TOP Oil Market News: Crude Rises First Time in Three Days

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

Oil Rises First Time in Three Days on Surge in Chinese Exports

Oil rose in New York for the first time in three days after China’s exports increased more than forecast in December, signaling growth in the world’s second- largest crude consumer.

China 2012 Oil Imports Rise 6.8%; Fourth-Highest Last Month (1)

China’s crude imports increased at a faster rate last year than in 2011, while its daily net purchases in December were the fourth-highest in 2012.

China 2013 Crude Oil Apparent Consumption May Rise 5.3%: Radio

China’s apparent consumption of crude oil may rise 5.3% Y/y to 502m tons in 2013, China National Radio reports today, citing the China Petroleum and Chemical Industry Federation.

Shipments of European Naphtha to Asia May Rise 35% in January

European naphtha shipments loading this month for transport to Asia may rise 35 percent from December, a Bloomberg survey of traders and shipbrokers showed.

Vitol, MISC Venture VTTI Plan Malaysian Oil Storage Site by 2014

VTTI Asia Pte, a joint venture of Vitol Group and MISC Bhd., will begin construction of a second phase in March at its oil storage terminal at Tanjung Bin in Malaysia, near the port of Singapore, a company official said.

Goldman Names Quek Chin Thean Asia-Pacific Commods Trading Head

Quek Chin Thean to replace Karl Robijns, who has relocated to London as head of global agriculture and oil trading, according to an internal memo.

Asia Fuel Oil Discount Narrowest in Three Months: Oil Products

Asian fuel oil’s discount to Dubai crude narrowed to the least in more than three months, signaling reduced losses from producing the residue fuel. Gasoil’s premium to Dubai crude stayed at the highest level in two weeks.

PV Oil Said to Offer 350,000 Barrels of Ruby Crude for March

PV Oil Co., Vietnam’s state-owned oil marketer, offered to sell 350,000 barrels of Ruby crude for loading in March, said two traders who received the tender documents, asking not to be identified because they aren’t authorized to speak to the media.

Natural Gas Supplies to Drop More Than Average, Forecasts Show

Natural gas inventories fell by more than average last week as cold weather increased heating-fuel demand, analyst forecasts compiled by Bloomberg show.

U.S. DOE Weekly Petroleum Status Report for Jan. 4 (Text)

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

Gasoline Falls on Report Supply Rose to 10-Month High Last Week

Gasoline fell after the industry- funded American Petroleum Institute said that inventories of the motor fuel jumped to a 10-month high last week.

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 Jan. 4 and the data from the American Petroleum Institute, an industry-funded group.

OPEC

Qatar Said to Shut Two Oil Platforms for Repair in First Half

Qatar Petroleum, the state energy company, plans to shut two offshore oil production platforms in the first half of this year for maintenance, two people familiar with the work said.

REFINERIES Map global refinery outages

Bakken Oil on Trains to East Boosts Independence: Energy Markets

Oil moving from the Bakken field in North Dakota to the U.S. East Coast is rising as the capacity to receive trains increases to 900,000 barrels a day, cutting the region’s imports of higher-cost crude to a 29-year low and reducing dependence on gasoline from Europe.

GS Caltex Said to Shut Yeosu Refinery Crude Unit for Maintenance

GS Caltex Corp., South Korea’s second-biggest refiner, plans to shut one of four crude processing units at its Yeosu plant for maintenance this year, said two people with knowledge of the plan.

Bakken Oil on Trains to East Boosts Independence: Energy Markets

Oil moving from the Bakken field in North Dakota to the U.S. East Coast is rising as the capacity to receive trains increases to 900,000 barrels a day, cutting the region’s imports of higher-cost crude to a 29-year low and reducing dependence on gasoline from Europe.

Gulf Crude Oils Weaken Ahead of Seaway Expansion’s New Supply

Crude produced in the Gulf of Mexico weakened ahead of the expansion of the Seaway pipeline, which will increase the supply of competing crudes on the Gulf Coast.

Syncrude Said to Cut January Production by 600,000 Barrels

Syncrude Canada Ltd. cut its January production forecast by 600,000 barrels, according to a person with knowledge of the matter.

