Bloomberg News

TOP Oil Market News: WTI Rises; Allidina Leaves Morgan Stanley

February 11, 2013

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

WTI Oil Rises as Euro Gains on ECB Comment; Brent Spread Shrinks

West Texas Intermediate oil advanced for the first time in four days as the euro strengthened against the dollar. The U.S. crude’s discount to Brent narrowed the most this year.

TOP OIL MARKET NEWS

Rosneft Said to Raise $14.2 Billion TNK-BP Acquisition Loans (1)

OAO Rosneft, Russia’s largest oil company, is raising $14.2 billion of loans to finance the second part of its acquisition of TNK-BP, according to two people with knowledge of the deal.

Morgan Stanley Commodity Research Head Allidina Said to Exit (1)

Hussein Allidina, head of commodity research for Morgan Stanley, has left the New York bank, according to a person familiar with the situation.

Gasoline Falls as Brent Drops, East Coast Motorists Dig Out Cars

Gasoline fell after a winter snowstorm blanketed the Northeast, reducing driving demand, and as Brent crude slipped.

Ethanol Strengthens Versus Gasoline as Shutdowns May Cut Supply

Ethanol strengthened against gasoline on speculation that plant shutdowns will reduce supply and support prices.

Iraq Cuts Basrah Light Oil Price for March for Sales to Asia

Country’s Oil Marketing Co. issues new official prices in e-mail.

Saudi Arabia Said to Supply Full March Oil Volumes to Refiners

Saudi Arabian Oil Co., the world’s largest state-owned crude exporter, will provide all contracted supplies to customers in Thailand and India for March, according to buyers at two refiners who received notifications from the producer.

Netanyahu Says Iran Is Accelerating Nuclear Enrichment Program

Israeli PM says Iran hasn’t “crossed red line yet.”

Natural Gas Futures Advance Amid Outlook for Mid-February Cold

Natural gas futures climbed in New York for the first time in three days. Forecasters predicted colder-than-normal weather next week that would stoke demand for the heating fuel.

State of the Union, G-20, Cisco, Carney: Week Ahead Feb. 11-16

President Barack Obama will present his legislative priorities for the year in his annual State of the Union address.

OPEC

Saudi Arabia’s Al-Moneef Said to Drop Race for OPEC Sec-Gen (1)

Majid al-Moneef withdrew his candidacy for the post of OPEC secretary-general after he was promoted within Saudi Arabia’s Supreme Economic Council, a Persian Gulf official with direct knowledge of the matter said.

REFINERIES Map global refinery outages

Valero Meraux Refinery Shut Hydrocracker on Sulfur Plant Trip

No. 3 sulfur recovery unit not online as of last update from Meraux refinery in Louisiana, notice to state regulators shows.

Consumers Co-op Shuts Coker at Saskatchewan Plant After Fire (1)

Consumers’ Co-Operative Refineries Ltd.’s coker at the Regina refinery in Saskatchewan, Canada, will be shut for an “indeterminate” period after a fire, a company executive said.

West Texas, Bakken Crudes Strengthen in Spot Oil Market

Crudes produced in West Texas strengthened as two refineries in the region shut down units for maintenance.

Los Angeles Gasoline Weakens as Refineries Seen Increasing Rates

Spot gasoline in Los Angeles fell against futures for a second day as BP Plc and Tesoro Corp. were said to be preparing equipment for restart at their Southern California refineries after planned maintenance turnarounds.

MORE: Valero Port Arthur Refinery Reports Emissions

A sulfur recovery unit tripped offline early this morning, Bill Day, Valero Energy Corp. spokesman, said by e-mail.

Regina Refinery Unit 1 Coker to Be Shut ‘Indeterminate’ Time

A coker at Consumers’ Co-Operative’s 130,000 barrel-a-day refinery in Regina will be shut for an unknown length of time after a fire last night.

Valero Port Arthur Refinery Reports Emissions

Valero Energy Corp. reported a release of emissions from a sulfur recovery unit, according to a filing with the Texas Commission on Environmental Quality.

Gasoline Speculators Boost Bullish Bets on Rally: Energy Markets

Hedge funds raised bullish bets on gasoline to a 10-month high as refineries shut for maintenance and pump prices soared to the highest level since October.

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

Nordic American May Double Tanker Fleet as Asia Spurs Demand (1)

Nordic American Tankers Ltd., the third-largest owner of ships hauling 1 million-barrel cargoes of oil, said it may double its fleet within half a decade, betting rising Asian energy demand will snap a rout in rates.

Saudi Arabia to Japan Tanker Rates Rises 0.3% to 31.29 Points

The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, gained 0.3 percent to 31.29 Worldscale points, according to the Baltic Exchange in London.

Saudi Aramco Cuts March Differentials for Asia: Persian Gulf Oil

Saudi Arabia, the world’s largest crude exporter, cut differentials used in determining official selling prices for all its grades to customers in Asia for March and raised premiums for light blends to the U.S.

TOP ENERGY STORIES

New England Digs Out From Blizzard as Yet More Snow Is Forecast

Russell Mason pointed to the hole in the side of his yellow seafront home near the entrance to Boston Harbor. That’s where the cellar door was, until the hurricane- force wind gusts of a blizzard slapped it away.

