Oil

Oil

Targa buying Atlas Pipeline, Atlas Energy

HOUSTON (AP) — Targa Resources is buying Atlas Pipeline Partners and Atlas Energy in a deal valued at close to $6 billion, creating a huge energy transportation and storage company.

Targa Resources Partners LP, based in Houston, will pay $4 billion and assume $1.8 billion in debt for Atlas Pipeline. Each Atlas Pipeline unitholder will receive 0.5846 units of Targa Resources Partners and a one-time cash payment of $1.26 per Atlas Pipeline unit for total consideration of $38.66 per Atlas Pipeline unit.

Oil

US indexes slide, led by energy stocks

U.S. stock indexes sank in late trading Monday, led by decline in energy stocks and the price of oil falls further.

The market is coming off a turbulent week during which it was shaken by concerns over shaky global growth prospects. Investors were also looking ahead to earnings news from a number of big companies later this week including General Electric, Intel and Bank of America.

Oil

Why drop in oil prices has downside for US economy

NEW YORK (AP) — If you're a driver, a shipper or an airline, low oil prices sure feel nice. But there are downsides to the recent plunge in oil prices — for the oil industry and for the economy.

Low fuel prices can help boost economic growth by reducing fuel bills and leaving consumers and companies with more money to spend on other things. Problem is, two factors behind the oil-price drop — a weaker global economy and a stronger dollar — could hurt the U.S. economy by reducing exports, employment and spending. And all that, in turn, could outweigh the economic benefit of cheaper fuel.

Oil

OPEC report shows declining Gulf Coast imports

Source: 
FuelFix

OPEC's monthly market report found that crude oil imports into the six states along the Gulf Coast fell to 3.5 million barrels per day in July, the lowest level in six years, FuelFix reports.

Oil

Fuel smugglers taking toll on Indonesian economy

Source: 
Bloomberg

Bloomberg examines the growth of fuel smuggling in Indonesia, ranging from small-time thieves to crime syndicates taking advantage of the nation's poor fuel distribution policies and more than $20 billion in yearly subsidies.

Oil

Brent crude falls to lowest front-month price since 2010

Source: 
Reuters

Prices for Brent crude for November fell 1.5 percent Monday to settle at $88.89 per barrel after dropping to $87.74 per barrel midday, the lowest front-month price since December 2010, Reuters reports. U.S. crude ended at $85.74, down 8 cents.

Oil

Report: Saudis quietly indicate period of lower oil prices

Source: 
Reuters

Reuters reports that Saudi Arabian officials have been privately telling players in the global oil market that the kingdom is prepared for an extended period of oil prices below $90 per barrel.

Oil

Sieminski: Exporting oil might not lower domestic gas prices

Source: 
The Hill

Energy Information Administration head Adam Sieminski told Platts Energy Week that lifting a ban on U.S. crude oil exports might not lower domestic gasoline prices, saying gas prices are driven mainly by global markets, The Hill reports. 

Oil

BP looks to keep lawsuit dead despite unearthed compliance report

Source: 
FuelFix

BP looked to dismiss a recently discovered Interior Department inspector general report detailing a debate over potential compliance issues at a Gulf of Mexico offshore drilling platform, as a contractor and environmental group used the report to urge a federal judge to reopen a $256 billion safety case against the company, FuelFix reports.

Oil

China's crude imports up 7 percent as exports fall

Source: 
Platts

China's government reported that the country's crude oil imports rose to 6.74 million barrels per day, up 7.4 percent on the year, as crude exports saw significant decline, Platts reports.

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