TOP Oil Market News: WTI Trades Near Highest Level in Four Days

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

WTI Crude Trades Near Four-Day High Amid Economic Recovery Signs

West Texas Intermediate crude traded near a four-day high amid signs of economic recovery in Europe and speculation that western governments may launch a military intervention in Syria. Brent’s premium to WTI narrowed.

TOP OIL NEWS

Libya Says Oil Exports From Brega Resume as Protests Ease

Libyan oil exports resumed from Brega, one of four ports where force majeure was declared last week, as protests that have shut the facilities since the end of July eased, according to officials in Tripoli.

Oil Speculators Sell as September Slump Looms: Energy Markets

Hedge funds cut bullish bets on crude for a fourth consecutive week before a seasonal lull that has curbed fuel use each September for the past 21 years.

Libya Using 40% Oil Refining Capacity as Protests Reduce Supply

North African nation is operating three refineries with combined capacity of 150,000 bbl/day, National Oil Corp. Measurement Director Ibrahim Al Awami says in phone interview from Tripoli.

Primorsk September Urals Exports to Jump 25% to High Since May

Russia plans to export more than 1 million barrels a day of Urals crude oil from the port of Primorsk for the first time since May, according to a preliminary loading program.

Tropical Storm Fernand Forecast to Weaken to Depression Today

Storm about 60 miles (97 km) northwest of Veracruz, Mexico, with maximum sustained winds of 45 mph, U.S. National Hurricane Center says in advisory at 4 a.m. central time today.

CNPC, Petrobras Discuss Cooperation Terms on Pre-Salt Oil Fields

Petrobras introduced cooperation conditions for CNPC on pre-salt fields, CNPC says in newsletter posted on website today.

Sinopec Beats PetroChina as Refining Turnaround Helps Profit (2)

China Petroleum & Chemical Corp., Asia’s biggest refiner, posted a 24 percent increase in first-half net income after its refining business returned to profit, outperforming PetroChina Co.

Pemex Debt Ballooning to Record Swells Bond Risk: Mexico Credit

Concern that Mexico’s push to end Petroleos Mexicanos’s 75-year-old monopoly will fail to keep the oil producer from boosting debt to a record $64 billion is raising its relative default risk to a four-year high.

REFINERIES Map global refinery outages

HPCL Runs Vizag Refinery at Lower Rate After Fire Kills Eight

Hindustan Petroleum Corp., India’s third-largest state refiner, is operating its Visakhapatnam plant at 50 to 70 percent of total capacity after a fire Aug. 23 that killed eight workers.

Venezuela’s Amuay Refinery Explosion Caused by Sabotage: Maduro

Venezuela President Nicolas Maduro speaks on state television.

Tesoro Golden Eagle Refinery Said to Plan October Unit Shutdown

Tesoro Corp. will shut a production unit at the Golden Eagle refinery in October for repairs that are expected to last several weeks, two people familiar with the schedule said.

Tesoro Says No Impact to North Dakota Refinery From Emissions

Emissions from Tesoro’s Mandan, North Dakota refinery earlier today caused no impact to operations, spokeswoman Tina Barbee said in an e-mail.

More: BP Whiting to Shut Pipestill for 30 Days, IIR Energy Says

BP Whiting to shut 75,000-barrel-a-day crude unit known as Pipestill 11A for 30 days of repairs starting third week of September, according to IIR Energy, a Sugarland, Texas, energy information provider.

New York Gasoline Strongest in Six Months on Irving FCC Shutdown

Gasoline on the northeastern U.S. spot market strengthened to the smallest discount to futures in six months after Canada’s largest refinery shut a fuel production unit.

Crack Narrowest in 5 Months, Shell Buys Gasoline: Asia Naphtha

Naphtha discount to Brent crude at narrowest in more than five months. Shell, Vitol buy gasoline cargoes in Singapore.

OTHER OIL MARKET NEWS

Asia Gasoil Crack Falls, Fuel Oil Discount Widens: Oil Products

Asia gasoil’s premium falls to lowest in more than three months, indicating reduced profit from producing the middle distillate product. Fuel oil crack weakens.

Crude Stockpiles Rise in Europe Oil-Trading Hub, Genscape Says

Crude inventories rose 4.7 percent in Amsterdam, Rotterdam and Antwerp in the week ended Aug. 16, according to estimates from Genscape Inc. for northwest Europe’s oil-storage hub.

Socar Said to Buy Fuel Oil From BPCL at Discount of $13 to $14

State Oil Co. of Azerbaijan bought as much as 40,000 metric tons of fuel oil from Bharat Petroleum Corp., said two traders who asked not to be identified because the information is confidential.

Oil Product Shipping Costs to Japan Rise 2.2 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan rose 2.2 percent to 10.36 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

ONGC Said to Plan $2.6 Billion Purchase of Anadarko Gas Stake

Oil & Natural Gas Corp., India’s biggest energy explorer, plans to pay about $2.6 billion to buy Anadarko Petroleum Corp.’s stake in a Mozambique gas field, two people with direct knowledge of the matter said.

Egypt Brotherhood’s Leaders on Trial Amid Crackdown on Group (2)

The trial of the supreme guide of Egypt’s Muslim Brotherhood and two of his deputies on charges of inciting violence started in their absence as the Islamist group faces its toughest crackdown in over three decades.

U.S. Natural Gas Futures Rebound After Biggest Drop in Two Weeks

Natural gas futures rose the third time in four days after the biggest decline in two weeks.

