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TOP Oil Market News: Crude Trades Near 4-Month High in New York

January 08, 2013

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

Oil Trades Near Four-Month High as Run Rates, Supply Seen Rising

Oil traded near the highest level in almost four months in New York before a government report that may show refinery utilization rose and stockpiles increased in the U.S., the world’s biggest crude-consuming nation.

Oil Supply Seen Rising in Survey as Imports Gain: Energy Markets

U.S. crude inventories probably rose after the biggest weekly drop in almost a dozen years as imports rebounded, a Bloomberg survey showed.

Oil Tanker Overseas Reymar Hits San Francisco’s Bay Bridge (1)

The oil tanker Overseas Reymar struck “a glancing blow” to a tower of the San Francisco-Oakland Bay Bridge after unloading crude at a Royal Dutch Shell Plc refinery the day before.

Asia’s Fuel Oil Crack Narrows; Jet Fuel Increases: Oil Products

Asia’s fuel oil crack spread narrows, signaling reduced losses for refiners turning crude into residual products. Jet fuel’s regrade extends gains.

Oil Options Volatility Rises From Lowest Level in Eight Months

Oil options volatility rose from an eight-month low as the underlying futures increased.

Saigon Petroleum Seeks to Buy Gasoil Cargo for February Loading

Saigon Petroleum Co. is seeking to buy 10,000 metric tons of gasoil for loading from Feb. 10 to Feb. 14, according to a tender document obtained by Bloomberg News.

Taiwan’s CPC Offers to Sell 30,000 Tons of Gasoline for February

CPC Corp. offered to sell 30,000 metric tons of gasoline for loading in February, according to a tender document obtained by Bloomberg News.

Shell’s Grounded Arctic Drilling Rig Towed to Safe Harbor (2)

Royal Dutch Shell Plc and a salvage crew refloated an Arctic drilling rig that ran aground in Alaska and towed it to a safe harbor.

TOP Oil Market News: Crude Trades Near Four-Month High in N.Y.

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

Solar Mosaic’s Crowdfunding Beats Treasuries With 4.5% Return

Solar Mosaic Inc., which operates an online service that lets individuals fund solar projects, said investors can earn a 4.5 percent return on rooftop power plants, better than 10-year Treasuries that currently yield about 1.9 percent.

Lower-48 Natural Gas Output Rose 0.4% in October, EIA Says (1)

Natural gas production in the lower- 48 states rose to a record in October as more of the fuel was pumped from shale formations, the Energy Department said.

U.K. Says Ex-Deutsche Bank’s Lovegrove to Head Energy Department

The U.K. appointed Stephen Lovegrove, a former head of Deutsche Bank AG’s European media team, as permanent secretary, or the top official, at the Department of Energy and Climate Change.


Iran Crude Oil Exports Drop 40 Percent Amid Sanctions, ISNA Says

Iran’s crude oil shipments plunged 40 percent in the last nine months, state-run Iranian Students News Agency reported, in a rare acknowledgment that international sanctions are crimping the country’s most lucrative export.

REFINERIES Map global refinery outages

Idemitsu Kosan to Shut Chiba Oil Refinery From April to May

Idemitsu Kosan Co. will shut its 220,000 barrel a day Chiba refinery from April to May for scheduled maintenance, said three company officials who asked not to be identified, citing internal policy.

Los Angeles Gasoline Gains for First Time in Six Days on Repairs

Spot gasoline in Los Angeles gained against futures for the first time in six days on speculation that unit shutdowns at Southern California refineries owned by BP Plc and Valero Energy Corp. are cutting supplies.

Gulf Gasoline Advances After Motiva Shuts Port Arthur Crude Unit

Gasoline strengthened on the U.S. Gulf Coast after Motiva Enterprises LLC shut a 325,000-barrel-a- day crude unit at its Port Arthur, Texas, refinery.

Motiva Port Arthur Halts Crude Unit Start as Clamp Fails (1)

Motiva Enterprises LLC shut down the 325,000-barrel-a-day crude unit at the Port Arthur refinery days after trying to restart it when a clamp that was modified to fix an earlier leak failed.

