TOP Oil Market News: TransCanada Begins Filling Keystone South

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

TransCanada Begins Filling Keystone South Oil Pipeline

Co. began injecting oil into southern leg of Keystone pipeline Dec. 7, Co. spokesman Shawn Howard says in e-mailed statement.

Oil Traders Get Bullish as Global Demand Gains: Energy Markets

Hedge funds boosted bullish bets on crude by the most since July as economic growth accelerated in the U.S. and China, bolstering demand in the world’s two largest oil-consuming countries.

Gasoline Slides on Brent Decline, Higher U.S. Refinery Rates

Gasoline slipped the most in five weeks after Brent crude dropped on an unexpected slide in German industrial production and as U.S. refineries operated at the highest seasonal rates in nine years.

Ethanol’s Discount to Gasoline Narrows on Signs of Tight Supply

Ethanol’s discount to gasoline narrowed on increased demand and signs of tight supply.

Retail Gasoline in U.S. Dropped 0.3 Cent to $3.269/Gal: EIA

Retail gasoline prices dropped from $3.272/gal the previous week, according to U.S. Energy Information Administration data

Canadian Crudes Advance as TransCanada Begins to Fill Pipeline

Canadian heavy crude reached its strongest level in more than two months on the spot market as a pipeline connection to the U.S. Gulf Coast began filling with crude ahead of its startup next month.

Crude Oil Options Volatility Rises as Futures End Winning Streak

Crude options volatility rose as West Texas Intermediate futures slipped for the first time in seven sessions.

REFINERIES Map global refinery outages

Suncor Resumes Production at Terra Nova Oil Field, Co. Says

Suncor completed planned work at its Terra Nova floating production, storage and offloading facility, according to statement on co.’s website

Syncrude Plans Coker 8-2 Turnaround in 2014: Canadian Oil Sands

Turnaround of Coker 8-2 in 2014 will affect production rates, as well as startup of Mildred Lake mine train replacement, co. says in 2014 budget release.

Spot Gasoline in Northern California Slides to Three-Month Low

Spot gasoline in San Francisco fell to the weakest level relative to New York futures in more than three months as U.S. West Coast refineries operated at the highest seasonal rates in at least three years.

Bakken Weakens After Production Gain With Refinery Unit Shut

Bakken crude weakened against domestic benchmark West Texas Intermediate as production climbed to another record and a Wisconsin refinery shut a unit at a plant that consumes the North Dakotan oil.

Gasoline Follows Brent Lower on German Industrial Production

Gasoline slipped in New York after Brent crude dropped for the first time in four days on an unexpected slide in German industrial production and as U.S. refineries operated at the highest seasonal rates in nine years.

Calumet San Antonio Performing Turnaround on Crude Unit

Refinery in San Antonio will be back up around the end of the year, co. president Jennifer Straumins says by e-mail.

Marathon Galveston Bay Hydrotreater Had Compressor Failure

Refinery in Texas shut compressor and stabilized Resid Hydrotreating Unit yesterday, according to filing with state Commission on Environmental Quality.

Calumet Superior Refinery Shut Down Sulfur Recovery Plant: NRC

Refinery in Wisconsin was trying to restart the plant after shutting it Dec. 7, according to filing with National Response Center.

Total Restarts Donges Oil Refinery Unit After November Blackout

Co. didn’t specify in posting on website which unit of the refinery in France was restarting as of Dec. 7, following power outage Nov. 18.

OTHER OIL MARKET NEWS

Oil Product Shipping Costs to Japan Rise 2.5 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan rose 2.5 percent to 8.63 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

Shell Buys Forties Crude; North Sea Fields Resume After Storm

Royal Dutch Sell Plc sold Forties crude at a higher level than a trade in the previous session, while Trafigura Beheer BV offered Russian Urals blend.

Saudi Arabia to Japan Tanker Rates 61.68 Points

The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, declined 2.4 percent to 61.68 Worldscale points, according to the Baltic Exchange in London.

TOP ENERGY STORIES

ABN Amro to Add Commodity Staff in Asia as Demand Increases

ABN Amro Group NV, the state-owned Dutch bank that’s expanding overseas, plans to add commodity staff next year in Asia where its trade-finance business is growing as China increases consumption of energy and metals.

End of Mexico 75-Year Oil Monopoly Looms With Senate Accord (1)

Mexico’s seven-decade state energy monopoly is poised to end after senators from the nation’s two biggest political parties agreed to allow output sharing contracts and licenses for outside producers.

Shanghai Tells Children to Stay Inside for Seventh Day on Smog

Shanghai warned children and the elderly to stay indoors for at least a seventh day this month, intensifying pressure on local authorities to control the worst smog since government monitoring began last year.

Hedge Fund Gold Wagers Slump to Lowest Since 2007: Commodities

Hedge funds are the least bullish on gold since 2007 as signs of faster U.S. economic growth bolster the case for the Federal Reserve to trim stimulus and cut demand for haven assets.

