TOP Oil Market News: WTI Near Three-Day High as Distillates Drop

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

WTI Trades Near Three-Day High as Distillate Stockpiles Decline

West Texas Intermediate crude traded near the highest price in three days after a U.S. government report showed distillate stockpiles shrank as cold weather boosted demand for heating fuels.

Oman’s $3 Billion Railroad Plan to Blunt Iran Oil Risk: Freight

Oman, which faces Iran across the Strait of Hormuz, said it’s poised to start raising cash for a $3 billion rail line offering an alternative route for oil and freight shipments that funnel through the 21 mile-wide channel.

As Northeast Digs Out, U.S. Forecasters Watch for Next Storm

As much of the U.S. Northeast shovels snow, chips ice and tries to overcome power outages and airline cancellations, forecasters are gauging the possibility of another storm arriving this weekend.

Taiwan’s CPC Offers to Sell 30,000 Mt of Gasoline for March

Co. offers 92-RON grade for March loading from Kaohsiung, according to tender information on its website.

Norway Plans to Tame Statoil Domination as Oil Output Shrinks

Norway, which has watched its crude output fall every year since 2000, wants to attract large producers to compete with Statoil ASA as the state-controlled company cancels and delays key projects.

Statoil Seen Reducing Investment Targets as Costs Erode Earnings

Statoil ASA, Norway’s biggest oil and gas producer, will probably scale back investment and output goals when it reports earnings tomorrow as it seeks to replenish cash flow to cope with rising costs, analysts said.

AWE Releases Independent Resource Estimates for Perth Basin

AWE says gross unconventional prospective resource estimate is 11.1 trillion cubic feet (TCF) of gas and 31m barrels of natural gas liquids in its 4 most southern exploration permits in the onshore Perth Basin, co. says in statement.

Zambia to Boost Power Capacity 39% This Year to Support Mines

Zambia will commission power projects this year that will boost generation capacity in Africa’s biggest copper producer by about 39 percent, Mines and Energy Minister Christopher Yaluma said.

Fisker’s Remains Spur Chinese Duel With Patents as Prize: Cars

Two Chinese-backed companies are locked in a bidding war, culminating next week, to take over bankrupt U.S. carmaker Fisker Automotive Holdings Inc.

U.S. DOE Weekly Petroleum Status Report for Jan. 31 (Text)

Following is the text of the weekly Petroleum Status Report from the U.S. Department of Energy:

REFINERIES Map global refinery outages

Enterprise to Flare at Mont Belvieu on Unit Restart: Filing

Mont Belvieu, Texas, facility to flare at noon today local time because of restart of “BEF unit after completing maintenance activities,” according to filing with Texas Commission on Environmental Quality.

Phillips 66 Has Emissions at Lake Charles Refinery : NRC Filing

Refinery in Westlake, Louisiana, had unspecified emissions due to an upset, according to report taken Feb. 5 by National Response Center.

Iran May Halve March Fuel Oil Exports on Abadan Maintenance (1)

Iran may reduce fuel oil exports by 50 percent next month as maintenance work at the Persian Gulf state’s Abadan refinery cuts output, according to an official at National Iranian Oil Co.

Valero McKee Refinery Has Process Malfunction and Emissions

Co.’s McKee refinery in Texas reported process malfunction began today, according to notice with Texas Commission on Environmental Quality.

San Francisco Spot Gasoline Gains as Golden Eagle Finishes Work

Carbob in San Francisco up 4.5c to premium of 3c/gal. vs Nymex futures at 402pm N.Y. time, data compiled by Bloomberg show

Citgo Says Lemont Vacuum Unit Restarted Yesterday

Co. says vacuum distillation unit at Lemont refinery in Illinois restarted yesterday and is at full capacity for first time since it was closed for repairs in October.

Canadian Crudes Fall With Refineries Shut for Maintenance

Downtime at Citgo’s Lemont refinery in Illinois and Federated Co-operative’s Regina plant in Saskatchewan is cause of weakening, Martin King, analyst for FirstEnergy Capital Corp. in Calgary, says by phone.

Shell Deer Park Refinery Returned to Normal Operations

Shell’s Deer Park, Texas, refinery had upset in a unit on Feb. 1, according to Destin Singleton, a Co. spokeswoman

Delta Trainer Refinery Said to Plan Crude Unit Restart on Feb. 8

Delta Air Lines Inc.’s Monroe Energy LLC subsidiary plans to restart a crude unit at the Trainer, Pennsylvania, refinery on Feb. 8 following planned repairs, a person with knowledge of the plant’s operations said.

OTHER OIL MARKET NEWS

TOP Oil Market News: U.S. East Coast Diesel at Record Premium

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 7.49 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

Saudi Arabia to Japan Tanker Rates Rises 1.5% to 47.90 Points

The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, gained 1.5 percent to 47.90 Worldscale points, according to the Baltic Exchange in London.

Saudi Aramco Keeps March U.S. Crude Differentials Unchanged

Saudi Arabian Oil Co., the world’s largest crude exporter, kept the differentials used in determining its official selling prices for all four crude grades unchanged for customers in the U.S. for March.

TOP ENERGY STORIES

Babson Graduate Defies Angola Myth to Make Fortune on Phones (2)

Alex Thomson-Payan arrived in Angola in 2007 armed with a business degree from Babson College in Boston and $200,000 raised from Swiss and American friends.

Week’s Second Northeast Storm Snarls Travel as Schools Shut (3)

The second winter storm of the week swept into the U.S. Northeast with snow and ice, grounding more than 2,000 planes, closing schools and cutting power to more than a million customers.

