The following is a selection of the most important news affecting the oil market.
WTI Slides From Six-Week High; Exxon Shuts Gulf Coast Pipeline
West Texas Intermediate crude slid from the highest close in six weeks, snapping its longest rally this year. Exxon Mobil Corp. shut a pipeline that carries oil to the U.S. Gulf Coast.
TOP OIL MARKET NEWS
Exxon to Excavate Pegasus Crude Pipeline to Find Cause of Leak
Exxon Mobil Corp.’s Pegasus crude oil pipeline, which was shut on March 29 after a leak was detected in Arkansas, will need to be excavated as the company looks to determine what caused the breach, a spokeswoman said.
Hedge Funds Backing $100 Crude Lift Bullish Bets: Energy Markets
Hedge funds raised bullish crude bets by the most this year as refineries increased demand and the U.S. economy expanded.
OPEC Oil Output Drops to a 16-Month Low in Survey on Nigeria (3)
OPEC crude production slipped to a 16-month low in March as output in Nigeria dropped to the least in more than three years, a Bloomberg survey showed.
Schlumberger Says It Reached New Payment Agreement with PDVSA
Schlumberger reached a new payment agreement with Venezuela’s PDVSA, and will recognize all new revenue associated with first-quarter operations, the company said in a statement.
Brent-WTI Crude Spread Widens After Exxon Shuts Pipe to Texas
West Texas Intermediate oil’s discount to London’s Brent widened from the narrowest in almost nine months after Exxon Mobil Corp. (XOM:US) shut a pipeline carrying crude from Illinois to the U.S. Gulf Coast.
Taiwan’s CPC Offers 300,000 Barrels of Jet Fuel for May Loading
The A-1 jet fuel cargo will be loaded during any 5-day range in May from Kaohsiung, according to a statement on company’s website.
Petronas Sets March Tapis Oil Official Price at $114.17 a Barrel
Co. says in e-mail notice today. Cuts March price 6.7% from Feb. level of $122.38/bbl,
South Korea’s Crude Imports Decline 2% in March to Two-Year Low
South Korea, Asia’s fourth-biggest economy, reduced its overseas crude purchases in March by 2 percent from a year earlier to the least since February 2011.
Exelon Falls From Green Favor as Chief Fights Wind-Power Subsidy
Exelon Corp. left the U.S. Chamber of Commerce in 2009 over the group’s opposition to a climate- change bill, declaring the “carbon-based free lunch” was over.
REFINERIES Map global refinery outages
Enterprise Products to Shut Mont Belvieu Unit for Maintenance
Co. to carry out scheduled maintenance at West Texas fractionator No. 1 located at its Mont Belvieu complex, according to a filing with state regulators.
Northern Tier Energy Has Emissions at St. Paul Plant: NRC Filing
Co. releases unknown amount of sulfur dioxide from St. Paul Park, Minnesota, oil refinery after upset at distillate desulfurizer unit, according to filing with U.S. National Response Center.
Run Rate Drops to Seven-Month Low at China’s Teapot Refineries
China’s smaller oil refineries in Shandong province cut their average utilization rate to 28.5% of capacity on March 28, industry website Oilchem.net says.
BP Carson Refinery Plans to Flare Gases April 1-6
Carson Refinery in Southern California plans to flare gas trom April 1 to April 6, BP Plc said in notice to the South Coast Air Quality Management District.
Shell Says 16-In. Crude Oil Line in Texas Shut on Possible Leak
Shell shut 16-inch crude oil pipeline in West Columbia, Texas, on March 29 at about 10am after its pipeline control center in Houston identified a possible release, Kimberly Windon, a spokeswoman for the company, said in an e-mail.
Holly El Dorado Refinery Has Flaring During Maintenance: NRC
HollyFrontier Corp.’s refinery in El Dorado, Kansas released hydrogen sulfide to the flare due to amine acide gas while being shut for maintenance late March 29, according to a filing with the NRC.
Flint Hills Resources Has Emissions at Corpus Christi: NRC
Flint Hills plant at Corpus Christi, Texas, released 10 pounds of benzene from an exchanger that was down for an hour on March 29, according to a filing with the NRC.
Exxon Mobil Refinery Leaks Happened During Maintenance: NRC
Refinery in Beaumont, Texas, leaked unknown quantities of toluene, xylene, benzene, according to filing with U.S. National Response Center.
Philadelphia Energy Solutions Refinery Starting Units After Work
Philadelphia Energy Solutions is restarting units in the Girard Point section of its Philadelphia refinery after maintenance that began in January.
