TOP Oil Market News: WTI Trades Near Four-Month Low on Supplies
The following is a selection of the most important news affecting the oil market.
WTI Trades Near Four-Month Low on U.S. Crude Supply; Brent Gains
West Texas Intermediate oil traded near the lowest price in more than four months amid speculation U.S. crude supplies will be sufficient. London-traded Brent rebounded as an index of China’s services industry advanced to the highest level this year.
Merkel Facing Power Dilemma as Coal Plants Open: Energy Markets
Germany, Europe’s biggest power market, is poised to open its first new coal-fired plants in eight years, just as prices slump because of a glut of electricity.
Libyan Crude Production Was 250,000 B/d Ydy, NOC Spokesman Says
A tanker is scheduled to load crude from El Feel field at Mellitah export terminal tomorrow, Mohamed Elharari, a spokesman for state-run National Oil Corp. says in an interview in Tripoli.
Libya’s Hariga Port Likely to Load Crude for Export Next Week
Hariga can use stored oil at port initially, Mohamed Elharari, a spokesman for state-run National Oil Corp., says in interview in Tripoli.
Libya Oil Ports, Terminals Status for Nov. 4 (Table)
The following table shows the status of Libya’s oil ports, terminals and offshore loading platforms.
Crude ARA Supplies Fell 1.8% in Week to Oct. 25, Genscape Says
Crude inventories declined 1.8 percent in Amsterdam, Rotterdam, Antwerp and Vlissingen in the week ended Oct. 25, according to estimates from Genscape Inc. for northwest Europe’s oil-storage hub.
European Naphtha Shipments to Asia Rise to Three in November
European naphtha shipments heading to Asia this month rose to three cargoes from one, shipping data on Bloomberg show.
Korea Western Power Seeks to Buy 45,000 Mt of Fuel Oil for Dec.
Co. seeks to buy shipment for Dec. 2-6 delivery to Pyong Taek power plant, according to statement on its website.
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.
REFINERIES Map global refinery outages
KPIC, Formosa Restart Crackers After Maintenance: Asia Naphtha
KPIC, Formosa Petrochemical restart naphtha crackers last week after maintenance. European naphtha shipments to Asia rise this month.
Petron Seeks Fuel for Malaysia; Crack Narrows: Asia Distillates
Petron seeks to buy two combination cargoes of 500 ppm-sulfur gasoil and 95-RON gasoline for Dec. delivery to Malaysia, according to tender document obtained by Bloomberg.
Korea Western Seeks Dec. Shipment, Crack Narrows: Asia Fuel Oil
Korea Western Power seeks to buy 45,000 mt of max. 2.59% sulfur fuel oil for Dec. 2-6 delivery to Pyong Taek power plant.
NORTH AFRICA ENERGY: South Sudan Refineries to Help Independence
South Sudan is set to become almost self-sufficient in oil products within a year as two refineries enter production, saving Africa’s newest nation foreign exchange it now uses to buy diesel from neighbors.
KPIC Restarts Onsan Naphtha Cracker on Oct. 28 After Maintenance
Kim Young Giy, co.’s section chief of strategic planning team, says by phone today.
CPC Sets No Date for Concluding Trials at No. 6 Naphtha Cracker
Taipei-based co. has no timeframe for reaching commercial production at its Kaohsiung plant, spokeswoman Jessica Tang says by phone.
Formosa Restarts Mailiao No. 2 Naphtha Cracker After Maintenance
Taiwanese refiner resuming unit after shutting it on Sept. 15 for planned maintenance, spokesman Lin Keh-Yen says by phone from Taipei today.
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.
TOP ENERGY STORIES
Coconut Crisis Looms as Postwar Palm Trees Age: Southeast Asia
Asia’s coconut palms, which mark the landscape from the Philippines to India, face a crisis as aging groves become less productive, with harvests that are a source of food and income for millions being outstripped by demand.
World Bank Sees Ways to Slow Arctic Melt in Kitchen, Coal Mines
Replacing cook stoves, curbing crop fires and capturing methane when extracting fossil fuels would help slow ice melting from the Arctic to the Himalayas and decrease risks of flooding, the World Bank said.
Bumi Seeks to Complete $501 Million Bakrie Transaction This Year
Bumi Plc, the Indonesian coal producer at the center of an ownership dispute, is seeking to complete a planned $501 million separation from founding investors the Bakrie Group by the end of the year.
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.
Iran Burning Gas Worth Billions Set to Lead Exporters Group (1)
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.
