TOP Oil Market News: Crude Falls; Supply Hits Three-Month High
The following is a selection of the most important news affecting the oil market.
Oil Drops a Second Day in New York as Supplies Seen Increasing
Oil declined for a second day in New York amid signs supplies are rising in the U.S. and , the world’s biggest crude consumers.
TOP OIL MARKET NEWS
Crude Supply Reaches Three-Month High in Survey: Energy Markets
U.S. oil supplies probably rose to the highest level in more than three months as production climbed and two refineries in New Jersey remained shut after Hurricane Sandy, a Bloomberg survey showed.
China Oil Output Rises 8.4% to Record; Gas Production Gains (1)
China’s crude output rose 8.4 percent from a year earlier to an all-time high in October as producers responded to demand from refineries.
Indonesia’s Constitutional Court Revokes Role of BPMigas
Oil and gas regulatory role will be returned to govt or its agencies or ministries until new regulation is issued, says in its ruling obtained by Bloomberg today.
Japanese Utilities’ LNG Imports Rise on Shut Nuclear Power (1)
Liquefied natural gas imports by Japanese power utilities increased by 15 percent in October as all but two of the country’s atomic reactors remained shut because of safety concerns after last year’s nuclear disaster.
Japan to Start Discussions for LNG Futures Trading Tomorrow
Japan will start discussions tomorrow for listing a liquefied natural gas futures contract on the Tokyo Commodity Exchange to help lower the costs of surging imports.
Qatar’s Tasweeq Offers 4.2 Million Barrels of January Al-Shaheen
Qatar International Petroleum Marketing Co., known as Tasweeq, is offering to sell seven cargoes of Al-Shaheen crude, totaling 4.2 million barrels, for loading in January, according to a copy of a tender obtained by .
PetroChina Profit Squeezed by Below-Market Gas Price: Energy
PetroChina Co. is losing the support of analysts who say earnings growth at ’s biggest oil producer is stunted by its unprofitable imports.
U.K. to Spend 39 Million Pounds on Energy Efficiency Centers
The U.K. government will spend 39 million pounds creating five centers around the country to help businesses and households examine their own , part of a broader program to reduce fossil fuel use.
OPEC
OPEC Likely to Keep Oil Quota Unchanged, Samba Financial Says
The Organization of Petroleum Exporting Countries is likely to keep its group production quota unchanged when OPEC oil ministers meet next month, said in an e- mailed report.
U.S. Oil Output to Overtake Saudi Arabia’s by 2020, IEA Says (5)
U.S. oil output is poised to surpass Saudi Arabia’s in the next decade, making the world’s biggest fuel consumer almost self-reliant and putting it on track to become a net exporter, the said.
Abu Dhabi Seen Softening Stance Toward BP on New Oil Rights (2)
Abu Dhabi National Oil Co. may be softening its position toward BP Plc, a stakeholder in the emirate’s onshore fields, after initially indicating it may not invite the company to renew a concession agreement.
REFINERIES Map global refinery outages
TonenGeneral Resumes Wakayama Refinery After Maintenance Checks
TonenGeneral Sekiyu KK resumed operations at its Wakayama oil refinery in western Japan yesterday after maintenance, according to a company official who asked not to be identified, citing internal policy.
Exxon Torrance Oil Refinery Said to Plan Unit Shutdowns in March
Exxon Mobil Corp.’s Torrance refinery in Southern California will take several process units out of service for planned repairs in early March, a person with knowledge of the schedule said.
Ethanol Falls Most in More Than Week as Production Costs Ease
Ethanol futures fell the most in more than a week as production costs for the biofuel eased.
New Jersey Fuel Trucks Face Delays as Terminals Remain Idle (2)
Trucks that deliver fuel to retail stations in New Jersey are facing waits more than twice as long as normal as some regional loading terminals remain offline following superstorm Sandy that struck Oct. 29.
Tesoro’s Martinez, California, Refinery Shuts Unit on Leak (1)
Tesoro Corp. shut a unit at its Martinez, California, refinery Nov. 8 after a small vapor leak, according to a filing with county regulators.
