TOP Oil Market News: WTI Crude Advances to Highest in 14 Months

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

Quebec Disaster Triggers Rail-Versus-Pipelines Debate for Crude

A train disaster in Quebec promises to touch off a debate over the safety record of using railroads or pipelines such as TransCanada Corp.’s Keystone XL to carry crude oil.

WTI Climbs to 14-Month High on U.S. Jobs Gain Amid Egypt Unrest

West Texas Intermediate crude rose to a 14-month high after the U.S. reported adding more jobs than forecast in June, boosting economic optimism, and on concern that unrest in Egypt will escalate.

BP Withdraws Staff From Egypt Over Unrest; Operations Unaffected

BP Plc has withdrawn about 60 expatriate staff from Egypt after political unrest led to a military overthrow last week, says Toby Odone, a co. spokesman based in London.

Mansour Seeks to Form Egypt Government Amid Rival Protests (2)

Supporters and opponents of deposed Egyptian leader Mohamed Mursi rallied today in rival demonstrations that risked new violence as interim leader Adly Mansour sought to pull together a government to restore order.

Egypt To Resume Natural-Gas Supply to Jordan After Pipe Attacked

Egypt will resume pumping natural-gas to Jordan within 10 days once it has fixed a pipeline bombed in northern Sinai.

Shell Monitors Egypt Situation Closely as BP Withdraws Staff

Royal Dutch Shell Plc said it is monitoring the situation in Egypt “closely” after political unrest led to a military overthrow last week and drove BP Plc to withdraw about 60 staff from the country.

Iraq Agrees With Kurds to Resolve Energy Issues: Moussawi

Iraqi Prime Minister Nouri al-Maliki agrees in rare Baghdad meeting with Kurd leader Massoud Barzani to resolve oil, gas issues by approving draft energy law, Maliki’s media adviser Ali Al-Moussawi says in interview from Baghdad.

Oil Train Explosion in Quebec Town Kills Five, 40 Missing (3)

Five people have been confirmed dead and 40 are unaccounted for after a runaway train carrying crude oil crashed and exploded in a Quebec town. Police said a criminal investigation was underway and fire crews continued to battle the blaze.

Natural Gas Forecasts Threatened by U.S. Bonanza: Energy Markets

The U.S. natural gas surplus that drove prices below $2 last year for the first time in a decade is poised to return, threatening the forecasts of everyone from Bank of America Corp. to Deutsche Bank AG.

REFINERIES Map global refinery outages

Valero Emissions at Port Arthur Had No Production Impact

Bill Day, a company spokesman, comments on emissions early today from VLO refinery in Port Arthur, Texas.

Shell Has Emissions at Deer Park Refinery in Texas: NRC Filing

Shell reports emissions of benzene, ethylene, propylene from Deer Park refinery in Texas, according to filing with U.S. National Response Center.

Phillips 66 Borger Refinery Reports Process Upset

PSX’s refinery in Borger, Texas, reported emissions after a process upset, according to a filing with the Texas Commission on Environmental Quality

California Diesel Gains as Phillips 66 Plant Recovers From Upset

Spot diesel in California advanced against futures as Phillips 66’s Rodeo refinery near San Francisco recovered from a hydrogen plant upset with distillate stockpiles at a two-month low.

Phillips 66 Says Hydrogen Plant for Rodeo Refinery Had Upset

Rodeo refinery in Northern California will flare gases today as operations return to normal, Rich Johnson, Co. spokesman, said by e-mail.

Gulf Gasoline Falls After Phillips Says No Maintenance at Borger

U.S. Gulf Coast gasoline weakened versus New York futures after Phillips 66 said no planned maintenance is under way at the Borger, Texas, refinery.

Shell Deer Park Emissions Report From Chemical Plant

Emissions reported at Shell’s Deer Park refinery complex took place at the site’s chemical plant, Destin Singleton, spokeswoman, said by e-mail.

Southern Copper Considers Shutting Down Ilo Refinery: Comercio

Co. is ready to close refinery should govt implement plan to tighten rules on air quality, Lima-based El Comercio reported.

OTHER OIL MARKET NEWS

Oil Product Shipping Costs to Japan Fall 5.7 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan fell 5.7 percent to 7.12 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

TOP ENERGY STORIES

Train Derails in Quebec, Setting Off Explosions; Five Die (2)

Five people have been confirmed dead and 40 are unaccounted for following the crash of a train carrying crude oil in a Quebec town as police said a criminal investigation was underway and fire crews continued to battle flames caused by the runaway locomotive.

ElBaradei Becomes Egypt Interim Premier After Deadly Clashes (3)

Nobel Peace laureate Mohamed ElBaradei took over as Egypt’s interim prime minister a day after 36 people were killed in clashes involving Islamist supporters of deposed President Mohamed Mursi and his opponents.

Treasuries Slide as Dollar Jumps While U.S. Stocks Gain on Jobs

Treasuries sank, sending the 10-year yield to the highest since August 2011, while the dollar rallied and gold tumbled as faster-than-forecast jobs growth fueled bets the Federal Reserve will begin to reduce its bond buying. U.S. stocks extended a weekly advance.

