TOP Oil Market News: Asia Buying More Crude From Latin America

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

Asia Buying Most Latin America Oil in Four Years: Energy Markets

Surging U.S. crude output is making Latin American oil cheaper than supplies from the Middle East, spurring Asian refiners to accelerate their purchases from Venezuela, Mexico and Colombia.

Mexican Congress Approves Oil Bill Breaking 75-Year Monopoly (3)

Mexico will end 75 years of government control of its vast oil reserves after Congress approved the nation’s most significant economic reform since the North American Free Trade Agreement.

Diesel Futures Tumble to Three-Week Low on Record U.S. Output

Ultra low sulfur diesel futures sank to a three-week low as record U.S. distillate output swelled supplies and as Brent crude and gasoil fell in London.

Canadian Crudes Weaken as Oil-by-Rail Transport Margins Narrow

Canadian crudes weakened on the spot market as the profits on oil-by-rail transport narrowed.

WTI Crude Options Put Premium Rises to Highest Level in a Week

West Texas Intermediate put options jumped to the highest level over calls in a week on the New York Mercantile Exchange even as futures traded in a narrow band.

Ethanol Plummets to Three-Week Low as Distillers Boost Output

Ethanol plummeted to a three-week low with output at the highest level since January 2012.

House Democrats Seek Delay in Keystone Environmental Review

The U.S. State Department shouldn’t release an environmental analysis of the Keystone XL pipeline until conflict-of-interest questions concerning the contractor writing the report are resolved, some House Democrats said.

U.S. Energy Department Natural Gas Update for Dec. 11 (Text)

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

Ex-Glencore Trader Fired for Drinking Loses ‘Ludicrous’ Suit (1)

An ex-Glencore Xstrata Plc trader who was fired for drinking too much lost a wrongful-termination lawsuit against the company, with a judge calling the case “ludicrous.”

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

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

OPEC

OPEC to Raise Exports on Heating Fuel Demand, Oil Movements Says

The Organization of Petroleum Exporting Countries will increase crude shipments through this month as peak refinery capacity is restored to meet rising heating demand, according to tanker tracker Oil Movements.

North American Shale to Trump Most OPEC Members in Two Years (1)

Oil production from North American shale fields will outpace every member of OPEC except Saudi Arabia within two years, according to Exxon Mobil Corp., the world’s biggest energy company by market value.

North American Shale to Exceed Most OPEC Nations’ Output in 2015

Oil production from North American shale fields will outpace every member of OPEC except Saudi Arabia within two years, according to Exxon Mobil Corp., the world’s biggest energy company by market value.

REFINERIES Map global refinery outages

Gulf Gasoline Slides to Five-Month Low as Refineries Delay Work

Spot gasoline on the U.S. Gulf Coast tumbled to the lowest level against futures in more than five months as two refineries in the region were said to delay planned unit shutdowns.

Bakken Gains With Midwest Refinery Back to Normal After Shutdown

Bakken crude strengthened against domestic benchmark West Texas Intermediate after a Wisconsin refinery that consumes the North Dakota oil restarted a unit.

Valero Plans Port Arthur Fluid Catalytic Cracker Work in 2014

Valero Energy Corp. plans to perform maintenance in late 2014 at its Port Arthur, Texas, refinery, a person familiar with a schedule for work said.

BP Sells More Naphtha; Europe Gasoil Stocks Rise: Oil Products

BP sells naphtha cargo to Vitol, bringing its total for the wk to 4.

Lyondellbasell in Talks With ‘One Entity’ to Sell Berre Refinery

Co. continues to expore options for oil refinery in France, as current mothballing period set to end Dec. 31, David Harpole, co. spokesman based in Houston, says by phone.

Valero Port Arthur Said to Shut Naphtha Hydrotreater for Work

Valero Energy Corp.’s Port Arthur, Texas, refinery has shut a naphtha hydrotreater for planned work, a person familiar with plant operations said.

