The following is a selection of the most important news affecting the oil market.
Brent Crude Rises Most in Two Weeks as Libyan Ports Remain Shut
Brent crude rose the most in two weeks in London, rebounding from yesterday’s drop, as four major ports in Libya remain shut.
U.S. East Coast Facing Blizzard as Snow, Wind Ground Flights (2)
A storm along the U.S. East Coast brought snow and wind chills to the region, threatening blizzard conditions and disrupting travel amid highway closures and thousands of flight cancellations.
Iraq Starts Fixing Oil Pipeline Damaged by Bomb: North Oil
Technical teams early today started replacing damaged parts of Kirkuk-to-Ceyhan pipe, North Oil Co. says in statement.
Spain’s Diesel, Gasoline Consumption Declined in November: Cores
Demand for automotive diesel fell 0.7% y/y to 1.68m mt, says Corporacion de Reservas Estrategicas de Productos Petroliferos, Spanish govt agency known as Cores.
Growing Supply, Inventory Shape Oil Key Indicators: BI Outlook
Key crude oil industry indicators continue to point to higher supply, driven by growth in North America. U.S. crude oil output has risen 17% yoy, as increasing production in North Dakota and Texas offsets declines in the Gulf of Mexico. Crude oil inventories remain above historical averages both globally and in the U.S. Crude oil equities started outperforming the S&P 500 on a ytd basis in September, yet lagged the index by 700 basis at year-end.
Bakken Crude Pegged as More Dangerous Imperils Region’s Oil Boom
Safety rules will probably be tightened on crude oil shipments from North Dakota following a string of railway explosions, threatening to damp an energy boom that has boosted the region’s economy.
WTI Oil May Decline Next Week on Fed Outlook, Survey Shows (1)
West Texas Intermediate crude may decline next week as stronger economic growth boosts speculation that the Federal Reserve will reduce stimulus further, a Bloomberg survey showed.
Libya Oil Ports and Terminals Status for Jan. 2 (Table)
The following table shows the status and crude export capacities of Libya’s oil ports, terminals and offshore loading platforms.
Natural Gas Set for Second Weekly Decline Before Inventory Data
Natural gas in New York was poised for a second weekly decline before a government report forecast to show inventories fell by less than the five-year average for the time of year.
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.
Venezuela Output Declines in December as Funds Slow to Arrive
Venezuela’s oil production slid for an eighth consecutive month in December, a Bloomberg survey showed, as delays obtaining external financing hamper efforts by Petroleos de Venezuela SA to arrest production declines.
REFINERIES Map global refinery outages
Consumers Regina Refinery Unit to Remain Down ’Several Months’
Catalytic polymerization unit at Regina refinery in Canada shut for repairs after Dec. 24 fire, Vic Huard, co. spokesman, said by e-mail.
Motiva Port Arthur Refinery Has ‘Operational Issue’: Filing
Refinery in Texas released emissions from tank due to operational issue, notice to state regulators shows.
PBF Energy Delaware Refinery Has Piping Release: NRC
Delaware City refinery releases unknown material into the air from some type of piping at the plant, according to a report on the National Response Center website.
Northern Tier Refinery Workers Reach Tentative Agreement: Union
Chris Riley, business agent for Teamsters Local 120, says in e-mail.
BNSF Tracks in North Dakota Expected to Reopen Jan. 2
Tracks closed near Casselton, N.D., after two trains derailed yesterday are expected to reopen at 7am local time Jan. 2, co. said in statement on website.
Phillips 66 Wilmington Section Shut for Leak Repair: Fire Dept.
Phillips 66 shut an eastern section of its Wilmington refinery to repair a leak, Katherine Main, a spokeswoman for the Los Angeles Fire Department, said by telephone.
Lyondellbasell Channelview Plant Reports Equipment Problem
LyondellBasell Channelview natural gas liquids plant is troubleshooting a problem with its methanol reformer.
OTHER OIL MARKET NEWS
Gasoline in Pacific Northwest Rises to Six-Week High on Exports
Spot gasoline in the U.S. Pacific Northwest strengthened to a six-week high as a tanker was scheduled to load fuel from the region for export.
Suncor Seeks Forties Crude; Libya’s Al Sharara Field May Restart
Suncor Energy Inc. sought to buy North Sea Forties crude, while Glencore Xstrata Plc withdrew the only offer for Russian Urals on the Platts pricing window.
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.
OTHER OIL STORIES
German Power Costs Seen Dropping for Fourth Year on Glut: Energy
Power prices in Germany, Europe’s biggest electricity market, probably will weaken for a record fourth consecutive year as utilities add the most coal-fired capacity in more than a decade.
BP Bid to Stop Gulf Oil Spill Payments to Get Fast Court Review
BP Plc’s bid to block economic-loss payments tied to the 2010 Gulf of Mexico oil spill unless the claims can be directly linked to the disaster won fast-track consideration by an appeals court.
