TOP Oil Market News: WTI Fluctuates as U.S., Russia Talk Syria

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

WTI Oil Fluctuates as U.S., Russia Begin Talks on Syrian Weapons

West Texas Intermediate crude swung between gains and losses as the U.S. and Russia started talks on a plan for Syria to surrender its chemical weapons to avert a strike that investors speculate may disrupt oil supplies.

Power Diverging Most Since 2010 Shows EU Split: Energy Markets

Power prices in France and Germany are diverging more than at any time since they were linked three years ago as conflicting national energy policies undermine the European Union’s plan for a single market in 2014.

Crude May Advance Next Week on Tension in Syria, Survey Shows

West Texas Intermediate crude will probably rise next week on concern that tension in Syria will disrupt Middle East supplies, a Bloomberg survey showed.

China Crude Output Increases 0.8% to 17.3 Million Tons in August

Country’s natural gas production last month at 8.9 bln cubic meters, according to data from National Bureau of Statistics.

ONGC Videsh Seeks to Sell Sokol Crude, MRPL Offers Fuel Cargoes

ONGC Videsh Ltd. is offering to sell 700,000 barrels of Sokol crude for November loading from the Sakhalin-I project in Russia, according to tender information obtained by Bloomberg News.

Tropical Depression to Bring ‘Threatening’ Floods to Mexico (1)

A tropical depression in the Bay of Campeche is expected to bring “life threatening” floods and mudslides across southeastern Mexico through early next week, according to weather watchers.

PT Pertamina Re-Issues Tenders for Crude, Condensate Cargoes

PT Pertamina re-issued tenders to buy crude and condensates for October and November, according to documents obtained by Bloomberg News.

Libya Declares Force Majeure on Three More Crude Oil Terminals

Libya declared force majeure on crude exports from Mellitah, Hariga and Zawiya terminals because of continued strikes, according to a statement from state-owned National Oil Corp.

U.S. Energy Department Natural Gas Update for Sept. 11 (Text)

Following is the text of the weekly natural gas update as released by the U. S. Department of Energy in Washington, D.C.:

Gasoil Stockpiles Rise in Europe’s Oil-Trading Hub, PJK Says

Gasoil stockpiles in independent storage rose in Europe’s Amsterdam-Rotterdam-Antwerp oil-trading hub, according to PJK International BV.

OPEC

OPEC Exports to Rise 1.5% on Asian Demand, Oil Movements Says

The Organization of Petroleum Exporting Countries will increase crude shipments by 1.5 percent this month to meet rising demand from Asian refiners, tanker tracker Oil Movements said.

Brent Rises a Second Day Amid U.S.-Russia Talks on Syria Crisis

Brent crude advanced a second day before talks between the U.S. and Russia to resolve the crisis in Syria, a conflict that has sparked concern Middle Eastern oil supplies may be disrupted.

Naimi Sees Oil Market Well Supplied as Politics Drives Price (1)

Crude prices are being affected by geopolitical events and Saudi Arabia will continue to keep the market well-supplied, the country’s oil minister said today.

Brent Rises a Second Day Amid U.S.-Russia Talks on Syria Crisis

Brent crude advanced a second day ahead of talks between the U.S. and Russia to resolve the crisis in Syria, a conflict that has sparked concern Middle Eastern oil supplies may be disrupted.

OPEC August Crude Output Drops Amid Saudi Record, IEA Says (1)

OPEC produced 0.8 percent less crude oil in August due to declining Libyan output, even after Saudi Arabia pumped the most in 32 years, the International Energy Agency said.

Brent Rises a Second Day Amid U.S.-Russia Talks on Syria Crisis

Brent crude advanced a second day ahead of talks between the U.S. and Russia to resolve the crisis in Syria, a conflict that has sparked concern Middle Eastern oil supplies may be disrupted.

WTI Crude Fluctuates as Saudi Arabia Sees Ample Oil Supply

West Texas Intermediate crude swung between gains and losses after Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries, said the global oil market is well-supplied.

Geopolitics Driving Oil Price, Market Well-Supplied, Naimi Says

Crude prices are being affected by geopolitical events and Saudi Arabia will continue to keep the market well-supplied, the country’s oil minister said today.

REFINERIES Map global refinery outages

Valero St. Charles Has Emissions at Norco Refinery: NRC Filing

Co. shuts down line at St. Charles refinery in Norco, Louisiana, after discharge of slurry oil, according to filing with the National Response Center.

