The following is a selection of the most important news affecting the oil market.
WTI Oil Rises for First Time in Four Days on China Manufacturing
West Texas Intermediate crude rose for the first time in four days as a measure of China’s economic recovery topped forecasts, signaling increased demand in the world’s second-biggest oil consumer.
TOP OIL MARKET NEWS
European Naphtha Shipments to Asia Rise to 21 Cargoes in October
European naphtha shipments heading to Asia rose to 21 cargoes this month, almost double the number a week earlier, shipping data on Bloomberg showed.
Indian Oil Offers to Sell Naphtha Cargo for November Loading
Refiner offers 35,000-40,000 mt for Nov. 12-14 loading from Dahej, according to tender information obtained by Bloomberg.
Asia Boosts West African Crude Imports to 21-Month High on China
Asian refiners raised purchases of West African crude for loading in November to the most in 21 months as China increased stockpiles to meet peak winter demand.
WTI Crude Put Skew Grows as Futures Slide Near Four-Month Low
Crude oil put options jumped on the New York Mercantile Exchange as underlying futures slid to the lowest in almost four months.
Gulf Gasoline at Six-Month Low With Stockpiles at Seasonal High
Gasoline on the U.S. Gulf Coast fell to a six-month low with refinery maintenance nearing an end and supplies of the fuel at a seasonal high.
Gasoline Tumbles to 16-Month Low on Speculation Supply to Swell
Gasoline futures slid to a 16-month low on speculation that supplies will climb as refineries complete fall repairs at a time when demand for the fuel is seasonally low.
Iraq to Boost Oil Output This Year as Asian Demand Strengthens
Iraq, OPEC’s second-largest oil producer, reiterated plans to boost crude output and exports by the end of the year as demand from Asian buyers strengthens.
REFINERIES Map global refinery outages
Citgo Says Lemont Refinery Crude Unit Shut Down After Fire
Fire broke out at about 7:40 p.m. local time Oct. 23 at refinery in Illinois, co. says in e-mailed statement.
‘Massive Fire’ Burning at Citgo’s Lemont Refinery, Fox News Says
Oil tank at refinery near Chicago caught fire Wednesday night, Fox News says.
BP Whiting Refinery Finishes Planned Maintenance on Reformer
Refinery in Indiana restarting 66,000 b/d unit after it was shut six weeks for planned work, according to person familiar with operations at the refinery.
California Gasoline Slides as Two Refineries Recover From Upsets
Spot gasoline in California tumbled against futures as Tesoro Corp.’s Golden Eagle refinery reported a unit start and Exxon Mobil Corp. said the Torrance refinery had returned to normal operations.
China, Ineos Mull U.K. Refinery Fate as Chemical Site Shuts (2)
PetroChina Co., China’s biggest oil producer, and Ineos Group Holdings SA will decide whether to restart their Grangemouth refinery after Ineos today announced the closing of the site’s petrochemical plant.
Grangemouth Refinery Ranked 30th for Profit in Europe: WoodMac
Tesoro Golden Eagle Refinery Reports Unit Startup
Co. reported startup encountered no problem, according to filing with Contra Costa County Health Services.
Unipetrol Reports Fourth Quarterly Loss on Unplanned Outages (1)
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.
OTHER OIL MARKET NEWS
Oil Product Shipping Costs to Japan Are Unchanged
The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan was unchanged at 8.42 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 Rises 1.0% to 42.02 Points
TOP ENERGY STORIES
Fukushima Radiation Prompts Uranium Price Cuts: Energy Markets
Banks from JPMorgan Chase & Co. to UBS AG are cutting the outlook for uranium prices as radiation leaks at the Fukushima reactor fan speculation the restart of Japan’s idled nuclear plants will take longer than anticipated.
JPMorgan Is Said to Draw BTG Bid for Entire Commodities Unit (2)
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.
Keystone XL Critics Pledge Sit-Ins If U.S. Permit Advances (2)
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.
Encana Reports Third-Quarter Profit as Liquids Volumes Rise (2)
Encana Corp., Canada’s largest natural gas producer, returned to a third-quarter profit and beat analysts’ estimates after increasing its oil and petroleum liquids output as prices rose.
Itau Taking Fewer Risks Pays Off on Earnings: Corporate Brazil
Itau Unibanco Holding SA, Latin America’s largest lender by market value, will probably post its highest profit in two years as delinquent payments drop for a fifth straight quarter.
