Oil-Fixing Probe Accelerates as EU Asks Traders for Help
The investigation into possible oil-price fixing gathered pace as trading houses from Glencore Xstrata Plc, the $70 billion mining firm, to Gunvor Group Ltd. were asked to provide...
Oil-Fixing Probe Accelerates as EU Asks Traders for Help
The investigation into possible oil-price fixing gathered pace as trading houses from Glencore Xstrata Plc, the $70 billion mining firm, to Gunvor Group Ltd. were asked to provide information to European regulators.
Glencore Xstrata, Gunvor and Vitol Group, which aren’t under investigation, along with other firms with offices in Switzerland, are assisting the European Commission with the inquiry, said three people familiar with the situation, who asked not to be identified because the matter is private. The commission announced last week that it’s probing whether oil companies colluded to distort prices.
Indonesia re-arrests Chevron exec amid tension with Big Oil
(Reuters) - Authorities have bypassed a court order and re-arrested an executive at Chevron Corp's Indonesian unit in a graft case that highlights growing tension with big oil companies in a country struggling to reverse a decline in oil production.
The attorney general's office said on Wednesday it had re-arrested Bachtiar Abdul, an executive at PT Chevron Pacific Indonesia, despite a Nov. 27 court order that cleared him of any wrongdoing and released him from detention.
China’s SUV Fleet to Drive Oil Demand Growth, Bernstein Says
China’s growing fleet of sport utility vehicles will offset gains in fuel efficiency and continue to drive oil-demand growth, according to Sanford C. Bernstein Research.
Chinese oil consumption will increase at an average annual pace of 5 percent to reach 12.9 million barrels a day in 2018, from 9.6 million barrels a day in 2012, the investment research company said in a report e-mailed today. Its forecast is higher than the International Energy Agency’s outlook for a 4 percent average annual increase for the same period.
China Net Gasoline Exports Stay Remain Year High as Demand Slows
China’s net exports of gasoline remained near the highest level in a year amid the nation’s weakest domestic oil demand in eight months.
Overseas sales of gasoline exceeded imports by 468,553 metric tons in April, according to data e-mailed by the General Administration of Customs in Beijing today. That’s equivalent to 132,360 barrels a day. In March, net gasoline exports were 506,110 tons, the most in a year.
WTI Crude Drops a Second Day as U.S. Supplies Gain a Fourth Week
West Texas Intermediate fell for a second day after industry data showed U.S. inventories rose for a fourth week, the longest run of gains since February. China’s oil stockpiles climbed for a second month.
Futures slid as much as 0.9 percent in New York after a report from the American Petroleum Institute showed crude stockpiles increased 532,000 barrels last week. Government figures today are projected to show a 1 million-barrel decline, according to a Bloomberg News survey of analysts. The API also indicated gains in gasoline and distillate-fuel supplies, including heating oil and diesel.
Crude and Product Stockpiles Gained Last Week, API Says
Oil supplies advanced 532,000 barrels to 390.7 million, the American Petroleum Institute said.
Distillate fuel inventories rose 459,000 barrels to 118.4 million, the API’s weekly report showed. Gasoline stockpiles also increased, gaining 3.03 million to 219.5 million.
Gasoline Falls on Speculation Tornado Didn’t Affect Inventories
Gasoline fell on speculation that the deadly tornado near Oklahoma City may not have affected refinery operations in the area.
Northwest Gasoline Tumbles on Tankers, as Shell Restores Output
Spot gasoline in the U.S. Pacific Northwest dropped by the most against futures since February as tankers carried oil products to the region and a Royal Dutch Shell Plc (RDSA) refinery recovered from a power failure.
Coal’s Record Slump Poised to End on Output Cuts
European coal’s longest slump in at least eight years is poised to end as imports from the U.S. fall and further declines trigger production cuts at mi