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TOP Oil Market News: Crude Declines for the First Day in Three

By Alexander Kwiatkowski

November 26, 2012

Oil Declines for First Day in Three as Middle East Concern Eases

Oil fell for the first time in three days as tension eased in the Middle East, reducing concern that unrest in the region will spread and disrupt crude supplies.

Jet-Fuel Hedging Positions for Airlines Based in Asia (Table)

The following table shows the amount of jet-fuel consumption hedged by Asia-based airlines to guard against price fluctuations.

Europe’s Shale Boom Lies in Sahara as Algeria Woos Exxon: Energy

Europe’s answer to the U.S. shale boom may lie beneath the Sahara desert.

U.K. Energy Policy Weighs on Green Investment: Chart of the Day

U.K. deliberations on changes to the electricity market designed to spur spending on low-carbon power generation have contributed to a drop in funding for renewables, according to industry researcher Bloomberg New Energy Finance.

Asia Gasoil Crack Spread at Highest in Three Weeks: Oil Products

Asia’s gasoil crack rose to highest in three weeks, signaling increased profit for refiners making diesel.

Mangalore Refinery Offers Fuel Cargoes for December Loading (1)

India’s Mangalore Refinery & Petrochemicals Ltd. offered to sell gasoil, naphtha, jet fuel and vacuum gasoil cargoes for loading in December, according to tender documents e-mailed to potential buyers.

Cargill Said to Buy December Jet Fuel From Mangalore Refinery

Cargill Inc. bought 40,000 metric tons of jet fuel from Mangalore Refinery & Petrochemicals Ltd. for loading in December, said two traders who asked not to be identified because the information is confidential.

Vitol Said to Buy Gasoil From Mangalore Refinery for December

Vitol Group bought 40,000 metric tons of gasoil for loading in December from Mangalore Refinery & Petrochemicals Ltd., a unit of India’s biggest energy explorer, said two traders who asked not to be identified because the information is confidential.

MSR, Lehman, Valence, Nassau Broadcasting, Satcon: Bankruptcy

The four resorts still owned by Paulson & Co. and Winthrop Realty Trust are receiving the first slug of $10 million in additional financing to hold the business together in view of a one-month delay in auctioning the properties and confirming a Chapter 11 plan.

Glencore, Vedanta Face Up to 50% Pay-Raise Demand in Zambia (1)

Employees at mines in Zambia, Africa’s biggest copper producer, are demanding pay increases of as much as 50 percent for 2013, the nation’s biggest mineworkers’ union said.

OPEC

Brent Poised to Oust WTI as Most-Traded in Oil: Energy Markets

For the first year since the futures were created, Brent crude is poised to overtake West Texas Intermediate oil as the world’s most-traded commodity.

Saudi Waste Means Energy Use Inefficient, Oil Chief Naimi Says

Saudi Arabia, the world’s largest crude exporter, is among the world’s least energy-efficient nations because of its waste and misuse of fossil fuels, Oil Minister Ali al-Naimi said.

REFINERIES Map global refinery outages

Shell Martinez Refinery Flares Hydrogen Sulfide, Agency Reports

Royal Dutch Shell Plc’s refinery in Martinez, California, released 100 pounds of hydrogen sulfur from a pressure relief valve, according to a report today with the California Emergency Management Agency.

Phillips 66 Wilmington Refinery Flares Sulfur Dioxide Nov. 24

Phillips 66’s Wilmington refinery in California flared an unknown quantity of sulfur dioxide on Nov. 24, according to a noticed filed yesterday with the California Emergency Management Agency.

Citgo’s Illinois Refinery May Release Excess Sulfur Dioxide

Citgo Petroleum Corp. may release sulfur dioxide during the start-up of a unit at its Lemont, Illinois, refinery, according to a filing with the U.S. National Response Center.

NCRA Refinery Releases Hydrogen Sulfide in Kansas: NRC Filing

The National Cooperative Refinery Association’s refinery in McPherson, Kansas, released hydrogen sulfide from a boiler house, according to a National Response Center filing.

Texas Crude Oil Prices Recover as January Trading Period Begins

Texas oils strengthened against the benchmark West Texas Intermediate, rebounding from a slide to record lows this week.

Europe Gasoline Slips; Exxon Halts Rotterdam Unit: Oil Products

European gasoline barges slipped as Brent crude fell. Exxon Mobil Corp. halted a desulfurization unit at its 191,000 barrel- a-day Rotterdam refinery on a technical malfunction.

Preem Refining Profits Climb for a Third Quarter on Stockpiles

Preem AB, Sweden’s largest refiner, said falling fuel inventories helped to push up margins for a third straight quarter.

Fire at Cardon Coker Unit Controlled in Venezuela, Union Says

Petroleos de Venezuela SA, the state-owned oil company, controlled a fire “immediately” at a coker unit this morning at its Cardon refinery in Falcon state, union leader Ivan Freites said.

API’s Falconara Refinery Workers to Strike Dec. 1-8, Ansa Says

Workers at Anonima Petroli Italiana SpA’s Falconara refinery near Ancona, Italy, plan to stage a one-week strike starting Dec. 1, Ansa reported.

Vitol Buys European Naphtha; Pembroke Units Start: Oil Products

Vitol Group bought four cargoes of naphtha in northwest Europe, adding to its purchase of at least 10 lots last week. BP Plc bought two consignments of ultra-low- sulfur diesel.

OTHER OIL MARKET NEWS

Cargill Said to Buy December Fuel Oil From Mangalore Refinery

Cargill Inc. 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.

