LONDON, Nov 10 (Reuters) – U.S. company Murphy Oil
tried for more than four years to sell its Milford Haven
refinery in Wales. The plant was finally doomed last week when a
deal with entrepreneur Gary Klesch fell through because he could
not secure financing.
Banks were not convinced Klesch’s plans to buy Britain’s
smallest and least sophisticated plant were viable, sources
familiar with the transaction said.
LONDON (Reuters) – Brent oil rose above $84 on Wednesday after touching a four-year low below $82 in a day of volatile trading, which also saw U.S. crude gain more than a dollar, as strong signals from the United States outgunned weak data from China and Europe.
U.S. crude inventories increased by 460,000 barrels last week, according to the Energy Information Administration (EIA), while stocks of gasoline and diesel fell.
LONDON, Nov 4 (Reuters) – A deal to rescue the UK’s Milford
Haven oil refinery has collapsed, forcing operator Murphy Oil to
shut the plant with the loss of hundreds of jobs, the latest
victim of a slump in the European refining industry.
Emphasising the political cost of jobs being axed in the run
up to a UK general election next year, British Prime Minister
David Cameron called the decision “very disappointing”.
LONDON, Nov 5 (Reuters) – Brent oil dropped to a new
four-year low below $82 a barrel on Wednesday, a fifth straight
day of losses, as weak economic data from top energy consumer
China intensified worries about demand as a global supply glut
Services sector growth in China weakened in October as new
business cooled, a private survey showed, coming just days after
data revealed sluggish factory growth in the world’s
LONDON, Oct 23 (Reuters) – PetroIneos is ramping up imports
of West African crude to its Grangemouth refinery in Scotland,
according to shipping fixtures, booking at least 5 million
barrels since the start of October amid lower prices and
technical problems at the plant.
The joint venture between PetroChina and Ineos
which runs the 210,000 barrel-per-day plant booked
the latest 1 million barrel Suezmax tanker on Thursday, shipping
fixtures show, with another four or five listed since the start
of the month.
MILAN/LONDON, Oct 15 (Reuters) – The lengthy shutdown of a
liquefied natural gas (LNG) plant is helping push Angola’s crude
oil exports to their lowest levels since 2006, having clogged
offshore platforms with unwanted gas supplies and forced
operators to limit extraction.
With few alternatives available to unblock oil flows, the
highly polluting practice of burning off gas in flare stacks,
which the plant was built to prevent, looks set to return for as
long as it takes to carry out repairs, local industry sources
with knowledge of the matter said.
LONDON (Reuters) – Nearly 3 percent of global oil production is vulnerable to cuts if prices fall to $80 per barrel, making some projects in Canada, Angola, Brazil and Norway unprofitable, the International Energy Agency said.
The estimate was included in a monthly report in which the IEA also cut its forecasts for oil demand and said prices may drop further.
LONDON, Oct 14 (Reuters) – Nearly 3 percent of global oil
production is vulnerable to cuts if prices fall to $80 per
barrel, making some projects in Canada, Angola, Brazil and
Norway unprofitable, the International Energy Agency said.
The estimate was included in a monthly report in which the
IEA also cut its forecasts for oil demand and said prices may
LONDON (Reuters) – The vast majority of shale oil in the United States is produced at costs far below the current price of crude, the head of the west’s energy watchdog said, which means U.S. projects can withstand the market slump squeezing other producers.
Brent oil stands at around $88 per barrel, down more than 23 percent from the year’s peak above $115 in June, raising concern that some shale oil projects will become un-economic.
LONDON (Reuters) – Brent oil fell to $91 a barrel on Thursday, heading back to over two year lows, as a supply glut and concerns about global growth have pushed it 20 percent down from its peak in June.
Brent for November delivery was down 34 cents at $91.04 by 1005 GMT (0605 EDT), having fallen to $90.98 minutes earlier. The front-month contract fell as low as $90.57 on Wednesday, the lowest since June 2012, before recovering to close at $91.38 – still down 73 cents.