Bloomberg News

TOP Oil Market News: Crude Declines; OPEC Trims Demand Forecast

April 10, 2013

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

WTI Halts Two-Day Advance as Supplies Rise to Three-Decade High

West Texas Intermediate halted a two-day advance as a report showed stockpiles of U.S. crude increased to the highest level since 1981.


China Keeps Fuel Prices Unchanged in First Review of New System

China, the world’s second-biggest oil consumer, won’t adjust gasoline and diesel prices in the first review under a new mechanism because international crude costs have remained relatively stable.

Iraq Narrows Discount on All May Shipments of Basrah Light Crude

Iraq narrows discount for Basrah Light crude to be shipped to Asia in May to 70 cents/bbl less than average of Oman/Dubai benchmarks, according to e-mailed statement from Oil Ministry.

Hindustan Petroleum Said to Buy Nigerian June Crude From Vitol

Hindustan Petroleum Corp., India’s third-largest state refiner, bought 2 million barrels of Nigerian crude from Vitol Group for loading from June 1 to June 30, according to three people with knowledge of the matter.

API Snapshot: U.S. Crude-Oil Inventories Rose 5.06 Mln Barrels

The following table is a summary of the latest Weekly Statistical Bulletin from the American Petroleum Institute. *T


OPEC Trims Oil Demand Growth Forecast After March Output Drops

OPEC trimmed its estimate for global oil demand growth after the group’s crude production dropped last month.

Oil-Tanker Surplus Is Seen by OPEC Curbing Returns for Owners

A surplus of the largest oil tankers is curbing returns for owners of the vessels, according to the Organization of Petroleum Exporting Countries.

REFINERIES Map global refinery outages

Imperial Sarnia Refinery Operations Not Affected by Weather

Imperial Oil’s Sarnia refinery extinguished a fire and sounded an all clear within 20 minutes after a lightning strike at 7:40 p.m. on April 9.

Suncor Has Emissions at Commerce City Oil Refinery: NRC Filing

Co. releases an unknown amount of sulfur dioxide at Commerce City, Colorado, oil refinery “possibly due to an equipment failure,” according to filing with the U.S. National Response Center.

Yeochun NCC Cuts Naphtha Cracker Run Rates to 90% From Yesterday

Yeochun NCC Co. reduced operating rates at its naphtha crackers in South Korea after an outage at a customer’s plant, according to a company spokesman.

Sinopec Shanghai Says Refining Unit to Resume Within Two Days

Sinopec Shanghai vice chairman Wang Zhiqing comments in Hong Kong


European Naphtha Cargoes Heading to Asia Rise to Seven in April

European naphtha cargoes heading to Asia rose to seven shipments from two a week earlier, shipping data showed.

Basrah-Saudi Discount Widens; TNK-BP Offers ESPO: Asia Crude

Iraq widens Basrah Light’s discount to Saudi Arabia’s Arab Medium to the most in three months.

Mozambique Cabinet Backs Oil Law That Clarifies Investor Rules

Mozambique’s Cabinet approved the southern African nation’s petroleum law, which sets out timelines on reporting discoveries and stipulates that some revenue from fields must be allocated to communities.

Gasoline Cargoes to U.S. Seen Declining as Refinery Output Gains

The number of gasoline cargoes shipped to the U.S. from ports in northwest Europe is set to drop during the next two weeks as American refineries increase production of the auto fuel, a Bloomberg survey showed.

Iran Oil-Export Capacity Seen Up 14% According to Ship Signals

The combined carrying capacity of oil tankers leaving Iranian ports last month was 14 percent higher than in February, vessel-tracking data compiled by Bloomberg show.

China’s Crude Imports Fall to Lowest in Six Months in March

China’s net daily crude imports fell to the lowest level in six months in March as refineries shut units for maintenance.

Asia Fuel Oil Backwardation Widens, BP Buys Gasoil: Oil Products

Asia fuel oil backwardation widens for a third day, signaling increased demand for prompt supplies. BP buys gasoil cargoes in Singapore.


Asian LNG Set to Rise as Premium at Two-Year Low: Energy Markets

Liquefied natural gas prices in Asia are poised to reverse an eight-week drop that brought them to a two-year low relative to cargoes for Europe as Japan faces delays in starting nuclear reactors.

Exxon Mobil to Seek Second MTBE Win in New Hampshire Appeal

Exxon Mobil Corp. will appeal a $236 million New Hampshire verdict in a case over the use of the gasoline additive MTBE, after having gotten a much larger award in a similar dispute thrown out by a court in Maryland.

Lowest Swiss Water Levels in 13 Years Set to Boost Power Prices

The lowest hydro reserves in 13 years in Switzerland, which generates more of its power using water than any other non- Nordic European country, may boost prices in neighboring France, Germany, Italy and Austria.

Tokyo Electric Boosts Coal Capacity to Cut Need for Costly Oil

Tokyo Electric Power Co., Japan’s biggest utility, may cut its oil purchases by more than one-third as it boosts its reliance on coal plants to reduce an energy bill that’s ballooned since the Fukushima nuclear crisis.


Stocks Climb With Euro on Stimulus as S&P 500 Futures Advance

Stocks gained for a third day, U.S. equity-index futures advanced and the euro strengthened before the Federal Reserve releases minutes of its last meeting and on speculation central banks will keep supporting stimulus efforts. The Australian dollar gained as Chinese imports jumped.

Mine Town Rents Beating Manhattan Show Aussie Pain: Commodities

A furnished two-bedroom apartment in Port Hedland, the world’s biggest bulk export terminal, on Australia’s cyclone- battered north-western coast rents for almost the price of a three-bedroom penthouse in Manhattan.

Obama Proposes $3.77 Trillion Budget in Bid to Revive Debt Deal

President Barack Obama sends a $3.77 trillion spending plan to Congress today that calls for reductions in Social Security and other entitlement spending in a political gamble intended to revive deficit-reduction talks.

China’s Trade With North Korea Falls After December Launch (1)

China’s exports to North Korea fell in the first three months of this year, in what may be a signal to Kim Jong Un’s regime to change its behavior following a December rocket launch and subsequent nuclear test.


New York Knicks Clinch First NBA Division Title in 19 Seasons

The New York Knicks clinched a National Basketball Association division for the first time in 19 seasons with a 120-99 victory over the Washington Wizards that pushed their winning streak to 13 games.

Kansas’s McLemore, Indiana’s Oladipo to Enter 2013 NBA Draft

University of Kansas freshman guard Ben McLemore and Indiana University junior guard Victor Oladipo will enter this year’s National Basketball Association draft and forgo their remaining college eligibility.


Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 93.83 -0.37 -0.4 Nymex May Brent Crude ($/Bbl) 105.86 -0.37 -0.3 ICE May Gasoil ($/Ton) 890.25 +8.25 +0.9 ICE May Gasoline (c/Gal) 290.85 -3.39 -1.2 Nymex May Natural gas ($/MMBtu) 4.07 +0.06 +1.4 Nymex May Dated Brent ($/Bbl) 105.40 -0.02 0.0 OTC 21 Days Heating Oil 296.09 -0.04 0.0 Nymex May Other markets:

Last %Chg

----- ----- Dollar Index 82.36 +0.1 Gold ($/Oz) 1,586.70 +0.9 MSCI World Index 1,439.96 +0.5 Prices as of 12 p.m. London time

To contact the editor responsible for this story: Steve Voss in London at

The Good Business Issue
blog comments powered by Disqus