TOP Oil Market News: BP to Restart Gas Production at Rhum Field

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

BP to Restart Rhum Gas Field Production This Month: Sunday Times

BP will restart production on the Rhum natural gas field in North Sea this month, three years after it was halted, Sunday Times reports, without saying where it got information.

WTI Crude Falls Below $95 First Time Since June on Supply Surge

West Texas Intermediate crude fell below $95 a barrel for the first time since June on surging U.S. stockpiles and as the dollar gained versus the euro, curbing commodity demand from investors.

Tropical Storm Sonia Moving Toward Mexican Coast

Officials on Mexico’s storm-struck Pacific coast braced on Sunday for the arrival of fast-moving Tropical Storm Sonia, which was projected to hit the mainland by early Monday.

Alberta Says ‘Quid Pro Quo’ With U.S. Required on Carbon Rules

Alberta won’t raise its levy on greenhouse-gas emissions unless the U.S. acts on the issue, Premier Alison Redford said.

U.S. Gulf Crude Sinks to Lowest Against Imports: Energy Markets

U.S. Gulf Coast crude prices are plunging to an all-time low against foreign oil as a flood of domestic production offers refiners a less-expensive alternative to cargoes from overseas.

CME Lowers Margins for Nymex Crude Oil Futures

CME Group Inc. reduces initial margin for speculators on front-month futures by 9.8 percent to $4,070 per contract from $4,510. • SOURCE: Notice to customers

Gasoline Sinks to Lowest Since December 2011 as Brent Declines

Gasoline sank to the lowest level in almost two years as Brent crude tumbled at a time when U.S. refiners are poised to return from maintenance and increase production.

Ethanol Futures Decline With Corn at Lowest Level Since 2010

Ethanol dropped as corn touched a three-year low, reducing costs for distillers.

U.S. Says Japan Signing Liability Pact Would Aid Nuclear Cleanup

Japan will receive international help with the cleanup at the Fukushima atomic station once it joins an existing treaty that defines liability for accidents at nuclear plants, U.S. Energy Secretary Ernest Moniz said.

OPEC

Iran Burning $7 Billion to Lead Gas OPEC as It Faces Sanctions

Iran will lead a club of the world’s biggest natural gas exporters as its own shipments abroad are hampered by U.S. and European Union sanctions that force the country to burn off billions of dollars worth of the fuel.

Iran Burning $7 Billion Seeks to Lead Gas OPEC Facing U.S. (1)

Iran is seeking to lead a club of the world’s biggest natural gas exporters as its own shipments abroad are hampered by U.S. and European Union sanctions that force it to burn of billions of dollars worth of the fuel.

REFINERIES Map global refinery outages

Motiva’s Convent, Louisiana, Refinery Releases Hydrogen Sulfide

The refinery released an unknown amount of hydrogen sulfide after an equipment leak, according to National Response Center filing.

Yansab Extends Plants Shutdown to Repair Water Cooling Network

Co. expects startup activities and production by the end of next week, according to a statement posted on Saudi stock exchange website. http://bit.ly/HzQkHW

Phillips 66 Borger Refinery in Texas Reports FCC Startup

Refinery in Texas restarting No. 40 fluid catalytic cracker, may release emissions, notice to state regulators shows.

Tesoro Los Angeles Refinery Carrying Out Planned Maintenance

TSO refinery near Los Angeles is carrying out planned unspecified maintenance, said Tina Barbee, a Co. spokeswoman

Philadelphia Refinery Changing Equipment, Brought Back Units

PES is changing out “mercaptan cyclinder” at Philadelphia refinery, according to a notice filed with state regulators

Chicago Diesel Rises as Lemont Outage Cuts Output During Harvest

Chicago diesel fuel surged to the biggest premium relative to futures in nearly six weeks as an area refinery cut production during the peak of corn-harvesting across the Midwest.

CVR Wynnewood Refinery to Perform Catalyst Changes in 2014

Work shouldn’t significantly affect next year’s numbers, John Lipinski, CVR CEO, said in conference call with analysts today

Essar Said to Begin Restarting Stanlow Oil Refinery Units Nov. 8

Essar Energy Plc will start operating units at its Stanlow oil refinery in the U.K. on Nov. 8, following maintenance, a person with direct knowledge of the plan said.

CVR CEO Says Gulf ‘Will Get Its Fill’ of Light Crudes in 2014

Light, sweet crudes to be backed up into U.S. Midcontinent region by next year, John Lipinski, CVR CEO, said in conference call with analysts today

CVR Says Wynnewood Refinery Lost Some Crude Advantage

Wynnewood refinery in Okla. receives 35,000-40,000 b/d of crude from Permian Basin, John Lipinski, CVR CEO, said in conference call with analysts today

TOP ENERGY STORIES

Chevron Says Some Parts of Australia LNG Project Need to Improve

Chevron Corp., operator of the A$52 billion ($49 billion) Gorgon natural gas venture in Australia, said some “uncertainties” remain in the construction of the project after its budget last year jumped 21 percent.

Iran’s Oil Minister Says ‘No Reason’ to Reduce Its Crude Price

There is no reason for Iran to reduce the price of its oil to attract more buyers, Bijan Namdar Zanganeh said in an interview at a meeting of the Gas Exporting Countries Forum in Tehran.

U.K. Energy Minister to Renegotiate Qatar Gas Imports: Telegraph

U.K. is seeking to secure new long- term gas imports agreements with Qatar and win as much as GBP10b of infrastructure investment, Energy Minister Michael Fallon told Sunday Telegraph in an interview.

