TOP Oil Market News: Crude Near Three-Month Low in New York

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

Oil Falls to Three-Month Low as Earnings Bolster Economy Concern

Oil dropped to a three-month low in New York as companies reported earnings results that missed analyst forecasts, bolstering concern that the global economy and fuel demand will slow.

Oil Supply Grows in Survey on U.S. Production: Energy Markets

U.S. oil inventories probably advanced for a third week after crude output climbed to the highest level in more than 17 years, a Bloomberg survey showed.

Gasoline Slides Ninth Day in Longest Losing Streak in 25 Years

Gasoline slid for a ninth day, the longest losing streak in 25 years, as growth concerns sent equities lower and the dollar higher.

BP Withdraws Offer for Forties Crude; Lukoil Fails to Sell Urals

BP Plc withdrew its offer for North Sea Forties crude that was at a higher price than yesterday. OAO Lukoil sought to sell Russian Urals in the Mediterranean without success at the same level as the last trade.

Russia ‘Off Limits’ to Big Oil After BP Wins Putin Approval (1)

Now that BP Plc has joined with Russia’s Vladimir Putin to oversee the world’s second-biggest oil industry, other international energy companies such as Exxon Mobil Corp. and Royal Dutch Shell Plc are facing dwindling access to one of the last untapped troves of crude.

Crude and Gasoline Stockpiles Gained Last Week, API Reports

Oil supplies advanced 313,000 barrels to 369.6 million last week, the American Petroleum Institute said.

Surgut Said to Offer Two November Primorsk Urals Crude Cargoes

Russia’s OAO Surgutneftegas issued a tender to sell two cargoes of 100,000 metric tons each of Urals crude for loading from the Baltic port of Primorsk, said two traders with knowledge of the matter.

Glencore, Saudi Aramco Said to Buy Gasoil Cargoes From Essar (1)

Glencore International Plc and Saudi Arabian Oil Co. each bought a cargo of gasoil for loading in November from Essar Oil Ltd., said three traders who asked not to be identified because the information is confidential.

U.S. Auto Dealer Group Seeks Tesla Store Meeting as States Sue

The National Automobile Dealers Association, which represents almost 16,000 new-vehicle dealers, said it’s seeking to meet with electric-car maker Tesla Motors Inc. about its retail network plans.

Auto Dealer Group Leaving Tesla Retail Challenge to States (3)

Tesla Motors Inc., the maker of Model S electric cars that is defending its retailing strategy against lawsuits by state auto dealer groups, probably won’t face a challenge from the National Automobile Dealers Association.

U.S. Auto Dealer Group Leaving Tesla Retail Challenge to States

Tesla Motors Inc., the maker of Model S electric cars that is defending its retailing strategy against lawsuits by state auto-dealer groups, probably won’t face a challenge from the National Automobile Dealers Association.

API Snapshot: U.S. Crude-Oil Inventories Rose 313,000 Barrels

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

OPEC

OPEC Governors End Top Job Meeting Without Selection, Libya Says

Organization of Petroleum Exporting Countries governors ended their two-day meeting without deciding on the next secretary-general and will instead recommend preferred candidates to their oil ministers.

Iran Threatens to Halt Crude Exports If Sanctions Intensify (2)

Iran will suspend all oil exports, pushing global crude prices higher, if the U.S. and Europe tighten sanctions further on the OPEC member’s economy, Oil Minister Rostam Qasemi warned.

OPEC Governors Interview Saudi, Iranian Candidates for Top Job

Organization of Petroleum Exporting Countries governors began interviewing four candidates vying for the position of secretary-general.

Iran Oil Minister Wants ‘Reasonable’ Crude Price, No Increase

Iran wants “reasonable” prices for crude and doesn’t seek an increase, Oil Minister Rostam Qasemi said, without elaborating.

REFINERIES Map global refinery outages

Galp Says Supply of Oil Products Was Not Affected During Strike

Galp Energia SGPS SA, Portugal’s biggest oil company, said the supply of products to its domestic market was not interrupted during a strike that began last week.

