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TOP Oil Market News: Oil Falls; Gasolines Falls on Supply Gain

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

Oil Falls to Two-Week Low on Concern Euro Gains May Curb Growth

Oil fell to the lowest level in two weeks in New York as European Central Bank President Mario Draghi said the euro’s strength could hamper an economic recovery, curbing fuel demand.

TOP OIL MARKET NEWS

Canada Heavy Oil Gains for Fourth Day as Bottlenecks Ease

Canadian heavy oil strengthened for a fourth day, reaching the narrowest discount to U.S. crude since October, as a pipeline bottleneck eased this month.

Japan to Gain Emergency Access to Saudi Oil, Nikkei Says

Japan’s trade minister will conclude an agreement Saturday for Saudi Arabia to raise production if Japan makes an emergency request for additional supply, Nikkei reports, without attribution.

‘Historic’ Snowstorm Threatens Outages, Delays in Northeast (3)

Heavy snow, travel disruptions and power failures are possible from a “historic” nor’easter that threatens to drop 2 feet of snow starting tomorrow across eastern Massachusetts and almost a foot in New York City.

Ethanol Strengthens Against Gasoline as Stockpiles Decline

Ethanol strengthened against gasoline on speculation that falling stockpiles will help reduce a glut of the biofuel and buoy prices.

Gasoline Falls, Spreads Weaken as East Coast Supplies Increase

Gasoline dropped and the March-April spread weakened for a sixth day on speculation imports to the East Coast may increase stockpiles.

Vitol Sells Europe Naphtha; Gasoline Snaps Decline: Oil Products

Naphtha extends its gains to trade at four-month high with cos. including Shell and BP buying. Vitol and Glencore sold five cargoes each this week.

Deep-Water Safety Defect Threatens Global Offshore Drilling (1)

Deep-water oil exploration has been disrupted from the Gulf of Mexico to Brazil by the discovery of faulty bolts used in safety equipment less than three years after the worst-ever U.S. maritime crude spill.

Natural Gas Falls After Smaller-Than-Forecast Stockpile Decline

Natural gas futures fell for the first time this week after a government report showed that U.S. stockpiles declined by less than forecast last week.

U.S. Energy Department Natural Gas Update for Feb. 6 (Text)

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

Glencore Said to Study Stock-Market Listing in South Africa (2)

Glencore International Plc, the largest publicly traded commodities supplier, is considering a stock-market listing in South Africa to tap the country’s investor base, according to a person familiar with the situation.

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

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

OPEC

Saudi Arabia Said to Keep Oil Production Near 20-Month Low (1)

Saudi Arabia kept production near 9 million barrels for a second month, according to a Gulf official with knowledge of the country’s oil policy, helping to maintain OPEC output at close to the group’s official ceiling.

OPEC to Keep Exports Stable as Demand Ebbs, Oil Movements Says

The Organization of Petroleum Exporting Countries will keep shipments stable this month as winter demand in the northern hemisphere fades and refiners begin maintenance, according to tanker tracker Oil Movements.

REFINERIES Map global refinery outages

New York Gasoline Slumps to Nine-Month Low on Europe Cargoes

U.S. East Coast gasoline weakened to a nine-month low against futures on speculation that the flow of cargoes carrying fuel from Europe to the U.S. will rise and as a Pennsylvania refinery unit restarted.

Colonial Freezes Nominations on Linden L6 for Cycle 6

Nominations on Linden L6 segment to BP, Kinder Morgan Carteret terminals frozen for Cycle 6, Colonial Pipeline Co. said in notice to shippers.

Phillips 66 Ponca City Treater Said Shut, Coker Outage Planned

Phillips 66’s Ponca City oil refinery in Oklahoma shut a gasoil hydrotreater for short-term repairs and will in the fall take the coker out of service for work, a person familiar with operations at the plant said.

New York Gasoline Slumps to 9-Month Low on More Europe Cargoes

U.S. East Coast gasoline weakened to a nine-month low against futures on speculation that the flow of cargoes carrying fuel from Europe to the U.S. will rise and as a Pennsylvania refinery unit restarted.

BP Carson to Start Catalytic Cracker, Alkylation Unit Feb. 9-16

BP Plc expects to restart a fluid catalytic cracker and alkylation unit at the Carson, California refinery between Feb. 9 and 16.

MORE: Valero Port Arthur Flaring Related to Unit Shutdown

Valero Energy Corp. shut saturated gas recovery unit at Port Arthur, Texas refinery, today, according to Bill Day, Co. spokesman.

Valero Port Arthur Refinery Reports Flaring on Community Hotline

Valero Energy Corp. reported flaring at its Port Arthur, Texas, refinery, according to a message on a community hotline.

Delta Trainer Refinery Starting Catalytic Cracker

Delta Air Lines Inc.’s Monroe Energy LLC subsidiary began restarting FCC unit this week at its Trainer refinery in Pennsylvania, Trebor Banstetter, a spokesman for Delta in Atlanta, said by phone.

Bakken Railed to Anacortes to Reach 50,000 BPD After Turnaround

Tesoro Corp.’s Anacortes, Washington refinery will reach 50,000 b/d Bakken rail capacity after 1Q turnaround work.

OTHER OIL MARKET NEWS

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

Gasoline Cargoes to U.S. Seen at 11-Week High on Demand Gain (2)

The flow of gasoline cargoes to the U.S. from Europe is poised to reach an 11-week high, spurred by stronger demand and elevated prices for the auto fuel, a Bloomberg survey showed.

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, Asia, 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.

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, Asia, 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

‘Historic Winter Storm’ Headed for U.S. Northeast May Cut Power

A “potential historic winter storm” and blizzard may dump 2 feet of snow on Boston and eastern Massachusetts, potentially causing power outages and leaving 10 inches in New York City.

