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TOP Oil Market News: WTI Crude Tumbles to Lowest in Six Months

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

WTI Crude Tumbles to Six-Month Low on Surging U.S. Inventories

West Texas Intermediate crude fell to the lowest level in almost six months on rising U.S. stockpiles and production. The spread between WTI and Brent widened to an eight-month high.

TOP OIL MARKET NEWS

U.S. Oil Output Tops 8 Million Barrels a Day First Since 1989

U.S. crude production rose above 8 million barrels a day last week for the first time in almost 25 years, cutting dependence on foreign oil and pushing the country toward energy independence.

Crude Traders Skeptical Iran Deal Will Bolster Oil Supplies (4)

Crude traders are skeptical that the accord loosening some economic sanctions against Iran in return for limiting nuclear work will lead to a surge in oil supply from what was once OPEC’s second-biggest producer.

Energy Rigs in U.S. Gain on Drilling in South-Central States (1)

Rigs targeting oil and natural gas in the U.S. climbed to a two-month high as producers increased drilling in the south-central region of the country.

U.S. Ethanol Output Rises 2.5% to 927,000 B/D, EIA Says

Ethanol production in the U.S. rose 2.5% to 927,000 b/d last week, Energy Information Administration says in report today.

WTI-Brent Spread Widens for Sixth Day as U.S. Stockpiles Climb

The spread between West Texas Intermediate and Brent widened to an eight-month high after industry data showed crude stockpiles rose for a ninth week in the U.S., the world’s biggest oil consumer.

OPEC

OPEC to Keep Oil Supply Target Steady Next Week, Survey Shows

OPEC will keep its crude production limit unchanged next week as it anticipates demand in line with its current target, and as members struggle to agree on their individual share of the total, according to a Bloomberg survey.

REFINERIES Map global refinery outages

Los Angeles Gasoline Tumbles Versus Futures on Stockpile Gain

Los Angeles gasoline weakened against futures after a government report showed regional stockpiles of the motor fuel at a three-month high.

Phillips 66 Bayway Said to Slow Operations on Sulfur Upset (1)

Phillips 66’s Bayway complex, New Jersey’s biggest oil refinery by capacity, cut rates after an upset at an on-site sulfur plant operated by DuPont Co., a person familiar with operations there said.

DuPont New Jersey Sulfur Plant Operating Normally

Plant shut down for about an hour today, Aaron Woods, co. spokesman, said by e-mail.

Bakken Crude Strengthens as Refineries Ramp Up After Maintenance

Bakken light crude strengthened on the spot market as refineries ramped up operation after seasonal maintenance.

MORE: Exxon Baton Rouge May Adjust to Meet Commitments

Co. will make minor adjustments to operations to meet contractual commitments if needed, Todd Spitler, Co. spokesman, says in e-mailed statement today.

MORE: Exxon Sent All Clear After Shelter in Place at Baton Rouge

Co.’s Baton Rouge refinery in Louisiana had spike in acid gas feed, Tim Beckstrom, spokesman for Louisiana environmental regulator, said by e-mail today.

Delek El Dorado Shut Sulfur Recovery Unit Nov. 25

Refinery in Arkansas released mroe than 500 pounds of sulfur during unit shutdown, according to filing with state regulator.

OTHER OIL MARKET NEWS

European Naphtha Shipments to Asia May Rise to Four-Year High

European naphtha supplies heading to Asia this month may rise to the highest in almost four years, shipping data on Bloomberg show.

Oil Product Shipping Costs to Japan Fall 2.8 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan fell 2.8 percent to 7.55 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 62.43 Points

The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, declined 0.4 percent to 62.43 Worldscale points, according to the Baltic Exchange in London.

BP Seeks Forties Crude; Algeria Raises Saharan Blend Price

BP Plc failed to buy North Sea Forties crude at a lower price than a previous bid. While OAO Surgutneftegas awarded Russian Urals crude in a tender, there were no bids or offers for the grade in the trading window for a sixth session.

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.

TOP ENERGY STORIES

Storm Upsets U.S. Travel as Macy’s Waits to Make Parade Call (3)

Heavy rain and high wind along the U.S. East Coast are tying up air traffic for holiday travelers as the organizers of Macy’s Thanksgiving Day Parade wait to decide whether the event’s trademark balloons will fly.

Illegal Coal Mines Leave Hundreds Dead in Ukraine’s East: Energy

When Andrey Kandourov started working in an illegal coal mine near the eastern Ukrainian city of Torez on Oct. 1, he wouldn’t let his mother buy him a respirator, because he thought it was too expensive. Two weeks later he was dead.

