TOP Oil Market News: WTI Heading for Biggest Gain Since July

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

WTI Oil Heads for Biggest Weekly Gain Since July on U.S. Growth

West Texas Intermediate oil headed for the biggest weekly gain in five months as the U.S. economy posted the fastest growth since the start of 2012 and crude stockpiles shrank.

Deutsche Bank Joins Biggest Banks Cutting Commodity Headcount(1)

Deutsche Bank AG is cutting about 200 commodities jobs, joining the world’s largest financial firms in reducing headcount to the lowest since 2009 as prices for everything from energy to metals head for the first annual drop since the recession.

WTI Crude May Decline Amid Ample U.S. Stockpiles, Survey Shows

West Texas Intermediate crude will probably decline next week amid ample U.S. inventories and rising production, according to a Bloomberg survey.

Naimi Sees No Need for Saudis to Increase Production Capacity

No need for Saudi Arabia to produce beyond current levels or add capacity, Oil Minister Ali al-Naimi says in interview with al-Hayat newspaper. Also says:

Central U.S. Ice Storm Grounds Hundreds of Flights, Dims Power

An ice storm building across the U.S. South forced the grounding of hundreds of flights and threatened to knock out power to thousands.

Thousands Moved From English Coast as Thames Barrier Is Closed

Thousands of people were moved from English coastal areas last night, and the River Thames flood barrier protecting London was closed after warnings of the worst tidal surge in 60 years.

Sinopec Zhenhai Refinery’s 2013 Throughput May Rise to 22 Mln Mt

Plant processed 20 mln mt of crude as of Nov. 27, 9.9% more than same period last year, co. says in newsletter posted on website.

TransCanada Keystone South Won’t Deliver Oil Before Mid-January

TransCanada Corp. told shippers the Gulf Coast portion of its Keystone pipeline won’t be in service before mid-January, three days after it said in a letter to regulators that it anticipated beginning service on Jan. 3.

U.S. Energy Department Natural Gas Update for Nov. 27 (Text)

Following is the text of the weekly natural gas update as released by the U. S. Department of Energy in Washington, D.C.:

Gasoil Stockpiles Fall in Europe’s Oil-Trading Hub, PJK Says

Gasoil stockpiles in independent storage fell in Europe’s Amsterdam-Rotterdam-Antwerp oil-trading hub, according to PJK International BV.

OPEC

Eni’s Scaroni Meets Iran Minister in Vienna for Future Work (2)

Paulo Scaroni, chief executive of Italy’s biggest oil company Eni SpA, said he had a “fairly long and warm meeting” with Iran’s petroleum minister to discuss possible future energy projects and money owed to Eni.

OPEC to Boost Exports on Winter Fuel Demand, Oil Movements Says

The Organization of Petroleum Exporting Countries will increase crude shipments through late December as refiners boost purchases to meet winter heating demand, according to tanker tracker Oil Movements.

Brent Seen Over $100 for Fourth Year as OPEC Bets on Demand (3)

Brent, used to price more than half the world’s oil, will probably exceed $100 a barrel for a fourth year in 2014 after OPEC bet that demand won’t weaken enough to warrant production cuts.

WTI-Brent Spread Shrinks to 10-Day Low as U.S. Supply Declines

The spread between West Texas Intermediate and Brent narrowed to the lowest intraday level in 10 days after crude inventories shrank for the first time in 11 weeks in the U.S., the world’s biggest oil consumer.

REFINERIES Map global refinery outages

Exxon Mobil Has Emissions at Baton Rouge, Louisiana, Plant: NRC

Refinery releases unknown amount of hydrogen sulfide from flare, according to filing with the National Response Center.

Motiva Enterprises Has Emissions at Louisiana Plant: NRC Filing

Norco refinery releases unknown amount of hydrogen sulfied from cat. cracker unit, according to filing with the National Response Center.

Valero Has Emissions at Port Arthur, Texas, Refinery: NRC

Refinery has flaring after recycled gas compressor is tripped off due to unknown causes, according to filing with the National Response Center.

BP Reports Hydrocracker Malfunction at Cherry Point Refinery

Occurred Nov. 30 at Washington state plant, according to filing with Northwest Clean Air Agency.

