Colonial Pipeline's gasoline line likely shut until Friday
Colonial Pipeline's main U.S. gasoline artery is expected to be shut through Friday as the company continues to search for the source of a suspected leak in Paulding County, Georgia, the company said in a statement on Wednesday.Line 1, one of two mainlines on the more than 5,500-mile Colonial system, was shut on Monday night after Colonial received reports of a gasoline release and began investigating.
VLCC Rates Spike as US Sanctions Bite
Supertanker freight rates jumped after the U.S. expanded sanctions on Russia's oil industry, sending traders rushing to book vessels to ship supply from other countries to China and India, shipbrokers and traders said.Chinese and Indian refiners are seeking alternative fuel supplies as they adapt to severe new U.S. sanctions on Russian producers and tankers designed to curb the world No.
EIA: Cushing Crude Stocks fall to Decade-low levels
U.S. crude stocks fell last week, driving the Cushing, Oklahoma hub to a 10-year low, while fuel inventories surged, the Energy Information Administration (EIA) said on Wednesday.Crude inventories fell by 959,000 barrels to 414.6 million barrels in the week ended Jan. 3, the EIA said, compared with analysts' expectations in a Reuters poll for a 184,000-barrel draw.Brent and U.S. crude futures extended losses following the report.
Iranian Oil Prices to China Spike as Shipping Sanctions Bite
The price of Iranian crude oil sold to China has risen to the highest in years as fresh U.S. sanctions have tightened shipping capacity and driven up logistics costs, trade sources and analysts said.Rising prices for Iranian oil as well as Russian crude are raising costs for independent Chinese refiners that account for about a fifth of demand at the world's top crude importer, underscoring…
Oil Rises on China Stimulus Hopes, US Inventory Drop
Oil rose almost 1% on Thursday in thin holiday trade driven by hopes for additional fiscal stimulus in China, the world's biggest oil importer, and supported by an industry report showing a decline in U.S. crude inventories.Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources, as…
Oil Falls on Demand Worries, Market Awaits Fed Advice
Oil prices eased about 1% to a one-week low on Tuesday on demand worries following the release of negative economic news from Germany and China, while investors remained cautious ahead of a U.S. Federal Reserve decision on interest rates.Brent futures fell 90 cents, or 1.2%, to $73.01 a barrel by 1:36 p.m. EST (1836 GMT), while U.S. West Texas Intermediate crude slipped 86 cents, or 1.2%, to $69.85. That puts both crude benchmarks on track for their lowest closes since Dec.
US Diesel Exports to ARA Set to Rise
Diesel shipments from the U.S. Gulf Coast to Europe's main trading and refining hub, the Amsterdam-Rotterdam-Antwerp (ARA) region, are set to rise owing to improving export margins on the back of scarce supply in Europe and rising U.S. refinery production, according to traders and ship tracking data.Europe is seeking higher transatlantic diesel imports, as weaker export margins for shipments from east of Suez slowed flows on that route in the last two months.
EIA: US Crude, Gasoline Inventories Rise
U.S. crude oil and gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw, the Energy Information Administration said on Wednesday.Crude inventories rose by 545,000 barrels to 430.3 million barrels in the week ended Nov. 15, the EIA said, compared with analysts' expectations in a Reuters poll for a 138,000-barrel rise.Crude stocks at the Cushing…
US Arrests Turk for Alleged Sanctions Violations
U.S. authorities have arrested a Turkish man who they allege was trying to violate sanctions by transporting oil from Venezuela, the Justice Department said on Monday.The U.S. reimposed sanctions on the Venezuelan oil company PDVSA in June after what it said was the failure of President Nicolas Maduro to return to talks with the political opposition and commit to fair elections.In a statement…
