Bloomberg News

TOP Oil Market News: Crude Rises From Four-Month Low in New York

November 05, 2012

The following is a selection of the most important news affecting the oil market.

Oil Rises From Four-Month Low as Refineries Restore Production

Oil rose from the lowest level in almost four months as refineries restored production after Hurricane Sandy tightened fuel supplies.

Bullish Oil Wagers Drop to 5-Month Low on Sandy: Energy Markets

Hedge funds cut bullish oil bets to the lowest level in almost five months as Hurricane Sandy forced the shutdown of U.S. East Coast refineries.

S&P GSCI to Raise WTI, Lower Brent Weightings in Index for 2013

The Standard & Poor’s GSCI Commodity Index will raise the weighting of West Texas Intermediate crude as it lowers that of Brent in 2013.

Gasoline Gains as Price Drop and Post-Storm Startups Boost Use

Gasoline rose on speculation that demand will increase as East Coast fuel distributors reopen following Hurricane Sandy and after prices declined to a three- month low across the nation.

Storm Threatens Sandy-Devastated Northeast With Cold Rain (2)

A nor’easter may bring gusty winds, heavy rain and even snow this week across much of the U.S. East Coast that was hit by Hurricane Sandy last week, complicating cleanup efforts and possibly snarling air traffic.

Price-Gouging Complaints Probed by N.Y., N.J. After Sandy (2)

The attorneys general in New York and New Jersey are investigating complaints from consumers about price gouging for gasoline, food and generators following Hurricane Sandy.

Retail Gasoline in U.S. Falls to $3.492 a Gallon, EIA Says

Gasoline at U.S. pumps dropped this week as Hurricane Sandy shut fuel pipelines, terminals and refineries in the Northeast and oil futures traded neared a four-month low.

U.S. Gulf Crude-Oil Imports Seen Contracting in Tanker Data (1)

The U.S. Energy Department may say crude-oil imports to the Gulf Coast contracted last week when it next publishes figures on Nov. 7, according to vessel-tracking data compiled by Bloomberg.

Natural Gas Unchanged Amid Outlook for East Coast Cold Snap

Natural gas futures were unchanged in New York amid forecasts for moderating weather after a cold blast this week.

REFINERIES Map global refinery outages

Exxon Mobil Expects Baytown Hydrotreater Back in Early December

Exxon Mobil Corp. expects a hydrotreater at the Baytown refinery in Texas to resume operation in early December, Patricia Errico, a company spokeswoman, said in an e-mail.

East Coast Gasoline Rises as New Jersey Refineries Remain Shut

New York gasoline strengthened on speculation fuel supplies on the U.S. East Coast will tighten as two New Jersey refineries remain shut and distribution terminals work to restart following Hurricane Sandy.

Coast Guard Says 15 Tankers Due Into N.Y. as Terminals Resume

Fifteen tankers will arrive over the next four days in the New York Harbor, and a major New Jersey terminal resumed deliveries as the region struggles to recover from Hurricane Sandy.

European Diesel at One-Year High; Naphtha Falls: Oil Products

European diesel barges rose to trade at the highest premium to front-month gasoil on the ICE Futures Europe exchange in more than a year. Heating oil declined.

BP Whiting Refinery Shuts Pipestill 12 for Planned Work (1)

BP Plc’s Whiting, Indiana, refinery has shut Pipestill 12, the largest crude unit at the plant, for a planned turnaround, according to a person familiar with the situation.

BP Texas City Plant Reports Ultracracker Upset, Depressures Unit

BP Plc depressured an ultracracker at its Texas City, Texas, refinery yesterday after a malfunction, the company said in a filing with state regulators.

Iraq to Finish Crude Link From Rumaila to Refineries This Year

Iraq will complete the construction of a pipeline network to carry crude from the Rumaila North field to refineries across the country by the end of the year, Deputy Oil Minister Ahmad al-Shamaa said.

French Refinery Workers Protest Against Petit-Couronne Halt (2)

French refinery employees stopped work to protest the shutdown of Petroplus Holdings AG’s Petit- Couronne site in Normandy, as a regional court agreed to defer a meeting on the plant’s future to tomorrow.

OTHER OIL MARKET NEWS

Fuel Oil Shipments to Asia Rise to 3 Million Tons for December

Fuel oil shipments from Western countries scheduled to arrive next month in Asia stood at 3.02 million metric tons, according to vessel-charter data and information from traders compiled by Bloomberg News.

Oil Product Shipping Costs to Japan Are Unchanged

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 10.88 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

Twelve North Sea Forties Oil Cargoes Said to Be Delayed Further

Twelve North Sea Forties crude cargoes for loading in October and November have been postponed further, said four people with knowledge of the loading program.

Aramco Raises December Light Premiums to Asia: Persian Gulf Oil

Saudi Arabian Oil Co., the world’s largest crude exporter, raised premiums used to set its official selling prices for December shipment of light grades to Asia and cut them for corresponding blends sold in the U.S.

Crude Official Selling Prices and Formulas by Country (Table)

The following table shows official prices, formulas and relative values for crudes from the Middle East, Africa and the Americas. Figures represent outright prices in U.S. dollars a barrel, or premiums and discounts to regional benchmarks where plus and minus symbols appear.

Saudi Aramco Said to Raise December Crude Prices From Sidi Kerir

Saudi Arabian Oil Co., the world’s largest crude exporter, increased its December official selling price for Arab Light blend from the Egyptian port of Sidi Kerir, according to two persons with knowledge of the matter.

TOP ENERGY STORIES

Harbinger Group to Pay $373 Million for Exco Gas Stake (2)

Philip Falcone’s Harbinger Group Inc. agreed to buy a stake in U.S. natural gas fields from Exco Resources Inc. for $373 million, betting on a rebound for the fuel.