Rousseff’s Blessing Luring Analysts to Light: Corporate Brazil

Light SA is piling up buy ratings at the fastest pace among Brazil’s major stocks after the power utility won a reprieve from President Dilma Rousseff’s push to lower electricity prices.

U.S. Stocks Erase Gains Amid Index Changes While Treasuries Rise

U.S. stocks erased gains as investors sold equities in the final 30 minutes of trading before changes to MSCI Inc. indexes, trimming an earlier rally after improved housing data. Treasuries advanced while Europe’s benchmark gauge fell for the first time in three days.

Sinopec Warned Urbanization Threatened Pipeline Repairs: Energy

China Petroleum & Chemical Corp. warned authorities in China two years ago that urbanization was hampering repair work on a crude oil pipeline in the eastern city of Qingdao. A blast last week at the pipe killed 55 people.

Libya’s Push to Restore Oil Output Hampered by Benghazi Clashes

Libya’s efforts to bring more oil online was complicated further by clashes this week between the army and Islamists in the eastern region that holds more than 60 percent of the North African nation’s crude-production capacity.

Asian Oil Grab Drives Tanker Rates to 3 1/2-Year High: Freight

Record Asian oil demand is spurring the region’s refineries to charter the most supertankers in a year, driving shipping rates to the highest level since 2010.

Natural Gas Futures Jump to Five-Month High on Cold Weather

Natural gas futures climbed to a five-month high on forecasts for colder weather that would boost demand for the heating fuel and deplete inventories.

Gloomy Power Price Outlook Boosts Hedging Volume, EON Says (1)

EON SE, Germany’s biggest utility, probably sold a record volume of power in advance as it doesn’t expect wholesale prices to recover in the next three years, the head of the company’s commodities unit said.

OTHER MARKETS

S&P 500 Gains to Record on Economy as Treasuries Fall; Oil Slips

U.S. stocks rose as jobless claims unexpectedly fell and reports on consumer confidence beat estimates, while Treasuries declined amid concern the Federal Reserve is closer to reducing stimulus. Oil tumbled.

Dollar Gains to 6-Month High on December Taper Bet; Baht Drops

The dollar rose to a six-month high against the yen as an unexpected drop in U.S. jobless claims and a rise in leading economic indicators added to speculation the Federal Reserve may start reducing stimulus next month.

Aussie Seen Tumbling Amid RBA Talk of Intervention: Currencies

Traders are betting Australia’s dollar will extend its biggest decline in five years as policy makers say they may intervene to weaken the currency, 30 years after they dropped exchange controls.

U.S. Stocks Advance as Technology Rallies Amid Growth Optimism

U.S. stocks rose, extending a third monthly gain for the Standard & Poor’s 500 Index, as Hewlett- Packard Co. led a technology rally while data on employment and consumer confidence boosted optimism in the economy.

Europe Stocks Climb as German Consumer Confidence Beats Forecast

European stocks climbed the most in almost two weeks as a measure of German consumer confidence rose more than estimated and investors weighed U.S. reports on durable-goods orders and jobless claims.

Zeppelins Seen Hauling Caterpillars to Mine Siberia: Commodities

Robin Young of Amur Minerals Corp. wants to dig for nickel and copper in Siberia where forbidding winters and poor roads make it tough to haul in equipment. His best option: fly it in with zeppelins.

Gold Drops as Gain in U.S. Confidence Spurs Fed Tapering Concern

Gold futures declined for the third straight day after a report showed rising confidence among American consumers, boosting speculation that the Federal Reserve will scale back monetary stimulus.

Berlusconi Expelled From Italian Parliament After 19-Year Tenure

Former Italian Prime Minister Silvio Berlusconi was expelled from parliament for violating an anti- corruption law, ending a 19-year tenure that spanned four recessions that did little to dent his personal popularity.

Merkel Coalition Takes Economic Baby Steps Amid Export Criticism

German Chancellor Angela Merkel’s deal with the Social Democrats may provide enough of a spur to keep Europe’s biggest economy growing, while failing to provide the boost elsewhere international critics are demanding.

SPORTS

Two Workers Killed in Brazil World Cup Stadium Crane Accident

At least two workers were killed in an accident at the stadium being built to host the opening game of soccer’s World Cup in Brazil next year.

Soccer Player Stuck in Qatar Gets Permission to Leave Country

Zahir Belounis, a French professional soccer player, said he’s been given permission to leave Qatar after being trapped in the country for a year and a half over a salary dispute.

Lindsey Vonn Says She Plans to Compete in Olympics After Injury

Lindsey Vonn said she still plans to defend her Olympic downhill skiing gold medal after partially tearing a ligament in her surgically repaired right knee during a training run last week.

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

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