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 11.65 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
Israel Starts Tamar Gas Output in Energy-Independence Step (1)
Israel started gas production at the Tamar offshore field in an effort to put the country on the road to energy independence and save a projected 1 billion shekels ($274 million) a month, according to the government.
Chesapeake Names COO Dixon Interim Replacement for McClendon
Chesapeake Energy Corp. picked Chief Operating Officer Steven C. Dixon to be acting chief executive as co-founder Aubrey K. McClendon steps down from the natural gas explorer he led for almost a quarter century.
Bahrain Seeks More Gas as It Plans First LNG Unit, Khalifa Says
Bahrain plans to boost output of natural gas by tapping deep reserves and build a terminal to import liquefied gas, the head of its state-owned energy investment holding company said.
Fracking Debut Nears in Boost to Reliance, ONGC: Corporate India
India will allow explorers including Oil & Natural Gas Corp. and Reliance Industries Ltd. to produce shale oil and gas for the first time as Asia’s second-biggest energy consumer seeks to cut reliance on imports.
Volcano Power Tapped by Marubeni as Nuclear Alternative: Energy
Marubeni Corp., the biggest investor in electricity generation among Japan’s trading houses, is working on how to revive the geothermal industry and tap heat that powers volcanos as an alternative to nuclear reactors.
Obama’s Energy Pick Moniz Discloses Extent of Ties to Industry
Ernest Moniz, President Barack Obama’s nominee for energy secretary, performed consulting work last year for General Electric Co., BP Plc, and Riverstone Equity Partners LP, according to his financial disclosure forms.
U.K. Plans to Raise GBP3b in Sale of Urenco Stake in 2013: FT
The U.K. aims to raise as much as GBP3b by the end of the year through the sale of its 33% stake in Urenco, the uranium enrichment company, the Financial Times said, without saying where it got the information. The FT also reported:
Asian Stocks Drop on Japan Data as Commodities Decline With Won
Asian shares dropped and commodities declined for a second day after a survey of sentiment among the Japan’s largest manufacturers missed estimates. South Korea’s won and the euro weakened while Treasuries fell.
Euro Declines After Monthly Drop on Weakening Economic Recovery
The euro weakened following a decline last month as economic data signal the 17-nation region is struggling to recover, damping demand for the currency.
Funds See Best in Decade as World Alignment Unravels: Currencies
Funds that specialize in currencies are enjoying their best start to a year in at least a decade as economies show signs of decoupling.
Asian Stocks Drop After Japan’s Tankan, China PMI Miss Estimates
Asian stocks fell, led by Japanese shares, after a survey of sentiment among the country’s largest manufacturers missed estimates and an official gauge of China’s factory output expanded at a slower-than-expected pace.
Rallying Stocks Generate Best Return of Quarter, Beating Bonds
Global stocks beat all other investments for a second quarter, the first back-to-back outperformance since 2009, as accelerating economic growth pushed equities past commodities, bonds and the dollar.
Corn Heads for Bear Market After U.S. Stockpiles Beat Estimates
Corn headed for a bear market, dropping for a second day after the U.S. government reported stockpiles were larger than estimated and acreage may climb to the highest since 1936. Wheat slumped to the cheapest since June.
Bullish Bets Rebound at Fastest Pace in Four Years: Commodities
Investors are boosting wagers on higher commodity prices at the fastest pace in almost four years, rebounding from the least bullish position since 2009, on signs that the U.S. is accelerating and Europe’s debt crisis is easing.
Kim Calls Atomic Weapons Top Priority as Korea Tensions Rise (1)
Kim Jong Un called nuclear weapons development one of North Korea’s top priorities as his country ratcheted up tensions by declaring a state of war with South Korea and reiterating threats to attack the U.S.
Senators See Hope For Immigration Deal With Some Details Undone
Senators negotiating a bipartisan accord on U.S. immigration policy expressed optimism yesterday that a plan will be ready for Senate consideration soon, while differences remain with Republicans leading the House.
D.A. Points Wins Houston Open by One for Second PGA Tour Title
D.A. Points won the Houston Open by one stroke for his second career U.S. PGA Tour title, a victory that earns him a trip to golf’s Masters Tournament.
Atletico Madrid Misses Chance to Overtake Real With Home Draw
Atletico Madrid missed the chance to take second spot from Real Madrid in soccer’s Spanish league with a 1-1 home draw against Valencia.
Andy Murray Beats David Ferrer in Sony Open Final in Miami
Andy Murray of Britain recovered to beat David Ferrer in three sets in tennis’s Sony Open final in Miami today.
To contact the editor responsible for this story: Alexander Kwiatkowski in Singapore at email@example.com