TOP Oil Market News: Brent Set for First Weekly Drop in Three

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

Brent Oil Set for First Weekly Drop in Three on China Inflation

Oil fell in London, erasing a weekly gain, as concern that accelerating inflation in China will impede steps to stimulate growth countered a drop in crude production in Saudi Arabia.

OTHER OIL MARKET NEWS

Woodside Oil Ships Move From Fields as Australian Cyclone Nears

Oil-production and storage vessels servicing fields operated by Woodside Petroleum Ltd. have moved away from the projects offshore Western Australia as tropical cyclone Narelle nears, according to ship-tracking data.

Oil May Advance as Chinese Data Bolsters Optimism, Survey Shows

Oil may rise next week after China’s exports jumped more than forecast last month, bolstering optimism growth will accelerate, a Bloomberg survey showed.

BTC February Crude Exports to Fall 0.2% to 637,500 Barrels/Day

Daily exports of Azeri Light crude from the Turkish port of Ceyhan will drop by 0.2 percent in February from this month, according to a loading program obtained by Bloomberg News.

Asia Gasoil Crack Rises by the Most in Five Weeks: Oil Products

Asia gasoil’s premium to Dubai rose, heading for the biggest weekly increase in five.

OPEC

OPEC to Boost Supply for Final Winter Demand, Oil Movements Says

The Organization of Petroleum Exporting Countries will increase crude shipments this month to meet the final phase of peak winter demand in the northern hemisphere, according to tanker tracker Oil Movements.

Saudi Arabia Said to Cut December Oil Output to 19-Month Low (3)

Saudi Arabia, the world’s largest crude exporter, reduced production to the lowest in 19 months as booming U.S. output and recovering shipments from Iraq threaten to oversupply the global oil market, a Gulf official said.

REFINERIES Map global refinery outages

Phillips 66 Flared Gas at Wood River Oil Refinery in Illinois

Phillips 66 flared gasses including sulfur dioxide at its Wood River oil refinery yesterday because of “lost recovery compressor,” according to a filing with the Illinois Emergency Management Agency.

Exxon Mobil Fawley Oil Refinery Has Flaring, Fire Official Says

Exxon Mobil Corp.’s Fawley oil refinery in Hampshire, England, was flaring, according to a local fire official.

Delta Trainer Fluid Catalytic Cracker Said Shut to Late-January

Delta Air Lines Inc.’s Monroe Energy LLC subsidiary expects to need until the last week of January to complete repairs on the fluid catalytic cracker at its Trainer refinery in Pennsylvania, two people familiar with operations said today.

OTHER OIL MARKET NEWS

Naphtha Falls as Vitol Sells; ICE Gasoil Climbs: Oil Products

European naphtha declined as Vitol Group sold four shipments. Vitol offloaded 11 cargoes since the start of the year, data compiled by Bloomberg show. Gasoline barges rose to the highest in almost three months.

West Texas Sour Falls to Seven-Week Low on Refinery Maintenance

West Texas Sour crude fell to a 50- day low on the spot market as HollyFrontier Corp. was scheduled to begin maintenance at its refinery in New Mexico this month.

Canadian Oils Weaken as Enbridge Apportions Mainline Mid-Month

Canadian crude oil weakened after Enbridge Inc. issued a mid-month apportionment notice for its Mainline pipeline system.

LNG, Oil-Tanker Demand Seen Increasing in 2013 by Clarkson (1)

Seaborne demand for liquefied natural gas is set to increase this year and outpace new liquefaction projects, according to Clarkson Capital Markets.

Unipec Seen Overtaking Shell as Largest Booker of Oil Tankers

China International United Petroleum & Chemical Co. became the world’s largest charterer of oil tankers for the first time in 2012, surpassing Royal Dutch Shell Plc, according to Poten & Partners Inc.

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 dollars a barrel, or premiums and discounts to regional benchmarks where plus and minus symbols appear.

Kuwait Sets February Crude Price to Asia at 95 Cents Premium

Kuwait Petroleum Corp. raised the official selling price for February crude shipments to Asia by 30 cents a barrel to a premium of 95 cents, the company said an e-mailed statement.

TOP ENERGY STORIES

Natural Gas Climbs on Biggest Stockpile Drop in Almost Two Years

Natural gas futures advanced for the first time in four days after a government report showed that U.S. stockpiles declined by the most in almost two years.