Obama’s Pollution-Control Agenda Face Courtroom Challenges (2)

Two of President Barack Obama’s top pollution-control measures face courtroom tests tomorrow as coal-dependent utilities, miners and some states challenge what they call overreach by the Environmental Protection Agency.

Hedge Funds Raise Brent Crude Bullish Bets for a Third Week (1)

Hedge funds and other money managers raised bullish bets on Brent crude for a third week, according to ICE Futures Europe.

QEP to Purchase Oil Assets in Permian Basin for $950 Million (3)

QEP Resources Inc., the energy producer targeted by activist investor Jana Partners LLC, agreed to buy Permian Basin assets for about $950 million to increase production of high-margin crude oil and natural gas liquids.

Billion-Dollar Payday Seen in Energy Future: Corporate Finance

Investors are pouncing on a small slice of debt at bankruptcy-bound Energy Future Holdings Corp. amid speculation a quirk in the terms of the bonds may allow them to reap as much as $1 billion in profit.

Canada’s Labor Shortage Threatens $50 Billion LNG Plans: Energy

Energy companies trying to raise almost $50 billion for Canada’s first network of natural gas export terminals will face an even more basic challenge: finding the workers to build them.

Spain Alters Environment Law to Speed Industrial Projects (2)

Spain changed environmental rules to speed approvals on industrial projects from pig farms to oil rigs and for the first time will regulate shale drilling.

OTHER MARKETS

Emerging Markets Lead Stocks Higher as S&P 500 Climbs to Record

Emerging-market stocks led global equities higher as faster-than-estimated Chinese export growth bolstered optimism in the global economy. The Standard & Poor’s 500 Index and India’s benchmark gauge rose to close at record highs, while natural gas jumped on colder U.S. weather.

Dollar Rises Versus Yen as Fed’s Bullard Says Taper Odds Rise

The dollar gained versus the yen for a second day as Federal Reserve Bank of St. Louis President James Bullard said the odds of tapering bond purchases have risen along with gains in the labor market.

Ukraine Currency Forwards Slump as Interbank Rates Surge to 20%

Ukraine’s hryvnia slumped to within 0.3 percent of a one-year low in the forwards market on concern policy makers will fail to ward off a devaluation as foreign reserves sink and interbank lending rates soar.

S&P 500 Rises to Record on Fed Taper Bets Amid Budget Talks

U.S. stocks rose, sending the Standard & Poor’s 500 Index to a fresh record, as investors weighed the timing of any cuts to Federal Reserve monetary support amid budget negotiations in Washington.

Emerging-Market Stocks Rise on China as Sensex Climbs to Record

Emerging-market stocks rose the most in three weeks, led by industrial and technology companies, as better-than-estimated data on Chinese exports bolstered confidence on global growth. India’s shares jumped to a record.

Orange-Juice Futures Enter Bull Market on Florida Crop Concerns

Orange-juice futures entered a bull market as dry weather threatens output in Florida, the world’s second-largest citrus grower.

Gold Futures Advance on China Demand Speculation, Weaker Dollar

Gold rose for the first time in three sessions in New York on speculation that demand for jewelry, bars and coins may increase and as a weaker dollar boosted the appeal of the metal as an alternative investment.

China Adopts Board-Game Strategy to Blunt U.S. Rebalance in Asia

The foreign policy strategy emerging from China’s new leadership may include a series of incremental steps calibrated to blunt U.S. influence across Asia and sow doubt about America’s commitment to its allies in the region.

Budget Accord in U.S. Would Reduce Automatic Spending Curbs (3)

U.S. budget negotiators are nearing a deal to trim automatic spending cuts that might break a three- year cycle of failed fiscal talks in Washington.

SPORTS

Mandela Memorial Rivals JFK’s as Leaders Arrive in South Africa

At least 91 government leaders will arrive in South Africa this week to commemorate Nelson Mandela in public events that may rival the funeral of U.S. President John F. Kennedy.

Brazilian Soccer Violence Raises Concerns Over 2014 World Cup

Brazilian officials are looking into violence at a top-division soccer match that caused police to target the crowd with rubber bullets and airlift an injured fan for treatment two days after the draw for next year’s World Cup.

European Stocks Are Little Changed as Commodity Producers Drop

European stocks were little changed, following their biggest rally in three weeks, as a gauge of mining companies declined after a report showed weaker-than- forecast growth in imports to China.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 97.27 -0.07 -0.1 Nymex Jan. Brent Crude ($/Bbl) 109.39 -2.22 -2.0 Ice undefined Gasoil ($/Ton) 935.50 -6.75 -0.7 Ice Jan. Gasoline (c/Gal) 267.41 -0.08 0.0 Nymex Jan. Natural gas ($/MMBtu) 4.24 +0.01 +0.2 Nymex Jan. Dated Brent ($/Bbl) 109.16 -2.53 -2.3 OTC 21 Days Heating Oil 300.35 -1.08 -0.4 Nymex Jan.

Other markets:

Last %Chg

----- ----- Dollar Index 80.16 -0.2 Gold ($/Oz) 1,234.20 +0.4 MSCI World Index 1,617.60 +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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.