The following is a selection of the most important news affecting the oil market.
WTI Crude Swings Amid Speculation U.S. Fuel Stockpiles Increased
West Texas Intermediate crude swung between gains and losses amid speculation U.S. fuel stockpiles increased for a third week, signaling slowing demand in the world’s biggest oil consumer.
U.S. Gasoline Inventories Increase to an 11-Month High in Survey
U.S. gasoline inventories rose to the highest level in 11 months last week as winter weather weakened demand and imports climbed, a Bloomberg survey showed.
India’s MRPL, ONGC Offer Oil Products for Feb.-March Loading
Mangalore Refinery, known as MRPL, offers to sell 35,000 mt of naphtha for Feb. 16-18 loading, according to tender document obtained by Bloomberg News.
Top Global Emitter China Best on Climate Change, Figueres Says
Sacyr Says It Will Finish Panama Canal Work After Halt Threat
Sacyr SA pledged to complete its contract to expand the Panama Canal, edging back from a threat to suspend the project if the waterway’s authority didn’t offer compensation for unexpected costs.
Indian Oil Said to Offer Fuel Oil for Feb. Loading From Kandla
Co. offers to sell 30,000 mt of 180- cst, 4% sulfur grade for Feb. 4-6 loading from Kandla on India’s west coast, according to two traders who asked not to be identified because the information is confidential.
Sinopec Increases Maoming Refinery Runs Before Lunar New Year
Plant has been processing 50,000 mt/day of crude since start of this month, co. says in newsletter on its website today.
Sinopec to Expand Yangzi Refinery to 12.5M Mt Capacity This Year
Refinery in eastern China to process more than 10 mln mt of crude this year, co. says in newsletter posted on its website.
Natural Gas Rises on Cold Weather, Forecast for Stockpile Drop
Natural gas increased for a second day on forecasts for colder weather amid speculation the U.S. government will report a record drop in stockpiles after last week’s arctic blast.
REFINERIES Map global refinery outages
Chevron El Segundo Refinery Resolves Process Unit Malfunction
Refinery in Southern California had “minor operational issues” associated with a process unit that resulted in flaring over the weekend, Rod Spackman, co. spokesman, said by e-mail today.
Citgo Corpus Christi Platformer Back Online at Planned Rates
Co. to provide update on crude unit at refinery in Texas “later,” according to e-mailed statement.
Husky Lima Seen Back in Full Operations Tomorrow, State Says
Co.’s Lima, Ohio, refinery should be back in full operations tomorrow, Dina Pierce, spokeswoman for state environmental regulator, said by e-mail today.
U.S. Drilling Productivity to Rise in February, EIA Data Shows
New-well oil production will rise by 5 bbl/day/rig in Feb., Energy Information Administration estimates in drilling productivity report released today.
Chicago Fuels Slide as Husky Restarts Lima Refinery in Ohio
Chicago diesel fuel and gasoline weakened relative to futures as Husky Energy Inc. began starting units after suspending operations at its Lima, Ohio, refinery.
Houston Pilots Resume All Vessel Boardings After Suspension
Houston Pilots Association resumed all vessel boardings at 1230pm local time after suspending them earlier today, according to notice from association
KLM Sells Jet Fuel; Vitol Buys Europe Naphtha: Oil Products
Air France-KLM sells jet fuel barges for a second day as premium to ICE gasoil drops. Vitol buys cargo of naphtha.
Tupras Confirms 2-Week Shutdown at Izmit Refinery for Test
Tupras confirmed shutdown at Izmit started today and will end Jan 26, co. says in e-mailed statement.
Phillips 66 Bayway Refinery and Dock Operating Normally
Refinery in N.J. operating normally, Co. spokeswman Dennis Nuss says by e-mail.
OTHER OIL MARKET NEWS
TOP Oil Market News: Crude Falls on Forecast for Supply Increase
The following is a selection of the most important news affecting the oil market.
Oil Product Shipping Costs to Japan Are Unchanged
The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan was unchanged at 7.29 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.
Los Angeles Gasoline Gains After Chevron Refinery Reports Upsets
Los Angeles gasoline advanced for the first time in seven days after Chevron Corp. reported malfunctions at the El Segundo refinery in Southern California.
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
Amec to Buy Foster Wheeler for $3.2 Billion in Cash, Stock (3)
Amec Plc, the second-biggest U.K. oil and gas engineer, agreed to buy U.S.-traded Foster Wheeler AG for $3.2 billion to expand foreign and fuel-product business.
Batista Bankruptcy Accord Propels OSX Bond Surge: Brazil Credit
OSX Brasil SA, the shipbuilder founded by former billionaire Eike Batista, is surging to a six- month high in the bond market after its sister company and biggest client moved closer to emerging from bankruptcy.
Obama Seeks to Head Off New Sanctions as Iran Deal Scrutinized
President Barack Obama urged Congress to hold off on imposing new sanctions on Iran after the Islamic Republic agreed to curtail its nuclear activities starting Jan. 20 under a deal with world powers.
Natural Gas Futures Soar on Forecasts for Record Stockpile Drop
Natural gas futures surged the most in 16 months on speculation that government data will show a record decline in U.S. stockpiles of the heating fuel as cold weather boosts demand.
