TOP Oil Market News: Crude Falls From 4-Month High in New York

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

Oil Falls From Four-Month High as U.S. Stockpiles Seen Gaining

Oil fell in New York as investors speculated that a rally to the highest level in almost four months was excessive amid rising stockpiles and concern the U.S. economic recovery may be derailed by a budget dispute.

Oil Supply Rises in Survey as U.S. Output Climbs: Energy Markets

U.S. crude oil inventories probably increased a second week after production climbed to the highest level in almost 20 years, a Bloomberg survey showed.

Ex-BP Engineer Criminal Trial Over Spill-Size Data Postponed (1)

The trial of a former BP Plc engineer charged with destroying evidence sought for a U.S. probe of the 2010 Gulf of Mexico oil spill will be postponed to June 10, a judge said.

South Korea’s Oil Imports From Iran Rise 24% From a Year Earlier

South Korea’s imports of oil from Iran increased 24 percent in December from a year earlier.

Asia Gasoil Crack Rebounds; Naphtha Swaps Increase: Oil Products

Asia’s gasoil crack spread rebounds, signaling rising profit for refiners making diesel. Naphtha and fuel oil swaps increase.

Fuel Oil Supplies to Asia Next Month Rise 12% From a Week Ago

Fuel oil bookings rose 12 percent from a week ago for cargoes from Western countries arriving next month in Asia, according to shipping data compiled by Bloomberg.

Repsol Said to Expect $2.7 Billion LNG Asset Sale by February

Repsol SA, Spain’s largest energy company, expects to sell liquefied natural gas assets for about 2 billion euros ($2.7 billion) by early February, according to a person familiar with the matter.

Indian Oil Extends Closing Date of March-Loading Crude Tender

Indian Oil Corp., the nation’s largest refiner, extended the closing date of a tender to buy West African crude for loading in March, an amended document obtained by Bloomberg News shows.

Natural Gas Climbs to Two-Week High on Forecasts of Cold Weather

Natural gas futures advanced to a two-week high in New York on forecasts of colder-than-normal weather that would spur demand for the heating fuel.

Oil Bulls Raise Wagers on Signs Economy Growing: Energy Markets

Hedge funds boosted bullish oil bets to the highest level in more than three months on signs that economic growth has accelerated in the U.S. and China, increasing demand, while supplies from the Middle East declined.

OPEC

Saudi Arabia Says Oil Production Cut Not Designed to Boost Price

Saudi Arabia denied what it said were suggestions that it cut oil production in December to push crude prices higher and accused unidentified media of misinterpreting the kingdom’s response to weaker demand.

Saudi Arabia Cuts December Crude Production: Persian Gulf Oil

Saudi Arabia, the world’s largest crude exporter, cut production in December to the lowest level in 19 months, reducing output to 9.025 million barrels a day, an official with knowledge of the kingdom’s energy policy said.

REFINERIES Map global refinery outages

United Warren Has Flaring After Power Outage: NRC Filing

United Warren had flaring after a power failure at the Pennsylvania refinery, according to a filing with the National Response Center.

Flint Hills Has Fire at Corpus Christi Refinery, NRC Filing Says

Flint Hills Resources LLC flared materials at its Corpus Christi refinery in Texas after a fire at the plant, according to a filing with the U.S. National Response Center.

BP Cherry Point Has Emissions at Washington Refinery: NRC Filing

BP Cherry Point had flaring, possibly because of leaky valve at the Washington state refinery, according to a filing with the National Response Center.

CPC Plans Talin Refinery No. 11 Crude Unit Maintenance in August

CPC Corp., Taiwan’s state-run oil company, tentatively plans to halt the No. 11 crude distillation unit and a residual oil cracker at its Talin refinery from August for regular maintenance, said a company official who asked not to be identified citing internal policy.

