TOP Oil Market News: Crude Headed for Weekly Decline in New York

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

Oil Heads for Weekly Decline as Economy Counters Mideast Tension

Oil headed for the fourth weekly decline in five in New York as signs of a slowing economy in the U.S., the world’s biggest crude user, countered concern that rising tension in the Middle East may disrupt supplies.

BP Seen Paying Billions More in Oil Spill Claims After U.S. Deal

BP Plc, which has now agreed to pay more than $12 billion in government and private party settlements over the 2010 Gulf of Mexico oil spill, still faces claims seeking billions of dollars more for the catastrophe.

Gasoline Glut Drives U.S. Naphtha to Asia Buyers: Energy Markets

U.S. naphtha is so cheap for Asian buyers that they’re importing the fuel for the first time since March to use it in gasoline production.

Oil May Drop as Inventories Rise Amid Weak Demand, Survey Shows

Oil may decline next week on concern weak economic growth will reduce fuel demand and boost inventories, a Bloomberg survey showed.

Asia Jet Fuel Regrade Heads for Second Weekly Gain: Oil Products

Asia jet fuel’s premium to gasoil gains for a second week.

China Cuts Fuel Prices First Time Since July as Crude Drops (1)

China cut gasoline and diesel prices for the first time since July, threatening to reduce processing margins for refiners in the world’s second-biggest oil-consuming nation.

Waterway Petroleum Said to Buy November Fuel Oil From Indian Oil

Waterway Petroleum bought 15,000 metric tons of fuel oil from Indian Oil Corp., the nation’s largest refiner, said two traders who asked not to be identified because the information is confidential.

Trafigura Said to Buy December Gasoil From Mangalore Refinery

Trafigura Beheer BV bought 40,000 metric tons of gasoil for loading in December from Mangalore Refinery & Petrochemicals Ltd., a unit of India’s biggest energy explorer, said two traders who asked not to be identified because the information is confidential.

U.S. Energy Department Natural Gas Update for Nov. 15 (Text)

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

U.S. DOE Weekly Petroleum Status Report for Nov. 9 (Text)

Following is the text of the weekly Petroleum Status Report from the U.S. Department of Energy:

U.S. Oil Supply: Comparison of Weekly API, DOE Figures (Table)

The following table provides a comparison between the U.S. Department of Energy’s crude-oil statistics for the week ended Nov. 9 and the data from the American Petroleum Institute, an industry-funded group.

Gasoil Stockpiles Fall to 10-Month Low in Europe’s ARA-Hub (1)

Gasoil stockpiles in independent storage in Amsterdam- Rotterdam-Antwerp, Europe’s oil-trading hub, dropped for a second week to the lowest level in 10 months, according to PJK International BV.

OPEC

Iran Raises Light Crude Price for December Shipment to Asia

National Iranian Oil Co., which exports most of its crude to Asia, will sell its light grade to the region in December at the highest premium in 11 months.

Ecuador Restructures State Companies to Boost Crude Output (1)

PetroEcuador, the country’s state- owned oil company, is transferring exploration and production assets worth about $2 billion to a unit to boost the OPEC-member nation’s output, the chief executive officer said.

OPEC to Raise Exports to Highest Since April, Oil Movements Says

The Organization of Petroleum Exporting Countries will boost crude shipments to the highest level since April as refineries in Asia return from seasonal maintenance, according to Oil Movements.

REFINERIES Map global refinery outages

California Gasoline Price Surge Cost Consumers $320 Million

Refinery outages that drove California gasoline prices to a record high last month cost consumers in the state about $320 million, according to the California Energy Commission.

Mexico’s Largest Refinery Remains Shut After Power Outage

Petroleos Mexicanos said its refinery at Salina Cruz, Mexico’s largest, was shut after a power outage.

Refinery Gains Fade on Restarts, Hurting Shell: Energy Markets

The wave of European refinery shutdowns that sent the profit from making gasoline and diesel to a four-year high is ending just as the faltering economy saps demand.

