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The following is a selection of the most important news affecting the oil market.
Oil traded near the highest level in a week in New York on signs Germany may ease its resistance to a Spanish bailout and after industrial production rose more than forecast in the U.S., the world’s biggest crude consumer.
Shipping Mess Prompts Fuel Contango Amid Go-Slow: Energy Markets
For the first time in 21 months, fuel oil markets are indicating that it’s cheaper to buy supplies sooner rather than later as China’s imports slump and shippers reduce vessel speeds to cut costs.
Rosneft Seen Leading Race for TNK as BP Calls for Offers: Energy
OAO Rosneft, Russia’s state oil company, is the leading contender to buy BP Plc’s 50 percent stake in TNK-BP as the U.K. explorer looks to exit the venture that’s provided $19 billion in dividends since 2003.
Hurricane Rafael approached Bermuda, while Mexico’s Baja California was lashed by high winds and heavy rains from a tropical storm in the Pacific.
The Obama administration has issued this year the most deep-water oil-drilling permits for the Gulf of Mexico since 2007 as high crude prices revive exploration slowed by the 2010 BP Plc spill.
South Sudan may resume oil production within three to six months, Foreign Minister Nhial Deng Nhial said at a press briefing in Seoul today. The nation will likely produce between 180,000 to 200,000 barrels per day for the next six months, he said.
Asia’s Fuel Oil Crack Drops to Lowest Since March: Oil Products
Asia’s fuel oil crack spread fell for a fifth day to the lowest since March 12, signaling widening losses for refiners turning crude into residual products.
Exxon Mobil Corp. gained approval from federal regulators to resume operations on a segment of the crude-oil North Line System that remained shut after a leak in Louisiana in April.
A123 Bankruptcy Gives Romney New Example of Green-Energy ‘Loser’
The bankruptcy filing yesterday by electric-car battery producer A123 Systems Inc. gave Republican Mitt Romney fresh ammunition to criticize President Barack Obama’s record on the economy.
A123 Bankruptcy Gives Romney New Example of Green ‘Loser’ (2)
Republican presidential candidate Mitt Romney called the bankruptcy filing by battery maker A123 Systems Inc., which received a $249.1 million U.S. grant, an example of President Barack Obama’s failed green-energy policy.
Obama’s $5 Billion Delivers Slow Jolt to Electric Vehicles: Cars
President Barack Obama has put $5 billion in taxpayer money behind his goal of having 1 million electric cars on U.S. roads by 2015. The Republican presidential ticket says it’s money wasted on “losers.”
FuelCell Gets U.S. Funds to Advance Carbon-Capture Project (2)
FuelCell Energy Inc., the Danbury, Connecticut-based maker of fuel-cell power plants, qualified for $800,000 in U.S. government funding to develop systems that capture carbon- dioxide emissions at coal-fired generators.
API Snapshot: U.S. Crude-Oil Inventories Rose 3.70 Mln Barrels
The following table is a summary of the latest Weekly Statistical Bulletin from the American Petroleum Institute. *T
Iranian government officials, such as Oil Minister Rostam Qasemi, can attend OPEC meetings without breaking European Union sanctions that restrict the movement of some senior individuals, according to a senior EU official, who declined to be identified citing policy rules.
Spot gasoline in San Francisco tumbled to the lowest level against futures in almost three months as refiners boosted production by switching to a winter blend of fuel about three weeks earlier than usual.
Citgo’s Corpus Christi Plant Said to Start Units After Work (1)
Citgo Petroleum Corp. has begun the restart of the coker and other units at its Corpus Christi, Texas, refinery’s West plant after planned maintenance, according to a person with knowledge of the work.
Canadian grades weakened as U.S. Midcontinent refiners prepared to shut units for seasonal maintenance that may cut demand for the oils.
Gasoline fluctuated as the euro advanced against the dollar and U.S. industrial production climbed, while a survey projected that U.S. inventories rose last week.
Lithuania’s Supreme Court exonerated two former executives at the Baltic nation’s oil refinery of criminal negligence charges stemming from a fire that damaged the plant in 2006.
Petroplus Holding AG’s French Petit- Couronne oil refinery was placed in liquidation after Alafandi Petroleum Group and Netoil Inc. bids for the site were rejected.
Petroleos de Venezuela SA said that a fire at a storage tank at its El Palito refinery in Carabobo state was extinguished shortly after starting during a lightning storm earlier today without affecting production.
Spot gasoline in California dropped against futures for a second day as refiners restored supplies after a shortage that drove prices to a record high.
PT Pertamina plans to shut a cracking unit at its Balongan oil refinery in West Java this month for repairs, according to three people with knowledge of the plan who asked not to be identified because the information is confidential.
