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TOP Oil Market News: WTI Retreats to Pare Biggest Weekly Advance

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

WTI Crude Retreats to Pare Biggest Weekly Advance Since June

West Texas Intermediate fell for the first time in seven days amid speculation the biggest weekly advance since June was excessive.


Bonny Oil Sabotage to Cut Nigeria June Exports to Three-Year Low

Nigeria will ship no cargoes of Bonny Light crude in June leaving a gap in its loading plans that will curb the country’s exports to the lowest in three years, people with knowledge of the matter said.

Oil May Gain Next Week on Projected ECB Rate Cut, Survey Shows

Oil may advance in New York next week on speculation that the European Central Bank will cut its key interest rate to a record low, a Bloomberg survey showed.


OPEC to Bolster Exports on Asian Demand, Oil Movements Reports

The Organization of Petroleum Exporting Countries will increase shipments by 60,000 barrels a day through to the middle of May because of rising demand in Asia, according to tanker tracker Oil Movements.

REFINERIES Map global refinery outages

JX Shuts Mizushima B No. 2 Crude Unit From March 27-June 8

JX Nippon Oil & Energy plans to conduct maintenance at its Mizushima B No. 2 crude distillation unit with capacity of 95,000 barrels a day from March 27 to June 8, Akitsugu Takahashi, senior vice president, says at a news conference in Tokyo.

Singapore Refining Said to Start Crude Unit After Maintenance

Singapore Refining Co., operator of one of three oil- processing facilities in the city state, started a crude distillation unit at its plant on Jurong Island after about a month of maintenance, said two people with knowledge of operations.

Shell Scotford Flares Due to Maintenance at Facility

Royal Dutch Shell Plc expects 48 hours of flaring at its Scotford, Alberta, plant because of maintenance, according to a message on a community hotline

Suncor Edmonton Refinery Reports Excess Flaring Due to Work

Suncor Energy Inc.’s Edmonton, Alberta, refinery expects flaring and loud noise due to maintenance at its facility, according to a message on a community hotline

Neste Oil to Invest EU42 Mln at Porvoo Refinery in Finland

Neste Oil to improve energy efficiency, operational reliability by replacing fired heaters with new-generation heaters at the Porvoo refinery’s crude distillation unit.

Citgo Says Two Cracking Units at Corpus Christi Back Online

Two fluid catalytic cracking units at the Citgo Corpus Christi refinery are back online, a Citgo official said in an e- mail.

Consumers’ Co-Op Regina Refinery Delays Coker Restart to May 23

Consumers’ Co-Operative Refineries Ltd.’s Regina refinery will delay the restart of its 46,000 barrel-a-day coker to May 23, a company spokesman said.

Chevron Richmond Crude Unit Seen Restarting in 3 Days at Soonest

Chevron Corp. will need at least three more days to return the crude unit at its Richmond refinery to service, a person with direct knowledge of operations at the plant said.

Exxon Torrance Refinery Operations Normal After Power Failure

Exxon Mobil Corp.’s Torrance refinery was restoring operations after power failure April 21, Gesuina Paras, Co. spokeswoman, said by e-mail.

Alon Krotz Spring Refinery Shuts Reformer After Fire

Alon USA Energy Inc.’s Krotz Spring, Louisiana, refinery shut a reformer after a fire broke out in the unit, according to Blake Lewis, an outside spokesman for the company.


Japan Imports of Iran Oil Drop as Sanctions Are Waived Again (1)

Japan’s crude imports from Iran fell 51 percent in March from a year ago, as the U.S. waived sanctions barring business with the Middle Eastern nation citing the declining purchases.

China Refiners Improve Margins as Pricing Driven by Market (1)

China Petroleum & Chemical Corp., Asia’s biggest refiner, profited from crude-processing for the first time since 2011 while PetroChina Co. cut refining losses as China moved to market-driven pricing of its energy needs.

Asia’s Fuel Oil Losses Widen; Shell Sells Jet Fuel: Oil Products

Asia fuel oil’s discount to crude is set to widen for the first week this month, signaling bigger losses for refiners making residual products. Shell sells jet fuel cargoes at discounts in Singapore.

Ras Tanura Oil-Tanker Capacity Seen Falling 13% in Latest Week

The combined carrying capacity of oil tankers calling at Saudi Arabia’s Ras Tanura fell 13 percent in the week ended April 20, vessel-tracking data compiled by Bloomberg show.

Pertamina Reissues Tender Seeking Crude From July to September

PT Pertamina, Indonesia’s state- owned oil company, issued a third tender to buy low-sulfur, or sweet, crudes for delivery during July, August and September for its Balikpapan and Cilacap refineries, a company official said.

