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The legislation, modeled off of California's Low Carbon Fuel Standard, aims to reduce carbon intensity from the on-road transportation sector in New York by 20% by 2031. If passed, it would be the second-largest clean fuel standard in the United States, surpassed only by California's. The New York Senate passed the Clean Fuel Standard on Thursday, the first time it had done so despite similar legislation being produced in prior sessions. California's Low Carbon Fuel Standard led to a boom in investments in fuels made from non-petroleum feedstocks. Canada has also implemented a Clean Fuel Standard which is set to take effect later this year.

Persons: Deborah Glick, Laura Sanicola, Nick Zieminski Organizations: U.S ., New York Senate, decarbonizing, Thomson Locations: New York, U.S . East Coast, United States, York, West Coast, Washington and Oregon, Canada

May 31 (Reuters) - Oil prices settled lower on Wednesday, pressured by a stronger U.S. dollar and weak data from top oil importer China that fed demand fears. A stronger dollar makes oil more expensive for buyers holding other currencies. U.S. data showed job openings unexpectedly rose in April, pointing to persistent strength in the labor market that could push the Federal Reserve to raise interest rates in June. HSBC said stronger oil demand from China and the West from the summer onwards will trigger a supply deficit in the second half. U.S. crude oil and gasoline stockpiles were seen falling last week, while distillate inventories likely increased, a preliminary Reuters poll showed on Tuesday.

Persons: Brent, Bob Yawger, Goldman Sachs, Stephen Brennock, Rowena Edwards, Trixie Yap, Stephanie Kelly, Yuka Obayashi, David Evans, Emelia, Lisa Shumaker, David Gregorio Our Organizations: . West Texas, Senate, Federal Reserve, Mizuho, Traders, Organization of, Petroleum, HSBC, Energy, American Petroleum Institute, Thomson Locations: China, U.S, Russia, London, Singapore, New York, Tokyo

May 26 (Reuters) - The U.S. Department of Justice is investigating a California unit of oil refiner PBF Energy Inc over a November emissions release, the company said. "We are cooperating with all relevant agencies, including with respect to any ongoing investigations related to the incident," said a PBF Energy spokesperson on Friday, declining further comment on pending legal matters. The Department of Justice, which oversees the FBI, did not reply to a Reuters request for comment. The Contra Costa District Attorney is pursuing legal action against the refinery for failing to notify the county when the release happened, county health officials have said. The oil refiner "thoroughly investigated the incident to identify appropriate corrective actions and we are committed to implementing them," the PBF Energy spokesperson added.

☆ Oil slips as debt talks pause, Fed warns of high inflation
▼ + stars: | 2023-05-19 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Brent and U.S. crude nonetheless notched their first weekly gains in a month, with the both benchmarks rising about 2%. "It doesn't look they are going to get the debt deal done today... the chance of a 25 basis point (rate) increase in the June meeting is rising by the day... Following reports of the paused debt ceiling negotiations and Powell's comments, U.S. stocks, Treasury yields and the dollar all moved lower. Chinese refiners maintained high runs to meet recovering domestic fuel demand and build stockpiles ahead of the summer travel season.

☆ Oil edges lower as debt talks pause, Fed warns of high inflation
▼ + stars: | 2023-05-19 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. The less active U.S. crude contract for May , due to expire on Monday, eased 46 cents, or 0.6%, to $71.4. "It doesn't look they are going to get the debt deal done today.., the chances of a 25 basis point (rate hike) increase in the June meeting is rising by the day... Following reports of the debt ceiling negotiations and Powell's comments, U.S. stocks, Treasury yields and the dollar all moved lower. Chinese refiners maintained high runs to meet recovering domestic fuel demand and build stockpiles ahead of the summer travel season.

☆ Oil rebounds on fading risk of US debt default
▼ + stars: | 2023-05-19 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant//File PhotoMay 19 (Reuters) - Oil prices rebounded on Friday from losses of more than 1% the previous day as investors turned cautiously optimistic over the fading risk of a U.S. debt default. Sentiment remains mixed as investors juggle optimism over avoidance of a U.S. debt default with inflation data that could portend more interest rate hikes from global central banks. China's oil refinery throughput in April rose 18.9% from a year earlier to the second-highest level on record, data showed earlier this week. Chinese refiners maintained high runs to meet recovering domestic fuel demand and build stockpiles ahead of the summer travel season.

