Bloomberg News

TOP Oil Market News: Crude Rises a Second Day Amid Israel Crisis

November 19, 2012

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

Oil Rises a Second Day Amid Israel Conflict, U.S. Budget Talks

Oil advanced for a second day in New York after Israel said it may expand an assault on the Gaza Strip and U.S. House Speaker John Boehner indicated budget talks with President Barack Obama were constructive.

Israel Ready to Invade Gaza Strip If Cease-Fire Efforts Fail (1)

Israeli ground forces are poised to invade the Gaza Strip for the first time in almost four years amid efforts by Egypt and Turkey to help end the rocket battles that have killed 71 Palestinians and three Israelis.

Asia Gasoil Crack Falls Most Since September 2011: Oil Products

Asia’s gasoil crack spread shrank the most since September last year, signaling reduced profit for refiners making diesel.

Statoil Said to Buy December Jet Fuel From Mangalore Refinery

Statoil ASA bought 40,000 metric tons of jet fuel from Mangalore Refinery & Petrochemicals Ltd., a unit of India’s biggest state-run explorer, said two traders who asked not to be identified because the information is confidential.

Vitol Said to Buy Naphtha From Bharat Petroleum for December

Vitol Group bought 11,000 metric tons of naphtha from Bharat Petroleum Corp., India’s second- biggest state refiner, said two traders who asked not to be identified because the information is confidential.

Mercuria Said to Buy December Fuel Oil From Mangalore Refinery

Mercuria Energy Trading SA bought 80,000 metric tons of fuel oil for loading in December from Mangalore Refinery & Petrochemicals Ltd., a unit of India’s largest energy explorer, said two traders who asked not to be identified because the information is confidential.

Speculators Sell Gas at 1-Year High to Utilities: Energy Markets

Hedge funds sold natural gas to utilities last week as colder-than-normal weather bolstered heating demand and pushed prices to the highest level in more than a year.

BP Seen Takeover Target as Valuation Sinks on Settlement: Energy

Bob Dudley shrank BP Plc to save it.

Glasenberg Breaks Word on Equal With Glencore-Xstrata Deal Near

When Ivan Glasenberg walked into a members-only club in London’s Mayfair district on Sept. 7 at about 2 a.m. to see a customer, he’d just played what’s seen as the winning hand in negotiations to seal a $30 billion takeover.

OPEC

Saudi Arabian Oil Exports Rise on Refinery Cuts, JODI Data Show

Saudi Arabia’s crude oil exports rose in September to 7.28 million barrels a day as local refineries cut processing by 14.6 percent, according to the Joint Organizations Data Initiative.

REFINERIES Map global refinery outages

Valero Has Emissions at Corpus Christi Refinery, Filing Shows

Valero Energy Corp. released benzene and hydrogen sulfide at its refinery in Corpus Christi, Texas, after maintenance on a storage tank, according to a filing with the National Response Center.

Chalmette Has Flaring at Louisiana Refinery, NRC Filing Says

Chalmette Refining had emissions after a compressor was shut down as its refinery in Louisiana, according to a filing with the National Response Center.

U.S. Gasoline Fell to $3.4728 a Gallon in Lundberg Survey (1)

The average price for regular gasoline at U.S. pumps fell 7.26 cents in the past two weeks to $3.4728 a gallon, according to the Lundberg Survey Inc.

PBF Flares Gas at Delaware City Refinery, State Filing Shows

PBF Energy Inc. reported a release of sulfur dioxide yesterday at its Delaware City, Delaware, refinery, according to a filing with state regulators.

Shell Has Butadiene Release at Deer Park Refinery, Filing Shows

Royal Dutch Shell Plc released butadiene that exceeded the reportable quantity during a flaring event at its refinery in Deer Park, Texas, because of an equipment failure, according to a filing with the National Response Center.

Flint Hills Minnesota Oil Refinery Plans Upgrade in 2014 (1)

Flint Hills Resources LLC plans to spend about $400 million to upgrade a crude unit and coker at its Pine Bend refinery in Minnesota so the plant can increase production.

California Gasoline Gains After Valero Hydrocracker Maintenance

Spot gasoline in San Francisco gained for the first time in five days after Valero Energy Corp. said the Benicia refinery in Northern California performed work on a hydrocracker.

Flint Hills Plans $400m Upgrade at Minnesota Refinery in 2014

Flint Hills Resources LLC plans to spend about $400 million to upgrade its Pine Bend refinery in Minnesota, the company said in an e-mailed statement.

OTHER OIL MARKET 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 10.09 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

TOP ENERGY STORIES

Netanyahu Says Israel May Widen Action as Truce Sought (Correct)

Israel said it may expand an assault on the Gaza Strip amid a fifth day of rocket attacks on its cities, as regional leaders raced to broker an accord ending a conflict that has killed 67 Palestinians and three Israelis.

Netanyahu Says Israel May Widen Action; Truce Effort Intensifies

Israel said it may expand an assault on the Gaza Strip amid a fifth day of rocket attacks on its cities as regional leaders raced to broker an accord ending a conflict that has killed 52 Palestinians and three Israelis.

Australia Must Curb Costs to Lure Energy Projects, Minister Says

Australia needs to reduce project development costs in the mining industry to keep attracting investment as the cushion provided by high commodity prices diminishes, Resources and Energy Minister Martin Ferguson said.