BP Oil-Spill Settlement Objectors Ask Court to Rescind Approval
Opponents of BP Plc’s $9.2 billion partial settlement of private-party claims from the 2010 Gulf of Mexico oil spill are set to ask a U.S. appeals court to reverse a judge’s approval of the agreement.
Natural Gas Falls for a Third Day on Mild U.S. Weather Outlook
Natural gas fell for a third day in New York as the outlook for a mild start to November signaled reduced heating-fuel demand in the U.S.
Kyoto Veterans See Warming Goals Slipping Away: Carbon & Climate
The only three living diplomats who have led the United Nations global warming talks said there’s little chance the next climate treaty will prevent the world from overheating.
Atlantic Storms to Revisit Europe in Warmer-Than-Usual November
November is predicted to be warmer than usual across Europe for a second month with storm winds from the Atlantic poised to boost electricity generation in Denmark, Germany and the U.K.
European Stocks Advance With S&P 500 Futures as Metals Decline
European stocks and Standard & Poor’s 500 Index futures gained before data that will provide evidence on the strength of America’s economy. Industrial metals fell as Federal Reserve Bank of Dallas President Richard Fisher said the U.S. should resume normal monetary policy as soon as possible.
Euro Climbs From 6-Week Low as Manufacturing Grows; Aussie Rises
The euro strengthened from a six-week low against the dollar after a report showed manufacturing in the currency bloc expanded for a fourth month in October.
Aussie Poses Obstacle to RBA Rate Rise Wagers: Australia Credit
Oaktree’s Marks Buys Cheap Chinese Stocks as U.S. Fairly Valued
Oaktree Capital Group LLC, the world’s largest distressed-debt investor, is buying Chinese stocks after valuations tumbled, Chairman Howard Marks said.
Gold Bug Schiff Counters Goldman Sachs on First Drop Since 2000
Peter Schiff lays an iPod-sized bar valued at about $40,000 on the sun room floor of his Connecticut mansion, and calculates it would cost about $250,000 for each floor tile to pave the room with gold.
Cheaper Chickens Seen in Record Corn Cutting Costs: Commodities
The biggest-ever U.S. corn harvest is spurring poultry farms to expand chicken production, sending domestic supplies of the meat to a record and cutting costs for buyers from Costco Wholesale Corp. to McDonald’s Corp.
Mursi Insists He’s President While Refusing to Recognize Court
Ousted President Mohamed Mursi, who appeared in court today to face criminal charges, decried the “military coup” that pushed him from power and said the court had no authority over him as Egypt’s legitimate leader.
Dallas Fed’s Fisher Says U.S. Economy Hog-Tied by Government (2)
Federal Reserve Bank of Dallas President Richard Fisher said fiscal discord has led to the U.S. government playing a suppressive role in the economy’s recovery and the central bank should transition back to interest-rate driven monetary policy at the earliest possible time.
Seahawks’ Rally Keeps Bucs Winless; Jets Beat Saints: NFL Week 9
The Seattle Seahawks beat the Tampa Bay Buccaneers 27-24 in overtime after the biggest comeback in franchise history, while the New York Jets rebounded from a 40- point loss with a 26-20 upset of the New Orleans Saints.
Dolphins Suspend Incognito, Ask NFL to Probe Alleged Misconduct
The Miami Dolphins indefinitely suspended Richie Incognito for conduct detrimental to the team as they investigate an incident of alleged harassment involving fellow offensive lineman Jonathan Martin.
Florida State Regains No. 2 BCS Ranking After Rout of Miami
Florida State University regained the No. 2 spot in college football’s Bowl Championship Series standings behind top-ranked Alabama after a 41-14 rout of previously-undefeated Miami.
Texans Coach Gary Kubiak Is Stable After NFL Halftime Collapse
Last Chg %Chg Exch Contract
---- ---- ---- ---- -------- WTI Crude ($/Bbl) 94.52 -0.09 -0.1 Nymex Dec. Brent Crude ($/Bbl) 106.01 +0.10 +0.1 ICE Dec. Gasoil ($/Ton) 901.00 -5.50 -0.6 ICE Dec. Gasoline (c/Gal) 253.80 -0.74 -0.3 Nymex Dec. Natural gas ($/MMBtu) 3.43 -0.09 -2.4 Nymex Dec. Dated Brent ($/Bbl) 105.44 -0.26 -0.3 OTC 21 Days Heating Oil 288.16 -0.06 0.0 Nymex Dec.
----- ----- Dollar Index 80.59 -0.2 Gold ($/Oz)
1,313.20 -0.8 MSCI World Index 1,600.97 +0.2
Prices as of 12 p.m. London time
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