Contributing Op-Ed Writer: Mexico’s Theology of Oil

MEXICO CITY — In almost every country, the availability and exploitation of oil are essentially economic issues — every country, that is, except Mexico, where it is a matter of secular theology. For many Mexicans, the question of whether to open the national oil industry to private investment is much more than a practical decision: It is an existential dilemma, as if permitting foreign investment were to bargain away the country’s soul.

Japan Is Eager for International Help at Fukushima, Moniz Says

Japan’s prime minister and other government officials expressed an “eagerness” for international help with cleanup at the Fukushima Dai-Ichi plant, U.S. Energy Secretary Ernest Moniz says in interview today.

RWE Npower May Cut Max. 2,500 U.K. Jobs, Sun Reports

RWE’s nPower may cut as many as 2,500 jobs from a total of 4,900, and may relocate part of its call centres in India to reduce costs, Sun newspaper reports today without saying where it got information.

German Grid Regulator Backs Closing of 12 Power Plants: Focus

Plants are located in northern Germany and shuttering them won’t threaten grid stability, Focus cites Jochen Homann, head of Bundesnetzagentur regulator, as saying in interview.

Energy Future Payment Risks Ire of Creditors as March Looms (1)

Energy Future Holdings Corp.’s decision to make a $270 million interest payment buys the Texas power producer as much as five extra months out of bankruptcy while inciting the ire of lenders who lose that money in a recovery.

Energy Future Holdings Had Profit in Third Quarter From Hedging

Energy Future Holdings Corp., the Texas power company seeking to restructure almost $44 billion of debt, reported its first quarterly profit in more than two years partly because of a gain on commodities hedging.

OTHER MARKETS

Australian Index Futures Climb After U.S. Gains; Yen Holds Drop

Australian and Hong Kong index futures rose after the Standard & Poor’s 500 Index snapped a two-day drop in the U.S. The yen held last week’s decline while Australia’s dollar rebounded versus the greenback.

Euro Near Two-Week Low on ECB Policy Outlook; Dollar Holds Gain

The euro was 0.1 percent from its lowest in two weeks before European Central Bank Executive Board member Joerg Asmussen speaks in the run-up to a policy meeting amid signs further stimulus may be needed.

Aussie Poses Obstacle to RBA Rate Rise Wagers: Australia Credit

The world-beating Australian dollar looks set to delay central bank Governor Glenn Stevens raising interest rates as some economists predict an increase late next year to cool the housing market.

Israeli Stocks Rise as Perrigo Jumps to Record; India Advances

Israel’s benchmark index rose to a two-week high after U.S. equities last week had their longest rally since July and Tel Aviv’s exchange chose a new chief executive officer. Indian stocks gained in a special session.

S&P 500 Has Longest Weekly Gain Since July Amid Earnings, Fed

U.S. stocks rose for a fourth week, the longest rally since July, as better-than-estimated corporate earnings offset concern the Federal Reserve may reduce monetary stimulus in coming months.

Cheaper Chickens Seen in Record Corn Cutting Costs: Commodities

The biggest-ever U.S. corn harvest is spurring poultry farms to expand chicken production, sending domestic supplies of the meat to a record and cutting costs for buyers from Costco Wholesale Corp. to McDonald’s Corp.

Commodities Tumble to Four-Month Low as Crude, Gold Lead Losses

Commodities dropped to a four-month low, paced by declines in crude oil and gold, on signs of climbing supplies of raw materials at a time when the prospect of reduced Federal Reserve stimulus may cut demand.

Xi Borrows From Mao Playbook in Power Play Ahead of China Plenum

The mission for the near-dozen Communists sitting round a table at a Beijing ministry was explicit: criticize their boss, who was present. Party cadres carefully recorded their comments as they spoke, in an echo of sessions held decades ago under Chairman Mao Zedong’s direction.

China Leaders to Start Reform Summit With Economy in Recovery

China’s Communist Party leaders will enter a policy-making summit this week with the economy on an upswing, services and manufacturing surveys show.

SPORTS

Cardiff Beats Swansea 1-0 in Premier League; Everton, Spurs Draw

Cardiff City beat Swansea City 1-0 today in the first-ever top-flight meeting of the south Wales clubs. Everton and Tottenham drew 0-0 in soccer’s other Premier League game.

Eriksson Says He Signed Deal to Coach Man. United, Mail Reports

Former England soccer manager Sven- Goran Eriksson said he signed a contract to succeed Alex Ferguson at Manchester United in 2002, the Mail on Sunday reported, citing the Swede’s new autobiography.

Newcastle Beats Chelsea in Premier League; Manchester Teams Win

Newcastle beat Chelsea 2-0 to deny the Blues a chance to take first place in English soccer’s Premier League.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 94.61 -1.77 -1.8 Nymex Dec. Brent Crude ($/Bbl) 105.78 -0.13 -0.1 Ice Dec. Gasoil ($/Ton) 906.50 -17.50 -1.9 Ice Dec. Gasoline (c/Gal) 254.21 -0.33 -0.1 Nymex Dec. Natural gas ($/MMBtu) 3.46 -0.06 -1.6 Nymex Dec. Dated Brent ($/Bbl) 105.70 -3.19 -2.9 OTC 21 Days Heating Oil 288.32 +0.10 +0.0 Nymex Dec. Other markets:

Last %Chg

----- ----- Dollar Index 80.72 +0.6 Gold ($/Oz) 1,313.20 -0.8 MSCI World Index 1,597.86 -0.3 Prices as of 11 p.m. GMT

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

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