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant//File PhotoMay 19 (Reuters) - Oil prices fell slightly in early Asian trade on Friday as optimism that a U.S. debt default will be avoided weighed against sticky inflation data that could portend more interest rate hikes from global central banks. A stronger dollar can weigh on oil demand by making the fuel more expensive for holders of other currencies. Also weighing on markets is persistently high inflation data and hawkish comments from global central banks. Japan's core consumer prices rose 3.4% in April from a year earlier, government data showed on Friday.

Summary U.S. crude stockpiles rise 5 mln bbl -EIAReuters poll forecast 900,000 bbl U.S. crude drawdownIEA predicts demand will outpace supply by 2 mln barrels per dayTOKYO, May 17 (Reuters) - Oil prices settled up about $2 on Wednesday as optimism over oil demand and U.S. debt ceiling negotiations outweighed worries about abundant supply. West Texas Intermediate U.S. crude settled up $1.97 or 2.8% to $72.83. President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday underscored their determination to reach a deal soon to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default. The International Energy Agency on Tuesday predicted demand would outpace supply by 2 million barrels per day (bpd) in the second half of the year, with China making up 60% of oil demand growth in 2023. Markets are in a "wait-and-watch mode" over the outcome of the debt ceiling negotiations, said Vandana Hari, founder of oil market analysis provider Vanda Insights.

The settlement between BP Products North America Inc., the Justice Department and the Environmental Protection Agency will also require the company to invest approximately $197 million in new technology and other capital improvements to reduce air pollution. The BP refinery near Lake Michigan released nearly 16 times the legal limit of benzene allowed by the Clean Air Act, the EPA said in 2009. Following the EPA's investigation, BP spent about $4 billion to expand the Whiting refinery to process heavy Canadian crude. The company also agreed to undertake a $5 million supplemental environmental project to reduce diesel emissions in the communities surrounding the Whiting Refinery and install 10 air pollutant monitoring stations. Reporting by Sarah N. Lynch and Laura Sanicola in Washington; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ ONEOK shares drop on concerns over Magellan pipeline deal
▼ + stars: | 2023-05-15 | by ( Laura Sanicola | Arathy Somasekhar | ) www.reuters.com time to read: +2 min

(Reuters) - Shares of gas pipeline operator ONEOK Inc fell about 9% on Monday on questions about potential synergies from its deal to acquire oil pipeline operator Magellan Midstream Partners. FILE PHOTO: A drilling rig operates in the Permian Basin oil and natural gas production area in Lea County, New Mexico, U.S., February 10, 2019. REUTERS/Nick Oxford/File PhotoONEOK on Sunday said it would pay $18.8 billion in cash and stock for Magellan to diversify its natural gas and gas-liquids transportation business into oil and oil products. “The deferral of Oneok’s corporate cash taxes seems like a major deal component,” Mizuho analysts wrote in a research note. “ONEOK and Magellan have geographical overlap among their assets, but their primary businesses are very different,” Morris said.

☆ Oil prices climb on positive US fuel demand data
▼ + stars: | 2023-05-11 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

May 11 (Reuters) - Oil prices bounced back on Thursday after dropping by more than a dollar a barrel the previous day, supported by stronger fuel demand data from the United States, the world's top oil consumer. Brent crude futures rose by 56 cents, or 0.7%, to $76.97 a barrel by 0330 GMT, while U.S. crude futures rose 53 cents, also up 0.7%, to $73.09. A sharper-than-expected drop in U.S. gasoline inventories boosted prices, reflecting stronger demand for transport fuels in the U.S. The latest U.S. data showed consumer prices rose in April, increasing the likelihood that the Federal Reserve will maintain higher interest rates, which can have the knock-on effect of reducing oil demand. Distillate stocks also declined, while U.S. jet fuel demand rose to its highest level since December 2019.

May 11 (Reuters) - Oil prices rose in early Asian trade on Thursday after strong demand for fuels in the U.S. outweighed concerns about the possibility of the world's biggest oil producer and consumer defaulting on its debt. Latest U.S. data showed consumer prices rose in April, increasing the likelihood that the Federal Reserve will maintain higher interest rates which can have the knock-on effect of reducing oil demand. Rising global interest rates have weighed on oil prices in recent months, with traders concerned about recession. However, fuel demand in the U.S. is showing signs of strength. U.S. jet fuel demand rose to its highest level since December 2019.