U.S. LNG Profit Seen Elusive as Price Gap Closes: Energy Markets

Profits from selling U.S. liquefied natural gas abroad may be elusive, belying the $60 billion race for export licenses as the price gap between Asia and North America shrinks from record levels.

Cnooc Clears Hurdle to Restart Largest China Offshore Field (1)

Cnooc Ltd., China’s biggest offshore oil and gas producer, received an initial approval to restart its largest offshore oilfield, which was shut in 2011 after an oil leak.

Chevron’s Gain Portends Strong Earnings Season for Oil: Energy

Chevron Corp.’s forecast for “notably higher” quarterly profit bodes well for competing international energy producers also grappling with oil- production and refining challenges.

Hall Sets Up Commodities Hedge Fund Five Months After Duet (1)

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.

Shell Says Tax Played Role in Move of Arctic Rig That Grounded

Avoiding a state tax played a role in Royal Dutch Shell Plc’s decision to move a drilling rig from Alaska waters, though the company said the vessel’s grounding days later was the result of an unforeseen worsening of weather.

Hafslund Chief Power Trader Roenningen Quits After Disagreement

Roenningen, 44, resigned his post at Hafslund Energy Trading on Dec. 31 after 16 years, citing disagreement on development and strategy of co.

OTHER MARKETS

Stocks Fall With Commodities on China Inflation; Yen Weakens

Stocks fell for a second day in Europe and commodities dropped as China’s inflation topped economist estimates. The yen weakened to a 2 1/2-year low against the dollar after Japan announced stimulus measures.

Yen Drops to 2010 Low on Government Stimulus Plan; Franc Weakens

The yen fell to the weakest level against the dollar since June 2010 after the Japanese government said it will spend 10.3 trillion yen ($116 billion) to end deflation and boost growth.

Abe Makes Yen Best Bet on Asia With 77% Carry Return: Currencies

Japanese Prime Minister Shinzo Abe has made his nation’s currency the most lucrative means to invest in faster-growing Asian economies.

Wheat Trade More Bullish Even as Bear Market Begins: Commodities

Wheat traders are getting more bullish, even after prices tumbled into a bear market, as demand for U.S. exports strengthened and a drought in the Great Plains threatens to curb next season’s crop.

Copper Falls as Inflation Fuels Concern China May Curb Stimulus

Copper fell in London, almost erasing this week’s gain, after stronger-than-estimated Chinese inflation fueled concern officials may curb economic stimulus in the world’s biggest consumer of the metal.

Lew’s Lack of Geithner Global Rolodex Won’t Be Biggest Hindrance

Jack Lew, President Barack Obama’s choice to head the Treasury, won’t have the global experience of Secretary Timothy F. Geithner as he grapples with issues like Europe’s debt and China’s currency rate. It probably won’t matter.

Obama Tees Up Second-Term Cabinet That Leaves Women Waiting Turn

President Barack Obama’s second-term Cabinet picks so far resemble his golf foursomes more than the coalition of voters who gave him four more years.

SPORTS

Seahawks’ Wilson Proves Value With Bargain Wins at $32,500 Each

Russell Wilson has been the best quarterback bargain in the National Football League this season, his $390,000 salary breaking down to $32,500 for each of the Seattle Seahawks’ 12 wins.

Knicks Fall to Pacers in NBA as Anthony Serves 1-Game Suspension

Paul George had 24 points and 11 rebounds to lead the Indiana Pacers to an 81-76 victory over the New York Knicks, who played without the suspended Carmelo Anthony, the team’s top scorer.

Andy Murray Finds Swagger, Calm After U.S. Open Breakthrough (1)

Andy Murray enters the Australian Open with confidence and a swagger after finally winning his first Grand Slam tennis singles championship.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 93.18 -0.64 -0.7 Nymex Feb. Brent Crude ($/Bbl) 110.64 -1.25 -1.1 ICE Feb. Gasoil ($/Ton) 946.25 -13.00 -1.4 ICE Feb. Gasoline (c/Gal) 275.35 -3.98 -1.4 Nymex Feb. Natural gas ($/MMBtu) 3.26 +0.06 +2.0 Nymex Feb. Dated Brent ($/Bbl) 110.65 -1.14 -1.0 OTC 21 Days Heating Oil 302.63 -2.80 -0.9 Nymex Feb.

Other markets:

Last %Chg

----- ----- Dollar Index 79.84 +0.1 Gold ($/Oz) 1,678.00 +1.4 MSCI World Index 1,379.74 +0.1

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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