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TOP Oil Market News: WTI Crude Declines to Lowest in Four Weeks

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

WTI Crude Falls to Four-Week Low on Concern Fed to Curb Stimulus

West Texas Intermediate crude fell to a four-week low on concern that the Federal Reserve will cut debt purchases as the economy of the world’s biggest oil- consuming nation strengthens.

TOP OIL MARKET NEWS

Oil Inventories Climbed to Three-Decade High Last Week, API Says

Oil supplies rose to the highest level in more than three decades as they climbed 4.4 million barrels to 395.1 million last week, the American Petroleum Institute said.

OPEC VIENNA: Saudi Arabia Says Market Stable Before Meeting

Saudi Arabian Oil Minister Al-Naimi says market balanced, stable, state-run newsagency SPA reports.

Algerian Finance Minister Sees Oil Prices Staying Around $100

Algerian Finance Minister Karim Djoudi said in interview at African Development Bank annual meeting.

Gasoline Falls on Speculation That Inventories Are Increasing

Gasoline fell on speculation that supplies are rising as refineries restored units to production and lower pump prices indicated regional tightness eased. The crack spreads, returns on producing the motor fuel from West Texas Intermediate and Brent crudes, widened.

Ethanol Outpaces Gasoline on Concern for Tight Feedstock Supply

Ethanol outperformed gasoline on speculation that tighter corn supplies before the fall harvest will temper fuel production, which is already below-average for this time of year.

BP Buys Europe Diesel Cargo; Barges at 2-Week High: Oil Products

European diesel barge premium rises to the highest in 2 weeks as Shell buys. BP purchases at least second diesel cargo this week.

Options Volatility Jumps to Highest Since May 1 as Oil Declines

Crude oil options volatility jumped to the highest level since May 1 as the underlying futures fell 2 percent.

OPEC

Best OPEC Discipline Since 2011 No Guarantee for $100 Oil (2)

OPEC’s best adherence to its production ceiling in 18 months is failing to buoy the outlook for crude oil prices, raising pressure on the group to pare supplies amid burgeoning U.S. output.

REFINERIES Map global refinery outages

Delek Tyler Refinery Reports Emissions Due to Operational Upset

Delek US Holdings Inc. reported emissions from No. 1 boiler flare, No. 2 cat flare, sulfur recovery unit incinerators, sulfur recovery plant due to “unexpected operational fluctuation,” Texas regulatory filing shows.

Hurricane Barbara Moves Ashore Into Southwestern Mexico

Hurricane Barbara, a Category 1 storm bearing heavy rain, went ashore in southwestern Mexico east of Salina Cruz, where Petroleos Mexicanos operates the country’s biggest oil refinery.

San Francisco Gasoline Drops as Tesoro Reports Unit Startups

Spot gasoline in San Francisco declined against futures as Tesoro Corp.’s Golden Eagle refinery in Northern California reported unit starts.

Suncor Montreal Refinery Performing Six Weeks of Repairs

Suncor Energy Inc. will carry out planned shutdowns of units for about six weeks, the company said in a notice today.

Phillips 66 Ponca City Refinery Reports Flaring on May 27

Phillips 66’s Ponca City refinery reported emissions on May 27, according to a filing with the Oklahoma Department of Environmental Quality.

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.

Saudi Arabia to Japan Tanker Rates Rises 8.9% to 45.53 Points

The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, gained 8.9 percent to 45.53 Worldscale points, according to the Baltic Exchange in London.

Primorsk June Urals Crude Exports Lowest in at Least Five Years

Russia, the world’s largest energy exporter, plans to ship less than 1 million barrels a day of Urals crude from Primorsk port on the Baltic Sea for the first time in about five years, a final loading program showed.

Crude Official Selling Prices and Formulas by Country (Table)

The following table shows official prices, formulas and relative values for crude grades from the Middle East, Asia, Africa and the Americas. Figures are in dollars a barrel, or premiums and discounts to regional benchmarks where plus and minus symbols appear.

TOP ENERGY STORIES

Tropical Storm Barbara Bears Down on Mexico’s Pacific Coast (1)

Tropical Storm Barbara is expected to grow into a hurricane before striking the southwestern coast of Mexico near Salina Cruz, where Petroleos Mexicanos operates the country’s biggest oil refinery.

Korea Electric Falls on Nuclear Reactor Shutdowns: Seoul Mover

Korea Electric Power Corp. fell to the lowest in five months in Seoul trading after South Korea’s government ordered the shutdown of two nuclear reactors found to be using components whose safety certificates were faked.