Tesoro Golden Eagle Refinery Had Unit Startup Dec. 9

TSO’s Golden Eagle, Calif., refinery had a major unit start up on Dec. 9, according to a filing with Contra Costa Health Service

Exxon Beaumont Refinery Pipe That Leaked Is Repaired

Co.’s Beaumont refinery in Texas had small pinhole leak that was repaired with no expected impact on production, says spokesman Todd Spitler by e-mail today.

Exxon Has Emission at Joliet Oil Refinery: Illinois Filing

Co. says operations are normal at the refinery after emissions, according to spokeswoman Tricia Simpson.

OTHER OIL MARKET NEWS

Oil Product Shipping Costs to Japan Rise 2.4 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan rose 2.4 percent to 9.06 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

Vopak, ENOC May Add Crude Storage at Fujairah Port Near Hormuz

Royal Vopak NV and Emirates National Oil Co., partners in a fuel-storage terminal in the United Arab Emirates, may add crude oil tanks to boost business at the site outside the Strait of Hormuz, officials said.

Shell Sells Forties Crude; Unipec Books Tanker for China Cargo

Royal Dutch Shell Plc sold North Sea Forties crude at a lower level than the last trade on Dec. 10, while Total SA failed to buy Russian Urals on the Platts pricing window.

TOP ENERGY STORIES

Ex-Glencore Trader Fired for Drinking Loses ‘Ludicrous’ Lawsuit

An ex-Glencore Xstrata Plc trader who was fired for drinking too much lost a wrongful-termination lawsuit against the company, with a judge calling the case “ludicrous.”

Africa’s Richest Man Dangote Plans $16 Billion Investment (2)

Dangote Group, the Nigerian company controlled by Africa’s richest man Aliko Dangote, plans to invest about $16 billion in cement, petrochemicals and agriculture over the next four years to boost expansion.

Weekend Storm Seen Targeting U.S. Midwest to Northeast With Snow

Snow is coming to New York, Boston and the rest of the U.S. Northeast as well as parts of the Midwest this weekend, though the precipitation may change to rain in some locations.

WTI Swings After Biggest Drop in Two Weeks on U.S. Fuel Supplies

West Texas Intermediate crude swung between gains and losses after falling the most in two weeks as distillate and gasoline inventories rose more than forecast in the U.S., the world’s largest oil consumer.

Fortum Jumps as $3.5 Billion Finnish Grid Sale Price Lauded (2)

Fortum Oyj, Finland’s biggest utility, gained the most in 4 1/2 years in Helsinki after earning more than expected on the sale of its power distribution business in the Nordic country.

Anadarko’s Kerr-McGee Held Liable by Judge in Tronox Spinoff (1)

Anadarko Petroleum Corp. and its Kerr-McGee unit acted improperly in the 2005 spinoff of Tronox Inc. and should pay for environmental cleanup and to compensate people who claim damage from toxins, a judge ruled.

Untouchable 6-Cent-a-Gallon Gasoline Threatened: Andes Credit

Venezuelans’ intolerance for gasoline price increases is well documented. A mark-up in 1989 sparked riots, looting and a military crackdown that helped give rise to Hugo Chavez’s political career.

Merkel Embraces Coal as Rookie Lawmaker Makes Mark on Policy (2)

For a first-time lawmaker, coal promoter Ulrich Freese made the most of Chancellor Angela Merkel’s pledge to counter rising power prices.

Billionaire Brothers Time Saras Sale Right: Chart of the Day (1)

Timing was of the essence for Italy’s billionaire Moratti brothers, who sold 40 percent of refiner Saras SpA just as the European oil business began to falter.

Fortis Purchase of Arizona Power Company Extends U.S. Push (2)

Fortis Inc.’s purchase of Arizona- based UNS Energy Corp. for $2.5 billion in cash extends a push by Canada’s largest investor-owned natural gas and electric utility into markets with more growth prospects.

