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Trains carrying crude in Canada to face tougher safety standards

The latest Transport Canada proposals, published online Wednesday, go beyond earlier announcements by requiring rail cars carrying crude to have thicker steel, full “head shields,” mandatory thermal “jacket” protection among other upgrades.  More »

Europe refiners’ gasoline profit at 10-month high on exports

Gasoline’s crack, or premium to Brent crude, rose to $13.46 a barrel on Tuesday, the highest since April 29, according to PVM Oil Associates Ltd, one of the largest brokers for the fuel, before falling to $13.13 at 1:21pm London time.  More »

Petronas prepares $7 billion bond as borrowing costs soar on oil

Petronas is issuing into Asia’s worst dollar-bond market this year amid a global slump in oil prices and debt concerns surrounding a Malaysia-backed investment firm.  More »

Get ready for oil deals: shale is going on sale

Sellers will be companies handicapped by heavy debt and lacking the cash reserves or hedging contracts that would have provided some insulation from the market crash  More »

Balkan states seek gas partnership that may cut Russian reliance

Balkan nations on the Adriatic sea plan to build a new gas pipeline and connect their networks in a move that may help reduce Europe’s dependence on energy imports from Russia.  More »

OPEC keeping oil policy unless others cut, former energy minister says

OPEC is scheduled to next meet in Vienna in June, seven months after deciding to maintain output levels and protect market share.  More »

Hedge funds are losing faith in oil rally while inventory swells

Oil producers are spending less, idling rigs and delaying wells to stem output that the government predicts will reach a four-decade high this year.  More »

OPEC official says oil market to return to balance later this year

OPEC Secretary-General Abdalla El-Badri also urged OPEC nations to diversify their economies, many of which rely mostly on oil revenue.  More »

Railroads work to recover from derailments as group calls for oil train ban

Canadian National Railway Co. is building a 1,500-foot long track to bypass a burning train that derailed Saturday in northern Ontario, while BNSF Railway Co. crews were working Sunday to reopen track in rural Illinois after a train carrying oil derailed three days ago.  More »

Pemex loses bid to recover stolen gas proceeds from Shell, BASF

A Houston federal judge threw out the claims last year after finding Mexico’s national oil company waited too long to pursue U.S. buyers of its stolen natural gas liquids.  More »

Oil bust threatens mortgage-backed securities in Wall Street-funded shale towns

Wall Street analysts are poring over commercial-mortgage backed securities for signs of distress as the oil crash weighs on demand for real estate in energy hubs.  More »

Goldman sees LNG as biggest commodity after crude this year

The U.S. will supply more LNG in the next several years, giving Asia, the biggest consuming region, more bargaining power, the analysts said.  More »

Exxon Mobil raises $8 billion in its largest bond offering

Exxon holds top triple-A credit ratings from Moody’s Investors Service and Standard & Poor’s, making it one of only three U.S. corporations that stand on nearly equal footing with governments in debt markets.  More »

Saudi Arabia pledges to pump as much oil as its customers need

The country won’t cut output unless customers refuse to buy its crude, Oil Minister Ali Al-Naimi said in Berlin on Wednesday.  More »

Exxon now has more exploration holdings in Russia than in the U.S., despite sanctions

While U.S. and European Union sanctions against Russia forced Exxon to shut down an Arctic drilling project in October, the producer is staking claims to areas that could yield tens of billions of barrels in coming decades.  More »