Markets

Valero says pipeline blocking bid to ship more fuel after Harvey

Valero says pipeline blocking bid to ship more fuel after Harvey Running from the Houston area to NY harbor, it includes more than 5,500 miles of pipeline, most of it underground, and provides almost 40 percent of the South's gasoline. "Harvey is driving cracks to the sky", said Bjarne Schieldrop, chief commodities analyst at SEB AB in Oslo. Oil production is also taking a hit. The more-active October contract is up 9.3 percent. [Full Article...]

ND oil not feeling pain from hurricane - yet

ND oil not feeling pain from hurricane - yet The 459,000-bpd Galveston Bay Refinery in Texas City, Texas , 45 miles (72 km) south of Houston, has flooding in its tank farm and on nearby streets, the sources said. Under the exchange, 400,000 barrels of sweet crude and 600,000 barrels of sour crude oil will be sent via pipeline from an SPR cavern in Louisiana to the refinery. [Full Article...]

German cities evacuating residents before bomb disposals

German cities evacuating residents before bomb disposals A security perimetre of 1.5 km was set up around the area where the bomb was found on August 29 near Goethe University in Westend, which is home to the Bundesbank (Central Bank of Germany), police headquarters, the headquarters of Hesse radio and television broadcasting, Palmengarten botanical gardens, two hospitals and 20 retirement homes. [Full Article...]

Pacad Investment Ltd. Sells 18790 Shares of Archer-Daniels-Midland Company (ADM)

Argus lowered Archer-Daniels-Midland from a "buy" rating to a "hold" rating in a report on Thursday, June 1st. The company was maintained on Thursday, August 10 by Piper Jaffray. Clearbridge Investments Ltd holds 17,504 shares or 0% of its portfolio. About 258,623 shares traded. First Midwest Bank & Trust Trust Division holds 29,847 shares. [Full Article...]

USA gasoline prices surge to new high in wake of Hurricane Harvey

USA gasoline prices surge to new high in wake of Hurricane Harvey Jeanette Casselano, a spokeswoman at AAA , said gas prices were expected as far back as July to rise over Labor Day weekend . AAA said gas prices have already jumped an average of.10 cents a gallon in the last week, and that's only expected to rise. [Full Article...]

'I'm here for the long term,' British Prime Minister May says

'I'm here for the long term,' British Prime Minister May says Despite the excitement now greeting her latest remarks, this remains her position. But Tory critics said it would be hard for her to continue after the election this year which saw her lose her majority. She'll need to make it clear that she has indeed learnt her lesson in her Tory party conference speech in October. On Wednesday, Tory lawmaker James Cleverly welcomed May's comments. [Full Article...]

South Korea wants greater missile power in face of North Korean threats

South Korea wants greater missile power in face of North Korean threats The Russian president said that focusing exclusively on pressuring North Korea to give up its missile program is "misguided and futile". State-run media in North Korea says North Korean leader Kim Jong Un "watched an H-bomb to be loaded into new ICBM". [Full Article...]

Gas Prices Set for Temporary Rise

Gas Prices Set for Temporary Rise The global benchmark brent crude contracts for November delivery dipped 0.15% to $52.77 a barrel. Motiva's massive Port Arthur refinery, the largest in the US, shut down on Wednesday due to "increasing local flood conditions", while Valero also closed its Port Arthur refinery on Wednesday. [Full Article...]

Gas prices in IL, country increase because of Harvey

Gas prices in IL, country increase because of Harvey Its operator was forced to shut the main diesel line late Wednesday and planned to halt its gasoline line Thursday, meaning motorists from ME to Florida may soon see higher prices at the pump. Texas Railroad Commissioner Ryan Sitton said panic-buying is causing a run on gas and empty fuel pumps. The IEA members' reserves include both crude and refined products, which can be deployed in respo... [Full Article...]

Harvey, holiday weekend send gas prices higher in AZ

Harvey, holiday weekend send gas prices higher in AZ Until the spike following Harvey, Buffalo's gas prices were relatively stable. On the first day of September, the average had risen to $2.42. Gas prices in Chicago have hit a new high for the year. Prices are rising across the country in the aftermath of Harvey. The automotive group said the national average was $2.51 per gallon amid refinery and pipeline shutdowns caused by the storm. [Full Article...]

