TOP Oil Market News: Crude Gains; Gasoline Rises on Storm Threat

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

Oil Advances for First Time in Six Days on U.S. Economic Data

Oil rose for the first time in six days in New York, ending the longest losing streak since May, on signs that that U.S. economic growth is accelerating and speculation the Bank of Japan will increase stimulus.

TOP OIL MARKET NEWS

Gasoline Futures Rise as Hurricane Sandy Threatens East Coast

Gasoline rose for the first time in 11 days, rebounding from the longest decline since futures began trading in 1986, on concern that Hurricane Sandy may threaten East Coast refineries and delay imports from Europe.

Worst Storm in 100 Years Seen for Northeast U.S. as Sandy Grows

Hurricane Sandy will probably grow into a “Frankenstorm” that may become the worst to hit the U.S. Northeast in 100 years if current forecasts are correct.

Heavy Canadian Oil Weakens to Lowest Since July as Lines Fill Up

Heavy Canadian oil weakened to the widest discount to West Texas Intermediate since July after Enbridge Inc. said this week demand to ship crude on four lines exceeded available space.

San Francisco Diesel Climbs to One-Week High on Tesoro Repairs

Spot diesel in San Francisco advanced to the highest level against futures in seven days after Tesoro Corp. said it was performing repairs at the Golden Eagle refinery following a fire over the weekend.

MORE: Buckeye Suspends BORCO Operations on Sandy

Terminal will resume operations once Hurricane Sandy has passed and facility is deemed safe for work.

Marathon Detroit Starting Units as Part of Heavy Oil Project

Detroit refinery expects to start new, modified units through Nov. 5, Co. said in notice to state regulators.

Europe Distillate Prices Will Drop as Refineries Start, JBC Says

Prices for middle distillate oil products such as diesel and heating oil will drop in the weeks to come after seasonal refinery maintenance ends, according to JBC Energy GmbH.

U.S. Energy Department Natural Gas Update for Oct. 24 (Text)

Following is the text of the weekly natural gas update as released by the U. S. Department of Energy in Washington, D.C.:

Philippines Appoints Petilla as Energy Secretary, Valte Says

President Benigno Aquino appointed Leyte province Governor Carlos Jericho Petilla as energy secretary, replacing Jose Almendras who was named secretary of the cabinet, presidential spokeswoman, Abigail Valte said in a mobile phone message today.

Cheniere Considers 50% Expansion of LNG Plant at Sabine Pass

Cheniere Energy Inc., the first company to win approval to export gas from the continental U.S., is considering a 50 percent expansion of capacity at its Sabine Pass terminal in Louisiana as LNG demand rises.

Glencore, Xstrata Holders to Vote Nov. 20 on Takeover Deal (1)

Investors in Glencore International Plc and Xstrata Plc, the commodity companies seeking to complete a $33 billion combination by the end of the year, are scheduled to vote on the plan on Nov. 20.

Eni Fails to Buy Urals Crude; Forcados Exports to Fall by 36%

No bids or offers were made for North Sea Forties blend. Eni SpA failed to buy Russian Urals in the Mediterranean at a higher price that a deal yesterday.

Xstrata Says Bonuses Needed to Protect Value After Glencore Deal

Xstrata Plc told investors that the value of a planned combination with Glencore International Plc may be eroded if they vote down retention bonuses of 144 million pounds ($232 million) needed to dissuade managers from leaving.

Gasoil Stockpiles Fall in Europe’s Oil-Trading Hub, PJK Says

Gasoil stockpiles in independent storage fell in Europe’s Amsterdam-Rotterdam-Antwerp oil-trading hub, according to PJK International BV.

OPEC

Oil-Tanker Rates Little Changed on Demand Standstill Amid Glut

Rates for the largest oil tankers on their busiest trade route were little changed today amid a global demand standstill and a glut of vessels.

OPEC to Increase Shipments on Heating Demand, Oil Movements Says

OPEC will boost crude shipments next month as winter demand for heating oil and diesel climbs in the Northern Hemisphere, according to Oil Movements.

REFINERIES Map global refinery outages

Chicago Gasoline Gains as Fuel Supplies Tighten a Third Week

Chicago gasoline strengthened after motor fuel supplies tightened in the area for a third week and a unit at BP’s Whiting refinery remained shut.

Consumers’ Regina Oil Refinery in Canada Completes Expansion

Consumers’ Co-Operative Refineries Ltd.’s Regina oil plant in Saskatchewan, Canada, finished an expansion that increased its capacity by about 45,000 barrels a day, making it the nation’s fourth-largest refinery.

Vitol Sells European Jet Fuel; Gasoil Barges Slump: Oil Products

Vitol Group sold two cargoes of European jet fuel. Heating oil premiums slumped relative to gasoil on the ICE Futures Europe exchange.

Shell to Start Units at Europe’s Largest Oil Refinery After Work

Royal Dutch Shell Plc plans to start units at its Pernis oil refinery in the Netherlands, Europe’s largest, in the coming weeks, following planned maintenance.

Unipetrol Returns to Quarterly Profit on One-Time Provision (1)

Unipetrol AS, the largest Czech refiner, said it returned to profit in the third quarter on a one-time provision and improved sales.

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 10.29 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

Saudi Arabia to Japan Tanker Rates Falls 0.1% to 36.56 Points

The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, declined 0.1 percent to 36.56 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.

