The EIA report appeared positive for refiners — on the surface at least — and shares of independent refiners rose with the broader market. Valero Energy shares added $3.12, or 6.4 percent, to close at $51.68. Tesoro Corp. gained $2.01, or 7.7 percent, to $27.99. Sunoco Inc. added $2.89, or 5.6 percent, to $54.94.
Gasoline inventories […]
In a Rose Garden speech, President Bush proposed stopping the growth of the nation’s greenhouse gas emissions by 2025 and urged other industrialized nations to set goals to address climate change.
While setting a broad goal, the president offered only a general outline — and few specifics — about how to achieve the objectives.
Friedman, Billings, Ramsey […]
Venezuela began taking a bigger cut of foreign oil companies’ windfall profits, as a higher tax on those earnings went into effect.
Under a law approved Tuesday by the National Assembly, President Hugo Chavez’s government is charging a 50 percent tax on additional earnings when crude prices pass $70 per-barrel and 60 percent on additional earnings […]
A Utah company seeking federal permission to import and dispose of more than 20,000 tons of nuclear waste from Italy has raised its campaign contributions to U.S. lawmakers by hundreds of thousands of dollars.
Salt Lake City-based EnergySolutions Inc. is donating to members of key energy committees in Congress as it increasingly seeks lucrative federal contracts […]
The Iraqi Oil Ministry invited local and international companies to submit offers to supply the country with about two million tons of refined petroleum products in the second half of the year.
Iraq has the world’s third-largest known crude oil reserves with an estimated 115 billion barrels but suffers acute shortages of refined products such as […]
Crude oil prices climbed to within a penny of $114 a barrel, setting new records as concerns mounted about global supplies.
Light, sweet crude for May delivery rose as high as $113.99 a barrel for the first time on the New York Mercantile Exchange before settling at $113.79, up $2.03 from Monday’s record settlement price of […]
OPEC’s forecast for a rise in global oil demand is unchanged this month from the March outlook: up 1.2 million barrels per day this year to an average 87 million barrels per day.
That compares with last week’s outlook from the International Energy Agency for a sharp drop in global demand.
The Organization of Petroleum Exporting Countries […]
Gasoline pump prices rose last week, but so did demand, according to a weekly survey by MasterCard SpendingPulse.
Demand increased 0.9 percent in the week ending April 11, compared with the week before. But looking at the comparable week from last year, demand was flat and remains near the bottom of the expected range.
“It’s not unusual […]
You could say Deutsche Bank analyst Mike Urban was swimming against the tide, after he downgraded several offshore drillers and said investors may be too focused on deepwater rigs and ignoring the risks in the shallow-water rigs those companies also operate.
Urban changed his ratings on Ensco International and Transocean to “Sell” from “Hold” and also […]
The head of Brazil’s National Petroleum Agency, Harold Lima, is in hot water after saying Monday that a new offshore discovery could hold 33 billion gallons of oil, four times as much as the Tupi offshore discovery announced in November.
Shares of state-run Petrobras shot up more than 8 percent on the news and remained positive […]