East Coast Gets 3.2 Million Barrels of Fuel on Jones Act Waivers

A dozen foreign-flagged vessels brought more than 3.2 million barrels of gasoline and other refined products to the U.S. East Coast under Jones Act waivers prompted by Hurricane Sandy.

Refinery Gains Fade on Restarts, Hurting Shell: Energy Markets

The wave of European refinery shutdowns that sent the profit from making gasoline and diesel to a four-year high is ending just as the faltering economy saps demand.

Shell Restarting Unit at Scotford Upgrader in Alberta

Royal Dutch Shell Plc. is restarting a unit at its Scotford upgrader in Alberta, the company said in a message on a local community hotline.

Nigeria Faces Prolonged Fuel Shortages on Import Disruptions (2)

Nigeria, Africa’s top crude producer, may face prolonged fuel shortages with importers hindered by a lack of credit and the state oil company unable to meet demand, a retailers’ association said.

Refinery Gains Fade on Restarts, Hurting Shell: Energy Markets

The wave of European refinery shutdowns that sent the profit from making gasoline and diesel to a four-year high is ending just as the faltering economy saps demand.

Nigeria Faces Prolonged Fuel Shortages on Import Disruptions (1)

Nigeria, Africa’s top crude producer, may face prolonged fuel shortages with importers hindered by a lack of credit and the state oil company unable to meet demand, a retailers’ association said.

OTHER OIL MARKET NEWS

Oil Product Shipping Costs to Japan Fall 1.9 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan fell 1.9 percent to 10.09 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

U.S. East Coast Gasoline Slumps as Jones Act Draws More Tankers

New York Harbor gasoline slumped for a third day after the waiver of the Jones Act allowed cargoes to be delivered from the Gulf Coast and as tanker shipments from Europe were poised to increase.

Tanker Returns Have Longest Run of Gains Since March on Demand

Returns for the biggest oil tankers hauling Middle East crude to Asia, the industry’s benchmark route, had the longest streak of gains since March on improved demand for cargoes.

TOP ENERGY STORIES

U.S. Stocks Fall as Wal-Mart Tumbles While Oil Drops on Supplies

U.S. stocks slipped, keeping benchmark indexes at the lowest levels in more than three months, while Treasuries rose for a sixth day as lawmakers prepared for budget talks and conflict escalated in Israel.

JPMorgan Power-Trading Authority Suspended by U.S. Regulator (1)

The U.S. Federal Energy Regulatory Commission yesterday suspended a JPMorgan Chase & Co. unit’s electricity-trading authority, saying it had filed false information to regulators.

BP Said to Agree to Largest U.S. Criminal Settlement in History

BP Plc, the owner of the Macondo well that in 2010 caused the worst U.S. oil spill, has agreed to the largest U.S. criminal settlement in history, according to a person familiar with the deal.

BP Resolution With DOJ Includes $4 Billion Paid in Installments

BP Plc reached a settlement with the U.S. Department of Justice for $4 billion to end all criminal charges relating to the worst U.S. oil spill.

Oil Declines on Weaker U.S. Economic Data, Rising Inventories

Oil retreated for the third time in four days as data showed weaker U.S. economic growth and crude inventories rose to a three-month high.

Israel Says ‘Price to Pay’ After Palestinians Target Tel Aviv

Israeli Defense Minister Ehud Barak signaled that Israel is ready to escalate its military operations against Gaza after at least one long-range missile was fired at Tel Aviv by Palestinian militants.

Infigen, Suntech Scale Back Plans for Solar Project in Australia

Infigen Energy and Suntech Power Holdings Co. cut the size of a solar plant proposed for Australia’s New South Wales state to about a quarter of the original plan as they vie for federal funds.