BP to Resume Operations at Texas City Fluid Catalytic Converter

BP Plc plans to resume normal operations at a fluid catalytic converter at its Texas City, Texas, oil refinery beginning at 6 p.m. local time today.

California Diesel Advances as BP Carson Refinery Plans Flaring

Spot diesel in California strengthened against futures after BP Plc reported planned flaring at the Carson refinery, California’s second-largest.

Gulf Crude Premiums Weaken as Brent-WTI Differential Narrows

Light Louisiana Sweet and Heavy Louisiana Sweet oils from the U.S. Gulf of Mexico lost value on the spot market as the margin between Brent crude and West Texas Intermediate narrowed.


Oil Tanker Overseas Reymar Strikes San Francisco’s Bay Bridge

Oil tanker Overseas Reymar struck “a glancing blow” to the San Francisco-Oakland Bay Bridge after unloading crude at a Royal Dutch Shell Plc refinery.

Oil Product Shipping Costs to Japan Fall 2.1 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan fell 2.1 percent to 9.49 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

Crude Oil-Tanker Bookings Seen by Poten 5% Higher in 2012

Spot, or single-voyage, bookings for crude oil-tankers increased by 5 percent in 2012 compared with the previous year, according to Poten & Partners Inc., a New York-based consulting firm and shipbroker.

Libya Keeps January Es Sider Oil Price at Parity to Brent (1)

Libya’s state-run National Oil Corp. kept its official selling price of benchmark Es Sider crude for January unchanged at parity to Dated Brent, according to a price list obtained by Bloomberg News.

Crude Official Selling Prices and Formulas by Country (Table)

The following table shows official prices, formulas and relative values for crudes from the Middle East, Africa and the Americas. Figures represent outright prices in dollars a barrel, or premiums and discounts to regional benchmarks where plus and minus symbols appear.

Libya Keeps January Es Sider Oil Price at Parity to Dated Brent

Libya’s state-run National Oil Corp. kept its official selling price of benchmark Es Sider crude for January unchanged at parity to Dated Brent, according to a price list obtained by Bloomberg News.


Hedge Fund Oil Bets Jump as Fiscal Cliff Averted: Energy Markets

Hedge funds raised bullish bets on West Texas Intermediate oil to the highest level in 11 weeks before U.S. lawmakers passed a bill to undo automatic tax increases and spending cuts that threatened the U.S. economy.

Exxon Hedges Oil Sands With Offshore Project: Corporate Canada

Exxon Mobil Corp.’s plans to develop a $14 billion underwater oil field off Newfoundland’s coast allows the world’s biggest energy company to hedge against discounted crude from Canada’s oil sands.

Oil Declines a Third Day; Morgan Stanley Sees Supply Recovery

Oil dropped for a third day in London amid speculation that talks between Sudan and South Sudan may lead to the resumption of crude exports.

Maersk Wants Hong Kong to Ban Dirty Ship Fuel to Fight Pollution

Maersk Line, the world’s biggest container-shipping company, threatened to stop using cleaner fuel at Hong Kong port from next year if the government doesn’t mandate higher quality oil for carriers berthing in the city.

Gas at $8 May Lure Reliance to Start New Fields: Corporate India

Reliance Industries Ltd., sitting on untapped natural gas reserves off India’s east coast, will be able to generate profit from new fields if the government agrees to double prices, a person familiar with the matter said.

Bumi-Rothschild Showdown Set for February Investor Meeting (1)

Bumi Plc, the coal producer that plunged 69 percent last year amid a dispute over control, set up a February showdown with co-founder Nathaniel Rothschild after the financier moved to take over the company.

Long Island Power Should Be Privatized, New York Panel Says (1)

The Long Island Power Authority should be converted into an investor-owned utility to end poor management practices that exacerbated slow and halting repairs of blackouts from October’s Hurricane Sandy, a New York state investigative panel said today.

Barrick Seen Leading Gold Asset Sales in 2013: Corporate Canada

Barrick Gold Corp. and its global competitors are poised to sell assets this year as the companies seek to reverse two years of share-price declines.

