator said U.S. exports of diesel have jumped
to 600,000 barrels per day, up from around 500,000 bpd a few
weeks ago, supported by rising European demand as the strike at
France’s main oil hub of Fos-Lavera nears its 25th day.

Oct 15, 2010

Buy or Sell: Will ethanol rise on corn shortage, E15 push?

NEW YORK (Reuters) – The price of corn ethanol, the main renewable fuel mixed into gasoline in the United States, has surged 10 percent since last week, reaching a two-year high near $2.22 a gallon on Friday.

Corn futures also rose to two-year highs in the week since the U.S. Department of Agriculture (USDA) forecast a smaller-than-expected corn harvest and the tightest supplies in 15 years.

Sep 30, 2010

U.S. oil spill waters contain carcinogens -report

NEW YORK, Sept 30 (Reuters) – University researchers said
on Thursday they recently found alarming levels of
cancer-causing toxins in an area of the Gulf of Mexico affected
by BP’s (BP.L: Quote, Profile, Research, Stock Buzz) oil spill, raising the specter of long-lasting
health concerns.

Oregon State University (OSU) researchers found sharply
heightened levels of chemicals including carcinogens in the
waters off the coast of Louisiana in August, the last sampling
date, even after BP successfully capped its runaway Gulf well
in mid-July.

Sep 30, 2010

Oil rises to 7-week high on jobless data, GDP

NEW YORK (Reuters) – Oil rose to a seven-week high above $79 a barrel on Thursday after lower-than-expected U.S. jobless claims and revised second-quarter economic growth data stoked optimism for higher fuel demand in the world’s top oil consumer.

As September draws to a close, U.S. oil futures were on track for their biggest monthly gain since May of 2009, and a rally of around 4 percent in the third quarter.

Sep 28, 2010

Analysis: As U.S. petroleum use falls, oil refiners look abroad

NEW YORK (Reuters) – U.S. oil refiners are shipping fuels to foreign markets to restore profits battered by sputtering domestic demand, signaling a historic shift in the global oil trade.

Gasoline-guzzling Americans have cut consumption while emerging markets including nearby Latin America have seen demand grow beyond the capacity of local refineries. That has prompted U.S. plants to revive an export-oriented merchant model dormant for 50 years.

Sep 16, 2010

U.S. approves Friday restart of key pipeline: Enbridge

NEW YORK (Reuters) – U.S. regulators have agreed to a Friday restart of Enbridge’s biggest pipeline carrying Canadian crude to refiners in the Midwest, the company said late on Wednesday, easing concern about a protracted disruption that drove oil prices to one-month highs this week.

The Pipeline and Hazardous Materials Safety Administration (PHMSA), which oversees U.S. pipelines, had yet to confirm the approval after Enbridge Inc completed repairs on Line 6A, following a leak in Romeoville, Illinois that forced the duct’s closure nearly a week ago.

Sep 16, 2010

Enbridge says govt OKs Friday 6A restart

NEW YORK, Sept 15 (Reuters) – The U.S. Pipeline and
Hazardous Materials Safety Administration has agreed to restart
Friday of a key pipeline carrying Canadian crude oil to the
U.S. Midwest, a company spokeswoman said on Wednesday.

PHMSA could not be reached immediately to confirm the
Enbridge announcement on the restart of Line 6A, which was shut
last Thursday after a leak was discovered in Romeoville,
Illinois, near Chicago.

Sep 15, 2010

Enbridge fixes oil pipeline

NEW YORK (Reuters) – Enbridge Inc has completed repairs on its giant 6A pipeline after a leak forced it to shut down nearly a week ago, but neither the company nor U.S. regulators could say on Wednesday when shipments would resume.

While an Enbridge official confirmed that the Calgary-based firm would not need to file a formal restart plan before restarting the line, potentially avoiding a lengthy delay, U.S. pipeline regulators also said they wouldn’t allow it to restart until Enbridge had met “all safety requirements necessary.”

Sep 15, 2010

Enbridge fixes pipeline ahead of restart; oil falls

NEW YORK, Sept 15 (Reuters) – Enbridge Inc (ENB.TO: Quote, Profile, Research, Stock Buzz) said on
Wednesday that it has completed repairs on a leaky stretch of
its 670,000 barrel-per-day 6A pipeline in Illinois and awaits
permission to restart the line that supplies up to a third of
Canada’s crude shipments to the United States.

Oil prices CLc1 fell almost 2 percent early Wednesday as
traders bet that the line, which supplies about 5 percent of
U.S. crude imports, could be allowed to resume shipments as
early as this week.