California Gasoline Drops on Regional Supplies at 19-Year High

Spot gasoline in California tumbled against futures after the Energy Department said inventories of the motor fuel on the U.S. West Coast rose to a 19-year high.

S-Oil to Shut Onsan Crude Units for Maintenance in April, July

S-Oil Corp., South Korea’s third- largest refiner, plans to shut two of three crude-processing units at its Onsan plant for maintenance this year, a company official said.

Chevron El Segundo Refinery Said to Have Upset at Coker Unit (1)

Chevron Corp.’s El Segundo plant, California’s largest refinery, lost a compressor at the coker unit, a person familiar with operations there said.

Los Angeles Gasoline Gains to Week-High on Refinery Work, Upsets

Spot gasoline in Los Angeles gained against futures to the highest level in more than a week after BP Plc, Tesoro Corp., Chevron Corp. as Valero Energy Corp. performed repairs on units at refineries in the state.

Chevron El Segundo Refinery Said to Have Upset at Coker Unit

Chevron Corp.’s El Segundo plant, California’s largest refinery, lost a compressor at the coker unit, a person familiar with operations there said.

OTHER OIL MARKET NEWS

BP Said to Buy Fuel Oil From Bharat Petroleum for $25 Discount

BP Plc bought two cargoes of fuel oil for loading in January from Bharat Petroleum Corp., India’s second-biggest state refiner, said two traders who asked not to be identified because the information is confidential.

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

U.A.E. Trader FAL Oil Suspends Debt Negotiations With Banks (1)

FAL Oil Co., a United Arab Emirates- based energy trader that’s under U.S. financial restrictions for links to Iran, suspended debt restructuring talks with lenders on Dec. 10, a company official said.

Petronas Raises Tapis Oil Factor as Diesel Extends Advance (1)

Petroliam Nasional Bhd., Malaysia’s state oil company, raised the price-adjustment factor for its flagship Tapis crude to the highest level in six months as the profit from making diesel increased.

TOP ENERGY STORIES

Ex-Barclays Trader Ek Hires Mancebo for European Hedge Fund (1)

Ulf Ek, a former power trader at Barclays Plc and Amaranth Advisors LLC, has made his first hire at hedge fund Northlander Commodity Advisors LLC.

Fracking Pushes U.S. Oil Production to Highest in 20 Years (2)

U.S. oil production exceeded 7 million barrels a day for the first time since March 1993 as improved drilling techniques boosted exploration across the country and reinforced a shift toward energy independence.

India Said to Speed Plan to Save $300 Billion Burning Coal Belt

India will consider speeding up relocation of more than half a million people living atop mines where $300 billion worth of coal is burning away, said three people familiar with the plan.

TransCanada to Build $5.1 Billion Pipeline to LNG Terminal (4)

TransCanada Corp., builder of the Keystone XL oil pipeline, was selected to construct and operate a C$5 billion ($5.1 billion) natural-gas conduit to Petroliam Nasional Bhd’s planned export terminal in British Columbia.

EU Carbon May Decline to Record as Glut Expands: Energy Markets

European Union emission permits are poised to drop to a record in the first half as member states in the world’s largest carbon market fail to diminish the biggest- ever glut.

Hall Sets Up Commodities Hedge Fund Five Months After Duet Split

Tony Hall has set up Hall Commodities LLP with former colleague Arno Pilz five months after the pair left hedge fund Duet Commodities Fund Ltd.

Kuwaiti $110 Billion Spending Plan May Spur Lending: Arab Credit

Kuwaiti private-sector borrowing, boosted last year by a jump in consumer loans, may accelerate in 2013 at the fastest pace since 2009 as the government plans to speed implementation of a $110 billion investment plan.

Black Sea Hunt for Oil to Fix Chronic Trade Gap: Turkey Credit

Turkey is seeking to gain energy independence and shrink a current-account deficit that investors say is the economy’s key vulnerability.

Turkey Beating Norway as Biggest Regional Oil Driller: Energy

Turkey is drilling for oil and natural gas with more rigs than any European country and plans new rules in 2013 to speed exploration of energy supplies for the fastest-growing major economy after China.