Equipment at Chevron El Segundo Plant Said Damaged in Fire (1)

A fire yesterday at Chevron Corp.’s El Segundo refinery, California’s largest, damaged equipment associated with the plant’s fluid catalytic cracker, a person with knowledge of the refinery’s operations said.

BP Carson Said to Shut Hydrocracker, Hydrotreater for Work

BP Plc’s Carson oil refinery, California’s second-largest, has shut the hydrocracker and a jet hydrotreater for unplanned repairs, a person with direct knowledge of operations at the plant said.

Tesoro Martinez Hydrocracker Seen Back at Full Rates This Week

Tesoro Corp.’s Golden Eagle refinery in Northern California finished repairs on a hydrocracker and is expected to return the unit to full rates within in two to three days, a person with direct knowledge of the work said.

Suncor Plans Turnaround at Alberta Upgrader During April and May

Suncor Energy Inc. plans a maintenance turnaround at its 350,000-barrel-a-day Fort McMurray oil sands upgrader during April and May.

Fire at Chevron El Segundo Oil Refinery Said to Damage Equipment

A fire yesterday at Chevron Corp.’s El Segundo refinery, California’s largest, damaged equipment associated with the plant’s fluid catalytic cracker, a person with knowledge of the refinery’s operations said.

Algeria Is Close to Completing Upgrade of Skikda Oil Refinery

Sonatrach, Algeria’s state-run energy producer, said the upgrade of its Skikda refinery is almost complete and a fire this month hadn’t caused any damage.

OTHER OIL MARKET NEWS

TOP Oil Market News: Oil Rises to Four-Month High on Seaway Pipe

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

Oil Product Shipping Costs to Japan Fall 2.6 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan fell 2.6 percent to 8.86 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

Oil-Tanker Returns Reach Nine-Week Low as Charter Demand Slows

Returns for the biggest oil tankers hauling Middle East crude to Asia, the industry’s busiest trade route, reached a nine-week low as demand to charter ships slowed amid a shrinking supply of cargoes.

TOP ENERGY STORIES

Hedge Funds Cut Bets to Six-Month Low Before Rally: Commodities

Hedge funds cut bullish commodity wagers to the lowest since June before prices rallied to a two- month high on signs of a rebound in Chinese economic growth.

Oil Industry Beats Buffett in Railroad Investments Surge: Energy

North American energy companies are starting to invest more in railroad terminals than the railroads themselves.

WTI Oil Trades Near Four-Month High on Seaway Pipeline Expansion

Oil traded near a four-month high in New York, narrowing its discount to Brent crude to the least since September, after the expansion of a pipeline that may reduce a glut in the U.S. Midwest.

Vermont Fights Ruling It Can’t Close Entergy Nuclear Plant (1)

Entergy Corp. and Vermont brought their dispute over whether the state has the authority to shut its only nuclear power plant before an appeals court.

Oil Rises to Four-Month High on Seaway as Heating Oil Jumps

Oil rose to the highest level in almost four months as service began on the expanded Seaway pipeline and heating oil jumped.

Private Equity Flees Clean Energy as Investment Falls: Energy

Private equity companies and venture capitalists including Draper Fisher Jurvetson and Braemar Energy Ventures reduced renewable-energy investment to the lowest since 2006 as once- promising companies failed or were sold at a loss.

Exxon Knew in 1984 of MTBE Contamination Threat, State Says (1)

ExxonMobil Corp. knew that adding a chemical to gasoline that makes it burn more cleanly would triple incidents of groundwater contamination, a lawyer for New Hampshire said at the opening of an $816 million trial.

South Korea’s December LNG Imports Shrink 9.5% as Prices Rise

Imports of liquefied natural gas into South Korea, the world’s second-largest buyer of the fuel, dropped 9.5 percent in December as prices rose.

Wind Finds Favor as Funds Blow Cold on Government: Nordic Credit

Denmark’s state-backed renewable energy projects are emerging as a preferred vehicle for the country’s pension funds to bolster their returns as institutional investors snub low- yielding government debt.