Waste Manager Seeks $200 Million as IPOs Return: Corporate India

Ramky Enviro Engineers Ltd., an Indian waste management company, plans to raise $200 million in the nation’s first initial share sale to finance a power plant fueled by urban refuse.

Shell Leads S. Africa on Record Oil Rush as Coal Falters: Energy

South Africa, the African continent’s economic engine, is on the cusp of an oil rush never before seen in the country as burgeoning energy demand exposes the vulnerability of its dependence on coal.


Asian Stocks Drop Most in Two Months; Yen Pares Gain on Aso Plan

Asian stocks declined the most in two months after earnings from Samsung Electronics Co. and HTC Corp. disappointed some investors. The yen pared an advance against the euro as Finance Minister Taro Aso said Japan will buy bonds issued by the European Stability Mechanism.

Yen Set for Biggest Two-Day Gain in Two Months on Excessive Loss

The yen headed for its biggest two- day gain since November, extending a rally from its 2 1/2 year low on speculation recent declines were excessive.

Dollar Weakness Masked by Yen as Deficit Talks Loom: Currencies

Dollar weakness against the currencies of some of the largest U.S. trading partners is being masked by a plunge in the yen as bets by futures traders for a drop in the greenback re- approach the highest levels on record.

Asian Stocks Drop for Second Day as Japanese Exporters Decline

Asian stocks fell, sending the regional benchmark index lower for a second day, as Japanese exporters declined after the yen strengthened and as earnings results from HTC Corp. missed estimates.

Hedge Funds Squeezed as Shorts Beat S&P 500 by Most in Year (3)

Speculators are abandoning money- losing bets that stocks with the closest links to the U.S. economy will fall as America’s most-hated shares stage the best rally in a year relative to the broader market.

Gold Lures Japan’s Pension Funds as Abe Targets Inflation (1)

Japanese pension funds, the world’s second-largest pool of retirement assets after the U.S., will more than double their gold holdings in the next two years as the government seeks to target inflation to bolster economic growth, according to an adviser to the funds.

Record Car Sales Extending Shortages in Palladium: Commodities

Demand for palladium, last quarter’s best-performing precious metal, is exceeding supply for a second consecutive year as mine production stagnates while sales by automakers, the biggest buyers, reach record highs.

Obama Said Close to Choosing Lew for Treasury Following Geithner

President Barack Obama may choose White House Chief of Staff Jack Lew to replace Treasury Secretary Timothy F. Geithner as soon as this week, according to two people familiar with the matter.

China Paper Anti-Censorship Push Backed by Protests, Stars (1)

Some of China’s most famous celebrities and scholars declared their support for a group of Chinese newspaper journalists protesting what they called the unprecedented censorship of a New Year’s editorial.


Everton Eases Past Cheltenham Into F.A. Cup Soccer Fourth Round

Everton eased into the fourth round of English soccer’s F.A. Cup with a 5-1 win at Cheltenham Town.

Lionel Messi Named Soccer’s Best Player for Record Fourth Time

Barcelona’s Lionel Messi was crowned soccer’s best player for an unprecedented fourth straight time after 12 months in which he broke the record for goals in a calendar year.

Manchester United Plans to Replace De Gea, Mirror Says: Roundup

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


Last Chg %Chg Exch Contract C

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 93.33 +0.14 +0.2 Nymex Feb. Brent Crude ($/Bbl) 111.40 +0.09 +0.1 Ice Feb. Gasoil ($/Ton) 940.25 +9.50 +1.0 Ice Feb. Gasoline (c/Gal) 278.30 +0.56 +0.2 Nymex Feb. Natural gas ($/MMBtu) 3.28 +0.01 +0.3 Nymex Feb. Dated Brent ($/Bbl) 111.78 +0.42 +0.4 OTC 21 Days Heating Oil 303.21 +1.44 +0.5 Nymex Feb.

Other markets:

Last %Chg

----- ----- Dollar Index 80.14 -0.4 Gold ($/Oz) 1,646.30 -0.2 MSCI World Index 1,366.91 -0.2

Prices as of 11 p.m. GMT

Copy and paste this link for Table: NI $789 FJM

To contact the editor responsible for this story: Alexander Kwiatkowski in Singapore at

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