Hedge Funds Reduce Bullish Bets Most in Five Months: Commodities

Hedge funds cut bullish wagers on commodities by the most since June as prices retreated to a three-month low on mounting concern that Europe’s debt crisis will worsen and U.S. growth slow.

Emir Turns Qatari Into Power Behind Middle East Uprisings (1)

When the Qatari emir stepped out of a helicopter and crossed into Gaza last month, the placards bearing his face and the flags draped from buildings marked more than just gratitude for $400 million of investment.

SapuraKencana Buys Seadrill Tender Rigs in $2.9 Billion Deal (1)

SapuraKencana Petroleum Bhd., Malaysia’s biggest oil and gas services company, agreed to buy Seadrill Ltd.’s tender-rig operations in a $2.9 billion deal.

Christie Talks ‘New Normal’ as Power Back for More in New Jersey

The number of New Jersey residents without power from superstorm Sandy fell below 1 million yesterday, Governor Chris Christie said. Yet a fresh storm may be just a few days away, bringing high winds and flooding rain.

Sandy’s Blackouts Fall to 1.9 Million; New Jersey Worst Affected

Utility crews working around the clock restored power to another 640,000 homes and businesses since Nov. 3, with New Jersey making up more than half of the 1.9 million still without electricity.

Harbinger Group Agrees to Pay $373 Million for Exco Gas Stake

Philip Falcone’s Harbinger Group Inc. agreed to buy a stake in U.S. natural gas fields from Exco Resources Inc. for $373 million, betting on a rebound for the fuel.

Hurricane Sandy’s Power Recoveries, State by State (Table)

About 1.4 million customers, 56 percent of them in New Jersey, remain without power today after utility crews restored electricity to about 481,000 million customers in the 24 hours ended at 2 p.m. today, according to the U.S. Energy Department. Hurricane Sandy caused 8.5 million* homes and businesses to lose power at the peak, from South Carolina to Maine and as far west as Michigan.

Inergy to Buy Bakken Hub Owner Rangeland for $425 Million (2)

Inergy Midstream LP agreed to buy closely held Rangeland Energy LLC for $425 million in cash, giving the partnership access to North Dakota’s fast-growing Bakken field.

OTHER MARKETS

Treasuries Rise, Euro Slips as Stocks Advance Before Election

Treasuries rose and the euro traded at an almost two-month low as the U.S. prepared to vote for president and concern grew Greece will fail to win a bailout. U.S. stocks closed higher after fluctuating during the day.

Euro Drops to Eight-Week Low on Greece Aid Concern; Pound Falls

The euro fell to the lowest in almost eight weeks against the dollar amid speculation Greece will struggle to win bailout funds, risking the nation’s future in the European monetary bloc.

G-20 Urges Flexible Currencies While Warning About Volatility

Group of 20 finance chiefs pledged to move toward more flexible currency regimes while highlighting policy makers’ commitment to avoid competitive devaluations as global growth sours.

U.S. Stocks Advance Ahead of American Presidential Elections

U.S. stocks advanced, rebounding from an earlier decline in the Standard & Poor’s 500 Index, as Americans prepared to vote in the presidential election.

European Stocks Fall on Earnings Disappointment, Greece Concern

European stocks dropped by the most in two weeks after HSBC Holdings Plc and CGGVeritas reported earnings that disappointed investors and amid concern that Greece will struggle to get further aid.

Gold Rallies Most in Week on Signs of Improved Buying in China

Gold futures in New York gained the most in a week as demand climbed in China, the world’s largest buyer after India.

Obama Works Turnout as Romney Seeks Wave on Race’s Final Day (4)

President Barack Obama beseeched core supporters and wayward backers to go to the polls, while Republican challenger Mitt Romney reached for an upset victory powered by anti- incumbent fervor on the final full day of a race that polls suggest has tilted slightly in the president’s favor.

U.S. Economy Set for Better Times Whether Obama or Romney Wins

Mitt Romney says Barack Obama’s policies will consign the U.S. to an extended period of sluggish economic growth, at best. The president says his Republican challenger’s plans will sow the seeds of another mammoth recession. Both are wrong.

SPORTS

Craig Levein Leaves Post as Scotland Soccer Manager, Sky Says

Craig Levein left his post as Scotland soccer manager, Sky Sports reported without saying where it got the information.

U.K. Financier Levene Sentenced to 13 Years in Prison for Fraud

Nicholas Levene, the London-based financier, was sentenced to 13 years in prison after pleading guilty to fraud, false accounting and obtaining a money transfer by deception, the U.K. Serious Fraud Office said.

Insider Buying and Selling by Company for Week Ending Nov. 2

Following is a ranking of the top 30 values of U.S. companies’ shares bought and sold by corporate executives, directors, and officers for the week ending Nov. 2.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 85.67 +0.02 +0.0 Nymex Dec. Brent Crude ($/Bbl) 107.73 +2.05 +1.9 Ice Dec. Gasoil ($/Ton) 920.00 -3.00 -0.3 Ice Dec. Gasoline (c/Gal) 262.02 +4.66 +1.8 Nymex Dec. Natural gas ($/MMBtu) 3.57 +0.01 +0.4 Nymex Dec. Dated Brent ($/Bbl) 107.55 +1.73 +1.6 OTC 21 Days Heating Oil 298.20 -0.09 0.0 Nymex Dec.

Other markets:

Last %Chg

----- ----- Dollar Index 80.70 +0.1 Gold ($/Oz) 1,683.20 +0.5 MSCI World Index 1,303.37 -0.2

Prices as of 11 p.m. GMT

To contact the editor responsible for this story: Alexander Kwiatkowski in Singapore at akwiatkowsk2@bloomberg.net


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