Oil

Oil

China announces audit of state company assets abroad

BEIJING (AP) — The Cabinet agency that oversees China's biggest banks, oil producers and other government companies has announced plans to have outside auditors examine their foreign assets in a new move to tighten control over state industry.

The announcement comes amid a spreading anti-corruption crackdown led by President Xi Jinping in which executives of companies including PetroChina Ltd. and China Mobile Ltd. have been detained.

Oil

Oil hits another 6-year low on supply glut

Source: 
Bloomberg

The continuing build in U.S. stockpiles was keeping the pressure on oil prices Tuesday, which hit levels not seen since March 2009. West Texas Intermediate crude for April delivery lost 1 percent, falling 42 cents to settle at $43.46 a barrel on the Nymex, while in London, Brent dropped 43 cents to $53.51, Bloomberg reports.

Oil

EIA predicts falling output in 3 big shale plays

Source: 
FuelFix

Overall U.S. oil production should increase slightly heading into April, according to the Energy Information Administration, but the agency says the output from three major fields – Eagle Ford Shale, Bakken Shale and Niobrara Shale – will drop slightly as a result of spending cuts fueled by lower crude prices, FuelFix reports.

Oil

Market forces, not policy, driving dropping rig counts: BSEE

Source: 
FuelFix

Lower oil prices are responsible for the shrinking numbers of rigs drilling for oil and gas offshore, Bureau of Safety and Environmental Enforcement chief Brian Salerno told a House panel Tuesday, FuelFix reports.

Oil

Oil train worries increase in Chicago

Source: 
Chicagoist

The fiery oil train derailment earlier this month in Galena, Illinois has triggered concerns among Chicago residents and officials about the safety of such trains rolling through the state’s largest city, the Chicagoist reports.

Canada safety board says tank car standards needed sooner

TORONTO (AP) — Canada needs to implement tougher standards for oil trains earlier than a 2025 target, the transportation safety board said Tuesday.

The government proposed tougher standards for tank cars this month in response to a string of fiery crashes. The new proposal would require the cars to have a layer of thermal protection and thicker steel walls. It said the new standards should be phased in by 2015.

Oil

Oil still dropping on rising supply

Oil was declining early Tuesday after hitting a six-year low, as growing supplies appear to be continuing to outpace demand.

Data provider Genscape was estimating that stockpiles at the Cushing hub grew by 3.1 million barrels last week, said Kash Kamal, research analyst at Sucden Financial in London, noting that the increase could mean a “further downside” for West Texas Intermediate prices.

Oil

Gasoline prices resume falling, says AAA

Source: 
FuelFix

The renewed slide in crude oil prices has pushed gasoline prices lower again, with the national average for unleaded dropping to $2.42 a gallon Monday according to the AAA, FuelFix reports.

Oil

Local issues hindering refinery strike settlement at 8 plants

Source: 
Reuters

A national deal reached last Thursday between the United Steelworkers and Shell Oil Co. to settle a refinery strike that lasted for six weeks doesn’t appear to be sufficient to end the walkout at eight plants, Reuters reports.

Anti-graft probe targets PetroChina vice chairman

BEIJING (AP) — The vice chairman of China's biggest state-owned energy company has become the latest prominent executive targeted by Communist Party investigators in a spreading anti-corruption campaign.

Liao Yongyuan, vice chairman of PetroChina Ltd., is under investigation for possible "serious violation of the law," the ruling party's Central Commission for Discipline Inspection announced late Monday. Its one-sentence statement gave no details but a separate statement by PetroChina said Liao was suspected of violating discipline, the party's term for corruption.

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