France Says Libya Fund Expresses Interest in French Oil Refinery
Libya’s sovereign wealth fund is in preliminary talks with France as a potential co-investor in an insolvent oil refinery in Normandy, French Industry Minister said.
New Jersey Fuel Trucks Face Delays as Terminals Remain Offline
Trucks that deliver fuel to retail stations in New Jersey are facing waits more than twice as long as normal as some regional loading terminals remain offline following superstorm Sandy that struck Oct. 29.
Exxon Had Flaring Late Yesterday at Baton Rouge Refinery
Exxon Mobil Corp. had two to three hours of flaring at its Baton Rouge refinery late yesterday, according to a recorded message left on community hot line. The flaring was part of “routine operations,” according to the message.
OTHER OIL MARKET NEWS
Oil Product Shipping Costs to Japan Fall 3.7 %
The cost of shipping a gallon of gasoline, or other so-called clean petroleum products from the to Japan fell 3.7 percent to 10.48 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.
Forties Crude Cargo F1011 Said to Be Deferred for Fifth Time
One North Sea Forties crude cargo which was originally planned for loading in October was deferred for a fifth time, according to two people with knowledge of the loading program.
Saudi Arabia to Japan Tanker Rates Rises 1.5% to 40.92 Points
The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, gained 1.5 percent to 40.92 Worldscale points, according to the in London.
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 U.S. dollars a barrel, or premiums and discounts to regional benchmarks where plus and minus symbols appear.
Iraq Cuts Basrah Light Crude Premium to Asia: Persian Gulf Oil
Iraq and Kuwait cut the premiums they will charge for their main export crude grades for buyers in Asia in December.
Abu Dhabi Seen Softening Stance Toward BP on New Oil Rights (1)
Abu Dhabi National Oil Co. may be softening its position toward BP Plc, a stakeholder in the emirate’s onshore fields, after initially indicating it may not invite the company to renew a concession agreement.
TOP ENERGY STORIES
Asian Stocks Fall as Euro Drops on Greece Concern; Oil Declines
Asian stocks fell for a fourth day and U.S. equity futures declined as European leaders delayed a decision on Greek funding, Australian business sentiment ebbed and the Xinhua News Agency said China may widen a property tax trial. The euro, oil and metals slid.
Cut Bullish Oil Bets to Two-Year Low: Energy Markets
Hedge funds trimmed bullish bets on crude to the lowest in more than two years as demand fell in the wake of , production increased to the highest since 1994 and U.S. President won re-election.
China Solar Lifelines Defy Speculation of Forced Mergers: Energy
China’s $20 billion solar industry is avoiding loan defaults and mergers by taking aid from local governments, preserving jobs at money-losing companies such as LDK Solar Co., the world’s second-biggest maker of solar cells.
Hu Targets Beautiful China as Energy Use Jumps: Chart of the Day
It’s time for “beautiful China.” That’s the task President has handed his successors after a decade in power in which his nation became the world’s biggest energy consumer and largest emitter of carbon dioxide.
U.K. Probes Allegation Natural Gas Market Fixed by Utilities (1)
The U.K. government is “extremely concerned” about allegations that the wholesale natural gas market has been manipulated by some of the nation’s biggest power companies, Energy Secretary said.
Long Island Lawmakers, Customers Angry as Blackouts Linger (2)
Frustrated residents joined lawmakers in calling for a shakeup of the Long Island Power Authority as about 56,000 of its customers remain blacked out two weeks after Hurricane Sandy.
Lawmakers, Airlines to Push U.S. Airline Emissions Measure (1)
The U.S. House will consider as early as tomorrow a bill barring airlines from paying fines in a European Union plan to cut , a day after an EU commissioner proposed halting implementation of the program.
California Gasoline Drops as Exxon Scheduled to Finish Repairs
Spot gasoline in California tumbled to the lowest level against futures in a week as Exxon Mobil Corp. was expected to finish maintenance on a unit at the Torrance refinery in Southern California.
