TOP Oil Market News: Crude Heading for Its Fifth Weekly Advance

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

Oil Heads for Fifth Weekly Gain on Saudi Production Cut, Economy

Oil traded near the highest level in almost four months, extending the longest weekly rising streak since August, as Saudi Arabia cut production and investors speculated a global economic recovery will boost fuel demand.

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.

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.

Tudor Energy Trader McMillan Said to Depart to Start Hedge Fund

Andrew McMillan, who oversaw the Singapore energy team for $11.6 billion Tudor Investment Corp., has left the firm to start a commodity hedge fund.

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.

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.

Formosa Petrochemical Said to Sell Jet Fuel Cargo at Premium (1)

Formosa Petrochemical Corp. sold a jet fuel cargo for February loading at a premium of about $1 a barrel to Singapore prices, said two people familiar with the transaction. They asked not to be identified because the information is confidential.

Obama Agency Sued for $675 Million Over Clean-Energy Loans (2)

President Barack Obama’s administration played favorites on clean-energy loans while improperly blocking a carmaker and a related technology company from receiving millions in aid, according to two lawsuits.

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. Energy Department Natural Gas Update for Jan. 9 (Text)

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

Carmaker Sues Obama Administration Over Clean-Energy Loans (1)

A failed carmaker and a related technology company accused President Barack Obama’s administration of playing favorites on clean-energy loans while improperly blocking them from receiving millions in aid.

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

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

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

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.

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.

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.

Western Refining Rises on Permian Oil Discount: Houston Mover

Western Refining Inc., the owner of refineries near the Permian Basin in West Texas and New Mexico, rose the most in two months with Permian crude at a record discount to U.S. benchmark prices.

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.

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.

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.

OTHER OIL MARKET NEWS

TOP Oil Market News: Crude Rises to Three-Month High on China

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

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.

Mideast Oil-Tanker Returns Slide on Speculation of Fewer Cargoes

Returns for the biggest oil tankers hauling Middle East crude to Asia, the industry’s busiest trade route, fell for a 10th session amid speculation cargoes are too few to boost charter costs.

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.

Iran Raises Light, Heavy Crude Premiums to Asia for February

Iran increased its February crude- price differentials for customers in Asia, according to an official at National Iranian Oil Co.

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.

TOP ENERGY STORIES

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.

Brent Oil Rises to Three-Month High on Chinese Growth, Saudi Cut

Oil rose to its highest level in almost three months in London amid signs of growth in China, the world’s second-largest fuel consumer, and as Saudi Arabia, the biggest crude exporter, reduced supplies.

Crude Rises to Three-Month High as Chinese Exports Accelerate

Oil rose to the highest level in three months as exports from China accelerated and European Central Bank President Mario Draghi said “a gradual recovery should start” in the region this year.

Karoon Gas Takeover Looming With Brazilian Oil Bonanza: Real M&A

The prospect of new oil discoveries in the same region that yielded the Western Hemisphere’s biggest find in three decades is transforming Karoon Gas Australia Ltd. into a takeover target.

India to Speed Plan to Save $300 Billion Burning Coal Belt (1)

India approved a plan to speed up the relocation of more than half a million people living atop mines in the eastern part of the country where $300 billion worth of coal is burning away.

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

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

Caltex Plans Kurnell, Lytton Oil Refinery Maintenance in 2013

Work planned for No. 2 diesel hydrotreating unit and benzene hydrogenation unit at Lytton in 1H, Caltex spokesman Sam Collyer says in e-mailed statement today.

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.

World Bank Focuses on Climate Change in Hunt For Fresh Strategy

The World Bank can make a difference in areas such as climate change, education and health, President Jim Yong Kim said, as he crafts a strategy for the poverty- fighting lender.

Bonavista Energy Rises After Cutting Dividend 42%: Calgary Mover

Bonavista Energy Corp. rose after the Canadian oil and natural gas producer almost halved its dividend to cope with lower gas prices.

OTHER MARKETS

Japanese Stocks Rise as Yen Falls on Spending; China Shares Drop

Japanese stocks rose for a third day and the yen weakened as the government announced stimulus measures. Chinese shares fell after the nation’s inflation accelerated faster than estimated, limiting room for easing.

Yen Drops to 2010 Low on Stimulus Bets, Current Account Deficit

The yen touched the weakest level since June 2010 against the dollar on speculation the Bank of Japan will cooperate with Prime Minister Shinzo Abe’s government to ramp up efforts to stimulate the economy.

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.

Asia Stocks Swing From Gain to Loss on China CPI, Japan Stimulus

Asian stocks swung between gains and losses as China’s inflation accelerated and Japan approved 10.3 trillion yen ($116 billion) of stimulus measures.

Emerging Equity Funds Post Record Inflows on Growth Outlook (1)

Emerging-market equity funds recorded their biggest-ever weekly inflows as the U.S. budget deal and China’s economic rebound fueled investor demand for riskier assets.

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.

Clive Hedge Fund Assets Said to Fall by $1.7 Billion After Loss

Clive Capital LLP’s assets plunged 46 percent in 2012 after the commodity hedge fund lost money for a second year running and investors withdrew their cash, said two people with knowledge of the matter.

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

QPR’s Redknapp Wants to Sign Gallas, Standard Says: Roundup

The following is a roundup of soccer stories from U.K. newspapers, with clickable Internet links.

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.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 93.87 +0.05 +0.1 Nymex Feb. Brent Crude ($/Bbl) 111.89 +0.13 +0.1 Ice Feb. Gasoil ($/Ton) 959.25 +10.50 +1.1 Ice Feb. Gasoline (c/Gal) 279.33 +1.44 +0.5 Nymex Feb. Natural gas ($/MMBtu) 3.19 -- -- Nymex Feb. Dated Brent ($/Bbl) 111.79 +0.13 +0.1 OTC 21 Days Heating Oil 305.43 -1.56 -0.5 Nymex Feb.

Other markets:

Last %Chg

----- ----- Dollar Index 79.76 -1.0 Gold ($/Oz) 1,678.00 +1.4 MSCI World Index 1,378.48 +0.8

Prices as of 11 p.m. GMT

Copy and paste this link for Table: NI $789 FJM

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

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