Suncor Responding to Flooding Near Commerce City Refinery

Suncor Energy responding to heavy rains, flooding in the Sand Creek in Colorado, co. spokeswoman Nicole Fisher says in e-mail.

Suncor Montreal Beginning 5 Weeks of Planned Maintenance

Co. said planned maintenance on units will last about five weeks in notice on the Association Industrielle de l’est de Montreal website.

Gulf Crudes Weaken Against WTI as Refinery Maintenance Nears

Offshore Gulf Coast oils weakened against benchmark West Texas Intermediate and extended three- year lows amid plans for maintenance at area refineries.

Syncrude Discount Reaches Widest Level This Year on Plant Work

Syncrude reached the weakest level this year against West Texas Intermediate on expectations that demand will decline as U.S. and Canadian refineries process less. Other Canadian oils also weakened against the benchmark.

Exxon Mobil Torrance Refinery Reports Breakdown, Flares Gases

Co. reported flaring related to breakdown occurred at 1045am local time, expected to last until 1159pm

BP Whiting Said to Start Fluid Catalytic Cracker, Ultraformer

BP Plc has restarted a fluid catalytic cracker and an ultraformer after unplanned shutdowns at its Whiting, Indiana, refinery, a person familiar with operations said.

North Sea Ekofisk Corrosion Findings May Boost Brent Crude

Brent for immediate shipment could cost buyers more than crude for loading later amid speculation that corrosion issues at the North Sea Ekofisk field will curtail production.

Valero Plans Houston 90,000 B/D Crude Topper for Late 2015

VLO to add crude topping units to Houston, Corpus Christi, Texas, refineries in late 2015.

Valero Delays Expanding Port Arthur, St. Charles Hydrocrackers

VLO says expansions to be complete in 2018.

OTHER OIL MARKET NEWS

Oil Product Shipping Costs to Japan Fall 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 fell 2.2 percent to 9.50 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

Gulf Coast Diesel Nears Two-Week High on Record Tanker Fixtures

U.S. Gulf Coast diesel strengthened to a two-week high as tankers are being chartered from the region at a record pace and the premium of Europe over the U.S. widened, encouraging more shipments.

Lukoil Sells Urals Crude; Force Majeure at Three Libyan Ports

BP Plc failed to buy North Sea Forties crude at a higher price than yesterday. OAO Lukoil sold Russian Urals blend in Northwest Europe at a larger discount to Dated Brent.

TOP ENERGY STORIES

S&P 500 Halts 7-Day Rally as Gold Drops, Treasuries Reverse Gain

U.S. stocks fell, halting a seven- day rally in the Standard & Poor’s 500 Index, while gold slid the most since July and Treasuries erased early gains as investors weighed prospects for Federal Reserve stimulus. Oil climbed ahead of U.S.-Russian talks on Syria.

Asian Stocks Snap Best 2013 Rally as Gold Climbs; Ringgit Falls

Asian stocks dropped, with the benchmark gauge on course to end the longest rally this year. Precious metals rose, paring gold’s worst weekly decline in two months and Malaysia’s ringgit weakened for a second day.

North Korea May Have Restarted Nuclear Reactor at Yongbyon (1)

North Korea may have restarted a nuclear reactor capable of producing enough plutonium to make one atomic bomb every year, a U.S. research institute said.

Nuclear-Free Japan Signals Sweet Crude Boost: Energy Markets

Premiums for oil burned in power stations are forecast to extend a three-month advance as the shutdown of Japan’s last nuclear reactor leaves utilities little choice but to increase use of the fuel.

Pimco’s 19-Cent OGX Bonds Haunted by ATP Specter: Brazil Credit

As creditors led by Pacific Investment Management Co. try to salvage what is left of their stake in Eike Batista’s oil ambitions, the specter of ATP Oil & Gas Corp.’s demise underscores how much more they stand to lose.

Diageo Sips Savings in Whisky’s C02 Footprint: Carbon & Climate

What’s in a bottle of Scotch?

Coal Industry Cries Foul Over Obama Rules Restricting Carbon (1)

Representatives of coal-intensive utilities and coal-producing regions said that President Barack Obama would effectively outlaw construction of new power plants using the fuel with pending environmental rules.