BP and BG Withdraw Staff From Egypt Over Unrest, Telegraph Says

BP Plc and BG Group Plc have removed about 160 employees from Egypt after political unrest led to a military overthrow last week, the Sunday Telegraph reported, citing the cos.

Batista Halts Mine in Latest Bid to Save Commodities Empire (3)

Brazilian billionaire Eike Batista cut output and jobs at one of his iron-ore mines to contain spending in the latest move to save his commodities empire.

Neil Eckert Plans GBP60M Listing of Green Energy Co., Times Says

Aggregated Micro Power Chairman Neil Eckert seeks to raise GBP40m for green energy business via London share listing, which would value co. at GBP60m, Sunday Times reports, without saying where it got the information.

Spain Energy Law May Be Postponed Until September, El Pais Says

Spain govt may postpone energy law until September due to disagreement between Budget and Industry Ministries on how to handle power deficit, El Pais says, citing unidentified government officials.

JPMorgan Deepens Iraq Business After Citi, Standard Chartered

JPMorgan Chase & Co. is the latest international bank after Citigroup Inc. and Standard Chartered Plc to expand business in Iraq as OPEC’s second-largest producer boosts crude oil output and rebuilds its economy.

Hurricane Sandy Shows Utility Aid Lacking for Next Storm: Energy

Four days before Hurricane Sandy struck in October, Consolidated Edison Co. sought 1,800 power- line-repair workers from its fellow utilities to help respond to the massive storm brewing in the Atlantic Ocean.

Nigeria LNG Expects Ruling on Maritime Agency Blockade on July 8

No out-of-court settlement reached between Nigeria LNG and Nigerian Maritime Administration and Safety Agency, NLNG spokesman Kudo Eresia-Eke says in e-mail.

OTHER MARKETS

Yen to Franc Sink on U.S. Jobs Data as Asian Stock Futures Slide

The yen and Swiss franc weakened against the dollar, while oil and gold rose, as better-than- expected U.S. jobs data fueled speculation the world’s largest economy is improving enough to warrant a paring of monetary stimulus. Hong Kong and Australian equity futures retreated.

Dollar Index Touches 84.55, Highest Level Since July 2010

Dollar rises to 101.47 yen, highest level since May 30, as of 7:11am Tokyo from 101.20 on July 5.

Japan Mergers Fall to Nine-Year Low as Yen Volatility Surges

Japanese companies made the fewest acquisitions in a decade during the first half as the yen’s volatility climbed to a four-year high, cooling buying interest.

Egypt Stocks Drop on Premier Disagreement, Protests; Saudi Gains

Egypt’s stock index dropped the most in two weeks as political groups in the North African country disagreed over who should be interim prime minister and before another round of protests.

European Stocks Rise for Second Week on ECB, BOE Rates Guidance

European stocks rose for a second week as the European Central Bank and the Bank of England said interest rates will remain low for an extended period of time.

Mongolia Clears Rio’s Copper Mine to Start Shipments to China

Mongolia cleared Rio Tinto Group’s $6.6 billion Oyu Tolgoi copper mine to begin shipments this week, in a sign tensions between the government and the world’s second-largest mining company may have eased.

Former Thai PM in Talks to Buy 24% Stake in Bumi, Times Says

Former Thai PM Thaksin Shinawatra in discussions to buy the Bakrie family’s 23.8% stake in Bumi, Sunday Times reports, without saying where it got the information.

Salafist Party Asserts Role in Egypt as the Brotherhood Teeters

The dethronement of Egypt’s Muslim Brotherhood party is giving rise to a new political power.

Former President Bush Says Immigration-Reform Bill Can Pass (1)

The immigration-reform plan working its way through Congress “has a chance to pass,” former President George W. Bush said.

SPORTS

Lions Look Forward to 2017 After Rugby Drought Ends in Australia

The British and Irish Lions return home tomorrow after ending their 16-year wait for a rugby series win by routing Australia in the deciding match. Some are already looking ahead to the combined team’s next tour in 2017.

Lions Beat Wallabies 41-16 to Win First Rugby Series in 16 Years

The British and Irish Lions beat Australia 41-16 in their deciding rugby Test to secure their first series victory in 16 years.

Arsenal, Real Agree on $35 Million Higuain Fee: Soccer Roundup

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

ENERGY PRICES

Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 103.85 +0.63 +0.6 Nymex Aug. Brent Crude ($/Bbl) 107.96 +0.24 +0.2 Ice Aug. Gasoil ($/Ton) 913.00 +5.00 +0.6 Ice Aug. Gasoline (c/Gal) 290.23 +0.55 +0.2 Nymex Aug. Natural gas ($/MMBtu) 3.64 +0.02 +0.6 Nymex Aug. Dated Brent ($/Bbl) 107.73 +0.12 +0.1 OTC 21 Days Heating Oil 299.86 +0.89 +0.3 Nymex Aug.

Other markets:

Last %Chg

----- ----- Dollar Index 84.50 +0.1 Gold ($/Oz) 1,212.70 -3.1 MSCI World Index 1,449.05 +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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