OTHER MARKETS

Aussie Weakens as Japan Stock-Index Futures Rise, Yen Declines

The Australian dollar fell after the nation’s central bank Governor Glenn Stevens signaled a weaker currency is preferable to lower interest rates to help spur economic growth. Japanese stock-index futures rose after the yen weakened against the dollar.

Dollar Rallies as Retail Sales Gain Fuels Fed Taper Speculation

The dollar rose for a second day after retail sales gained more than forecast last month, adding to speculation the Federal Reserve will move to trim its $85 billion of monthly asset purchases at a meeting next week.

No-Lose Franc Confounds Analysts Boosting Forecasts: Currencies

The Swiss franc, a haven in times of crisis, is surprising strategists by demonstrating that it’s also desirable when the outlook brightens.

U.S. Stocks Drop to One-Month Low on Fed Bets After Retail Data

U.S. stocks fell a third day, sending the Standard & Poor’s 500 Index to a one-month low, as improving economic data spurred speculation the Federal Reserve will cut stimulus as early as next week.

European Stocks Decline to Two-Month Low on U.S. Economic Data

European stocks fell to a two-month low as investors weighed U.S. retail-sales and jobless-claims data to gauge whether the Federal Reserve will decide next week to pare stimulus.

Corn Falls Most in Two Weeks on China GMO Concern; Soybeans Drop

Corn futures fell the most in two weeks on speculation that China may reject more U.S. shipments that contain a genetically modified variety. Soybeans and wheat prices dropped.

China Seen by FCStone to Hermes Canceling U.S. Soy Purchases (1)

China’s record buying of U.S. soybeans this season is raising speculation at INTL FCStone to Hermes Fund Managers that some purchases may be canceled early next year as Brazil’s biggest harvest ever becomes available.

China-Japan Rift Triggers a Charm Offensive for Southeast Asia

China’s growing assertiveness with Japan and the U.S. is helping bring a level of attention to Southeast Asia unseen since the Vietnam War, ushering billions of dollars of investment, wider access to trade and stepped-up military assistance.

North Korea Executes Purged Uncle of Leader Kim Jong Un

North Korean leader Kim Jong Un’s uncle Jang Song Thaek was executed immediately after a military trial yesterday, the nation’s official Korean Central News Agency reported today.

SPORTS

FIFA Said to Favor Limit on Investments in Soccer Player Rights

FIFA supports allowing investors to buy players’ transfer rights in some cases, putting soccer’s ruling body at odds with European officials who want a total ban, according to a person with direct knowledge of the situation.

Odey’s Fund Takes $22 Million Bet Against Manchester Utd. Shares

Hedge fund manager Crispin Odey is betting that the shares of English soccer champion Manchester United Plc will decline amid the club’s worst start to a season for 12 years.

Intel Puts Logo Inside of Barcelona Shirt to Be Seen After Goals

When Lionel Messi or his FC Barcelona teammates lift their shirts after scoring a goal, soccer fans will see Intel Corp.’s logo under a sponsorship that puts its logo on the inside of the team’s jerseys.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 97.57 +0.13 +0.1 Nymex Jan. Brent Crude ($/Bbl) 109.70 +0.32 +0.3 Ice undefined Gasoil ($/Ton) 932.50 +3.75 +0.4 Ice Jan. Gasoline (c/Gal) 266.01 -0.10 0.0 Nymex Jan. Natural gas ($/MMBtu) 4.34 +0.01 +0.2 Nymex Jan. Dated Brent ($/Bbl) 109.30 -- -- OTC 21 Days Heating Oil 302.12 -- -- Nymex Jan.

Other markets:

Last %Chg

----- ----- Dollar Index 79.89 -0.1 Gold ($/Oz) 1,257.20 -0.3 MSCI World Index 1,600.12 -0.9 Prices as of 11 p.m. GMT

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

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