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TOP Oil Market News: WTI Falls to Five-Month Low on Supplies

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

WTI Drops to 5-Month Low; Discount to Brent Widest Since April

West Texas Intermediate fell to the lowest in five months as crude stockpiles rose in the U.S., the world’s biggest oil consumer. The benchmark grade’s discount to North Sea Brent was its biggest in almost seven months.

Ineos Will Keep Grangemouth Refinery Open, U.K. Minister Says

Management seeking to restart oil refinery as soon as possible, Energy Secretary Edward Davey says in an e-mailed statement.

TOP OIL NEWS

U.S. Pump Prices Seen Dropping to Three-Year Low: Energy Markets

Gasoline pump prices in the U.S. are poised to drop to the lowest since February 2011 by New Year’s Eve as supplies increase more than demand, providing a lift for consumers in an economy struggling to recover from the deepest recession since the 1930s.

Iraq to Produce 3.5m B/D of Crude by Yr-End, Oil Minister Says

Iraq to start operating platform linking offshore export facilities on Persian Gulf Oct. 28, Oil Minister Abdul Kareem al-Luaibi tells reporters in Baghdad.

Iraq May Give Sonangol More Time to Produce Oil, Al-Luaibi Says

Govt in talks with Sonangol about giving Angolan state-owned co. more time to start operations at Nineveh fields in north Iraq due to security challenges there, Oil Minister Abdul Kareem al-Luaibi tells reporters in Baghdad.

WTI Triangle Formation May Halt Drop at $95: Technical Analysis

West Texas Intermediate crude may halt its decline as a symmetrical triangle forms near $95 a barrel on a price graph, according to technical analysis from CMC Markets.

Crude Inventories in U.S. Climbed a Fifth Week, Survey Shows (2)

U.S. crude supplies probably climbed for a fifth week as refineries operated at less than 87 percent of capacity, a Bloomberg survey showed.

Keystone Foes Pledge Sit-Ins If Pipeline’s U.S. Permit Advances

Critics of the Keystone XL pipeline say they’re still optimistic President Barack Obama will block TransCanada Corp.’s planned $5.3 billion link between the oil sands in Alberta and refineries along the U.S. Gulf Coast.

REFINERIES Map global refinery outages

Petroineos to Decide on Future of Grangemouth Oil Refinery

Co., a jv between Ineos and Petrochina, says restart of refinery depends “primarily dependent on the removal of the threat of further industrial action,” according to a statement from Ineos.

Lithuania Mazeikiu Refinery Plans 4Q Reforming Unit Maintenance

PKN Orlen comments on reforming unit shutdown in presentation posted on website.

Exxon Has Emission at Joliet Oil Refinery: Illinois Filing

Exxon Mobil flared gases at its Joliet oil refinery in Illinois yday because “PSV failed,” according to a filing with state Emergency Management Agency.

Unipetrol Reports Quarterly Loss on Unplanned Refinery Outages

Unipetrol AS, the largest Czech refiner, said it incurred its fourth consecutive quarterly loss on lower sales caused by unplanned refinery outages and continuing economic recession.

Saudi Rabigh Refining Restarts Ethane Cracker After Fixing Leak

Co. repairs leak in cooling system, according to statement to Saudi bourse today.

Nansei Sekiyu Halts Berthing at Nishihara Refinery on Typhoon

Co. suspended marine operations at Nos. 1-3 berths on Oct. 21 due to typhoon Francisco, it says on website today.

OTHER OIL MARKET NEWS

Oil Product Shipping Costs to Japan Fall 4.9 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan fell 4.9 percent to 8.42 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

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.

Nigeria Raises November Qua Iboe Crude Price to Two-Year High

Nigeria raised its November official selling price for benchmark Bonny Light and Qua Iboe crudes to the highest in two years, the Nigerian National Petroleum Corp. said in an e-mailed statement.

