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TOP Oil Market News: WTI Drops From Highest Price in Two Years

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

WTI Oil Drops From Two-Year High as U.S. Crude Stockpiles Gain

West Texas Intermediate fell from the highest settlement since May 2011 after government data showed crude stockpiles gained the most in four months in the U.S., the world’s largest oil consumer.

Oil Options Show Syria Biggest Risk Since 2011: Energy Markets

For the first time in two years, options traders are paying more to prepare for a gain in oil prices than a decline as the threat of military action against Syria spurs concern that Middle East exports will be disrupted.

Syria Showdown Widens Rift as U.S., U.K. Press for Action (1)

The rift between Russia and western nations over Syria widened as the U.S. and the U.K. said they were ready to lead a military strike against Syria without United Nations approval.

Oil May Fall as Retaliation for Syria Strike Unlikely: Citigroup

Prices may “come off steeply” on low likelihood of violent response from Syria, Iran or Russia, Citigroup says in e-mailed report yesterday.

Shell Sells Urals at Three-Month Low; Basrah Crude Flows to Drop

Royal Dutch Shell Plc sold Russian Urals blend at the lowest price in three months. There were no bids or offers for North Sea Forties crude.

Los Angeles Gasoline Gains First Time in 3 Days as Supplies Drop

Spot gasoline in Los Angeles advanced against futures for the first time in three days after the California Energy Commission said supplies of the motor fuel tumbled by 4.9 percent last week.

Gulf Gasoline Falls With High Seasonal Stocks, Approaching Roll

U.S. Gulf Coast gasoline weakened for a second day after a government report showed regional inventories reached the highest level for this time of year since 2010, and before futures roll from September to cheaper October contracts.

Gulf Oils Strengthen Amid Concern Conflict May Threaten Supply

Mars Blend and other Gulf of Mexico crudes strengthened on concern that the conflict in Syria might spread and threaten imports from the Middle East.

U.S. DOE Weekly Petroleum Status Report for Aug. 23 (Text)

Following is the text of the weekly Petroleum Status Report from the U.S. Department of Energy:

REFINERIES Map global refinery outages

Cosmo Oil Plans to Restart Sakai Crude Unit in Late September

Co. plans to restart No. 1 crude distillation unit at Sakai refinery in Osaka in late September, says co. official who asked not to be identified because of internal policy.

JX Restarts Kawasaki Ethylene Cracker Unit Today After Outage

Co. restarts ethylene unit at Kawasaki plant in Kanagawa prefecture today after power outage caused shutdown on Aug. 18, according to official who asked not to be identified because of internal policy.

Delaware City Refinery Has Emissions Into Delaware River: NRC

“Rainbow sheen” coming from refinery at Delaware City, according to filing from the National Response Center.

Shell Says Martinez Refinery Running as Planned

Shell reported delayed coker unit shutdown at refinery in Northern Calif. Aug. 24, notice to county regulators shows.

Motiva Port Arthur Said to Perform Minor Repairs on Hydrocracker

Motiva Enterprises LLC’s Port Arthur, Texas, refinery is performing minor repairs on a hydrocracker that caught fire Aug. 17 and expects to restart it, along with the plant’s largest crude unit, in a week or so, a person familiar with the work said.

Exxon Baton Rouge Plans September Crude Unit Work, Filing Shows

Exxon Mobil Corp. plans to do work related to a crude unit at its Baton Rouge refinery in Louisiana in September, according to a filing with state regulators.

Tesoro Said to Be Repairing Crude Unit Leak at Kapolei Refinery

Tesoro Corp.’s Kapolei refinery, the larger of two in Hawaii, is repairing a crude unit leak discovered while the plant was restarting, a person with direct knowledge of work said.

PBF Says Gasoil Leak at Delaware City Refinery Was Stopped

PBF stopped a leak of gasoil at its Delaware City refinery that the Co. had reported to regulators today, according to an e-mail from Co. spokesman Michael Karlovich.

Phillips 66 Requests Expedited Permit for Lake Charles FCC Work

Phillips 66 plans several internal modifications to a fluid catalytic cracker at the Lake Charles, La., refinery, to modify yields and improve mechanical reliability, according to a filing received Aug. 8 by Louisiana regulators.

Motiva Norco Plans Alkylation Unit Turnaround for October

Motiva Enterprises LLC says it plans an alkylation unit turnaround in October at Norco, La., refinery, in letter to state regulators.

OTHER OIL MARKET NEWS

TOP Oil Market News: WTI Crude Surges to Two-Year High on Syria

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

Oil Product Shipping Costs to Japan Fall 2.1 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan fell 2.1 percent to 10.14 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 31.23 Points

The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, declined 0.8 percent to 31.23 Worldscale points, according to the Baltic Exchange in London.

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 U.S. dollars a barrel, or premiums and discounts to regional benchmarks where plus and minus symbols appear.

Libya Lowers Es Sider Sept. Oil Price as Major Port Remains Shut

Libya’s state-run National Oil Corp. reduced its official selling price of benchmark Es Sider crude for September to 30 cents a barrel less than Dated Brent, compared with a discount of 20 cents for August, according to a price list obtained by Bloomberg News.

TOP ENERGY STORIES

Oil Diverges From U.S. Stocks Most Since 2011 on Syria Concerns

Oil and American equities are moving in opposite directions by the most in almost two years amid prospects of military intervention in Syria.