Total Ends U.S. Bribe Probe as France Seeks CEO Prosecution (2)

Total SA agreed to pay $398 million to settle U.S. allegations it made illegal payments to an Iranian official for oil and gas contracts as French prosecutors said they’ll seek charges against the company’s chief executive officer.

Regulator Who Led Probes of Banks’ U.S. Energy Trading Quits (1)

Jon Wellinghoff, who as chairman of the Federal Energy Regulatory Commission led a crackdown on U.S. banks over alleged manipulation of energy markets, says he is quitting.

Iran Nuclear Program a Platform for Jalili’s Presidency Bid (1)

Saeed Jalili, the face of Iran’s nuclear ambitions as the Islamic republic’s chief negotiator, is running for president on his record of defying global pressure to curtail the program.

Varco to Honghua Vying for $9 Billion of Russia Oil Rigs: Energy

Russia’s thirst for modern rigs able to drill in shale oil deposits heralds a $9 billion bonanza for manufacturers including National Oilwell Varco Inc. of the U.S. and China’s Honghua Group.

Power Market Rebound Fades for Exelon on Lower Auction Prices

A bellwether power market auction that helps set long-term electricity prices in 13 U.S. states shows the natural gas glut may stifle a profit boost generators had expected from retiring coal plants.

OTHER MARKETS

Stocks Drop With Commodities on Fed Concern as Yen Strengthens

Stocks fell, trimming a 12th consecutive monthly gain in Europe, amid concern the Federal Reserve will reduce debt purchases as the economy recovers. Commodities slid as the International Monetary Fund cut China’s growth forecast, while the yen strengthened and dollar weakened.

Yen Climbs as Drop in Risk Appetite Fuels Haven Bid; Krona Gains

The yen strengthened against all except one of its 16 most-traded counterparts as investors sought refuge amid a drop in risk appetite that sent stocks and commodities lower.

Euro Bulls Rule in Germany Amid Merkel-Draghi Aplomb: Currencies

German companies are more bullish on the euro’s prospects over the next three months than at any time since February, showing confidence in the ability of the European Central Bank’s interest-rate cuts to spur the economy.

Nasdaq Agrees to Pay $10 Million to Settle SEC Facebook Case (3)

Nasdaq OMX Group Inc. agreed to pay $10 million to settle Securities and Exchange Commission charges that its mishandling of Facebook Inc.’s initial public offering last year was a violation of securities laws.

CP Foods, JBS Said to Have Weighed Offers for Smithfield Foods

Charoen Pokphand Foods Pcl and JBS SA were preparing bids for Smithfield Foods Inc. before the U.S. company agreed to a $4.72 billion takeover by China’s Shuanghui International Holdings Ltd., said people familiar with the matter.

China Steelmakers Challenge Platts Iron Ore Pricing: Commodities

Chinese steelmakers, the world’s biggest iron ore buyers, are questioning the reliability of the main industry price index for the raw material provided by Platts, citing concerns about transparency and trading volume.

Bachmann Won’t Run for Re-Election to U.S. House in 2014 (3)

U.S. Representative Michele Bachmann, a former Republican presidential hopeful and a leader of the anti-tax Tea Party movement, said she won’t run for re-election, retiring from the House amid an ethics inquiry.

Biden Circles Xi as U.S. Duels China for Latin America Ties (2)

The competition between the world’s two biggest economies for influence in Latin America is on display this week as U.S. Vice President Joe Biden visits Rio de Janeiro today near the end of a three-nation tour of the region with Chinese President Xi Jinping close behind.

SPORTS

England Draws 1-1 in First Soccer Game With Ireland Since 1991

England rallied for a 1-1 home draw against Ireland in the first soccer match between the neighboring countries in 22 years.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 92.88 -0.25 -0.3 Nymex July Brent Crude ($/Bbl) 102.43 -1.80 -1.7 Ice July Gasoil ($/Ton) 865.75 -11.00 -1.3 Ice July Gasoline (c/Gal) 279.05 -1.26 -0.4 Nymex June Natural gas ($/MMBtu) 4.18 -0.01 -0.2 Nymex July Dated Brent ($/Bbl) 102.01 -2.22 -2.1 OTC 21 Days Heating Oil 286.40 -0.55 -0.2 Nymex June

Other markets:

Last %Chg

----- ----- Dollar Index 83.66 -0.5 Gold ($/Oz) 1,391.80 +0.9 MSCI World Index 1,489.44 -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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