AAA: Gas prices in Kansas starting to feel Harvey's effects

AAA: Gas prices in Kansas starting to feel Harvey's effects Refineries were forced to shut operation in severe weather. The U.S. Energy Department said Thursday it would release 500,000 barrels of crude oil from the Strategic Petroleum Reserve , as Harvey's disruption of the petroleum industry had spiked motor fuel prices. [Full Article...]

Strong data boosts yields, dollar; stocks edge higher

Strong data boosts yields, dollar; stocks edge higher Oil prices were upended as flooding and damage from Tropical Storm Harvey shut almost a quarter of US refinery capacity, curbing demand for crude. European stocks are likely to open higher on Wednesday as tensions around North Korea ebbed somewhat and the fiercest hurricane to hit the United States in 13 years finally began to move away from Houston. [Full Article...]

India slashes import of Nigeria crude oil

India slashes import of Nigeria crude oil The National Weather Service's 4 a.m. update reports Harvey make its second US landfall near Cameron, Louisiana, in the pre-dawn hours of Wednesday.The storm continued moving to the NNE (30 degrees) at 7 mph with maximum sustained winds of 45 mph. [Full Article...]

New York AG warns against gas price gouging after Harvey

New York AG warns against gas price gouging after Harvey One Chevron station in downtown Dallas that sold regular gas for $2.29 a gallon just before the storm was charging $2.99 on Thursday. Gas is in short supply in Texas after Hurricane Harvey caused massive flooding across the southeast part of the state. [Full Article...]

The Faroe Petroleum plc (FPM) Given Buy Rating at Jefferies Group LLC

GBX 105.18's average target is 27.09% above currents GBX 82.76 stock price. Jefferies International's TP would suggest a potential upside of 2.45% from the stock's previous stock close. The company has market cap of 313.42 million GBP. The oil and gas exploration company reported $0.21 EPS for the quarter, missing the Zacks' consensus estimate of $0.39 by $0.18. [Full Article...]

Harvey triggers gasoline-price surge just in time for Labor Day

Harvey triggers gasoline-price surge just in time for Labor Day Average retail gasoline prices in IL rose 8.5 cents a gallon in the past week, averaging $2.34 statewide Monday, according to GasBuddy's daily survey of 4,378 gas outlets in IL. For instance, as of Thursday evening, customers filling up at local pumps could pay as little as $1.99 a gallon in Doe Run and Park Hills or as much as $2.29 to $2.49 a gallon at Rhodes 101 stations in Farmington and Des... [Full Article...]

Harvey devastation ups pressure on Congress to extend, fix flood insurance program

Harvey devastation ups pressure on Congress to extend, fix flood insurance program He puts the onus on Congress to "step up and fund the flood insurance program". If Congress is unwilling to raise premiums, it ought to properly finance the subsidies. To combat that jump in lawsuits, the state legislature passed the bill - which applies not only to hail and windstorm claims, but also to earthquakes, wildfires, tornadoes, lightning, wind, snowstorms - and rainstorms, hurricane... [Full Article...]

Harvey devastation ups pressure on Congress to extend, fix flood insurance program

Harvey devastation ups pressure on Congress to extend, fix flood insurance program He puts the onus on Congress to "step up and fund the flood insurance program". If Congress is unwilling to raise premiums, it ought to properly finance the subsidies. To combat that jump in lawsuits, the state legislature passed the bill - which applies not only to hail and windstorm claims, but also to earthquakes, wildfires, tornadoes, lightning, wind, snowstorms - and rainstorms, hurricane... [Full Article...]

Harvey devastation ups pressure on Congress to extend, fix flood insurance program

Harvey devastation ups pressure on Congress to extend, fix flood insurance program He puts the onus on Congress to "step up and fund the flood insurance program". If Congress is unwilling to raise premiums, it ought to properly finance the subsidies. To combat that jump in lawsuits, the state legislature passed the bill - which applies not only to hail and windstorm claims, but also to earthquakes, wildfires, tornadoes, lightning, wind, snowstorms - and rainstorms, hurricane... [Full Article...]

Sen. Schumer Calls to Refund Flood Insurance Program

Sen. Schumer Calls to Refund Flood Insurance Program Hurricane Harvey is an unprecedented flood event. That means people are likely to keep on building where they're at risk of flooding, and not buying insurance. "But the average amount these grants pay out historically is more like $5,000". "It's a bad disaster just on the facts you see when you look at TV or the pictures", says Bob Hunter of the Consumer Federation of America, a former Texas ... [Full Article...]


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