Coal Miner’s $1.4 Billion Rail to End Imports: Corporate India

Coal India Ltd., set to build a $1.4 billion railway link through its three richest mining regions, said the untapped pits will help the world’s second-biggest thermal coal importing nation end overseas purchases.

Assessing the Benefit of Gas Prices on U.S. Petrochemicals

U.S. petrochemical companies are benefiting from the low cost of U.S. natural gas compared with crude oil. Petrochemicals competitors in Asia and Europe rely on naphtha, which is more influenced by crude oil prices. Use Commodity Curve Analysis and Bloomberg Industries research to analyze the two commodities.

Investing in Water a Good Long-Term Bet, Goldman Executive Says

Investing in water utilities, infrastructure and water rights offers stable, long-term returns, Kyung-Ah Park, head of the environmental markets group at Goldman Sachs Group Inc., said in an interview.

New England Digs Out From Blizzard as More Snow Is Forecast (1)

Russell Mason pointed to the hole in the side of his yellow seafront home near the entrance to Boston Harbor. That’s where the cellar door was, until the hurricane- force wind gusts of a blizzard slapped it away.

Missouri Water for Fracking Not Shippers Questioned by Senator

An Iowa senator demanded the U.S. Army Corps of Engineers explain why it refused to use Missouri River water to replenish the drought-stricken Mississippi a day after it approved releasing water for oil drilling.

Apache Cheapest as $16 Billion in Deals Numbs Investors: Energy

The more Apache Corp. tries to grow, the more it shrinks.

Vestas Loses Wind Turbine Market Lead to GE After 12 Years (2)

Vestas Wind Systems A/S lost its leadership of the global wind turbine market to General Electric Co. in 2012 after 12 years with the biggest share, Navigant Consulting Inc.’s BTM Consult unit said.

TIAA-CREF Plans More Real Estate Deals With Norway Wealth Fund

TIAA-CREF plans to follow its sale of stakes in five U.S. office properties to Norway’s sovereign- wealth fund with joint investments in more U.S. real estate, an executive of the New York-based retirement account manager said.

OTHER MARKETS

Stocks Decline With Spain, Italy Bonds While Japan’s Yen Weakens

U.S. stocks slipped after a six-week rally left the Standard & Poor’s 500 Index trading at its most- expensive valuation since July 2011. European shares fell with Spanish and Italian bonds as the region’s finance ministers prepared to meet to discuss aid to Cyprus and Greece.

Euro Gains as ECB Official Says It Isn’t Overvalued; Yen Weakens

The euro rose against the majority of its 16 most-traded peers after European Central Bank council member Jens Weidmann said the currency isn’t seriously overvalued.

Black Market Dollars Put Egyptian Economy on Alert: Currencies

When two Egyptian banks refused to give Ahmed El-Rifai the dollars his digital media company needed to pay Facebook Inc. last month, he turned to a more reliable source: the black market at a premium of about 8 percent.

U.S. Stocks Retreat After S&P 500 Index Rallies for Six Weeks

U.S. stocks fell after a six-week rally left the Standard & Poor’s 500 Index at its most expensive valuation since July 2011.

Emerging Markets Drop to Six-Week Low as Commodity Stocks Slide

Emerging market stocks dropped to a six-week low as falling metals prices sank commodities shares and Turkish banks slid.

Soybeans, Corn Extend Declines on Rising South American Supplies

Soybean futures declined, capping the biggest four-day drop in seven weeks, and corn fell for a seventh consecutive session on speculation that record crops in South America will slow overseas demand for U.S. supplies.

Hedge Funds’ Fourth Bullish Week Boosts Copper Bets: Commodities

Hedge funds increased bullish commodity bets for the fourth straight week and became the most bullish on copper since December on signs of faster growth in the U.S. and China.

Pope Benedict XVI to Resign From Papacy for Health Reasons (3)

Pope Benedict XVI, saying he no longer has the strength to lead the world’s 1.2 billion Catholics, will resign from the papacy at the end of the month, the first such abdication in almost 600 years.

Background Checks Gain Ground as Republicans Defy Gun Lobby (2)

A coalition of House Republicans is willing to thwart the National Rifle Association’s opposition to broadening background checks for U.S. gun purchases. That may be President Barack Obama’s best chance for advancing tougher gun regulations this year.

SPORTS

West Brom Beats Liverpool 2-0 in English Soccer’s Premier League

West Bromwich Albion beat Liverpool 2-0 to get its first Premier League soccer win since December and move above its opponent in the standings.

U.S. Golf Association to End Public Links Tournaments After 2014

The U.S. Golf Association won’t stage its Amateur Public Links championships after 2014, eliminating an event that gave the men’s winner a spot in the annual Masters Tournament. It’s the first time the governing body for golf in the U.S. and Mexico has ended a championship.

Trump Submits Preliminary Plans for Second Scottish Golf Course

Donald Trump, the New York real estate billionaire, submitted preliminary plans for a second course at his 750 million-pound ($1.17 billion) Scottish golf resort seven months after the first one opened.

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


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