Indonesian Coal Swaps Drop a Third day; China Contracts Rise

Swaps prices fell for a third day for thermal coal from Indonesia, the world’s largest exporter of the fuel, according to Ginga Petroleum Singapore Pte.

OTHER MARKETS

Asian Stocks Advance on China Trade as Yen Weakens; Crude Gains

Asian stocks rose to a 17-month high after China’s exports grew more than estimated and investors speculated Japan will expand stimulus. Commodities advanced, while the yen neared a 2 ½-year low against the dollar.

Yen Weakens for Second Day as Abe Urges BOJ on Inflation Target

The yen weakened for a second day and neared a 2 1/2 year- low against the dollar after Prime Minister Shinzo Abe urged Bank of Japan Governor Masaaki Shirakawa to double the central bank’s inflation goal.

Chavez Cancer Hinders 50% Bolivar Devaluation Call: Currencies

Venezuelan President Hugo Chavez’s failing health is casting doubts on the timing of a currency devaluation that economists at banks from Goldman Sachs Group Inc. to Barclays Plc. say is inevitable to prevent a recession.

Asian Stocks Rise on China Exports Data; Japanese Carmakers Gain

Asian stocks climbed, with the regional benchmark index headed for its highest close in 17 months, as China’s exports data topped economists’ forecasts and Japanese carmakers rallied on a weaker yen.

Bats Says System Errors Caused Pricing Problems Over 4 Years (2)

Bats Global Markets Inc., the third- largest U.S. stock exchange operator, said its computers allowed trades that violated rules intended to ensure all investors get the best prices for equities over a period of four years.

Shanghai to More Than Double Bonded Warehouses as LME Eyes Port

Shanghai will more than double its so-called bonded warehouse space this year amid speculation the world’s biggest harbor will host the first London Metal Exchange-approved delivery point in China, the biggest user of base metals.

Corn Supply Dropping Most Since 1995 Signals Rally: Commodities

U.S. corn supplies, the world’s biggest, are dropping at the fastest pace in 17 years as drought damage exceeds government forecasts and five months of declining prices spur demand from livestock producers.

Obama Said to Name Jack Lew to Replace Geithner at Treasury (4)

President Barack Obama plans to name White House Chief of Staff Jack Lew tomorrow as his choice for Treasury secretary, replacing Timothy F. Geithner, a person familiar with the process said.

Google’s Schmidt Calls on North Korea to End Internet Censorship

Google Inc. Chairman Eric Schmidt called on North Korea to end its ban on Internet access after a visit to the totalitarian country with former New Mexico Governor Bill Richardson.

SPORTS

Swansea Seizes on Errors to Beat Chelsea in League Cup Semifinal

Swansea beat Chelsea 2-0 to open their English League Cup soccer semifinal, getting both goals off mistakes by Blues defender Branislav Ivanovic.

Swansea Defeats Chelsea 2-0 to Open League Cup Soccer Semifinal

Swansea City defeated Chelsea 2-0 to open their two-match semifinal in English soccer’s League Cup.

Pietersen Signs Full Central Contract With England, Sky Reports

Batsman Kevin Pietersen signed a full central contract with the England and Wales Cricket Board, signaling a return to normal relations with the ruling body, Sky reported.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 93.19 +0.09 +0.1 Nymex Feb. Brent Crude ($/Bbl) 111.76 -0.18 -0.2 Ice Feb. Gasoil ($/Ton) 948.75 +2.25 +0.2 Ice Feb. Gasoline (c/Gal) 277.89 -1.55 -0.6 Nymex Feb. Natural gas ($/MMBtu) 3.11 -0.11 -3.3 Nymex Feb. Dated Brent ($/Bbl) 111.66 -0.44 -0.4 OTC 21 Days Heating Oil 306.99 +1.14 +0.4 Nymex Feb.

Other markets:

Last %Chg

----- ----- Dollar Index 80.60 +0.3 Gold ($/Oz) 1,655.50 -0.4 MSCI World Index 1,367.15 +0.4

Prices as of 11 p.m. GMT

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

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