Shell Sells European Diesel; Naphtha Cargoes Drop: Oil Products

Royal Dutch Shell Plc sold three cargoes of diesel in northwest Europe. Naphtha declined as Trafigura Beheer BV sold for a sixth day. Gasoil futures dropped to a four-week low as Brent crude slumped.

OMV Delays Maintenance at German Burghausen Refinery to 2014 (1)

OMV AG, central Europe’s biggest oil company, delayed the planned shutdown of its Burghausen refinery in Germany to 2014 from this month.

Lotos to Shut Gdansk Refinery in Spring; Weighs Coker Unit (1)

Grupa Lotos SA, Poland’s second- largest oil refiner, plans to shut its Gdansk plant for about one month in the spring of 2013 and is weighing options for a new coker unit.

Spain’s Cepsa Delays Gibraltar Refinery Maintenance to March (1)

Cia. Espanola de Petroleos SA, Spain’s second-largest refiner known as Cepsa, delayed maintenance on crude unit 3 at its Gibraltar site by four months, according to a company official.

Cepsa Delays Gibraltar Refinery Maintenance to March (Correct)

Cia. Espanola de Petroleos SA, Spain’s second-largest refiner known as Cepsa, delayed maintenance on a crude unit at its Gibraltar plant by four months, according to a company official.

Citgo Petroleum Has Leak at Lake Charles Plant, NRC Filing Shows

Citgo Petroleum Corp. had a “small” leak on a fin fan at the ultra-low sulfur diesel unit at its Lake Charles oil refinery in Sulphur, Louisiana, according to a filing with the U.S. National Response Center. The unit is being secured in controlled manner for repairs, according to the notice.

OTHER OIL MARKET NEWS

Oil Product Shipping Costs to Japan Rise 2.0 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan rose 2.0 percent to 10.29 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

Oil-Tanker Surplus in Persian Gulf Seen Reaching Three-Week Low

A glut of the largest oil tankers available in the Persian Gulf is poised to shrink to a three- week low, a Bloomberg News survey showed.

Saudi Arabia to Japan Tanker Rates Falls 0.4% to 36.81 Points

The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, declined 0.4 percent to 36.81 Worldscale points, according to the Baltic Exchange 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.

Libya Raises November Es-Sider Oil Price to 10 Cent Discount (1)

Libya’s state-run National Oil Corp. increased its official selling price of benchmark Es Sider crude for November to 10 cents discount from 20 cents a barrel less than Dated Brent in October, according to a price list obtained by Bloomberg News.

TOP ENERGY STORIES

Stocks Tumble as Oil Reaches Three-Month Low on Economy Concerns

Global stocks slumped the most since July and commodities erased this year’s gains as companies from DuPont Co. and 3M Co. to Alfa Laval AB reported earnings that spurred concern the economy is weakening. Oil slumped to a three-month low and Treasuries rose.

Rosneft Taps BP to Narrow $292 Billion Exxon Value Gap: Energy

Buying TNK-BP will give OAO Rosneft production and reserves that surpasses Exxon Mobil Corp., the world’s largest publicly traded oil company.

Goldman Names Karl Robijns Global Agriculture, Oil Trading Head

Goldman Sachs Group Inc. appointed Karl Robijns as head of global agriculture and oil trading to be based in London.

Vekselberg Becomes Richest Man in Russia After TNK-BP Deal (1)

Viktor Vekselberg is now the richest man in Russia.

Cantor Says House Republicans to Target Labor and Energy in 2013

U.S. House leaders are looking past the post-election session to 2013 and have compiled a to-do list that includes trying to limit the workplace footprint of organized labor and clearing away regulations that have slowed drilling and coal mining.

Singapore Set to Finish LNG Terminal in 2014, Cutting Fuel Costs

Singapore plans to finish work in 2014 on its first liquefied natural gas terminal, a project designed to cut costs for the fuel forecast to generate as much as 90 percent of the city’s power.

Refiners Fall on Speculation on Crude Export Ban: Dallas Mover

Refiners including Tesoro Corp. and Valero Energy Corp. fell more than 5 percent on speculation by Deutsche Bank that a win by Republican presidential candidate Mitt Romney may threaten restrictions on U.S. crude exports.