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


Barclays’s Redshaw Said to Resign as Head of Carbon, Coal (1)

Louis Redshaw, Barclays Plc’s head of carbon, coal and iron ore trading, resigned from the London- based bank, two people with direct knowledge of the matter said.

Norwegian Wealth Fund Gains $37 Billion as Stocks Rally (1)

Norway’s sovereign wealth fund, the world’s largest, gained 219 billion kroner ($37 billion) in the first quarter as stocks surged amid unprecedented stimulus from central banks to boost economic growth.

Exxon Profit Rises as Chemical Gains Offset Crude Price Drop (2)

Exxon Mobil Corp., the world’s largest company by market value, posted an unexpected profit increase that exceeded analysts’ estimates as widening chemical margins made up for lower crude production and prices.

Coal Slump Seen Ending on Deal at Four-Year Low: Energy Markets

A deal to sell Australian thermal coal at the cheapest level since 2009 is raising the prospect of production cuts in the world’s second-biggest exporter and an end to a slide in prices.

European Power Trading Falls a Second Year as Banks Drop Out (1)

Power trading in western Europe’s seven biggest markets shrank for a second year in 2012 as banks and utilities, including Deutsche Bank AG and EON SE, reduced trading activities.

Barclays Natural Gas Trader Lally Said to Leave Bank in London

Aaron Lally left his job as a natural gas and power trader for Barclays Plc in London, according to five people with direct knowledge of the matter.


Stocks Fall Before U.S. GDP as Yen Gains on BOJ; Oil Declines

Stocks fell, with European shares trimming the biggest weekly gain in five months, before a report on the pace of the U.S. recovery. The yen strengthened as the Bank of Japan maintained its stimulus pledge, while oil dropped.

Canada Bears Arise as Non-Commodity Exports Plummet: Currencies

Within the past five years, General Motors Co. moved the production of its trucks and Buick LaCrosse sedan in Oshawa, Ontario, to the U.S. While the 323-horsepower Camaro is still made in Canada, GM said the next generation of its top-selling sports car will be built in Lansing, Michigan.

Goldman’s Next 11 Stock Funds Overtake BRICs: Chart of the Day

Jim O’Neill’s BRICs are getting upstaged by his grouping of smaller emerging markets as Goldman Sachs Group Inc. clients pour money into the so-called Next 11 countries.

Gold Buyers Throng Indian Stores for Second Week on Rally (3)

Gold consumers in India, the world’s biggest importer, thronged jewelry stores across the country for a second week on speculation that bullion may extend a rally after the biggest plunge in three decades.

China Gold Imports Seen Jumping as Price Slump Lures Buyers (1)

Gold imports by China from Hong Kong probably surged this month as mainland buyers increased purchases after domestic prices sank to the cheapest in more than 2 1/2 years.

North Korea Threatens South After Rejecting Joint Factory Talks

North Korea threatened retaliation against South Korea for demanding talks aimed at re-opening a jointly-run industrial park that has been shuttered for more than two weeks.


NFL Draft’s First Round Is Led by Linemen as Jets Grab Milliner

Offensive tackles were the top two picks in the National Football League draft for the second time in the Super Bowl era, the New York Jets picked up a potential replacement for Darrelle Revis and no running backs were taken in the opening round for the first time since 1963.

Heat Take 3-0 Lead in Playoffs Over Bucks; Bulls, Grizzlies Win

Ray Allen scored 23 points and LeBron James added 22 to lead the Miami Heat to a 104-91 win at the Milwaukee Bucks that gave the defending champions a three- games-to-none playoff series lead.

Dee Milliner Receives Rare Welcome From Jets Fans at NFL Draft

Dee Milliner experienced something last night foreign to many recent New York Jets draft picks. He was cheered as he entered the National Football League.

Manti Te’o Fails to Get Picked in First Round of NFL’s Draft

The Minnesota Vikings passed on Manti Te’o even though they had a need at linebacker and were the first team in 12 years to have three picks in the opening round of the National Football League draft.


Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 92.98 -0.66 -0.7 Nymex June Brent Crude ($/Bbl) 102.80 -0.61 -0.6 ICE June Gasoil ($/Ton) 861.50 +0.75 +0.1 ICE June Gasoline (c/Gal) 279.41 -1.77 -0.6 Nymex May Natural gas ($/MMBtu) 4.15 -0.01 -0.3 Nymex May Dated Brent ($/Bbl) 102.41 -0.28 -0.3 OTC 21 Days Heating Oil 289.72 -0.45 -0.2 Nymex May Other markets:

Last %Chg

----- ----- Dollar Index 82.69 -0.1 Gold ($/Oz) 1,462.00 +2.7 MSCI World Index 1,456.74 -0.2 Prices as of 12 p.m. London time

To contact the reporter on this story: Raj Rajendran in London at

To contact the editor responsible for this story: Stephen Voss at

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