TOP Oil Market News: Oil Rises; Iranian Crude Exports Increase
The following is a selection of the most important news affecting the oil market.
The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan was unchanged at 8.70 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.
The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, was unchanged at 35.81 Worldscale points, according to the Baltic Exchange in London.
A123 Systems Inc., the electric car battery maker that received a $249.1 million federal grant, filed for bankruptcy protection and said it would sell its automotive business assets to Johnson Controls Inc.
Bono’s Village Braces for Fight in Dublin Bay Oil Drill Plan (1)
In an Irish village known more for its riches than resources, locals used to celebrity spotting are steeling themselves for a fight over oil.
Murphy to Spin Off Fuels Unit Following Third Point Letter (4)
Murphy Oil Corp. plans to spin off its U.S. refined fuels business, which provided 85 percent of its 2011 revenue, after hedge fund Third Point LLC said the company should shed assets.
Cheap Gas From Fracking Fuels Profits at LyondellBasell: Energy
Profit margins for ethylene, a colorless gas used to ripen fruit, open flowers and make products from plastic bags to paint removers, are surging to near record levels and may climb further, reviving fortunes of U.S. producers.
Brent crude traded at the highest premium in a year to futures in New York amid concern that supplies from the North Sea and the Middle East will be disrupted and speculation U.S. stockpiles are increasing.
Saudi Basic Industries Corp., the world’s biggest petrochemicals maker by market value, posted a 23 percent decline in third-quarter profit as prices for its products dropped amid slower global economic growth.
Wind-turbine suppliers in India may be forced to consolidate amid increasing competition after a policy vacuum prompted a 39 percent plunge in installations in the first half of the financial year.
California Sued by Conservation Groups Over Fracking Risks (2)
California was sued by the Sierra Club and other groups seeking to block approval of new oil and gas wells because regulators have allegedly failed to consider or evaluate the risks of hydraulic fracturing, or fracking.
Aramco Oil Output From Manifa to Start in First Half of 2013 (1)
Saudi Arabian Oil Co. plans to begin pumping 500,000 barrels a day of heavy crude from Manifa, the world’s fifth- largest oilfield, during the first half of 2013.
Silver Slide Seen as Solar Panels Cloud Demand: Chart of the Day
The average price of silver may fall 4.2 percent in 2013 following the first drop in metal demand from the makers of solar panels in 12 years, CPM Group Inc. said.
Asian stocks rose the most in a month and the euro strengthened as speculation grew of a Spanish bailout and a report showed better-than-forecast U.S. industrial output. Bond risk fell.
The euro advanced to a one-month high on speculation Spain will move toward seeking financial assistance, helping contain Europe’s debt crisis.
Romney Yuan Bump Seen Fading as Exporters Cry Foul: China Credit
The yuan’s climb to a 19-year high, which coincided with U.S. Republican presidential candidate Mitt Romney’s threat of sanctions, is forecast by strategists to fade as Chinese exporters cry foul.
Asian stocks advanced, with the regional benchmark index headed for the biggest two-day gain in a month, after U.S. industrial production beat estimates and Spain retained its investment-grade credit rating from Moody’s Investors Service.
Fortress Turns Bullish on Yuan, China Stocks on Stimulus Bet (2)
Fortress Investment Group LLC turned bullish on China’s yuan and equities, after betting on declines earlier in the year, as it predicts the government will arrest a seven-quarter slowdown in the world’s second-largest economy.
Codelco Sees New China Stimulus Boosting Copper Use: Commodities
Codelco, the world’s largest copper producer, forecast a recovery in demand for commodities on likely stimulus measures in China.
Gold gained for a second day, advancing alongside other commodities, before European Union leaders hold a summit this week amid speculation that Spain may accept credit from a rescue fund, weakening the dollar.
President Barack Obama repeatedly challenged the truth of challenger Mitt Romney’s statements as the two battled over the auto industry bailout, energy policy and last month’s attack in Libya in their second debate.
Chinese Show Rising Concern Over Corruption in Pew Survey (1)
Chinese people are increasingly worried about growing income inequality and official corruption, according to a Pew Research Center survey released weeks before a once-a-decade leadership transition.
Germany lost a four-goal lead for the first time to tie 4-4 with Sweden in European qualifying for soccer’s 2014 World Cup, while Spain drew 1-1 with France after surrendering a stoppage- time goal.
Spain and Germany surrendered stoppage-time goals to tie at home, leaving the Netherlands and Russia as the only teams with perfect records in European qualifying for soccer’s 2014 World Cup.
England’s World Cup soccer qualifying match against Poland in Warsaw was postponed by rain.
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