Kosmos Hires Former BP Exec Inglis in Billion Barrel Hunt (2)
Kosmos Energy Ltd., the oil wildcatter behind one of the biggest West African discoveries in a decade, is hiring BP Plc’s former head of exploration to lead the company as it ramps up its search for the next billion- barrel field.
Natural Gas Rises a Third Day on Forecast for Falling Stockpiles
Natural gas increased for a third day on speculation the U.S. government will report a record drop in stockpiles after last week’s cold weather.
Ceypetco Seeks to Buy 35,000 Mt of Fuel Oil for Feb. 26-27
Ceylon Petroleum, known as Ceypetco, seeks to buy 35,000 mt of fuel oil for Feb. 26-27 delivery to Colombo, according to two traders who asked not to be identified because the information is confidential.
JinkoSolar Considering Share Sale or Spinoff for Project Unit
JinkoSolar Holding Co., a Chinese solar-panel producer, is considering a spinoff or public share sale for its project development unit to expand the business.
Woodside Agrees to Sell Pluto LNG to Chubu Electric of Japan
Woodside Petroleum Ltd., Australia’s second-largest oil producer, agreed to supply natural gas from its A$15 billion ($13.5 billion) Pluto project in Western Australia to Chubu Electric Power Co. of Japan.
Trina Tops Slump on Concern EU Will Cut Targets: China Overnight
Chinese equities fell in New York as Trina Solar Ltd. to Yingli Green Energy Holding Co. slid after the Financial Times reported the European Union is considering removing targets for renewable energy. Baidu Inc. sank.
Asian Stocks Drop as Topix Sinks Most in Five Months; Yuan Gains
Asian stocks fell, led by the biggest plunge in Japan’s Topix index in five months. The yen weakened after a two-day surge, while the yuan and Australian bonds rose.
Yen Falls on Current-Account Deficit; Dollar Snaps 3-Day Decline
The yen dropped against all of its 16 major peers after data showed Japan’s current-account deficit widened to a record in November.
JPMorgan Sees Weaker Krona as Sweden Faces Deflation: Currencies
JPMorgan Chase & Co., which turned bearish on Sweden’s krona three weeks before an interest-rate cut last month, says the threat of deflation will weigh on the currency in the first quarter.
Asian Stocks Decline Most in Three Months, Extending U.S. Rout
Asian stocks fell, with the regional benchmark index on course for its biggest loss in more than three months, as it paced the largest drop in U.S. stocks since November amid concern over valuations.
Top Samsung Analyst Predicts Wipeout Will Deepen: Korea Markets
The slump in Samsung Electronics Co. that wiped out $28 billion of market value in six weeks will deepen as Apple Inc. and Chinese rivals take market share in handsets, according to the stock’s most-accurate forecaster.
Fed Said to Release Plan to Limit Banks’ Commodities Activities
The Federal Reserve is poised to take a preliminary step toward limiting banks’ activities with commodities amid congressional scrutiny, according to three people briefed on the discussions.
Nickel Gains to Two-Week High as Indonesia Bans Ore Shipments
Nickel advanced for a third day to the highest level in more than two weeks after Indonesia, the world’s biggest producer of the metal from mines, restricted shipments.
Rodman’s North Korea Trips Signal Basketball Push by Leader Kim
North Korea’s exclusion from world politics doesn’t preclude it from becoming a power -- in basketball.
Obama Says ‘Good Friend’ Gates Wrong on Afghanistan Commitment
President Barack Obama said he remains committed to the U.S. military campaign in Afghanistan after former Defense Secretary Bob Gates wrote that the president lost confidence in his own military strategy there.
Cristiano Ronaldo Beats Messi to Soccer’s Ballon D’Or Award
Real Madrid’s Cristiano Ronaldo won the Ballon d’Or awarded to the world’s best soccer player, ending an unprecedented four-year streak by Lionel Messi of Barcelona.
Berlusconi’s AC Milan Fires Coach Allegri After Sassuolo Defeat
AC Milan, the soccer team owned by the family of former Prime Minister Silvio Berlusconi, fired Coach Massimiliano Allegri today after the team lost to Sassuolo yesterday.
U.S. Open Golf Champ Justin Rose Sidelined With Shoulder Injury
England’s Justin Rose will miss his first two events of the golf season due to a minor shoulder injury, his agent said.
Last Chg %Chg Exch Contract
---- ---- ---- ---- -------- WTI Crude ($/Bbl) 92.09 +0.29 +0.3 Nymex Feb. Brent Crude ($/Bbl) 106.95 +0.20 +0.2 Ice February Gasoil ($/Ton) 905.25 -1.75 -0.2 Ice Feb. Gasoline (c/Gal) 263.60 +0.19 +0.1 Nymex Feb. Natural gas ($/MMBtu) 4.33 +0.06 +1.3 Nymex Feb. Dated Brent ($/Bbl) 106.46 +0.56 +0.5 OTC 21 Days Heating Oil 293.90 +0.57 +0.2 Nymex Feb.
----- ----- Dollar Index 80.63 +0.1 Gold ($/Oz) 1,251.10 +0.3 MSCI World Index 1,641.16 -0.3 Prices as of 6 a.m. GMT
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