TOP Oil Market News: Crude Near Two-Week High; Bulls Boost Bets

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

Crude Trades Near Two-Week High as China Manufacturing Improves

Crude traded close to the highest level in almost two weeks in New York as China’s official manufacturing index rose to a seven-month high, signaling economic recovery in the world’s second-biggest crude consumer.

TOP MARKETS STORIES

Oil Bulls Boost Bets as U.S. Economy Strengthens: Energy Markets

Hedge funds raised bullish oil bets for a second week as U.S. stockpiles fell to the lowest level in a month and the country’s economy showed signs of strengthening.

Hedge Funds Raised ICE Brent Oil Net-Long Futures and Options

Hedge funds and other money managers raised bullish bets on Brent crude by 11,016 contracts in the week ended Nov. 27, according to data from ICE Futures Europe.

Lebanon to Allow Oil and Gas Exploration to Lighten Debt Burden

Lebanon plans to open its offshore territory to oil and natural-gas exploration next year as the most indebted state in the Arab world seeks to alleviate its fiscal burden.

OPEC Comments Signal Unchanged Quotas at Vienna Meeting (Table)

Most OPEC ministers and officials say the oil market is balanced, signaling little desire to alter output targets when they meet next month in Vienna.

REFINERIES Map global refinery outages

Con Edison Shuts Gas Pipe at Scarsdale Plant: NRC Filing

Consolidate Edison Inc. shut down a natural gas transmission mainline in Scarsdale, New York, citing the potential for a leak, according to a filing with the National Response Center.

CVR Energy Has Emissions at Coffeyville Refinery, Filing Shows

CVR Energy Inc. released sulfur dioxide at its refinery in Coffeyville, Kansas, during maintenance, according to a filing with the National Response Center. The release at 6:13 p.m. local time yesterday wasn’t secured and is being investigated, the filing showed.

Citgo Has Emissions at Lemont Plant in Illinois: NRC Filing

Citgo discharged sulfur dioxide from its flare stack because of an upset at a unit in Lemont, Illinois, according to a filing with the National Response Center.

OTHER OIL MARKET NEWS

Iraq’s Kurds to Raise Oil Output to 250,000 B/D in 2013: Barzani

Kurdish northern region to produce 1m b/d in 2015, Nechirvan Idris Barzani, the Kurdistan Regional Government Prime Minister, said at a conference in Erbil in northern Iraq today.

Urals Crude Supported by Drop in Primorsk Exports, JBC Says

Tighter export program could support differentials on the European sour crude market in the coming weeks, JBC Energy says in e-mailed note.

Iraq to Ship 23 Basrah Light Oil Cargoes First Half of December

Iraq will ship 23 cargoes of Basrah Light crude from the Persian Gulf in the first half of December, a loading program obtained by Bloomberg News showed.

Dubai Oil Timespreads at Lowest Level in Six Weeks: Asia Crude

Middle East oil timespreads, the price difference for prompt supplies compared with later deliveries, are trading at the lowest in six weeks.

Asia Jet Fuel Slumps to Discount; Shell Sells: Oil Products

Asia’s jet fuel regrade dropped to the first discount compared with gasoil since January, signaling it is unprofitable to make aviation fuel over diesel. Royal Dutch Shell Plc sold gasoline, jet fuel and fuel-oil cargoes.

Indian Oil Issues Tender to Buy Crude for Loading in February

Indian Oil Corp., the nation’s largest refiner, issued a tender to buy crude for loading in February, according to a document obtained by Bloomberg News.

TOP ENERGY STORIES

Woodside to Pay Up to $2.3 Billion for Israel Natural Gas Stake

Woodside Petroleum Ltd., operator of Australia’s Pluto liquefied natural gas project, will pay as much as $2.3 billion for a stake in Israel’s largest natural gas field to partners including Noble Energy Inc.