Oil Rises on Concern Middle East Tension Will Disrupt Supplies

Oil rose on concern that the clash between Israel and Hamas will escalate into a wider conflict that would endanger Middle East crude shipments.

Petronas Said to Answer Queries on Revised Progress Offer (4)

Petroliam Nasional Bhd. has responded to queries from the Canadian government after submitting a modified bid for Progress Energy Resources Corp., a person with knowledge of the matter said.

BP Spill Settlement Is $2.4 Billion Windfall for Wildlife Group

Oil was still gushing from BP Plc’s Macondo well in 2010 when a little-known non-profit rushed to establish a new resting area for more than 1 billion migratory birds that stop each year at the Gulf of Mexico.

Fidelity Spurns Japan Utilities as Goldman Sachs Says ‘Buy’ (1)

Fidelity Investments has stopped actively investing in Japan’s atomic power producers as opposition to nuclear reactors and the scrapping of dividends removes incentives to hold the stocks.

Soco’s Vietnam Oil Seen Targeted After Coastal Energy: Real M&A

Soco International Plc, an oil explorer operating off of Vietnam, is turning into the next takeover target for Asian energy companies as PT Pertamina’s bid for Coastal Energy Co. accelerates the race for energy assets.

Hedge Funds Cut Bets in Longest Retreat Since 2008: Commodities

Hedge funds cut bullish commodity bets for a sixth straight week, the longest slump since the depths of the global recession four years ago, on mounting concern that economies are slowing.

Two Missing After Explosion on Black Elk Platform in Gulf (2)

Two people are missing and an oil sheen was spotted in the U.S. Gulf of Mexico after an explosion and fire at a platform owned by Black Elk Energy Offshore Operations LLC.

OTHER MARKETS

Asian Stocks Rise, Oil Climbs on U.S. Budget Talks; Dollar Falls

Asian stocks rose the most in a month, commodities gained and the won strengthened after U.S. President Barack Obama expressed confidence that he and Congress would reach a budget agreement. The dollar fell.

Yen Touches Seven-Month Low Before BOJ Decision; Aussie Advances

The yen touched the lowest level in almost seven months as the Bank of Japan holds a two-day meeting amid speculation the opposition party that advocates more aggressive easing will take power in December’s election.

Philippine Peso Strengthens on U.S. Budget Optimism; Bonds Rise

The Philippine peso strengthened, snapping a five-day decline, as speculation the U.S. will resolve its budget deadlock spurred demand for riskier assets.

Asian Stocks Rise for Second Day as Obama Pledges Budget Deal

Asian stocks gained for a second day, with the regional benchmark index heading for its biggest advance in two months, after President Barack Obama expressed confidence that he and Congress will reach a budget agreement.

India Is JPMorgan’s Top BRIC Market for 2013; Underweight China

Indian stocks are the top selection among the so-called BRIC nations next year at JPMorgan Chase & Co. because of improving policy and easier monetary conditions.

Gold Advances as ETP Holdings Expand to Record, Dollar Declines

Gold gained for the first time in three days, climbing alongside other commodities as the dollar weakened and investors boosted holdings in exchange-traded products to a record.

Hedge Funds Cut Bets in Longest Retreat Since 2008: Commodities

Hedge funds cut bullish commodity bets for a sixth straight week, the longest slump since the depths of the global recession four years ago, on mounting concern that economies are slowing.

Obama Hails Myanmar Democracy Shift in First Presidential Visit

Barack Obama hailed Myanmar’s shift to democracy and urged more steps to increase freedom in the first visit to the former military regime by a U.S. president.

China, Asean Downplay Sea Disputes as Economic Concerns Grow (1)

Southeast Asian leaders sought to ease tensions with China over maritime disputes before a regional summit tomorrow involving U.S. President Barack Obama as concerns persist over weaker demand in the global economy.

SPORTS

Di Matteo Is Fighting to Save Job at Chelsea: Soccer Roundup

The following is a roundup of soccer stories from U.K. newspapers, with clickable Internet links.

India Chases 77 Runs to Beat England in Cricket Series Opener

India needs 77 runs to beat England in their series-opening cricket Test after dismissing the touring team for 406 in its second innings on the final morning.

Russell Crowe Wants to Sell His Stake in South Sydney NRL Team

Oscar-winning actor Russell Crowe wants to sell his 37.5 percent stake in the South Sydney National Rugby League team he helped to become a competitive force again.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 87.84 +0.92 +1.1 Nymex Jan. Brent Crude ($/Bbl) 109.83 +0.88 +0.8 Ice undefined Gasoil ($/Ton) 939.00 +16.25 +1.8 Ice Jan. Gasoline (c/Gal) 273.18 +2.17 +0.8 Nymex Dec. Natural gas ($/MMBtu) 3.81 +0.02 +0.6 Nymex Dec. Dated Brent ($/Bbl) 110.44 +0.77 +0.7 OTC 21 Days Heating Oil 301.32 +2.64 +0.9 Nymex Dec.

Other markets:

Last %Chg

----- ----- Dollar Index 81.08 -0.2 Gold ($/Oz) 1,714.70 +0.1 MSCI World Index 1,257.16 +0.3

Prices as of 6 a.m. GMT

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


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