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The Latest Breaking News from Petroleum

Chart of the Day: Marathon Petroleum --- All Time High

The Chart of the Day belongs to the energy company Marathon Petroleum (MPC) . I found the stock by using Barchart's powerful screening functions to find stocks with the highest technical buy signals, highest Weighted Alpha, superior current momentum and having a Trend Seeker buy signal then used the Flipchart...

Barchart

Revealed: Ex-Nigerian gov’t official to share in $11bn gas scandal damages

Grace Taiga is one of three Nigerians who stand to make money if the court orders Nigeria to pay the landmark award.

Al Jazeera

Khartoum's burning tower: architects on the destruction of a city – and what it'll take to rebuild

There has been a continued escalation in fighting between Sudan’s army and the paramilitary Rapid Support Forces. The destruction of the capital Khartoum continues – physically, economically, socially and culturally – as buildings are bombarded and homes looted. One of the city’s landmark skyscrapers, the Greater Nile Petroleum Oil Company…

The Conversation

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Chevron vs. Occidental Petroleum: Which Warren Buffett Energy Stock is a Better Buy?

Dividend stability, earnings track record, oil price exposure - if you can pick only one of Warren Buffett's favorite energy stocks, should it be CVX or OXY?

Barchart

Occidental Petroleum Looks Cheap Here Given Its Huge Free Cash Flow

Occidental Petroleum generated $1 billion in free cash flow last quarter. It could have exceeded that in Q3 with higher oil prices. That makes it attractive to value buyers and short-put traders.

Barchart

Architect mourns as iconic Sudan skyscraper engulfed in flames: ‘Such senseless destruction’

Seeing Khartoum’s Greater Nile Petroleum Oil Company Tower in flames is ‘truly painful’, Tagreed Abdin says

The Independent UK

3 Top Energy Stocks to Buy on Rising Oil Prices

With crude futures closing last week at a new year-to-date high, here's a spotlight on three high-quality stocks from the energy sector that are poised to benefit from higher commodity prices.

Barchart

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The Best & Worst Performing Warren Buffett Stocks So Far in 2023

Forget Apple and Occidental Petroleum - the best & worst stocks in Berkshire Hathaway's portfolio so far this year might surprise you.

Barchart

Biden administration cancels remaining oil and gas leases in Alaska’s Arctic Refuge

The administration overturns Trump-era sales and proposed stronger protections against development on vast swaths of the National Petroleum Reserve-Alaska.

Chicago Sun-Times

Separating molecules is a highly energy-intensive but essential part of drug development, desalination and other industrial processes – improving membranes can help

Separating molecules is critical to producing many essential products. For example, in petroleum refining, the hydrocarbons – chemical compounds composed of hydrogens and carbons – in crude oil are separated into gasoline, diesel and lubricants by sorting them based on their molecular size, shape and weight. In the pharmaceutical industry,…

The Conversation

Can Heating Oil Prices Explode Again?

NYMEX heating oil prices rose to a record high in April 2023, soaring past the previous 2008 peak. Heating oil is a distillate fuel, and the NYMEX futures are a proxy for jet and diesel fuels. Despite heating oil’s use as a winter fuel, distillates experience less seasonality than gasoline…

Barchart

Guide to 3 Buy-Rated Energy Stocks

Record-high demand for crude oil and tight supplies amid extended oil output cuts will likely push energy prices higher, driving the energy sector’s growth prospects. Given favorable conditions in the oil and gas market, fundamentally sound energy stocks Equinor (EQNR), Inpex (IPXHY), and YRF Sociedad (YPF) could be ideal buys…

StockNews.com

Taxes on petroleum high in Andhra Pradesh: Purandeswari

Daggubati Purandeswari, BJP State President, demanded A.P. Govt explain why taxes on petrol/diesel are high. Central Govt reduced tax twice, but A.P. Govt failed to bring down local tax.

The Hindu

Petroleum dealers urge Centre to notify them in advance of any changes in fuel price

CIPD urges Centre to inform dealers in advance of any RSP reduction to prevent losses. Dealers have not had margin increase in 6 yrs & faced huge losses in Nov 2021 & May 2022. CIPD seeks compensation for losses & price protection to help industry.

The Hindu

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StockNews.com

Marathon Oil (MRO) vs. Marathon Petroleum (MPC): Which Energy Stock Has the Potential for Great Momentum in September

A pickup in demand for oil and gas and constrained supplies amid production cuts will likely push crude prices higher, driving strong investor interest in the energy sector. Thus, energy stocks Marathon Oil (MRO) and Marathon Petroleum (MPC) are well-placed to gain robust momentum in the near term. But which…

The Hindu

IOCL to launch new hose for commercial users soon

Indian oil Corporation Ltd. (IOCL) will soon launch a black high-pressure hose for commercial liquefied petroleum gas (LPG) users, including restaurants and catering establishments

Barchart

Buffett's Berkshire Hathaway Still Loves Occidental Petroleum with over a 25% Stake

Berkshire Hathaway recently reported on a 13-F filing that it had raised its stake in Occidental Petroleum. It now owns over 25% of OXY's shares, including warrants to buy at $59.624 per share.

Al Jazeera

Iran’s Raisi inaugurates South Pars gasfield after foreign companies exit

Raisi says the project has been completed years ahead of plan and saved a lot of money by transporting an existing rig.

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Evening Standard

Romania explosion: One dead and 57 injured following blast at petrol station

One person died and 57 were injured after two explosions at a liquefied petroleum gas station in the Romanian town of Crevedia near the capital Bucharest on Saturday.

The Hindu

Petroleum dealers press for GST tax regime

Petroleum dealers in TN urge Central/State govts to switch to GST/uniform tax regime. This follows a peaceful protest by dealers from certain States. Uniform taxes would benefit consumers/dealers near borders. Dealers demand increase in margins. Low-volume dealers struggle due to competition/high expenses. 6,500 retail outlets in TN sell fuel supplied…

Barchart

Crude Settles Higher after a Fire Shuts Down a U.S. Refinery in Louisiana

October WTI crude oil (CLV23 ) on Friday closed up +0.78 (+0.99%), and Oct RBOB gasoline (RBV23 ) closed up +6.40 (+2.48%). Crude oil and gasoline prices Friday posted moderate gains, with gasoline climbing to a 1-week high. Crude garnered support Friday after Marathon Petroleum shut the Garyville refinery in...

The Independent UK

Petroleum asphalt remains in Yellowstone River, even after cleanup from train derailment

Two months after a railroad bridge collapse sent carloads of hazardous oil products plunging into Montana’s Yellowstone River, the cleanup workers are gone and a mess remains

The Hindu

TDP govt. will set up a corporation for motor transport workers, says Lokesh

TDP's Nara Lokesh promises exclusive corp. to care for transport workers & revival of sector if party comes to power in 2024. YSRCP's taxes & lack of conducive conditions for industries have caused economic slump. TDP will roll back taxes & cut petroleum taxes.

Barchart

Will Gasoline’s Price Fall Going into the Off-Season?

While the number of electric vehicles on the road continues to rise, gasoline remains the fuel powering most vehicles. Gasoline is a seasonal energy commodity that tends to increase during spring and summer, the peak driving season, and fall during fall and winter. At the end of the 2023 summer,…

Fortune

Top Chinese official calls for increase in ‘propaganda of secrecy’ around energy sector

“We must intensify the propaganda of secrecy...in nuclear energy, petroleum and other energy industries...and actively cultivate a secrecy culture,” NEA director Zhang Jianhua said.

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