Oil

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.

Oil

Oil drops, stocks rebound

NEW YORK (AP) — U.S. stocks bounced back on Monday after losing ground for three weeks as the dollar's rally against the euro abated. Energy stocks managed to gain despite another big slump in the price of oil.

Oil fell to its lowest level in six years on continuing expectations that rising supplies in the U.S. are far outpacing demand. Benchmark U.S. crude fell 96 cents to close at $43.88 a barrel in New York.

Oil

OPEC sees US oil boom tailing off

Source: 
The Wall Street Journal

Offering an interpretation of the oil market that differs from what the International Energy Agency said last week, OPEC is predicting spending cuts and the drop in rig count will mean the U.S. oil boom will dry up by the end of 2015, The Wall Street Journal reports.

Oil

Oil workers face kidnapping risk in Saudi Arabia, embassy warns

Source: 
FuelFix

The U.S. embassy in Saudi Arabia issued a warning over the weekend that oil workers in the country's Eastern Province may be the target of a kidnapping plot, FuelFix reports.

Oil

Factory output falls for third straight month in February

WASHINGTON (AP) — Output at U.S. factories fell for a third straight month in February, driven by a big drop in production at auto plants.

The Federal Reserve said Monday that manufacturing output fell 0.2 percent in February, following a decline of 0.3 percent in January. Overall industrial production edged up a slight 0.1 percent in February, as unusually cold weather in many parts of the country led to a surge at utilities.

Oil

Oil down ahead of Fed meeting

Last week’s bearish oil market trading -– fueled by news of growing stocks -- continued early Monday as investors awaited action by the Federal Reserve later this week. Traders expect the U.S. central bank to raise its benchmark interest rate sooner rather than later and they will be watching to see whether officials signal through their language whether that's the case.

Benchmark U.S. crude was down 38 cents to $44.46 a barrel in electronic trading on the New York Mercantile Exchange, after falling earlier to its lowest level in six years. The contract fell $2.21 to close at $44.84 a barrel on Friday.

Oil

New rules for oil sands waste in Alberta

Source: 
Canadian Press

Alberta has issued new regulations for managing oil sands tailings ponds, which hold a mixture of water, silt, solvents and excess bitumen, the Canadian Press reports.

Oil

DOE to buy oil for Strategic Reserve

Source: 
FuelFix

Having held a test sale of crude from the Strategic Petroleum Reserve a year ago, the Energy Department now needs to replenish up to 5 million barrels, but it will make money on the deal because the price of oil has dropped, FuelFix reports.

Oil

Guyana defends oil concession in waters claimed by Venezuela

GEORGETOWN, Guyana (AP) — Guyana's government on Saturday rejected the latest objections raised by neighboring Venezuela over the granting to ExxonMobil Corp. of an oil and gas concession in Caribbean waters claimed by both nations.

Foreign Minister Carolyn Rodrigues-Birkett said in a statement that the project would continue, saying that Guyana has authority over the offshore area in dispute.

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