The country is planning to purchase Russian crude oil at a discount as high prices caused by geopolitical tensions have caused fuel prices to more than double in Pakistan. Pakistan Refinery Limited (PRL) will initially refine the Russian crude in a trial run, followed by Pak-Arab Refinery Limited (PARCO) and other refineries later. Pakistan is undertaking several measures, including raising fuel prices, to unlock a $1.1 billion tranche of aid from the International Monetary Fund. Fuel prices have jumped 143 rupees ($0.5046), or nearly 100%, in the last 12 months. Fuels including diesel became more expensive globally after Russia invaded Ukraine, which resulted in Western nations that consume large quantities of diesel imposing sanctions on Russian oil.

WTI's session low was $67.95 a barrel, lowest since March 24. On Wednesday afternoon, the Fed raised interest rates by a quarter of a percentage point, pressuring oil prices as traders worried that slower economic growth could hit energy demand. "The Fed going into a pause mode should be very supportive for the price of oil," said Phil Flynn, an analyst at Price Futures Group. Also pressuring oil prices, government data showed U.S. gasoline inventories (USOILG=ECI) unexpectedly rose by 1.7 million barrels last week. In China, data over the weekend showed April manufacturing activity fell unexpectedly in the world's largest energy consumer and top buyer of crude oil.

Both benchmarks fell 5% during the previous session, when they also recorded their biggest one-day percentage declines since early January. "The Federal Reserve is expected to deliver another quarter-point increase later today as part of its long-running battle against inflation," PVM Oil analyst Stephen Brennock said. Oil prices extended losses after government data showed U.S. gasoline inventories (USOILG=ECI) unexpectedly rose by 1.7 million barrels last week, compared with analysts' expectations in a Reuters poll for a 1.2 million-barrel drop. U.S. crude inventories (USOILC=ECI) fell by 1.3 million barrels in the week, compared with forecasts for a 1.1 million-barrel drop. China is the world's largest energy consumer and top buyer of crude oil.

May 3 (Reuters) - U.S. crude oil inventories fell for a third week in a row, while gasoline stockpiles unexpectedly rose last week as demand weakened, the Energy Information Administration said on Wednesday. Crude in the Strategic Petroleum Reserve declined 2 million to 364.9 million barrels, its lowest since October 1983. Levels dropped for the third week in a row as part of a congressionally mandated sale of 26 million barrels. Gasoline stocks (USOILG=ECI) rose by 1.7 million barrels to 222.9 million barrels, the EIA said, compared with forecasts for a 1.2 million-barrel drop. U.S. crude oil futures fell $2.93, or 4.1%, to $68.73 a barrel by 11:00 a.m.

☆ Oil slips on weak China data and rate hike expectations
▼ + stars: | 2023-05-02 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

May 2 (Reuters) - Oil prices fell on Tuesday on weak economic data from China and expectations of interest rate hikes by the U.S. Federal Reserve and European Central Bank (ECB) this week. Brent crude fell 42 cents, or 0.53%, to to $78.89 a barrel by 1037 GMT while U.S. West Texas Intermediate (WTI) crude lost 46 cents, or 0.61% to $75.20. Price pressure followed official data on Sunday showing manufacturing activity in China, the world's top crude importer, fell unexpectedly in April. Investors will look for market direction from expected interest rate hikes by inflation-fighting central banks, which could slow economic growth and dent energy demand. A poll on Monday showed that U.S. crude oil stockpiles, meanwhile, are expected to have fallen for a third consecutive week, providing some oil price support.

☆ Oil slips on weak China demand fears, U.S. rate rise forecast
▼ + stars: | 2023-05-02 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

"The downside pressure on oil is that China's economic recovery is not really promising, clouding the demand outlook on fuel consumption," said Tina Teng, an analyst at CMC Markets. China's manufacturing activity unexpectedly fell in April, official data showed on Sunday, the first contraction since December in the manufacturing purchasing managers' index. China's industrial and economic recovery from the coronavirus pandemic was expected to boost demand this year. Despite China's weak manufacturing data, there are positive signs of recovery based on spending during the five-day Labour Day holiday in the world's largest oil importer, said analysts in an ANZ Research note. Interest rate increases by inflation-fighting central banks could impact oil by slowing economic growth and denting energy demand.

Brent crude was up by 7 cents to $79.38 a barrel by 0425 GMT, while U.S. West Texas Intermediate (WTI) crude rose 11 cents to $75.77 a barrel. China's manufacturing activity unexpectedly fell in April, official data showed on Sunday, the first contraction since December in the manufacturing purchasing managers' index. China's industrial and economic recovery from the coronavirus pandemic was expected to boost demand this year. "Crude oil fell after weak economic data from China raised concerns about a patchy recovery," said analysts in an ANZ Research note, referring to China's manufacturing activity data. Meanwhile, a Monday poll showed that U.S. crude oil stockpiles are expected to have fallen for a third consecutive week, providing some support to the market.