Bond Bacchanalia Exposed With Sovereign Debt Sale: Brazil Credit
Brazilian borrowers from the federal government to JBS SA are helping revive international bond issuance from Latin America’s biggest economy as they take advantage of a drop in borrowing costs spurred by speculation the U.S. will prolong its unprecedented stimulus.
Ethanol Traders Renew Complaints About Platts Prices Amid Probe
Ethanol traders revived complaints about prices assessed by Platts five months after the energy news and price publisher was raided by the European antitrust officials probing potential manipulation in oil markets.
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.
Asian Stocks Drop as New Zealand Dollar Rallies With Oil, Metals
Asian stocks fell for a second day as China’s money market rates jumped, increasing speculation that credit may be tightening in the world’s second-largest economy. Commodity currencies rallied with oil and metals as China’s manufacturing beat estimates.
Dollar Weakens Versus Peers on Taper Outlook; Aussie Strengthens
The dollar weakened versus most major peers as signs that U.S. growth was hampered by a partial government shutdown fueled speculation the Federal Reserve will push back the timing of monetary stimulus reductions.
Euro Hedging Jumps as Europe Exporters Bemoan Gains: Currencies
The euro’s unexpected rally this year is spurring a jump in hedging as the currency’s strength threatens to damp earnings at companies from Deutsche Lufthansa AG to luxury-goods maker LVMH Moet Hennessy Louis Vuitton SA.
Asian Stocks Swing as U.S. Shares Drop, China Money Rates Surge
Asian stocks swung between gains and losses as China’s money-market rates continued to surge and after U.S. shares retreated from a record amid disappointing company earnings forecasts.
China Money-Market Rates Surge Most in Two Months as Stocks Drop
China’s benchmark money-market rate rose the most since July while the Shanghai Composite Index fell to a three-week low as policy makers drained cash from the financial system amid signs of a pickup in the economy.
Platinum Shortages Extending as Car Sales Quicken: Commodities
Platinum and palladium will be the best performing precious metals next year as record global car sales will keep them in short supply for a third year, according to the most-accurate forecasters.
Gold Swings After Slumping Most in Week on U.S. Stimulus Outlook
Gold swung between gains and losses after the biggest drop in more than a week as investors weighed the outlook for the U.S. Federal Reserve’s stimulus measures before a jobs report. Silver traded near the highest in a month.
Japan Casinos Not Limited to Cities in Lawmakers’ Proposal (2)
Japanese lawmakers began to flesh out a plan to legalize casinos, with an outline of proposed legislation allowing gambling resorts to be developed not only in big cities but also in regional areas.
North Korea Builds New Tunnels at Nuclear Test Site, Report Says
North Korea has built two new tunnel entrances at its atomic test site in a sign the Kim Jong Un regime is preparing future underground blasts to bolster its nuclear arsenal, a report says.
Ibrahimovic Leads PSG Past Anderlecht 5-0 in Champions League
Zlatan Ibrahimovic scored four goals as Paris Saint-Germain routed Anderlecht 5-0 in soccer’s Champions League.
Wednesday’s Champions League Soccer Results
Wednesday’s Champions League group- stage soccer results.
Holloway Leaves Palace With Team Near Bottom of Premier League
Ian Holloway left as Crystal Palace manager with the team next to last in English soccer’s Premier League.
Last Chg %Chg Exch Contract ---- ---- ---- ---- -------- WTI Crude ($/Bbl) 97.49 +0.63 +0.7 Nymex Dec. Brent Crude ($/Bbl) 107.91 +0.11 +0.1 Ice December Gasoil ($/Ton) 913.50 -1.75 -0.2 Ice Dec. Gasoline (c/Gal) 255.85 +0.62 +0.2 Nymex Nov. Natural gas ($/MMBtu) 3.62 -- +0.1 Nymex Nov. Dated Brent ($/Bbl) 107.99 -0.02 0.0 OTC 21 Days Heating Oil 292.85 +0.52 +0.2 Nymex Nov. Other markets: Last %Chg ----- ----- Dollar Index 79.16 -0.1 Gold ($/Oz) 1,334.00 -0.6 MSCI World Index 1,603.21 +0.1 Prices as of 6 a.m. GMT
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