Fossil-Fuel Subsidies of Rich Nations Five Times Climate Aid (2)

Rich countries spend five times more on fossil-fuel subsidies than on aid to help developing nations cut their emissions and protect against the effects of climate change, the Oil Change International campaign group said.

China Plans to Import More Than 35% of Natural Gas Needs by 2015

China may rely on imports for more than 35 percent of its natural gas supplies by 2015, up from 15 percent in 2010, according to estimates by the National Energy Administration from the nation’s five-year plan.

Diamonds Dug in Gusty Arctic Too Remote for Diesel Fuel: Energy

The four windmills dug into northern Canada’s tundra that power Rio Tinto Group’s $5.2 billion Diavik diamond mine are the world’s first designed to work in gusts as cold as 40 degrees below zero.

Shepherd Energy Hedge Fund Halts Oil Trading to Focus on Power

Shepherd Energy AB, a Swedish investment company that manages a hedge fund specialized in energy, plans to stop oil and emissions trading to focus on Nordic power.

BP ‘Confident’ Oman Khazzan Tight-Gas Project to Proceed in 2013

BP Plc is “very confident” it will reach an agreement to develop its Khazzan tight-gas project in Oman and expects to reach a “declaration of commerciality” next year, BP’s regional president for the Middle East said.

OTHER MARKETS

Equities Advance on China Data; Dollar Weakens on Debt Stalemate

European stocks reached a 17-month high and commodities gained after Chinese manufacturing data added to signs of economic recovery. The dollar slid to a six-week low versus the euro as U.S. debt talks remained deadlocked.

Hedge Funds Increase Bullish Bets Most Since August: Commodities

Hedge funds increased bullish bets on commodities by the most since August as evidence that China is accelerating outweighed concern that U.S. lawmakers have yet to resolve an impasse over automatic spending cuts and tax rises.

N. Korean Rocket Plans Proceed as Japan Warns Against Launch (1)

North Korea is proceeding with plans to test a long-range rocket this month in defiance of international condemnation that included Japanese warnings to shoot it down if necessary.

Obama Counts on Re-Election Clout to Win Fiscal Cliff Stalemate

President Barack Obama’s stance on the so-called fiscal cliff talks is a bet that his re-election gave him the political clout to force Republicans to accept higher taxes on upper- income Americans as a step toward reducing the deficit.

Clinton Warns Syria Chemical Arms Use Would Cross Red Line (1)

The U.S. will take action if it sees evidence that Syria’s government is using chemical weapons against the opposition, Secretary of State Hillary Clinton said.

SPORTS

Jets Win Behind McElroy While Broncos, Pats Clinch NFL Divisions

Third-string quarterback Greg McElroy led the New York Jets to a 7-6 win against the Arizona Cardinals yesterday after Mark Sanchez was benched, while the Denver Broncos and New England Patriots both won to clinch National Football League division titles.

Chiefs Overcome Misery to Win Day After NFL Teammate’s Slayings

The Kansas City Chiefs overcame “our misery for a few hours” with a victory at their stadium where teammate Jovan Belcher killed himself a day earlier.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 88.97 +0.06 +0.1 Nymex Jan. Brent Crude ($/Bbl) 111.36 +0.13 +0.1 ICE undefined Gasoil ($/Ton) 953.75 +0.75 +0.1 ICE Jan. Gasoline (c/Gal) 273.92 +0.89 +0.3 Nymex Jan. Natural gas ($/MMBtu) 3.59 +0.03 +0.9 Nymex Jan. Dated Brent ($/Bbl) 111.22 -0.79 -0.7 OTC 21 Days Heating Oil 306.54 +0.47 +0.2 Nymex Jan.

Other markets:

Last %Chg

----- ----- Dollar Index 80.00 -0.2 Gold ($/Oz) 1,712.70 -1.0 MSCI World Index 1,318.97 +0.3

Prices as of 12 p.m. London time

To contact the editor responsible for this story: Steve Voss in London at sev@bloomberg.net

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