Keystone Seen as No Local Job Starter Where Workers Wanted Least

If the Keystone XL oil pipeline gets built, Rick Balcom doubts he’ll see many construction workers at the bar of his No. 3 saloon in Buffalo, a remote town in the northwest corner of South Dakota.

Rupee Drop Spurs Record Oil-Gold Cost in India: Chart of the Day

Oil and gold prices have never been so high for Indian buyers as they are now, hampering government efforts to contain inflation and reduce the nation’s record current-account deficit.

U.S. Sees Multiday Strikes on Syria as U.K. Submits UN Draft (1)

U.S. officials planning potential military strikes on Syria aren’t limited to a one-day operation, an administration official said, as the UN Security Council’s permanent members considered a resolution condemning last week’s suspected chemical attack.

JPMorgan FERC-Probe Records Sought by Senate Investigators (1)

The U.S. Senate Permanent Subcommittee on Investigations asked energy-market regulators to hand over “key documents” from a probe of JPMorgan Chase & Co. as lawmakers examine banks’ roles in commodities markets.

Capital One Hires JPMorgan, Barclays Bankers to Expand in Energy

Capital One Financial Corp., the lender that gets more than half its revenue from credit cards, hired two bankers with experience advising firms in the oil and gas industries as it expands its securities business.

Suntech Directors Quit Saying Solar Maker Has No Plan (1)

Suntech Power Holdings Co., the Chinese solar manufacturer whose main unit was pulled into bankruptcy earlier this year, said three directors including the former chairwoman quit saying the company had no business plan.

Cheap Corn Deters Buyers in U.S. Sugar-for-Ethanol Program

A glut of corn has damped interest by biofuel makers in a U.S. government program to sell surplus sugar for ethanol, potentially decreasing its effectiveness in propping up sugar prices.

OTHER MARKETS

Dollar Remains Higher Against Euro on U.S. Growth; Rupee Rallies

The dollar remained higher against the euro following its biggest gain in a week before U.S. data that may show the economy grew faster than initially estimated, adding to the case for the Federal Reserve to slow stimulus.

Won Gains as Hyun Says South Korea Surplus to Boost Currency

The won rose for the second day as South Korea’s finance minister said the nation’s current-account surplus, forecast to reach a record this year, will support the currency. Government bonds were steady.

Asian Stocks Rise From Two-Month Low as Oil Explorers Lead Gain

Asia’s benchmark stock index rose from a two-month low as energy shares increased after concern military action against Syria will disrupt global oil supplies fueled gains in crude prices this week.

Goldman Sachs, Citadel Win Seats on Bats Board Through Merger

Goldman Sachs Group Inc. and Citadel LLC plan to take seats on the board of Bats Global Markets Inc. after the exchange operator completes its merger with Direct Edge Holdings LLC.

Gold Snaps Five-Day Rally as Data May Add to Case for Tapering

Gold retreated from a three-month high spurred by tensions over Syria as U.S. economic data may reinforce the case for the Federal Reserve to slow stimulus and a technical indicator showed that prices were set to decline.

Cotton Glut Expands to Record as Hanes Profit Gains: Commodities

The fourth straight year of surplus cotton output and the biggest drop in Chinese imports since 2000 are creating record global inventories, signaling higher profits for the makers of Hanes underwear.

Cameron Gives Ground Over Syria Promising Lawmakers Further Vote

David Cameron backed down from asking lawmakers for immediate support today for possible U.K. military strikes on Syria after the Labour opposition demanded a delay until United Nations inspectors report on the alleged use of chemical weapons.

Malaysia Splits With Asean Claimants Over China Sea Threat (1)

Malaysia differed with fellow Southeast Asian claimants in the South China Sea on the threat posed by China, dismissing concerns about patrols off its coast.

SPORTS

Folau Re-Signs With Australian Rugby Targeting 2015 World Cup

Israel Folau re-signed with the Australian Rugby Union through 2015, rejecting offers to move back to rugby league as he targets a spot in the Wallabies squad at the next World Cup.

Barcelona Wins Spanish Super Cup Even After Messi Misses Penalty

Barcelona won a record-extending 11th Spanish Super Cup title on away goals even after Lionel Messi missed a penalty in a 0-0 draw against Atletico Madrid.

Everton Advances in League Cup; Manchester Utd. Faces Liverpool

Everton rallied to beat Stevenage 2-1 in extra-time and join four other Premier League clubs in advancing to the third round of English soccer’s League Cup.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 109.28 -0.82 -0.7 Nymex Oct. Brent Crude ($/Bbl) 115.80 -0.81 -0.7 Ice October Gasoil ($/Ton) 973.00 +2.00 +0.2 Ice Oct. Gasoline (c/Gal) 307.63 -1.82 -0.6 Nymex Sept. Natural gas ($/MMBtu) 3.59 +0.01 +0.2 Nymex Oct. Dated Brent ($/Bbl) 117.93 -0.18 -0.2 OTC 21 Days Heating Oil 318.56 -2.27 -0.7 Nymex Sept. Other markets:

Last %Chg

----- ----- Dollar Index 81.58 +0.2 Gold ($/Oz) 1,418.80 -0.1 MSCI World Index 1,479.77 -- Prices as of 6 a.m. GMT

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To contact the editor responsible for this story: Alexander Kwiatkowski in Singapore at akwiatkowsk2@bloomberg.net

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