NEW YORK/SINGAPORE (Reuters) – An oil glut that has weighed on prices for two years is dissipating, with U.S. stockpiles falling their fastest in over a decade this autumn, crude being whisked ashore from storage at sea, and China running refineries near full bore to replenish diesel supplies.
Oil stocks are still well above levels that preceded a 2008 price surge to $147 (£93) a barrel, but a massive oil surplus accrued during the global economic downturn is being burnt off.
NEW YORK (Reuters) – Oil prices firmed to near $85 a barrel, after touching a six-month high earlier Wednesday, as weekly data showed U.S. fuel stocks fell last week and traders bet that the U.S. Federal Reserve would announce economic stimulus measures that could boost commodities prices.
U.S. stocks of gasoline and distillate fuels fell more sharply than expected last week, while crude stocks rose as expected, as the country’s refineries cut utilization rates to the lowest since March, weekly data from the U.S. Energy Information Administration showed. <EIA/S> (Graphic: link.reuters.com/man63q )
WASHINGTON (Reuters) – Pipeline leaks, like one that cut U.S. crude imports last month and pushed oil prices up $4 a barrel, may become more frequent as the U.S. delays safety reforms on its aging 2.5 million mile network of energy lines.
Following BP’s Gulf of Mexico spill, oil companies face a torrent of new offshore rules. But some advocates say making pipelines on land safer is just as urgent.
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.
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.
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.
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
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
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.
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.
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.