Dominion to Form Master-Limited Partnership for Gas Assets (2)

Dominion Resources Inc., the third- largest U.S. utility owner, will form a master-limited partnership for natural gas assets next year that may generate as much as $2 billion annually in earnings.

California Approves Bill for Monthly Power Fee, Solar Expansion

California lawmakers sent legislation to Governor Jerry Brown that would give regulators the ability to authorize a $10 monthly fee on power bills and expand a program requiring utilities buy excess solar electricity from customers.

OTHER MARKETS

Asian Stocks Snap Best 2013 Rally as Gold Rebounds, Dollar Gains

Asian stocks fell, snapping an 11- day rally that was the longest this year, and the dollar gained before a report on U.S. consumer spending. Precious metals rose, paring gold’s worst weekly loss in two months.

Dollar Set for Weekly Gain Versus Yen Before Retail Sales, Fed

The dollar was set to complete a second weekly gain against the yen before a government report forecast to show U.S. retail sales accelerated.

Euro-Region Ties Provide Boon for Zloty Eluding Rout: Currencies

Two years after Europe’s sovereign- debt crisis peaked, proximity to the 17-nation euro area is turning into an asset from a liability for the Hungarian forint, Polish zloty and Czech koruna.

Asian Stocks Fall, Snapping 11-Day Rally, Ahead of Fed Meeting

Asian stocks fell, with the regional benchmark index on course to snap an 11-day rally, as the U.S. and Russia hold talks on Syria and investors await the outcome of a Federal Reserve meeting next week.

PetroChina Calls Rise to Seven-Year High on Profit Bets: Options

Options traders are the most bullish on PetroChina Co. in seven years, betting that an earnings recovery will boost Asia’s largest company after shares slumped amid corruption investigations.

Goldman Sees Risk of Gold Below $1,000 as U.S. Economy Gains (1)

Gold is poised to extend declines as the U.S. Federal Reserve withdraws stimulus and economic data improve, according to Goldman Sachs Group Inc., which says that there’s a risk that bullion may drop below $1,000 an ounce. Futures retreated in New York.

Gold Traders Most Bearish Since June as Syria Eases: Commodities

Gold traders are the most bearish since June as the threat of an imminent attack on Syria eased and speculation mounted the Federal Reserve will start curbing stimulus as the U.S. economy improves.

Syria Vows Chemical-Weapons Ban as U.S.-Russia Talks Seek Deal

Syria said it would abide by an international treaty banning chemical weapons, even as President Bashar al-Assad set conditions that the U.S. lift its threat of military strikes and stop arming Syrian rebels.

Japan Said to Consider Corporate Tax Cut in Stimulus Package (1)

Japan is considering a reduction in corporate income taxes as part of a stimulus package to cushion the economy from the planned increase in the sales levy, according to three people briefed on the matter.

SPORTS

Banks Converging With Hedge Funds on Risks as Capital Rules Bite

Breezing into a sunlit conference room near London’s Hyde Park Corner wearing an open-collared white shirt that frames his square jaw, Loic Fery exudes the confidence of a soccer club owner who’s enjoyed success on the pitch and with the team’s account ledgers.

Snedeker Leads BMW Championship Golf Playoff With Woods 3 Back

Brandt Snedeker birdied seven straight holes and has a one-shot lead over fellow American Zach Johnson during the first round of the BMW Championship, the third tournament in the U.S. PGA Tour’s playoff series.

Rangers Soccer Player Suspended for Betting Against His Own Team

Rangers midfielder Ian Black was suspended and fined by the Scottish Football Association for breaking gambling rules, including betting against his own soccer team.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 108.44 -0.16 -0.1 Nymex Oct. Brent Crude ($/Bbl) 112.72 +0.09 +0.1 Ice October Gasoil ($/Ton) 955.00 +3.50 +0.4 Ice Oct. Gasoline (c/Gal) 276.61 +0.34 +0.1 Nymex Oct. Natural gas ($/MMBtu) 3.64 -- 0.0 Nymex Oct. Dated Brent ($/Bbl) 112.84 -0.26 -0.2 OTC 21 Days Heating Oil 312.13 +0.49 +0.2 Nymex Oct. Other markets:

Last %Chg

----- ----- Dollar Index 81.71 +0.3 Gold ($/Oz) 1,330.60 -2.4 MSCI World Index 1,529.82 -0.2 Prices as of 6 a.m. GMT

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

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