May 2 (Reuters) - Oil prices fell in thin early Asian trade on Tuesday as the market digests weak economic data from China and expectations of another U.S. interest rate hike. Brent crude fell by 2 cents to $79.29 a barrel by 0021 GMT, while U.S. West Texas Intermediate (WTI) crude fell 2 cents to $75.64. China's manufacturing activity unexpectedly fell in April, official data showed on Sunday, the first contraction since December in the manufacturing purchasing managers' index. Interest rate hikes often reduce demand. A Monday poll suggesting that U.S. crude oil stockpiles are expected to have fallen for a third consecutive week provided some support to the market.

☆ US Senator Tim Scott teases May 22 announcement on presidential bid
▼ + stars: | 2023-04-30 | by ( ) www.reuters.com time to read: +1 min

Senator Tim Scott plans to announce his decision on entering the 2024 presidential on May 22, according to media reports on Sunday, in a potential challenge to former President Donald Trump for the party's nomination. He made the announcement at a town hall in South Carolina on Sunday, according to media reports. Scott launched a presidential exploratory committee earlier this month, which allowed him to raise his national profile and continue fundraising with fewer regulatory limitations than a formal campaign. If Scott formally announces his intent to enter the presidential race, he will join former South Carolina Governor Nikki Haley in the quest for the Republican nomination. Former biotech executive Vivek Ramaswamy, conservative talk radio host Larry Elder and former Arkansas Governor Asa Hutchinson are also Republican contenders.

☆ Oil drops nearly 4% as recession fears outweigh US inventory draw
▼ + stars: | 2023-04-26 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Energy Information Administration (EIA) data showing U.S. crude inventories fell last week by 5.1 million barrels to 460.9 million barrels helped to limit the price fall, far exceeding analyst forecasts of a 1.5 million drop in a Reuters poll. Gasoline and distillate stocks also drew down, sinking by 2.4 million barrels to 221.1 million barrels and almost 600,000 barrels to 111.5 million barrels, respectively, the EIA said. A forecast of higher refinery activity, but lower crude exports, will continue a push and pull for weeks. Oil prices fell more than 2% on Tuesday as lingering economic concerns and expectations of further interest rate hikes that could curtail fuel demand growth countered signs of improving short-term consumption gains. "This (data) will add credence to claims that the U.S. economy is edging closer to a recession," said PVM Oil's Stephen Brennock.

☆ Oil slides as recession fears outweigh large US inventory draw
▼ + stars: | 2023-04-26 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent crude fell by $1.08, or 1.3%, to $79.69 a barrel by 10:54 a.m. EDT (1454 GMT). U.S. West Texas Intermediate crude fell 76 cents, or 1%, to $76.31. U.S. crude oil inventories fell last week by 5.1 million barrels to 460.9 million barrels, far exceeding analysts' expectations in a Reuters poll for a 1.5 million-barrel drop, the Energy Information Administration (EIA) said. Gasoline and distillate stocks also drew down by 2.4 million barrels to 221.1 million barrels and almost 600,000 barrels in to 111.5 million barrels, respectively, the EIA said. Russian Deputy Prime Minister Alexander Novak said on Wednesday that OPEC+ remains an efficient tool for coordination on global oil markets.

☆ Oil mixed as recession fears are tempered by U.S. inventories
▼ + stars: | 2023-04-26 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Analysts had expected crude inventories to fall by about 1.5 million barrels. Gasoline inventories fell by 1.9 million barrels last week while distillate inventories rose by 1.7 million barrels, the sources said. U.S. crude oil stockpiles have been falling since the middle of March as refineries have increased runs to produce more gasoline ahead of the peak summer demand period that starts in May. This has pushed WTI futures prices into backwardation, when prompt futures are higher than later-dated futures, reflecting the higher refinery demand.

Companies First Republic Bank FollowApril 26 (Reuters) - Oil rose on Wednesday after plunging more than 2% in the previous session as reports of falling U.S. crude oil and fuel inventories refocused investors on robust demand in the world's top oil consumer. Brent crude climbed by 30 cents, or 0.4%, to $81.07 a barrel by 0358 GMT. U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Analysts had expected crude inventories to fall by about 1.5 million barrels. Gasoline inventories fell 1.9 million barrels last week, while distillate inventories rose by 1.7 million barrels, the sources said the API reported.

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