Algeria Sets Nov. Saharan Crude at 25-Cent Premium to Brent

Sonatrach, the Algerian state-run oil producer, raised its official selling price for benchmark Saharan Blend crude for loading in November to a 25 cent preimum to North Sea Dated Brent, according to an e-mailed price list from the company.

TOP ENERGY STORIES

Millennium Fund Said to Hire Barclays’s Rosengren for Energy (1)

Millennium Capital Partners LP, the U.K. unit of U.S. hedge fund manager Millennium Management LLC, hired former Barclays Plc trader Ola Rosengren as a portfolio manager, a person with direct knowledge of the appointment said.

Malicious Code in Aramco Cyber Attack Suggests Lone Culprit (1)

Within hours after a virus had devastated the computer network of Saudi Arabian Oil Co., the world’s largest state- owned crude oil exporter, investigators began searching for evidence of who was behind the attack.

Stocks Drop After Fed Statement While Oil Falls on Supply Growth

U.S. stocks fell, erasing early gains, and commodities dropped for a third day as the Federal Reserve said growth in employment remains slow and strains in financial markets continue to pose risks to the economy. Oil slid to a three-month low after American supplies increased.

Shale Glut Becomes $2 Diesel Using Gas-to-Liquids Plants: Energy

Drivers are next in line to benefit from the U.S. shale boom.

Conoco Profit Beats Analysts’ Estimates on Production Boost (3)

ConocoPhillips, which spun off its refining business in April, reported third-quarter profit that exceeded analysts’ estimates after it said petroleum production was at the high end of an earlier forecast.

Occidental Profit Falls on Higher Costs and Gas Price Drop (1)

Occidental Petroleum Corp., the largest onshore crude producer in the continental U.S., said third-quarter profit fell 22 percent as a surge in output failed to make up for higher costs and declining commodity prices.

Malicious Code in Aramco Cyber Attack Indicates Lone Perpetrator

Within hours after a virus had devastated the computer network of Saudi Arabian Oil Co., the world’s largest state- owned crude oil exporter, investigators began searching for evidence of who was behind the attack.

EON, RWE Said Poised to Sell Nuclear JV for Nearly $1 Billion

EON AG and RWE AG, Germany’s two largest utilities, are set to sell their U.K. venture Horizon Nuclear Power to Japan’s Hitachi Ltd. for about 600 million pounds ($967 million), people familiar with the matter said.

OTHER MARKETS

U.S. Stock Futures Drop on Apple Results as Treasuries Retreat

U.S. stock-index futures retreated after Apple Inc.’s earnings and forecast trailed analyst estimates. Treasuries fell for a second day as an auction of $29 billion in seven-year notes drew the weakest demand since 2009.

Yen Set for Biggest Weekly Drop in 2 Months on BOJ Easing Bets

The yen was set for the biggest weekly drop in two months before a government report today that may show a decline in consumer prices, fanning speculation the central bank will add to monetary easing next week.

Wheeler Says RBNZ Prepared to Sell Kiwi If Conditions Are Met

New Zealand’s new central bank chief, in his inaugural address, signaled a willingness to sell the nation’s currency if it stays unjustifiably high and doing so wouldn’t derail inflation goals.

U.S. Stocks Advance on Better-Than-Estimated Corporate Earnings

U.S. stocks advanced, sending the Standard & Poor’s 500 Index up from the lowest level in seven weeks, amid better-than- estimated corporate earnings.

European Stocks Climb as Unilever, Sanofi Results Beat Estimates

European stocks climbed for a second day as companies including Unilever and Sanofi posted results that exceeded analysts’ estimates.

France Tops U.S. Wheat With Premium Seen at Record: Commodities

Surging demand for European Union wheat is reducing stockpiles to a 14-year low and driving prices in France, the biggest exporter, to a record premium over U.S. grain after drought withered supply from the Black Sea region.

Gold Futures Rise Most in Three Weeks on Central Bank Purchases

Gold climbed the most in three weeks as Brazil and Turkey’s central banks increased holdings of the precious metal and amid signs that purchases are rising in India, the world’s biggest buyer.

Panetta Says Poor Intelligence Prevented Forces to Benghazi (1)

Defense Secretary Leon Panetta said the U.S. military lacked intelligence needed to respond during the Sept. 11 attack on the U.S. consulate in Benghazi, Libya, during which Ambassador Chris Stevens and three other Americans were killed.

Colin Powell Endorses Obama as Candidates Hit Swing States (5)

President Barack Obama, whose defense-spending plans are under attack by challenger Mitt Romney, was endorsed for re- election today by retired Army General Colin Powell, a onetime chairman of the Joint Chiefs of Staff and former secretary of state.

SPORTS

Arsenal Is Two Years Away From Financially Competing, CEO Says

Arsenal is two years away from competing financially with major soccer clubs as the London team signs more valuable sponsorship contracts and the sport’s European governing body starts to enforce financial rules, its chief executive officer said.

Wolfsburg Coach Magath Leaves After Slump to Bottom of Table

Felix Magath left his post as Wolfsburg coach today as the club lies at the bottom of German soccer’s Bundesliga.

Gloucester Rugby’s Hazell Banned 14 Weeks for Striking Opponent

Ex-England rugby forward Andy Hazell has been banned for 14 weeks for striking an opponent in an Amlin Challenge Cup game on Oct. 11.

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

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.