Treasuries Decline as U.S. Stocks Retreat While Silver Rallies

Treasuries fell, sending 10-year yields up from almost a three-month low, and U.S. stocks ended lower as investors dissected reports showing growth in jobs and acceleration in service industries. Silver and gold paced gains in commodities.

Tesla Breaks Into Top 5 Car Brands in Consumer Reports Study (3)

Tesla Motors Inc., the youngest U.S. automaker, ranks in the top five brands among people surveyed by Consumer Reports, another accolade from the magazine that rates Tesla’s Model S among the best cars it’s ever tested.

Vulnerable Democrats Urge Keystone Assent as Election Looms (1)

Four politically vulnerable Senate Democrats are urging U.S. President Barack Obama to approve the Keystone XL pipeline, spotlighting the implications of an election-year decision that may influence which party controls the chamber.

U.S. Natural Gas Rises as Inventories Seen Declining on Weather

Natural gas rose before a government report that is expected to show U.S. inventories fell last week by almost twice the five-year average.

Marijuana Swap for Gas Marks Path for Australia Aborigines: Jobs

Leaning on the wheel of his patrol boat, Myti Wood points to the multibillion-dollar natural gas plant emerging on the shores of Darwin’s harbor in the far north of Australia.

World Cup Blackouts Ruled Out by Brazil Betting on Heat Relief

Brazil’s electricity grid, beset by low dam levels and blackouts, will be able to cope with hosting the soccer World Cup, according to the government.

Goldman Cash Brings Relief to Dong CEO as Denmark Completes Deal

After weeks of turmoil that ended in street protests and a government split, Dong Energy A/S Chief Executive Officer Henrik Poulsen says a cash infusion from Goldman Sachs Group Inc. will resurrect the Danish utility.

Coal Producers Interim Authorization for Collective Talks: ACCC

Australian Competition and Consumer Commission granted interim authorization for RG Tanna Coal Export Terminal Producers to collectively negotiate with Gladstone Ports Corp., regulator says in statement on website.

OTHER MARKETS

Asian Stocks Climb With Aussie as Commodities Advance Third Day

Asian stocks advanced for a second day while Australia’s currency climbed after the nation reported a surprise trade surplus on exports to China. Commodities gained, with silver, gas and nickel rising.

Euro Near 11-Week Low Before ECB; Aussie Rises on Trade Surplus

The euro was near an 11-week low amid speculation slowing inflation will prompt the European Central Bank to reinforce its dovish stance when announcing an interest- rate decision today.

Currency Market Roiled by Trader Exits as Lawsky Probes Banks

The foreign-exchange trading business was in upheaval across Wall Street as senior executives resigned and others were fired amid an expanding probe of possible currency manipulation.

Asian Stocks Gain as Investors Weigh Company Earnings, U.S. Data

Asian stocks rose, with the regional benchmark index poised for its second straight daily advance, as investors weighed earnings and U.S. data showing service- industries growth against a private jobs report that missed estimates.

Global Pensions Reduce Bond Holdings in 2013, Towers Watson Says

Global pension fund managers cut their exposure to bonds in favor of equities in 2013, a survey showed, underscoring a shift away from fixed-income securities as investors expect rising interest rates to curb returns.

Australian Cotton Output Seen Dropping as Drought Hurts Crop (2)

Cotton production in Australia, the world’s third-biggest exporter, may decline to the lowest level in at least three years as drought curbs crops and water availability, according to a growers’ group. Prices advanced.

Palm Oil Reserves in Malaysia Seen Near Highest Since March (1)

Palm oil stockpiles in Malaysia, the world’s second-biggest supplier, probably stayed near the highest level since March as a third monthly decline in exports countered a drop in output, a Bloomberg survey showed.

Abe Eyes Window for Biggest Military-Rule Change Since WWII (1)

Prime Minister Shinzo Abe, pressed by China and seeking to strengthen ties with the U.S., is considering Japan’s biggest change in military engagement rules since World War II.

Thai Crisis Splits Families as Years of Turmoil Prevent Healing

Cod Satrusayang’s family has found a way out of their Thai crisis. They’ve stopped talking about politics.

SPORTS

Birmingham International Seeks to Resume Trading Tomorrow

Birmingham International Holdings Ltd., owner of English soccer team Birmingham City, has applied to resume trading in Hong Kong tomorrow, ending a more-than-2 1/2-year suspension.

David Beckham to Own Major League Soccer Franchise in Miami

Former England captain David Beckham will own a Major League Soccer team in Miami.

Cristiano Ronaldo Is Suspended for Three Games After Gesture

Cristiano Ronaldo, the FIFA world soccer player of the year, was banned for three Spanish league games after making a gesture when he was ejected in a match at Athletic Bilbao.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 97.52 +0.14 +0.1 Nymex March Brent Crude ($/Bbl) 106.27 +0.02 +0.0 Ice March Gasoil ($/Ton) 900.25 +4.25 +0.5 Ice March Gasoline (c/Gal) 264.83 +0.70 +0.3 Nymex March Natural gas ($/MMBtu) 5.21 +0.18 +3.5 Nymex March Dated Brent ($/Bbl) 106.51 +0.43 +0.4 OTC 21 Days Heating Oil 299.12 -0.56 -0.2 Nymex March

Other markets:

Last %Chg

----- ----- Dollar Index 81.10 +0.1 Gold ($/Oz) 1,256.90 +0.5 MSCI World Index 1,573.02 -- Prices as of 6 a.m. GMT

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

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.