TOP ENERGY STORIES

Japan Mulls Plan for One Operator to Run All Reactors: Energy

Japan’s government is discussing a radical overhaul of its nuclear power sector, the world’s third largest, that would combine the nation’s 50 operating reactors into a single company to rebuild an industry that’s been effectively halted by the March 2011 Fukushima disaster.

JPMorgan Said to Draw BTG Bid for All of Commodities Business

Grupo BTG Pactual, the Brazilian investment bank founded by billionaire Andre Esteves, is working on a bid for JPMorgan Chase & Co.’s physical commodities business, said a person with direct knowledge of the matter.

U.K. Plans Motorway Fuel Comparison Signs to Drive Down Prices

The U.K. will try out the use of signs along motorways to tell drivers how much fuel costs at different gas stations in a bid to drive down prices as part of measures to cut motoring costs.

BG Sees Tunisia More Reliable Than Egypt for Gas Producers

Tunisia is proving a more reliable place to produce natural gas than Egypt as the smallest nation on the North African coast pays its fuel bills on time, a BG Group Plc executive said.

Energy Department Offers $60 Million to Spur Solar Innovations

The U.S. Energy Department will award $60 million to local governments, universities and companies to accelerate the development of solar power.

OTHER MARKETS

Global Stocks Decline With Metals as Yen, Treasuries Advance

Global stocks dropped from a five- year high, with shares in Europe halting the longest rally in 40 months, while the yen strengthened and Treasuries rose. Copper led commodities lower as China’s money-market rates jumped.

Yen Rises Most in 8 Weeks Versus Euro on China Rates; Kiwi Drops

The yen strengthened the most in eight weeks versus the euro as borrowing costs for Chinese banks jumped by the most since July, spurring demand for safer assets.

Nordic Parity Odds Soar as Central Bankers Diverge: Currencies

Norway’s krone has about an even chance of falling to parity with the Swedish krona in the next two years as monetary policies in the bordering nations diverge.

Tyson Chases Hormel by Targeting Moms With Burritos: Commodities

Hidden away in one of 19 test kitchens in Tyson Foods Inc.’s headquarters, Greg Luchak wraps a Lady Aster cheese omelet and Wright brand bacon into a Mexican Original tortilla. Voila -- the breakfast burrito.

Copper Slumps From One-Month High as Chinese Interest Rates Rise

Copper fell from a one-month high in London after surging interest rates in China undermined the outlook for demand in the world’s biggest consumer of the metal.

SPORTS

World Series Pits Farrell Turnaround and Matheny’s Cardinal Way

Red Sox manager John Farrell was given the task of changing a culture in Boston, which a year ago had its worst season in 47 years.

Japan’s Uehara Closes in on MLB Postseason Mark for Red Sox (1)

Koji Uehara is closing in on a record-setting postseason for the Boston Red Sox with a breakout performance that’s left him surprised, scared and sick to his stomach.

Yankees to Dodgers Among 10 MLB Teams Worth More Than $1 Billion

The average value of a Major League Baseball team is $1 billion, more than 35 percent higher than previous estimates, according to data compiled by Bloomberg.

ENERGY PRICES

Energy Prices:

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 96.81 -1.49 -1.5 Nymex Dec. Brent Crude ($/Bbl) 109.36 -0.61 -0.6 ICE Dec. Gasoil ($/Ton) 925.00 -5.25 -0.6 ICE Dec. Gasoline (c/Gal) 260.49 -1.18 -0.5 Nymex Nov. Natural gas ($/MMBtu) 3.59 +0.01 +0.3 Nymex Nov. Dated Brent ($/Bbl) 109.74 -0.74 -0.7 OTC 21 Days Heating Oil 297.38 -2.35 -0.8 Nymex Nov. Other markets:

Last %Chg

----- ----- Dollar Index 79.38 +0.2 Gold ($/Oz)

1,342.60 +2.0 MSCI World Index 1,604.71 -0.4

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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