Ex-Amaranth Trader, CFTC Asks Court to Toss $30 Million Fine (1)

A former natural-gas trader at Amaranth Advisors LLC, backed by the U.S. Commodity Futures Trading Commission, asked a federal appeals court to overturn a $30 million fine imposed by another regulator over alleged manipulation of the gas-futures market.

Japan Banks Follow Goldman to $19 Billion Solar Market: Energy

Japan’s biggest banks are following Goldman Sachs Group Inc. into domestic solar-power projects, anticipating an eightfold increase for investments in the industry.

Hollande Draws French Industry Ire as Nuclear Edge Fades (1)

French industrial groups are up in arms as their once- celebrated nuclear-energy edge evaporates.

Deep-Water Safety Defect Threatens Global Offshore Drilling (2)

Deep-water oil exploration has been disrupted from the Gulf of Mexico to Brazil by the discovery of faulty bolts used in safety equipment less than three years after the worst-ever U.S. maritime crude spill.

TransCanada Says East Route Eases Oil Discount: Corporate Canada

Crude from Alberta’s oil sands sells at a 30 percent discount to its U.S. counterpart. TransCanada Corp. Chief Executive Officer Russ Girling plans to narrow that gap whether or not his Keystone XL pipeline to the Gulf of Mexico wins approval from the Obama administration.

Exelon to Make First Dividend Cut as Quarterly Profit Falls (3)

Exelon Corp., owner of the largest group of U.S. nuclear plants, will cut its quarterly dividend for the first time as falling electricity prices and expiring long-term contracts reduce profit.

China Buys Gas at Record as Crude Imports Capped: Energy Markets

Record natural gas costs are doing nothing to dissuade China from boosting imports of the cleaner- burning fuel as the world’s biggest emitter of greenhouse gases approaches its government-set limit for oil purchases.

Iran May Lose $2.5 Billion Sales as India Seeks U.S. Waiver (1)

Iran, which dropped two places to become India’s fourth- largest crude supplier last year, may lose $2.5 billion of revenue as global sanctions prompt the South Asian nation to reduce purchases.

OTHER MARKETS

U.S. Stocks Retreat While Euro Weakens on Comments From Draghi

U.S. stocks fell following a two-day gain amid disappointing earnings and economic data while the euro sank after European Central Bank President Mario Draghi said the currency’s strength could hamper the economic recovery. European shares erased early gains. Treasuries rose.

Euro Falls Most Since July as Draghi Warns of Slowing Inflation

The euro fell the most since July against the dollar after European Central Bank President Mario Draghi said the recent strength of the currency creates a concern that inflation will slow.

DeMark Says Bottomed-Out Yen Poised for 10% Gain Versus Dollar

The yen is poised to strengthen more than 10 percent versus the dollar within six months after depreciating to the weakest level since 2010, according to Tom DeMark, the creator of indicators to show turning points in securities.

U.S. Stocks Decline on Comments From Draghi, Earnings Reports

U.S. stocks fell, after a two-day advance in the Standard & Poor’s 500 Index, as corporate earnings reports disappointed and European policy makers warned the euro’s advance could hamper the region’s recovery.

FINRA Proposes Reducing Equity-Trade Report Time to 10 Seconds

The Financial Industry Regulatory Authority is seeking a rule change that would require brokerages to report trades within 10 seconds rather than 30.

U.S. Soy Supply at 48-Year Low as Brazil Ships Held: Commodities

Dry weather and shipping delays in South America are boosting demand for soybeans from the U.S., the world’s largest grower and exporter, and producing the tightest inventories in almost five decades.

Coffee Falls to 32-Month Low on Brazil, Colombia Crop Outlook

Coffee futures slumped to the lowest in almost 32 months on mounting concern that global demand will trail supplies boosted by jumbo crops in Brazil and Colombia.

Panetta Exposes Rift With Obama on Plan to Arm Syrian Rebels (2)

The Obama administration’s two top defense officials publicly acknowledged a policy disagreement with the White House over whether to send U.S. arms to the rebels in Syria.

House Democrats Seek Assault-Weapon Ban, Magazine Size Limit (2)

U.S. House Democrats proposed a ban on military-style assault weapons and a 10-round limit on ammunition magazines to try to curb mass shootings.

SPORTS

Premier League Soccer Clubs Agree on Proposal to Curb Losses

England’s top soccer clubs agreed to a plan that will require teams to work toward profitability and restrict spending on players or face point deductions and other sanctions, the Premier League said.

Birmingham City Soccer Club Owners Approached by Potential Buyer

Birmingham City’s Hong Kong-based owners said they’ve been approached by a potential buyer of the English soccer team.

Premier League Soccer Clubs Support Spending Controls, Gold Says

English Premier League soccer clubs voted to approve spending limits, West Ham co-owner David Gold said today.

Energy Prices:
                           Last    Chg  %Chg   Exch Contract
                           ----   ----  ----   ---- --------
WTI Crude ($/Bbl)         95.93  +0.10  +0.1  Nymex    March
Brent Crude ($/Bbl)      117.24  +0.51  +0.4    Ice    March
Gasoil ($/Ton)         1,004.25  +2.75  +0.3    Ice    March
Gasoline (c/Gal)         301.65  +1.66  +0.6  Nymex    March
Natural gas ($/MMBtu)      3.30  +0.01  +0.3  Nymex    March
Dated Brent ($/Bbl)      117.21  +0.51  +0.4    OTC  21 Days
Heating Oil              321.50  +1.55  +0.5  Nymex    March
Other markets:


                         Last  %Chg
                        ----- -----
Dollar Index            80.24  +0.7
Gold ($/Oz)          1,671.30  -0.4
MSCI World Index     1,401.92  -0.5
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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