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Oil

Suit to hit Greek court over Kurdish crude shipments

Source: 
Platts

Iraq’s oil ministry says it plans to start legal proceedings at the Court of Piraeus in Greece against the  shipping firm Marine Management Services, or MMS, whose tankers have transported crude produced independently by the Kurdistan Regional Government, Platts reports.

Oil

Judge: BP's reckless conduct caused Gulf oil spill

NEW ORLEANS (AP) — BP acted "recklessly" and bears most of the responsibility for the nation's worst offshore oil spill, a federal judge concluded Thursday, exposing the energy giant to roughly $18 billion in additional penalties.

BP's market value plummeted by $7 billion after the ruling as its shares suffered their worst percentage decline in almost three years. By Thursday afternoon, company shares had fallen almost 6 percent to $45.05.

BP PLC, which vowed to appeal, already agreed to pay billions in criminal fines and compensation to people and businesses affected by the disaster. U.S. District Judge Carl Barbier's ruling that BP acted with "gross negligence" deals instead with civil responsibilities, and could nearly quadruple what the London-based company has to pay in fines for polluting the Gulf of Mexico.

The judge held a non-jury trial last year to apportion blame for the Macondo well spill, which killed 11 men on the Deepwater Horizon rig and spewed oil for 87 days in 2010.

He ruled that BP bears 67 percent of the blame, Swiss-based drilling rig owner Transocean Ltd. bears 30 percent, and Houston-based cement contractor Halliburton Energy Services is responsible for 3 percent.

Oil

Oil drifts on news of increase in fuel supplies

Source: 
Bloomberg

Oil edged lower Thursday morning following Wednesday’s strong rebound, after word that the American Petroleum Institute reported an increase in gasoline and distillate stocks last week. West Texas Intermediate crude for October delivery was 42 cents lower to $95.12 a barrel in electronic trading on the Nymex, while in London Brent crude dropped 20 cents to $101.57, Bloomberg reports.

Oil

Buckeye deal sign of midstream focus on condensate

Source: 
FuelFix

Buckeye Partners LP’s $860 million deal to take on an 80 percent interest in Trafigura AG’s facilities to handle condensate in the Eagle Ford Shale – as well as company executives’ discussion of building another splitter -- reflects the wider industry’s increasing interest in the lightly processed product, FuelFix reports.

Oil

Maduro replaces Venezuela's longtime oil chief

CARACAS, Venezuela (AP) — The parts of the political base holding up President Nicolas Maduro appear to each have won a slice of power with a Cabinet shuffle that breaks up the control one man held over Venezuela's oil and economy.

After months of foreshadowing a big announcement, Maduro gave a sweeping presentation late Tuesday in which he sidelined his most powerful minister, Rafael Ramirez, divvying out his authority to appointees favored by different sectors in the coalition government.

Ramirez, a fixture of the South American country's 15-year socialist revolution, leaves his multiple roles of oil minister, president of the state-run oil giant PDVSA and top economic adviser. His departure strengthens the wing with close ties to Maduro's mentor, Hugo Chavez: Asdrubal Chavez, an engineer and cousin of the late president, steps in as oil minister; the populist leader's son-in-law, Jorge Arreaza, keeps his appointed role as vice president.

Oil

Oil gains on word of inventory drop

Source: 
Bloomberg

Word of a report from the American Petroleum Institute that U.S. crude inventories fell last week sent oil prices higher Wednesday, alongside hopes for an easing in the Ukraine crisis. West Texas Intermediate crude for October delivery came close to recovering its Tuesday losses, gaining $2.66, or 2.9 percent, to a settlement of $95.54 a barrel on the New York Mercantile Exchange, while in London Brent crude jumped $2.43 to $102.77, Bloomberg reports.

Oil

Chicago spot gasoline prices jump after refinery fire

Source: 
Bloomberg

Spot gasoline prices in Chicago have been increasingly ahead of futures trading on the Nymex in the wake of last week’s fire at BP’s refinery in Whiting, Indiana, Bloomberg reports.

Oil

Nebraska Supreme Court oral arguments over Keystone XL

Lincoln, Neb., September 5, 2014, 9:00 am

Oral arguments made before the Nebraska Supreme Court in the Thompson v. Heineman case, challenging the governor's approval of the Keystone XL pipeline route through the state. 

Oil

Limited rebound for oil prices

Source: 
Reuters

Oil prices bounced back after plunging Tuesday, but the upside was kept in check by substantial supplies and continuing demand concerns. U.S. benchmark crude for October delivery was 89 cents higher Wednesday morning in electronic trading on the Nymex, to $93.77 a barrel, while in London Brent crude gained $1.08 to $101.42, Reuters reports.

Oil

Texas City refinery problem isolated, say officials

Source: 
FuelFix

An electrical panel malfunction that led to a toxic gas emission from a Valero refinery in Texas City early Sunday won’t signal a repeat of wider problems that plagued the facility in 2011, officials told FuelFix.

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