Europe’s Oil-Linked Gas Pricing Is Unsustainable, GDF Suez Says

Europe’s natural-gas pricing system that links contracts to oil futures is impossible to maintain as long-term and spot prices diverge, France’s GDF Suez SA said.

OTHER MARKETS

Stocks Tumble as Oil Reaches Three-Month Low on Economy Concerns

Global stocks extended the worst three-day slump since July and commodities erased this year’s gains as companies from DuPont Co. and 3M Co. to Alfa Laval AB reported earnings that spurred concern the economy is weakening. Oil slumped to a three-month low and Treasuries rose.

Dollar, Yen Strengthen as Risk Appetite Decreases; Euro Declines

The dollar and the yen gained versus most major counterparts as companies reported financial results that missed analyst estimates, adding to evidence the global economy is slowing and sapping risk appetite.

Canadian Dollar Rises From Two-Month Low as Carney Retains Bias

The Canadian dollar rose from a more than two-month low after the Bank of Canada unexpectedly strengthened its bias for raising interest rates, keeping its outlier status among the Group-of-Seven nations.

Dow Average Falls Most Since June Amid Disappointing Earnings

U.S. stocks retreated, giving the Dow Jones Industrial Average its biggest decline since June, amid disappointing results at companies from 3M Co. to DuPont Co. and as commodities erased their gain for the year.

European Stocks Decline to Seven-Week Low as Results Disappoint

European stocks declined for a third day, with the Stoxx Europe 600 Index sliding to its lowest level in almost seven weeks as results from companies including Alfa Laval AB and D.E Master Blenders 1753 NV disappointed investors.

Sime Sees Palm Rally as Mistry Says Worst Not Over: Commodities

The six-month bear market in palm may be ending as declining output in Malaysia curbs a record glut, with Sime Darby Bhd., the largest producer, forecasting a rally in the world’s most-used cooking oil.

Gold Fields Fires 8,500 Miners as Unions, Employers Seek Accord

Gold Fields Ltd. fired 8,500 workers at a South African mine operated by the fourth-biggest producer of the metal after they failed to heed an ultimatum to abandon a strike and employers, and unions sought to reach a deal on pay.

Obama-Romney Contest Crisscrosses Nation With Debates Done (3)

With their fate to be decided in two weeks, President Barack Obama and Republican challenger Mitt Romney charged into the final phase of the campaign with national polls showing a tie and their final debate finished.

Greek Premier Gets Rebuff From Coalition on Aid Package (1)

Greek Prime Minister Antonis Samaras’s race to secure 31 billion euros ($40.2 billion) of international aid ran into renewed opposition from his coalition partners as they balked over demands from the country’s lenders for labor law changes.

SPORTS

Soccer Hero Drains Votes as Ukraine Ballot Tactics Risk EU Wrath

Soccer star Andriy Shevchenko’s political debut is buoying President Viktor Yanukovych’s bid to retain control of parliament in elections Ukraine says will reinvigorate strained ties with the European Union.

Barcelona, Manchester United Rally to Win in Champions League

Barcelona and Manchester United came from behind to win at home in soccer’s Champions League, while Chelsea lost 2-1 at Shakhtar Donetsk.

Manchester United Not for Sale, Unconcerned About Share Drop

Manchester United’s owners won’t sell the club for “many, many years” and aren’t concerned about a drop in its shares since an initial public offering, the vice chairman of the 19- time English soccer champion said.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 86.56 -0.11 -0.1 Nymex Dec. Brent Crude ($/Bbl) 108.25 -1.19 -1.1 Ice Dec. Gasoil ($/Ton) 940.00 -22.25 -2.3 Ice Dec. Gasoline (c/Gal) 261.71 +1.21 +0.5 Nymex Nov. Natural gas ($/MMBtu) 3.52 -0.01 -0.3 Nymex Nov. Dated Brent ($/Bbl) 109.09 -1.65 -1.5 OTC 21 Days Heating Oil 305.20 +0.86 +0.3 Nymex Nov.

Other markets:

Last %Chg

----- ----- Dollar Index 79.98 +0.4 Gold ($/Oz) 1,709.40 -1.0 MSCI World Index 1,299.99 -1.6

Prices as of 11 p.m. GMT

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