TOP Oil Market News: WTI Crude Rises as U.S. Manufacturing Gains

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

WTI Crude Rises as U.S. Manufacturing Index Unexpectedly Gains

West Texas Intermediate crude climbed as U.S. manufacturing unexpectedly advanced and Chinese growth surpassed projections, signaling greater fuel demand in the world’s biggest oil-consuming countries.

TOP OIL MARKET NEWS

Crude Inventories Fall First Time in 11 Weeks on Refinery Rates

U.S. supplies of crude oil probably fell for the first time in 11 weeks as refineries boosted operating rates and fuel production.

Gasoline Follows Crude Higher on Stronger Global Factory Data

Gasoline followed crude futures higher as stronger manufacturing data from China, the U.S. and Europe boosted speculation fuel demand may improve.

Ethanol Futures Rise on Widening Gasoline Spread Amid Exports

Ethanol rose as the widening discount to gasoline encouraged blenders to use the biofuel and exports jumped to an eight-month high.

Alaska North Slope Crude Production Rises to Highest Since March

Oil production in Alaska’s North Slope gained to an eight-month high as producers boosted rates in the Prudhoe Bay and Kuparuk fields following seasonal maintenance.

Shell Sells Urals Crude; Libya Maintains December Es Sider Price

BP Plc failed to buy North Sea Forties crude at a bigger premium than the previous session. Royal Dutch Shell Plc sold Russian Urals blend in the Mediterranean, the first trade in five weeks and the highest price in more than four months.

Keystone Foe Steyer Says Project Would Drive Oil Sands Growth

Keystone XL will be a “major driver” of oil sands expansion that significantly raises the risks of climate change, said Tom Steyer, a former hedge fund manager who has spent some of his fortune fighting the pipeline.

Vitol Sells Diesel Cargo; ICE Gasoil in Contango: Oil Products

Vitol sells diesel cargo to ERG for delivery to Koper, Slovenia. Barges of fuel trade at lowest premiums to ICE Dec. gasoil in almost 10 mos. as BP, Shell sell to Morgan Stanley.

OPEC

Al-Naimi Says Crude Market Balanced as OPEC Seen Keeping Target

Saudi Arabian Oil Minister Ali al- Naimi said the global oil market is “in equilibrium” in the run-up to an OPEC meeting at which members are expected to keep the group’s production target unchanged.

OPEC Will Probably Maintain Current Output Target, Delegates Say

OPEC will probably stick with its current production target as demand for its crude next year will be at a similar level, said three delegates from the group.

OPEC Inaction Masks Looming Supply Glut in 2014: Energy Markets

Even with OPEC forecast to keep its output quota unchanged at a meeting this week, falling oil demand and prospects for increased supply from some member states mean the group’s leader, Saudi Arabia, will have to cut production anyway.

REFINERIES Map global refinery outages

Tesoro Carson Refinery Reports Unplanned Flaring

Refinery flaring gases today, notice to South Coast Air Quality Management District shows.

Citgo Lake Charles Refinery Restarts Reformer After Fire

Refinery in La. restarted the “A reformer,” company said in e-mailed statement.

Valero, PDVSA May Restart 5 Units at Aruba Refinery: Reuters

Reuters cites people familiar.

Repsol Reports Incident at Spain Bilbao Refinery Diesel Unit

Incident occured at 11 am local time “during work at diesel desulfurization unit 3,” co. says in statement on Petronor refinery website.

Sinopec Qingdao Plant Runs at ‘Lower-Than-Normal’ Rate: ICIS-C1

Plant operating at “lower-than- normal” rates, Jean Zou, oil analyst at Shanghai-based consultant, says by phone from Guangzhou today, without elaborating.

BP Cherry Point Refinery Has ‘Compressor Malfunction:’ NRC

BP refinery in Washington state releases sulfur dioxide because of malfunction, according to a report on the National Response Center Website.

Petrobras Says Repar Refinery Unit Had Beginning of Fire

Fire was yesterday evening and has been controlled, causes are under investigation, according to e- mailed statement.

Exxon Baton Rouge Returns to Normal Operations

Refinery in Louisiana had adjusted operations to mitigate emissions after beginning work on environmental equipment.

OTHER OIL MARKET NEWS

Los Angeles Jet Fuel Hits 7-Month High as Tankers Seen Exporting

Jet fuel in Los Angeles and gasoline in San Francisco gained as at least three tankers were seen heading to California to export refined products.

Oil Product Shipping Costs to Japan Rise 2.9 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan rose 2.9 percent to 7.77 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 0.9% to 63.27 Points

The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, gained 0.9 percent to 63.27 Worldscale points, according to the Baltic Exchange in London.

Dubai Oil Premium Reaches Two-Year High as Shell Buys Record (2)

Middle East crude for immediate delivery traded at its biggest premium in two years to later shipments last month after Royal Dutch Shell Plc bought an unprecedented number of cargoes.

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.

Libya Keeps December Es Sider Crude Price Stable at 14-Month Low

Libya’s state-run National Oil Corp. set its official selling price of benchmark Es Sider crude for December at 40 cents a barrel less than Dated Brent, unchanged from November’s 14-month low, according to a price list obtained by Bloomberg News.