Phillips 66 Reports Sulfur Plant Upset at Ferndale Refinery

PSX Washington state plant had an upset in its sulfur unit at 11pm Dec. 2, according to filing with Northwest Clean Air Agency.

Exxon Torrance Reports Power Back After Interruption

Power restored to Exxon Mobil Torrance, California, refinery, spokeswoman Gesuina Paras said in an e-mail.

Citgo Said to Plan Lemont Vacuum Unit Restart in Mid-January (1)

Citgo Petroleum Corp. will try to restart the vacuum section of a crude unit at its Lemont refinery in mid-January that was shut after an October fire, according to a person familiar with the progress of repairs.

Tesoro Says Golden Eagle Refinery Operating at Planned Rates

Power interruption on Dec. 4 that caused flaring didn’t have any impact on product supply commitments, according to e-mail statement today from Tina Barbee, co. spokeswoman.

Exxon Baytown Said to Plan Catalytic Cracker Work in September

Exxon Mobil Corp. plans to perform maintenance in September 2014 at the Baytown, Texas, refinery, said a person familiar with the schedule for the work.

Exxon Torrance Refinery to Flare Through Dec. 10

XOM’s Torrance, Calif., refinery will flare until Dec. 10 after a power interruption today, according to a filing with the South Coast Air Quality Management District. * Refinery was in the process of normalizing operations after a power interruption early today, said Gesuina Paras, a Co. spokeswoman * There were no injuries and there’s minimal impact to production: Paras * Refinery has capacity of 150,000 b/d

OTHER OIL MARKET NEWS

TOP Oil Market News: WTI-Brent Spread Tightens as the U.S. Grows

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

Oil Product Shipping Costs to Japan Rise 2.6 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan rose 2.6 percent to 8.20 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

Mercuria Buys Forties at Lower Prices; Storm Cuts North Sea Oil

Mercuria Energy Trading SA bought two North Sea Forties crude cargoes at lower prices than yesterday. Eni SpA purchased Urals blend at bigger discounts to Dated Brent in northwest Europe than previous trade.

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

Arctic Air Bringing Icy Conditions to Texas and Central U.S. (2)

A blast of arctic air has rolled into the central U.S., touching off an ice storm that has grounded hundreds of flights in Texas. Air travel in New York and Newark was also slowed by heavy fog.

High Winds Batter Scotland as Hamburg Braces for Storm Tides (2)

Winds exceeding 100 miles an hour and heavy rain battered Scotland and parts of England, killing a truck driver and disrupting rail services as storms sweep across the North Atlantic and the North Sea.

Banks Cut Raw-Materials Staff to Fewest Since ’09: Commodities

The biggest banks are employing the fewest commodity traders, salespeople and analysts in at least four years as tighter regulations and the second drop in prices since 2001 spur cutbacks.

Coal Rally in Bear Market Seen Ending Amid Glut: Energy Markets

The rally in coal that lifted prices from the lowest in almost four years is forecast to end as greater exports from Australia to Colombia expand a supply glut.

Petrobras Suffers Collateral Damage in CPI Fight: Brazil Credit

Signs Brazil will keep using Petroleo Brasileiro SA to pay for fuel subsidies is deepening a rout that has made the state-owned oil producer the biggest loser among investment-grade rivals in the bond market.

Big Oil Planning on 10-Fold Jump in Carbon Prices Amid Crackdown

International oil producers are girding for carbon emission costs that may surge to almost 10 times the current prices in Europe, the world’s largest greenhouse gas market, as governments around the world step up efforts to curb climate change.

Total to Pay InterOil Up to $3.6 Billion in Pacific LNG Deal (2)

Total SA, Europe’s third-biggest oil company, agreed to buy a stake in InterOil Corp.’s assets in Papua New Guinea in a deal valued at as much as $3.6 billion as part of a plan to build a liquefied natural gas project.

Keystone Backers Awaiting Report Seen Sealing Pipeline’s Fate

Supporters and foes of TransCanada Corp.’s Keystone XL pipeline are bracing for the release of an environmental analysis from the U.S. government that could determine the $5.4 billion project’s fate.

Norway’s Surging Oil Costs Sap National Goal to Boost Extraction

Norway’s goal of recovering more oil and gas from its aging and marginal reserves is being undermined as rising costs and taxes weigh on investment by the industry.