Consol Plans Asset Sales to Help Boost Natural Gas Output (2)

Consol Energy Inc., the third- largest U.S. coal miner by sales, plans to sell assets for $127 million to $312 million in 2013 as it ramps up production of natural gas.

OTHER MARKETS

Yen Jumps as Stocks Pare Gains on Amari Comments; Wheat Rises

The yen rebounded from near the lowest since June 2010 and regional stocks pared gains after comments by Japan’s economy minister stoked speculation the nation won’t try to further weaken the currency. Wheat advanced.

Yen Climbs as Japan’s Amari Warns of Excessive Currency Weakness

The yen rose against all of its 16 major peers after comments by Japan’s economy minister stoked speculation the nation won’t try to spur further weakness in its currency.

Best Forecasters See Asia Rebounding to Lead Gains: Currencies

For the first time in three years, Asia will lead a rally in emerging-market currencies as rising global trade lifts the region’s exports, according to the most- accurate foreign- exchange forecasters.

Asian Stocks Climb as Japanese Exporters Gain; Olympus Jumps

Most Asian stocks rose, with the regional benchmark index heading for the highest close since August 2011. Japanese shares gained after Bank of Japan Governor Masaaki Shirakawa said the central bank will pursue powerful monetary easing.

Goldman Joins Japan Stock Bulls as Strategists See Abe Advance

Goldman Sachs Group Inc., Bank of America Corp. and Nomura Holdings Inc. are predicting Japanese stocks will extend their longest streak of gains in 23 years as extra economic stimulus boost earnings.

Red Kite Says Tin to Outperform Copper as Super Cycle Continues

Tin is the top pick among base metals for 2013, while platinum and palladium will outperform gold and silver in the next few years, said Michael Jansen, head of research at RK Capital Management LLP.

Gold Forecasters Splitting on Peak for Bull Market: Commodities

Danske Bank A/S and Credit Suisse Group AG, the most- accurate gold forecasters, say prices will probably peak this year while their nearest rival, UniCredit SpA, sees no end in sight to the 12-year bull market.

China Says Beijing Pollution Lifting as Party Reacts to Critics

China reported that pollution eased in Beijing after reaching record high levels in the past three days, as state media said the capital was becoming more famous for its smog than its culture or food.

Obama Warns Against Using Debt Limit to Force Spending Cuts: Q&A

With as little as a month until the U.S. runs out of money to pay its bills, President Barack Obama warned Republicans in Congress not to use the need for a debt- limit increase to force through new spending cuts.

SPORTS

Synovus Board Barred From Loan Approvals in Sea Island Deal

Synovus Financial Corp. settled a shareholder lawsuit over more than $200 million in bad loans to Georgia luxury resort Sea Island Co. that the investors say were approved with a “golf course handshake” between executives of the two companies.

Rory McIlroy Joins Tiger Woods as Sponsor of Nike Golf Equipment

Top-ranked Rory McIlroy signed an agreement to use Nike Inc. golf equipment after ending his five- year relationship with Titleist, the company announced.

Manchester City Want to Sign Derby’s Hughes for $11Mln: Roundup

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

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 94.20 +0.06 +0.1 Nymex Feb. Brent Crude ($/Bbl) 111.88 +1.24 +1.1 Ice Feb. Gasoil ($/Ton) 954.50 +14.75 +1.6 Ice Feb. Gasoline (c/Gal) 275.41 +1.46 +0.5 Nymex Feb. Natural gas ($/MMBtu) 3.38 +0.01 +0.3 Nymex Feb. Dated Brent ($/Bbl) 111.97 +1.38 +1.3 OTC 21 Days Heating Oil 306.69 +0.44 +0.1 Nymex Feb.

Other markets:

Last %Chg

----- ----- Dollar Index 79.51 -0.1 Gold ($/Oz) 1,669.40 +0.5 MSCI World Index 1,380.21 -0.1

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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