Penn West Shrinking to Grow After Staff Exits: Corporate Canada

Penn West Petroleum Ltd., the worst performing oil and natural gas stock among its Canadian peers this year, may sell more assets and forgo higher output to cut costs after the ouster of four executives.

Natural Gas Futures Fall After Supply Decline Misses Estimates

Natural gas futures fell from a one- year high in New York after a government report showed a stockpile drop that was short of analyst estimates.

2012 Has 90% Chance of Becoming Warmest Year on Record in U.S.

This year has a 90 percent chance of ending as the warmest on record in the lower 48 states, the U.S. National Climatic Data Center said.

OTHER MARKETS

Asian Stocks Advance, Led by Japan; Yen Trades Near April Low

Asian stocks rose and the yen traded near a six-month low on signs next month’s elections in Japan will be won by an opposition party that advocates unlimited monetary stimulus. Singapore’s currency weakened.

Yen Rebounds From Six-Month Low on Bets Recent Losses Overdone

The yen rallied from the weakest level since April against the dollar on speculation its recent drop may have been too rapid.

Asian Currencies Drop as U.S., Greece Budget Risks Spur Outflows

Asian currencies dropped this week as concern budget deficits in the U.S. and Greece will delay a global economic recovery prompted investors to pull money from riskier assets.

Yahoo Calls Reach 14-Month High on Turnaround Strategy: Options

The cost of bullish Yahoo! Inc. options jumped to a 14- month high amid optimism over Chief Executive Officer Marissa Mayer’s turnaround plan for the biggest U.S. Web portal.

Copper Bulls Extend Streak as China Seen Rebounding: Commodities

Copper traders extended a bullish streak into a fifth week on increasing confidence that China, the biggest buyer of the metal, will lead a global recovery as nations from the U.S. to Japan do more to spur growth.

Codelco Said to Reduce Japan Copper Surcharge by 8.6% in 2013

Codelco, the biggest copper producer, will cut the surcharge on sales to Japan in 2013 by 8.6 percent, reducing the fee for a second year amid slowing global economic growth, said two industry executives familiar with the matter.

Xi Faces Economic Test of Courage in China Leadership Change (2)

China’s placement of a North Korean- educated economist and an exemplar of debt-fueled infrastructure on its ruling body may add to challenges for Communist Party leader Xi Jinping as he seeks to deepen the nation’s development.

Erdogan Fights Ataturk Secularism With Islam Fervor Once Denied

When an earthquake toppled a school in eastern Turkey last year, Prime Minister Recep Tayyip Erdogan’s government opened a new one at the same site, with one difference.

SPORTS

Premier League Soccer Teams May Get Financial Rules Next Season

England’s Premier League may establish financial controls before next season even though a meeting today failed to set any parameters, West Ham owner David Gold said.

Chris Ashton Returns to England Rugby Lineup for Australia Test

Chris Ashton returns to the starting lineup for England’s Test match against Australia in two days at Twickenham, the Rugby Football Union said in a statement.

India Moves to 323-4 at End of First Day of England Cricket Test

Virender Sehwag smashed 117 runs in as many balls to lead India to 323-4 at the end of the first day of the opening cricket Test with England in Ahmedabad.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 85.27 -0.18 -0.2 Nymex Dec. Brent Crude ($/Bbl) 108.05 +0.04 +0.0 Ice undefined Gasoil ($/Ton) 924.50 -6.50 -0.7 Ice Dec. Gasoline (c/Gal) 268.65 -0.97 -0.4 Nymex Dec. Natural gas ($/MMBtu) 3.72 +0.02 +0.5 Nymex Dec. Dated Brent ($/Bbl) 108.57 +0.33 +0.3 OTC 21 Days Heating Oil 296.93 -0.42 -0.1 Nymex Dec.

Other markets:

Last %Chg

----- ----- Dollar Index 81.11 -- Gold ($/Oz) 1,713.80 -0.9 MSCI World Index 1,255.20 +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