"Oil and Gasoline Surge After Attack on Shell Pipeline in Nigeria"
Crude oil climbed above $70 and gasoline rose after militants attacked a Royal Dutch Shell Plc pipeline supplying an export terminal in Nigeria, Africa’s largest producer.
The Movement for the Emancipation of the Niger Delta, or MEND, said it attacked a pipeline supplying Shell’s Bonny terminal. Exxon Mobil Corp. shut a fluid catalytic cracker at the Baytown, Texas, refinery yesterday, a union official said. Valero Energy Corp. and Marathon.....Complete Story
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"Natural Gas Trade Challenged by Commodity Focus Shift"
In recent weeks, Wall Street has been shifting its energy focus from crude oil to natural gas as the price of the latter has become historically cheap. The first signs of global economic recovery spurred investors to jump on the energy and materials stocks. The logic was that any increase in economic activity would require an increase in demand for industrial-related commodities and energy and their prices would rise.....Complete Story
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"California’s Undiscovered Oil Fields Beckon Occidental’s Irani"
Occidental Petroleum Corp., the fourth-biggest U.S. oil producer by market value, is drilling exploratory wells in California in a bet that deposits there hold hundreds of millions of barrels of crude. Occidental is counting on prospects near Long Beach and in other parts of the state to drive “meaningful” reserves and output growth in the next decade, Chief Executive Officer Ray Irani said. The company will drill 20 exploratory wells this year.....Complete Story
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