ONGC May Raise Overseas Debt for $2.64 Billion Africa Purchase

ONGC Videsh Ltd., a unit of India’s biggest energy explorer, will probably raise debt overseas to fund its entire $2.64 billion purchase of a 10 percent stake in a Mozambique gas field from Anadarko Petroleum Corp.

Russia Offers Fukushima Cleanup Help as Tepco Reaches Out (1)

Russia repeated an offer first made two years ago to help Japan clean up its accident-ravaged Fukushima nuclear station, welcoming Tokyo Electric Power Co.’s decision to seek outside help.

Faulty Tank at Fukushima Had Been Dismantled, Moved, Tepco Says

Tokyo Electric Power Co. said a tank that leaked highly radioactive water at its damaged Fukushima nuclear plant is one of three that had been dismantled and moved, adding it has yet to determine if that caused the seepage.

RWE to Start Gundremmingen-B Reactor in Germany Tomorrow

RWE brings forward start of Gundremmingen-B nuclear reactor in Germany by two days to tomorrow from Aug. 29 previously, co. says on website.

ONGC May Raise Entire $2.6b for Mozambique Deal From Overseas

ONGC videsh hasn’t taken a final decision on funding Mozambique acquisition, Managing Director D.K. Sarraf says in interview with Bloomberg TV India.

OTHER MARKETS

Europe Stocks Fall as S&P 500 Futures Erase Gains, Crops Climb

European stocks fell for the first time in three days as investors weighed the outlook for central bank stimulus. U.S. equity-index futures erased earlier gains, crops led commodities higher and India’s rupee weakened.

Dollar Falls Versus Yen Before U.S. Durable Goods; Rupee Slides

The dollar weakened for the first time in four days against the yen before a U.S. government report that economists said will show durable goods orders declined in July.

Euro Seen Snapping Advance on Fed Tapering Bets: Market Reversal

The euro’s rally to a six-month high after the trading bloc emerged from its longest-ever recession is set to reverse, trading patterns show, as the impact of the stronger economy is overwhelmed by the U.S. paring stimulus.

Hedge Fund Gold Bets at Six-Month High After Rally: Commodities

Hedge funds and other speculators raised bets on higher gold prices to the most in six months as signs of slowing U.S. growth drove bullion above $1,400 an ounce for the first time since June.

Multiples Growing Fastest Since Dot-Com Bubble as Rally Ages (1)

Price gains of stocks in the Standard & Poor’s 500 Index are outpacing profits by the fastest rate in 14 years as the bull market extends beyond the average length of rallies since Harry S. Truman was president.

Rubber Enters Bull Market as Recovery in China Boosts Demand

Rubber capped a two-month rally in Tokyo to enter a bull market as a weaker yen and signs that China’s economy is regaining strength boosted demand for the commodity used in tires.

Rubber on Tokyo Commodities Exchange Advances Into Bull Market

Tocom rubber futures enter bull market almost five months after slumping into a bear market.

World Powers Call for Syria Action as UN Probes Allegations (1)

World leaders from Washington to Istanbul denounced what they said was the use of chemical weapons by Syrian President Bashar Al-Assad and called for action even as United Nations inspectors began a probe of the allegations.

Prosecutors Seek Severe Punishment as Bo Xilai’s Trial Ends (1)

Ousted Politburo member Bo Xilai deserves severe punishment because he refused to admit guilt on bribery, embezzlement and abuse of power charges, Chinese prosecutors said as his trial ended today.

SPORTS

Federer Betrayed by Serve in Bid to Match Agassi as Champ at 32

Roger Federer enters the U.S. Open with his lowest seeding since 2002, hitting fewer aces and struggling with service returns as he tries to add to the lone Grand Slam championship he has won in the past 3 1/2 years.

Sanchez to Miss Jets’ Preseason Finale as Vegas Books Move Line

Quarterback Mark Sanchez will miss the New York Jets’ final preseason game with a right shoulder injury, prompting some Las Vegas sportsbooks to adjust the betting line on the team’s regular-season opener.

Scott Rallies to Win First PGA Tour Playoff Event by One Stroke

Adam Scott said he received “a bit of a gift” after erasing a six-shot final-round deficit and holding on for a one-stroke win at golf’s Barclays, the first of the U.S. PGA Tour’s four playoff events.

Red Sox Hand Dodgers First Baseball Series Loss Since Mid-June

The Boston Red Sox become the first team in more than two months to win a Major League Baseball series against the Los Angeles Dodgers as Jake Peavy pitched a complete-game three-hitter.

ENERGY PRICES

Energy Prices:

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 106.46 +0.04 +0.0 Nymex Oct. Brent Crude ($/Bbl) 110.81 -0.23 -0.2 ICE Oct. Gasoil ($/Ton) 942.00 -1.00 -0.1 ICE Oct. Gasoline (c/Gal) 300.03 -0.69 -0.2 Nymex Sept. Natural gas ($/MMBtu) 3.54 +0.06 +1.6 Nymex Sept. Dated Brent ($/Bbl) 111.77 -0.15 -0.1 OTC 21 Days Heating Oil 308.53 -0.97 -0.3 Nymex Sept. Other markets:

Last %Chg

----- ----- Dollar Index 81.44 +0.1 Gold ($/Oz)

1,395.80 +1.8 MSCI World Index 1,505.94 -0.2 Prices as of 12 p.m. London time

To contact the editor responsible for this story: Steve Voss in London at sev@bloomberg.net

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