TOP ENERGY STORIES

Oman Billionaire Found Building Moving Pools for Superyachts (2)

From an office overlooking the Oceanco shipyard in Alblasserdam, the Netherlands, energy tycoon Mohammed al-Barwani watched workers putting the finishing touches on a yacht that’s longer than a football field.

Worst Raw-Material Slump Since ’08 Seen Deepening: Commodities

The commodity slump that spurred bear markets in everything from gold to corn to sugar this year will deepen by the end of December as prices head for their first annual loss since 2008, if history is any guide.

Cocaine-for-Venezuelan Fuel Tankers Irks Colombian Tax Boss (2)

Criminal gangs are shipping the equivalent of 60 to 100 tanker trucks of subsidized Venezuelan fuel per day into Colombia, much of it paid for with cocaine, according to the Colombian government.

Canada at ‘Crossroads’ in Bid to Be Crude Export Superpower (1)

Canada’s bid to become what Prime Minister Stephen Harper calls an energy “superpower” is at risk as approval delays for new pipelines threaten an industry already hurt by high costs and rival production.

Talisman Energy Appoints Two Icahn-Backed Nominees to Board (3)

Talisman Energy Inc., the Canadian energy company targeted by Carl Icahn, agreed to appoint two board members backed by the billionaire activist investor to head off a proxy fight.

Petrobras Plunges as Brazil Fails to Signal End of Fuel Subsidy

Petroleo Brasileiro SA fell the most in five years after the government failed to meet a request by the state-run company to disclose a clear policy for phasing out fuel subsidies that have cut earnings and increased debt.

Cobalt Slides as More Gas Than Expected Flows at Angola Well (2)

Cobalt International Energy Inc. slumped the most in more than three years after the U.S. explorer said its latest discovery off the coast of Angola contained more natural gas than it expected.

Russia Offers Ukraine Cheaper Gas to Join Moscow-Led Group (2)

Russia will offer cheaper natural gas to Ukraine if the government in Kiev opts to join a Moscow-led economic bloc after halting free-trade talks with the European Union, according to First Deputy Prime Minister Igor Shuvalov.

Ex-BP Engineer Begins First Criminal Trial From 2010 Spill (1)

A former BP Plc engineer accused of destroying evidence sought by the U.S. for a probe of the 2010 Gulf of Mexico oil spill went on trial in the first criminal case arising from the disaster to go before a jury.

OTHER MARKETS

Nikkei Futures Climb as Yen Maintains Slide While Gold Retreats

Japanese index futures climbed as the yen traded near a six-month low versus the dollar. Futures on stock gauges from Sydney to South Korea fell after U.S. equities declined with Treasuries and gold slumped.

Yen Weakens to 6-Month Low on Risk-Linked Selling; Pound Rises

The yen fell to a six-month low versus the dollar after reports showed manufacturing in China, Europe and the U.K. expanded last month, driving demand for risk and underscoring Japan’s currency’s role in the carry trade.

Shekel Seen Tumbling as Israel Boosts Intervention: Currencies

Israel’s efforts to curb the shekel’s world-beating advance and make the Middle Eastern nation more competitive are finally winning the support of currency traders.

U.S. Stocks Extend Drop in Final Hour Amid Retail, Factory Data

U.S. stocks fell, with the Standard & Poor’s 500 Index extending declines in the final hour of trading, amid data showed manufacturing unexpectedly climbed last month and reports on holiday retail sales.

Emerging Stocks Decline Led by Petrobras as Ukraine Yields Surge

Emerging-market stocks dropped for the first time in four days as Petroleo Brasileiro SA led energy producers lower. Ukraine’s bond yields jumped to a record after police cracked down on the biggest protests since 2004.

Gold Futures Drop to Lowest Since July on Fed Tapering Concern

Gold fell to the lowest since July after signs of a strengthening U.S. economy fueled speculation that the Federal Reserve is ready to slow the pace of its monetary stimulus. Silver tumbled.

Honduran Coffee Exports Declined in November, Group Says

Shipments slid to 56,349 bags from 98,722 bags a yr earlier, the Honduran Coffee Institute said today in an e-mailed report.

Ukraine Protest Violence Corners Yanukovych as Choices Dwindle

Ukraine’s biggest protests in almost a decade are pushing President Viktor Yanukovych into a corner.

Australia Food-Bowl Dream Seen at Risk as Foreign Cash Shunned

Prime Minister Tony Abbott’s election pledge to turn Australia’s remote north into a food bowl for Asia has set him on a collision course with his own government over foreign ownership of agricultural land.

SPORTS

Real Madrid, Barcelona Fined by Regulator on TV Contracts

Real Madrid, Barcelona and broadcaster Mediapro were fined for breaking Spanish competition rules because their contracts for league and cup soccer games lasts longer than three years.

Fulham Manager Martin Jol Leaves Premier League Soccer Club

Fulham manager Martin Jol has left the Premier League soccer club, with head coach Rene Meulensteen taking responsibility of the first team.

Deadly Accident at Brazil World Cup Arena to Bring Delay (1)

The damage caused two days ago in a deadly accident at the stadium that will host the opening match of next year’s soccer World Cup in Brazil will set back work by two months, the facility’s structural engineer said.

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

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