The following is a selection of the most important news affecting the oil market.
WTI Crude Falls From Two-Week High as China Factory Output Slows
West Texas Intermediate slid from the highest closing price in two weeks amid slowing economic growth and weaker industrial output in China, the world’s second-biggest oil consumer.
OIL MARKET NEWS
Bullish Gasoline Bets Slump as Cold Blast Chills Demand: Energy
Hedge funds reduced bullish bets on gasoline by the most since June as stockpiles surged to an 11- month high before a cold blast that probably will curb demand in the U.S. Midwest and Northeast.
Crude ARA Inventories Rise 4.9% in Week to Jan. 10: Genscape
Crude inventories increased in Amsterdam, Rotterdam, Antwerp and Vlissingen in the week ended Jan. 10, according to estimates from Genscape Inc. for northwest Europe’s oil-storage hub.
Saudi Arabia Crude Exports Decline to 7.68m b/d in Nov.: JODI
Monthly exports from world’s biggest seller of crude fell from 7.71m b/d in Oct., according to data on Joint Organizations Data Initiative’s website.
North Sea Golden Eagle Field to Pump First Oil Late 2014: Cnooc
Development will eventually peak at production rate of 70,000 boe/day, Co. says in e-mailed statement.
Hedge Funds Cut ICE Brent Crude Net-Longs by 14,438 Last Week
Hedge funds and other money managers cut bullish bets on Brent crude by 14,438 contracts in the week ended Jan. 14, according to data from ICE Futures Europe.
ONGC Videsh Offers Russian Sokol Shipment for March: Asia Crude
ONGC Videsh offers to sell 700,000 bbl of Sokol for March 21-24 loading from Sakhalin, according to tender information obtained by Bloomberg.
Taiwan’s CPC Seeks Low-Sulfur Crude for March Loading Via Tender
Tender closes tmrw, with offers valid until Jan. 23, according to statement posted on its website.
REFINERIES Map global refinery outages
Phillips 66 Has Emission at Wood River Oil Refinery: Illinois
Phillips 66 flared gases including sulfur dioxide at its Wood River refinery in Illinois yday due to “loss of compressor,” according to a filing with the Illinois Emergency Management Agency.
CPC Plans to Shut Gasoline Unit at Taoyuan From Feb. to April
CPC Corp., Taiwan’s state-owned oil refiner, will shut a gasoline-making unit at its Taoyuan refinery for maintenance next month.
TOP ENERGY STORIES
Gazprom Seen Gaining Up to $2 Billion as Netherlands Cuts Output
OAO Gazprom may increase natural gas deliveries to the European Union and add as much as $2 billion to operating profit as the Netherlands cuts output at its biggest deposit, according to Sberbank CIB.
Iran Freezes Nuclear Work Meeting Terms for Sanctions Relief
Iran suspended the most sensitive work of its nuclear program, kicking off the implementation of an interim deal with world powers that will lift some of the sanctions that have pummeled the nation’s economy.
Shell Exits Wheatstone LNG After $1.1 Billion Sale to Kuwait (1)
Royal Dutch Shell Plc, Europe’s largest oil company, will exit the Wheatstone LNG project in Australia after selling its interests for $1.14 billion to Kuwait Foreign Exploration Petroleum Co.
Tepco May Spend 2.67 Trillion Yen as Growth Path Charted (2)
Tokyo Electric Power Co., operator of the crisis-ridden Fukushima Dai-Ichi nuclear power plant, is considering spending about 2.67 trillion yen ($25.6 billion) on strategic investments through partnerships as it seeks to chart a path to growth beyond the Fukushima disaster.
Shell’s Oil Production Director Andy Brown Takes Medical Leave
Royal Dutch Shell Plc, the biggest oil company in Europe, said its production director Andy Brown is taking leave to recuperate from recent medical treatment.
GE Backs German Renewables Subsidy Cuts in Slow Gas Market (1)
General Electric Co. favors reforms to Germany’s energy policy as proposed by new Energy Minister Sigmar Gabriel, saying the reduced renewable energy subsidies will make the market more efficient.
Cnooc 2014 Output to Climb 5.6% as Nexen Boosts Production (1)
Cnooc Ltd., China’s biggest offshore oil and gas producer, plans to increase output by as much as 5.6 percent this year, boosted by its acquisition of Canada’s Nexen Inc. last year.
Irish Bonds Climb as Emerging-Market Stocks Fall; Platinum Rises
Irish bonds led gains in European debt after Moody’s Investors Service lifted the nation’s credit rating from junk. Emerging-market stocks fell as China’s factory output trailed estimates, and platinum rose.
Dollar Reaches Eight-Week High Amid Fed Speculation; Yen Gains
Climate Proofing of Farms Seen Too Slow as Industry Faces Havoc
Hedge Funds Raise Gold Wagers as Goldman Sees Drop: Commodities
Hedge funds raised bullish gold wagers to the highest in eight weeks as signs of stronger Chinese demand drove prices to the longest rally since August. Goldman Sachs Group Inc. says the gains will be short-lived.
Syria Rebels Suspend Talks Involvement on Iranian Invitation (2)
Syria’s opposition coalition has suspended its participation in this week’s peace talks in Switzerland after the United Nations asked Iran to join the conference.
Ukraine Street Violence Erupts as Protesters Defy New Laws (3)
Street violence flared up in Ukraine last night as protesters battled police in defiance of new laws aimed at subduing anti-government demonstrations that started two months ago.
Manning’s Broncos Get Seahawks’ No. 1 NFL Defense in Super Bowl
Nadal, Azarenka Reach Australian Open Last Eight; Sharapova Out
Putin Says 40,000 Force to Guard Sochi as New Threats Emerge (1)
Russian President Vladimir Putin said 40,000 police and special services officers have been deployed to ensure security at the 2014 Winter Olympics as Islamic militants renewed threats to strike the games in Sochi.
Last Chg %Chg Exch Contract
---- ---- ---- ---- -------- WTI Crude ($/Bbl) 93.65 -0.72 -0.8 Nymex Feb. Brent Crude ($/Bbl) 106.26 -0.22 -0.2 ICE March Gasoil ($/Ton) 904.50 -5.75 -0.6 ICE March Gasoline (c/Gal) 262.46 +0.42 +0.2 Nymex Feb. Natural gas ($/MMBtu) 4.27 -0.06 -1.3 Nymex Feb. Dated Brent ($/Bbl) 107.23 +0.43 +0.4 OTC 21 Days Heating Oil 302.84 +0.47 +0.2 Nymex Feb. Other markets:
----- ----- Dollar Index 1,030.63 -0.2 Gold ($/Oz)
1,254.77 +0.1 MSCI World Index 406.19 -0.1 Prices as of 12 p.m. London time
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