Billionaire Li Said to Test Demand for Electricity IPO Next Week
Power Assets Holdings Ltd., controlled by Asia’s richest man Li Ka-shing, plans to start gauging demand next week for the initial public offering of its Hong Kong electricity unit, said two people with knowledge of the matter.
ONGC to Spend $9 Billion Developing New Oil Discoveries in India
Oil & Natural Gas Corp., India’s biggest energy explorer, plans to spend about $9 billion over the next decade to produce crude oil and natural gas discovered in new blocks off the nation’s east coast.
Utility Bears at Five-Year High as Bond Yields Increase: Options
The cost of hedging against losses in utility shares has risen to a five-year high after rising bond yields made dividends less appealing and short sellers boosted bearish bets.
Emerging Stocks Fall With Copper as Europe Shares, Gold Advance
Emerging-market stocks fell and industrial metals retreated after a gauge of China’s service industries dropped. European shares rebounded from the biggest decline in two weeks, Spain’s two-year yield slid to a record and gold rose with the yen.
Yen Advances With Aussie as Last Year’s Declines Seen Excessive
The yen and Australian dollar, the two worst-performing major currencies last year, headed for the biggest weekly gains in at least two months on speculation their recent declines were too rapid.
Best Foreign-Exchange Mutual Funds Diverge on Dollar: Currencies
The only two actively managed U.S. foreign-exchange mutual funds to turn a profit last year have divided views on how the dollar will perform in 2014, casting doubt on the notion of a market consensus on the greenback.
Asian Stocks Head for Two-Week Low as China Services Gauge Drops
Asian stocks fell, with a regional benchmark index heading for its lowest close in two weeks, after U.S. equities retreated from record highs and a gauge of China’s non-manufacturing industries declined.
Copper Falls Most in Two Weeks as China Services Measure Slumps
Copper fell the most in two weeks in London after a gauge of Chinese service industries reached a four-month low, fanning concern about the demand outlook in the biggest global consumer of the metal.
Gold Extends Rally From Biggest Loss Since ’81; Platinum Gains
Gold extended its rally from the biggest annual loss in three decades on signs the slump is spurring demand. Platinum rose to the highest since November.
India Leader Singh to Step Down After Vote as Gandhi Rises (2)
Indian Prime Minister Manmohan Singh signaled younger party leader Rahul Gandhi should replace him while saying he’ll step aside after elections due by May, ending a decade in power with Asia’s third-biggest economy in a slump.
Iraq Fights to Recapture Towns From Al-Qaeda as Violence Spirals
Iraqi forces backed by aircraft and Sunni tribal militias have launched assaults to expel al-Qaeda- linked militants from two key towns in Anbar province after they seized police stations and other buildings.
NFL Playoff Teams Face Ticket Deadline to Avoid Local Blackout
The Green Bay Packers, Indianapolis Colts and Cincinnati Bengals have until today to sell the remaining tickets for their first-round playoff games or risk a television blackout in their local markets.
Oklahoma Beats Alabama 45-31 in Sugar Bowl
Bob Stoops declined to announce a starting quarterback before the Sugar Bowl, and when freshman Trevor Knight took the field on the Sooners’ first possession, Alabama’s defenders couldn’t have anticipated what was in store.
Giants Offensive Coordinator Gilbride Retires After 7-9 Season
Kevin Gilbride said he’s retiring after 10 years as offensive coordinator of the New York Giants to devote more time to his family.
Anthony Returns, Knicks Surprise Spurs 105-101
Iman Shumpert scored a career-high 27 points, including the tiebreaking tip-in with 23.4 seconds left, and Carmelo Anthony had 27 points and 12 rebounds in his return from injury as the New York Knicks surprised the San Antonio Spurs 105-101 on Thursday night.
Energy Prices: Last Chg %Chg Exch Contract ---- ---- ---- ---- -------- WTI Crude ($/Bbl) 95.41 -0.03 0.0 Nymex Feb. Brent Crude ($/Bbl) 108.19 +0.41 +0.4 ICE Feb. Gasoil ($/Ton) 920.50 -2.50 -0.3 ICE Feb. Gasoline (c/Gal) 270.61 +1.11 +0.4 Nymex Feb. Natural gas ($/MMBtu) 4.28 -0.05 -1.0 Nymex Feb. Dated Brent ($/Bbl) 107.75 +0.22 +0.2 OTC 21 Days Heating Oil 299.61 +0.94 +0.3 Nymex Feb. Other markets: Last %Chg ----- ----- Dollar Index 1,023.25 -0.1 Gold ($/Oz) 1,231.03 +0.5 MSCI World Index 404.51 -- Prices as of 12 p.m. London time
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