Oil Product Shipping Costs to Japan Rise 1.9 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan rose 1.9 percent to 10.88 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

Santos Seeks Collaboration With Rivals Amid Rising Cost Threat

Santos Ltd., building a liquefied natural gas project in Queensland state, plans to collaborate with rivals to cut costs as rising expenses threaten $156 billion of developments proposed by the industry in Australia.

Natural-Gas Exports Could Lift Both U.S. Trade and Economy: View

U.S. President Barack Obama has a rising opportunity to make good on two of his central campaign promises: harnessing domestic energy and boosting U.S. exports.

Palestinian President Abbas Expects Wide Support for UN Bid (1)

Palestinian Authority President Mahmoud Abbas said a bid for United Nations observer status is the first step toward achieving his people’s rights and has wide support among General Assembly members.

Oil Caps Biggest Weekly Gain Since October on German Confidence

Oil capped the biggest weekly gain in more than a month as German business confidence unexpectedly rose in November, a signal Europe’s largest economy may expand.

Rich Nations Fall Short of $30 Billion Climate Change Aid Pledge

Industrialized countries have failed to deliver $30 billion of aid they promised for projects that avert and protect from climate change, potentially undermining negotiations on a treaty to curb global warming.

EIB Set to Back 50 Million-Euro Loan for Liberian Hydropower (1)

The European Investment Bank is close to approving a 50 million-euro ($64 million) loan for Liberia’s Mount Coffee hydropower project and may provide 100 million euros for a similar power plant in East Africa.

Rede Energia Files for Bankruptcy After Failing to Lure Buyers

Rede Energia SA, which controls eight Brazilian electricity distributors, filed for bankruptcy protection after failing to attract a buyer for its assets as it struggles with debt.

Pemex Discovers Oil in Region That Could Hold 1 Billion Barrels

Petroleos Mexicanos, the world’s fourth-largest oil producer, is expanding drilling after discovering a crude deposit in Tabasco state, estimating the area could hold as much as 1 billion barrels of reserves.

China Power-Station Coal Falls to Seven-Week Low as Supply Rises

China’s benchmark price for coal used in power stations fell to the lowest since Oct. 7 as inventories at the port of Qinhuangdao increased.

OTHER MARKETS

Asia Stocks Rise on U.S. Spending While Euro Drops as Oil Slides

Asian stocks rose for a fourth day as increased U.S. holiday spending boosted prospects for the region’s exporters. The euro fell amid concern Spain may postpone asking for a bailout, while oil retreated.

Euro Weakens Against Peers Amid Political Uncertainty in Spain

The euro fell, snapping a five-day gain, after pro- independence parties in Catalonia won a regional vote, strengthening a drive for a referendum on secession in defiance of Spanish Prime Minister Mariano Rajoy.

Export Collapse to Drive Yen to Two-Year Low: Chart of the Day

The push for a weaker yen, led by the opposition party that’s favored to oust Japan’s current government in next month’s election, is gathering pace after the nation posted its first-ever current-account deficit.

Asian Stocks Head for Longest Streak of Gains in Two Months

Asian stocks rose, with the benchmark regional gauge heading for its longest streak of gains in two months, as a weakening yen boosted the earnings outlook for Japanese exporters and U.S. consumer spending jumped during the Thanksgiving weekend.

Taiwan Stocks Rise as Government Considers Support: Taipei Mover

Taiwan’s stocks advanced to a five- week high as the government considered plans to bolster equities. Bonds dropped, sending 10-year yields to the highest level in three weeks.

Nickel Glut Recedes as Biggest Metals Loser Rallies: Commodities

Nickel, this year’s worst-performing metal, is rallying as analysts from Standard Bank Plc to BNP Paribas SA forecast a smaller-than-expected supply glut in 2013.

China Traders to Boost Rubber Imports From Thailand on Price Gap

Traders in China, the world’s biggest rubber consumer, are increasing imports of the natural variety from Thailand as expectations of stockpiling by the Chinese government push up domestic prices.

Mursi to Meet With Egypt’s Judiciary as Unrest Grows Over Decree

Egyptian President Mohamed Mursi will meet with the nation’s judicial council today as opposition mounts against his “temporary” seizure of powers exempting him from oversight by the nation’s courts.

Park Leads Moon in Poll as S. Korea Presidential Campaign Begins

Park Geun Hye, the South Korean ruling party’s presidential nominee, held a lead in polls over opposition challenger Moon Jae In as they prepared to launch a barrage of television ads ahead of next month’s election.

SPORTS

Milan Beats Juventus 1-0; Marseille Moves Into Tie Atop Ligue 1

Juventus missed a chance to stretch its lead atop Italy’s Serie A with a 1-0 defeat at AC Milan yesterday, while Barcelona won 4-0 on the road in Spanish soccer’s La Liga.

Chelsea Ties 0-0 Against Man. City in Benitez’s Opening Match

Rafael Benitez started his tenure as manager of Chelsea with a 0-0 home draw against Manchester City in English soccer’s Premier League today. Tottenham defeated West Ham 3-1.

Dave Sexton, Former Chelsea Soccer Manager, Dies at Age 82

Former Chelsea and Manchester United soccer manager Dave Sexton has died at age 82.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 88.07 -0.21 -0.2 Nymex Jan. Brent Crude ($/Bbl) 111.21 -0.17 -0.2 Ice undefined Gasoil ($/Ton) 957.50 +3.00 +0.3 Ice Jan. Gasoline (c/Gal) 274.20 -0.19 -0.1 Nymex Dec. Natural gas ($/MMBtu) 3.85 -0.05 -1.3 Nymex Dec. Dated Brent ($/Bbl) 112.12 -0.23 -0.2 OTC 21 Days Heating Oil 307.56 -0.15 0.0 Nymex Dec.

Other markets: