1. Oil nears $49 as brighter demand outlook sparks optimism

    #oilwire - #Oil climbed the most in a week as the #InternationalEnergyAgency and #OPEC improved their outlook for demand . #Futures gained as much as 1 . 8% in #NewYork . The IEA sees global oil demand rising this year by the most since 2015 , while OPEC boosted projections for consumption in #Europe and #China . Plus , the cartel and its allies are said to be considering an extension of their output-cut . . .

  2. Largest U.S. refiner shutting as Harvey hits fuel-making hub i...

    #oilwire - #Harvey’s second #landfall , hitting southwest #Louisiana near the #Texas #border , expanded the growing list of damaged #oil #refineries , shutting down two key plants , including #America’s largest . The latest hit list potentially reduces U . S . fuel-making capacity to the lowest since 2008 , following #Hurricane #Ike . #MotivaEnterprisesLLC’s Port Arthur facility in Texas , the biggest . . .

  3. U.S. shale producers applying DNA sequencing to improve reserv...

    #oilwire- #BiotaTechnology , the #oilfield #DNA sequencing pioneer , has achieved a critical milestone on its path to commercialization: the diagnostic has been deployed by a majority of the top 20 U . S . shale producers in the U . S . Biota continues to attract top-tier investors , recently closing a multi-million dollar financing led by Illumina Ventures . Biota works across all major shale plays in both . . .

  4. Andeavor to develop Conan crude oil gathering pipeline system ...

    #oilwire - # Andeavor is pleased to announce that it received sufficient commitments from third party shippers to warrant construction of the Conan crude oil gathering pipeline system in the #Delawarebasin . As previously announced , the Conan crude oil gathering pipeline system will be approximately 130 mi in length and transport crude oil from origins in #LeaCounty , #NewMexico , and #LovingCounty , # . . .

  5. Iraq, Iran boost oil exports in sales battle with Saudis

    #oilwire - #Iraq and #Iran boosted crude exports in September , taking advantage of a slower pace of shipments from rival #SaudiArabia to win buyers in key markets like #China and the #US . Iraq shipped 3 . 98 MMbopd , the highest since December , while Iran’s exports rose to 2 . 28 MMbopd , the most since February , according to ship-tracking data compiled by Bloomberg . Saudi Arabia’s exports were 6 . 6 . . .

  6. Crude slides into bear market as oversupply distress deepens

    #oilwire - #Oil entered the first bear market since #August as concerns worsen that #OPEC is failing to ease a global supply glut . West Texas Intermediate #WTI #crude , the #US benchmark , fell more than 20% from its highest close this year , meeting the common definition of a bear market . Futures settled at $43 . 23/bbl in #NewYork , down from $54 . 45 on Feb . 23 . Adding to an oversupplied market are #Li . . .

  7. Shale boom slows as investor enthusiasm for Permian fades

    #oilwire Oil explorers reduced rigs #drilling in U . S . oilfields this week , fueling optimism that a shale slowdown and OPEC production cuts will be enough to deflate a glut and strengthen crude prices . Shares of major shale producers , including #Pioneer #Natural #Resources Co . and EOG Resources Inc . , tumbled this week as investors began to lose confidence in the prolific #Permian basin . As the prod . . .

  8. Crude extends bull run as U.S. supply drops amid rising demand

    #oilwire - #Oil rose in a bull market after data showed a surprise decline in U . S . #crude stockpiles , taking #OPEC and its allies closer to a goal of reducing a global glut . #Futures added as much as 1 . 4% in #NewYork after rising 0 . 5% Wednesday . Crude inventories fell by 1 . 85 MMbbl last week after analysts surveyed by Bloomberg forecast an increase . U . S . exports jumped 61% to 1 . 49 MMbpd , the #EIA . . .

  9. Optum Energy Solutions enters pipeline drag reducer market

    #oilwire - #OptumEnergySolutions has entered the #pipeline drag reducer #market as a major manufacturer and full service supplier . #FlowOptimizer is Optum’s new , water-based DRA technology , designed for broad-spectrum applications in #crude #oil pipelines . The #technology’s active ingredient is an ultra-high molecular weight hydrocarbon polymer , like major components of crude oil , which dissol . . .