Natural Gas to Be Most-Used Fuel in U.S. by 2030, IEA Says (1)
Natural gas will overtake oil as the most-used fuel in the U.S. by 2030 as the country’s supplies balloon, the International Energy Agency said.
OTHER MARKETS
Asian Stocks Fall as Euro Drops on Greece Concern; Oil Declines
Asian stocks fell for a fourth day as European leaders delayed a decision on Greek funding, Australian business sentiment ebbed and the Xinhua News Agency said China may widen a property tax trial. The euro, oil and metals slid.
Euro Falls to 2-Month Low on Greece Bailout Concern; Yen Climbs
The euro fell to a two-month low as finance ministers from the currency bloc struggled to agree on Greek aid, curbing demand for the common currency.
Europe Gives Greece Extra Time, Spars With IMF on Debt Plan (1)
Euro-area finance ministers gave Greece two extra years to wrestle down its , pledging to plug the resulting financing gaps in order to keep the country in the single currency and prevent a renewed flareup of the debt crisis.
Asian Stocks Decline for Fourth Day as Banks, Developers Slide
Asian stocks fell to a two-month low led by banking shares and developers after Australia’s business confidence deteriorated and on a report China may expand a property tax trial.
China Stocks Cheapen Most Among BRICs Under Hu: Chart of the Day
China’s new leaders face the challenge of reining in the dominance of state-owned enterprises that has helped drag stock valuations down the most among the so-called BRIC nations in the past decade.
Chocolate Rush Hits Record as Cocoa Shortages Loom: Commodities
Cocoa grinders are increasing output by the most in two years to meet record demand for chocolate, at a time when declining West African supply means the first shortages of beans in three seasons.
Gold Industry Facing Mine Discovery Challenge, Barrick CEO Says
Gold discovery rates are decreasing even as exploration spending in the industry reached a record $8 billion last year, according to Jamie Sokalsky, chief executive officer of Barrick Gold Corp., the world’s largest producer.
Wukan’s Woes Show Risks of Delaying Land Law Reform in China (1)
Lin Zuluan, head of the council in the village of Wukan, has the same dinner interruption almost every evening. Unhappy residents come with complaints, almost always bringing up one topic: getting back their land.
Panetta Says U.S. Reviewing Afghanistan Troop Levels After 2014
A review of options for the size and scope of the U.S. military’s role in after 2014 will be completed within weeks, Defense Secretary Leon Panetta said.
SPORTS
Real Madrid Monitors Palace Winger Wilfried Zaha: Soccer Roundup
The following is a roundup of soccer stories from U.K. newspapers, with clickable Internet links.
Chelsea’s Gourlay Experiences Ups and Downs With Triumphs, Terry
Chelsea Chief Executive Officer Ron Gourlay said the past 12 months have delivered some of his best memories in soccer. They’ve also been among the most turbulent in the English Premier League team’s recent history.
Arsenal’s Wenger to Strengthen Squad in January: Soccer Roundup
The following is a roundup of soccer stories from U.K. newspapers, with clickable Internet links.
Energy Prices:
Last Chg %Chg Exch Contract
—- —- —- —- ——– WTI Crude ($/Bbl) 85.18 -0.39 -0.5 Nymex Dec. Brent Crude ($/Bbl) 108.69 -0.38 -0.3 Ice December Gasoil ($/Ton) 931.00 -5.75 -0.6 Ice Dec. Gasoline (c/Gal) 266.58 -1.05 -0.4 Nymex Dec. Natural gas ($/MMBtu) 3.58 +0.01 +0.3 Nymex Dec. Dated Brent ($/Bbl) 108.34 -0.09 -0.1 OTC 21 Days Heating Oil 299.43 -0.49 -0.2 Nymex Dec.
Other markets:
Last %Chg
—– —– Dollar Index 81.12 +0.1 Gold ($/Oz) 1,730.90 — MSCI World Index 1,273.21 -0.1
Prices as of 6 a.m. GMT
To contact the editor responsible for this story: Alexander Kwiatkowski in Singapore at akwiatkowsk2@bloomberg.net
bloomberg