Japan Without Nuclear Boosts Pollution, Costs: Climate & Carbon

Japan is finding the alternatives to nuclear power pollute more or come with higher fuel costs, limiting Prime Minister Shinzo Abe’s scope to reshape the energy industry almost three years after the meltdown in Fukushima.

OTHER MARKETS

Dollar Rises Before U.S. Jobs While Japanese Bonds Fall With Yen

The dollar strengthened against most major peers before U.S. employment data. Japanese bonds fell and the yen weakened while stocks rose after an advisory panel said the nation’s pension fund needs to cut debt holdings.

Dollar Heads for Weekly Decline Before Payrolls as Taper Weighed

The dollar headed for a fourth weekly decline against the euro as investors weigh whether U.S. payrolls data due today will encourage the Federal Reserve to consider trimming stimulus as early as this month.

Abenomics Winning Over Locals Breeds Yen Discontent: Currencies

Japanese Prime Minister Shinzo Abe’s pledge a year ago of “unlimited monetary easing” was enough to get foreigners to sell yen. Only now, as the policy pushes inflation above bond yields, is he winning converts at home.

Asian Stock Swing From Gains to Losses on Fed Stimulus Outlook

Asian stocks swung between gains and losses, with the regional benchmark index set for its biggest weekly drop since August, as improving U.S. economic data fueled speculation the Federal Reserve may bring forward stimulus cuts.

Japan’s GPIF Needs to Start Selling Bonds Now, Ito Says (2)

The world’s biggest retirement fund needs to cut local debt holdings now because Japan’s government will follow an advisory panel’s recommendation that the wealth manager seek higher returns, the panel’s head said. Bonds fell.

Gold Bearish Outlook Extended as Price Nears $1,200: Commodities

Gold analysts are bearish for a third week, the longest stretch since February 2010, as prices approach $1,200 an ounce and a stronger U.S. economy improves the chance that the Federal Reserve will reduce fiscal stimulus.

Palm Imports by India Seen Surging as Reserves Replenished (1)

Palm oil imports by India, the world’s biggest buyer, probably climbed for the first time since June as traders rebuilt reserves from the lowest level in 21 months amid a delay in the domestic oilseed harvest.

Mandela Mourned by Nation Grateful for His Reconciliation (3)

South Africans began mourning the death of their first black president Nelson Mandela, who died in Johannesburg late yesterday, while leaders paid tribute to his life.

Nelson Mandela, Led South Africa Past Apartheid, Dies at 95 (2)

Nelson Mandela, the freedom fighter who emerged from 27 years in prison to become South Africa’s first elected black president and a global symbol of reconciliation, has died. He was 95.

SPORTS

Malaysian Billionaire Said to Hire CIMB for Cardiff City IPO

Malaysian billionaire Vincent Tan hired CIMB Group Holdings Bhd. to explore listing Cardiff City Football Club (Holdings) Ltd. in Singapore, a person familiar with the matter said.

Nine Entertainment Shares Fall 1.5% on Australian Trading Debut

Nine Entertainment Co. fell 1.5 percent on its stock market debut, almost 14 months after U.S. funds Apollo Global Management LLC and Oaktree Capital Group LLC took control of the broadcaster in a debt-for-equity swap.

Lindsey Vonn to Begin World Cup Ski Season Tomorrow in Canada

Lindsey Vonn will start her World Cup ski schedule tomorrow in Canada, two weeks after re-injuring her surgically repaired right knee during a training run in Colorado.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 97.30 -0.08 -0.1 Nymex Jan. Brent Crude ($/Bbl) 111.34 +0.36 +0.3 Ice undefined Gasoil ($/Ton) 944.25 -1.00 -0.1 Ice Jan. Gasoline (c/Gal) 271.90 +0.63 +0.2 Nymex Jan. Natural gas ($/MMBtu) 4.13 -- +0.0 Nymex Jan. Dated Brent ($/Bbl) 111.40 +0.18 +0.2 OTC 21 Days Heating Oil 305.84 +0.88 +0.3 Nymex Jan.

Other markets:

Last %Chg

----- ----- Dollar Index 80.39 +0.2 Gold ($/Oz) 1,231.90 -1.2 MSCI World Index 1,599.28 -- Prices as of 6 a.m. GMT

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

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