TOP Oil Market News: WTI Declines for First Time in Four Days

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

WTI Drops for First Time in Four Days on U.S. Jobs Report, China

West Texas Intermediate dropped for the first time in four days amid speculation that U.S. employment data today will spur the Federal Reserve to keep curtailing bond purchases in the world’s largest oil consumer.

WTI Crude Falls in Survey on Reduced Demand From U.S. Refineries

West Texas Intermediate crude will probably decline next week as U.S. refineries perform maintenance, reducing demand for the raw material and bolstering supplies, according to a Bloomberg survey.

Formosa Petrochemical Said to Offer 1-Year Term Gasoline Supply

Taiwanese refiner offers to sell a year’s supply of 93-RON grade for April 2014-March 2015 loading, say two traders who participate in the market, asking not to be identified because the information is confidential.

Tanzania Seeks Middle Distillates, Gasoline for March Delivery

Tanzania’s Petroleum Importation Coordinator seeks to buy 228,674 metric tons of fuels for March delivery to Dar es Salaam, according to tender document obtained by Bloomberg.

Baytex Energy to Acquire Aurora Oil to Add Shale Production (1)

Baytex Energy Corp. agreed to buy Aurora Oil & Gas Ltd. for C$1.8 billion ($1.63 billion) in cash to expand its U.S. shale portfolio, in the Canadian heavy-crude producer’s biggest purchase.

Bashneft to Buy $1.4b Worth of Oil From Shell Until 2016

Bashneft comments on Feb. 5 board decisions on website.

Gasoil Swaps Gain; MRPL Sells March Shipment: Asia Distillates

Gasoil swaps for March increase for third day, rising 52 cts to $121.50/bbl, according to PVM Oil Associates.

April Sokol Sells Lower; Qatar-Dubai Premium Shrinks: Asia Crude

ONGC sells 700,000 bbl of Sokol crude for April 16-19 loading to BP at $8.50-$8.70/bbl premium to Oman/Dubai prices.

U.S. Energy Department Natural Gas Update for Feb. 5 (Text)

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

Minmetals Said to Be Near Deal to Buy Glencore’s Bambas Mine (2)

A group led by China Minmetals Corp. is nearing an agreement to purchase Glencore Xstrata Plc’s Las Bambas copper project in Peru for more than $5 billion, according to people with knowledge of the matter.

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 Raising Exports to Highest Since July, Oil Movements Says

The Organization of Petroleum Exporting Countries will increase shipments this month to the highest level since late July to meet final winter demand from Asian refiners, according to Oil Movements.

REFINERIES Map global refinery outages

GS Caltex Shutting No. 1 CCR Unit at Yeosu Facility After Fire

GS Caltex, a Seoul-based refiner, is in process of shutting No. 1 continuous catalytic regeneration unit at its Yeosu facility after a fire yesterday, spokeswoman Borami Kim says in e-mail.

Exxon Has Emission at Joliet Oil Refinery: Illinois Filing

Exxon Mobil flared gases at its Joliet oil refinery in Illinois yday after “1144 froze inhibiting amine regeneration,” according to a filing with the state Emergency Management Agency.

Phillips 66 Has Emission at Wood River Oil Refinery: Illinois

Phillips 66 flared gasses including sulfur dioxide at its Wood River refinery in Illinois yday due to “valve failure,” according to a filing with Illinois Emergency Management Agency.

China Major Refinery Runs Fall to 85.52% of Capacity: Oilchem

Avg. rate as of Jan. 29 down 0.12 pct points from two weeks earlier, according to Shandong-based industry website.

Valero Mckee Refinery Has Flare on Unit Upset: NRC Filing

Sunray, Texas, refinery has discharge of 5 bbl of diesel from flare due to unit upset at 9 a.m. local time yesterday, according to report taken by National Response Center.

Motiva Begins Maintenance at Convent Refinery in Louisiana

No detail about units being worked on or duration, co. spokeswoman Destin Singleton says by e-mail.

Delek Tyler Refinery Reports Power Interruption to State

Co. had emissions after unanticipated power interruption, notice to Texas Commission on Environmental Quality today showed.

Citgo Corpus Christi Said to Shut Refinery for 35 Days Work

Citgo Petroleum Corp. began shutting both plants at its Corpus Christi, Texas, refinery yesterday for about 35 days of planned maintenance, according to a person with knowledge of the work.

Tesoro Sees More Turnarounds on West Coast in 2014: Call

Tesoro, on 8:30am call, says sees spending $205m on plant turnarounds in 2014.

OTHER OIL MARKET NEWS

Oil Product Shipping Costs to Japan Rise 5.3 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan rose 5.3 percent to 7.89 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

TOP ENERGY STORIES

Goldman Energy Analyst Murti to Retire After 15 Years at Firm

Arjun Murti, a Goldman Sachs Group Inc. equity research analyst who covers oil companies including Exxon Mobil Corp. and ConocoPhillips, will retire after 15 years at the firm.

Phibro’s Hall Reports Largest Drop at Astenbeck Hedge Fund (2)

Andrew J. Hall, the oil trader whose $100 million compensation while at Citigroup Inc. ignited controversy in 2009 over pay packages at bailed-out banks, posted his commodity hedge fund’s biggest annual loss last year.

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.

Solar Water Pumps Wean Indian Farmers From Archaic Grid: Energy

India has a novel idea: Wean farmers from archaic power lines and expensive diesel fuel to run their water pumps with solar energy.

Natural Gas Declines Third Day as Weaker Winter Storms Predicted

Natural gas futures declined for a third day in New York as forecasts pointed to less severe snowstorms over the weekend and warmer-than-usual weather later this month.

Woodside to Invest Up to $2.6 Billion in Israeli Gas Venture (2)

Woodside Petroleum Ltd., Australia’s second-largest oil producer, plans to buy a quarter of Israel’s biggest natural gas field for as much as $2.6 billion under a revised agreement as demand rises in the Middle East.

Iran Rift Risked as IAEA Seeks Details on Rare Atomic Experiment

United Nations nuclear investigators want Iran to produce more information about experiments it conducted in the early 1990s with polonium, a rare metal that has been used to trigger nuclear weapons.

JPMorgan’s Masters Joins Swaps Regulator’s Advisory Committee

Blythe Masters, head of JPMorgan Chase & Co.’s commodities division, joined an advisory committee of the U.S. Commodity Futures Trading Commission.

OTHER MARKETS

Europe Stocks Gain With Copper Before U.S. Jobs as Euro Weakens

European shares rose for a third day and Standard & Poor’s 500 Index futures advanced before U.S. employment data. The euro weakened, German bonds gained and copper climbed for a second day.

Euro Drops as Germany Seeks European Ruling on ECB Bailout Plan

The euro fell for the first time in three days against the dollar as Germany’s top court questioned a rescue plan for debt crisis-hit euro-area nations and asked Europe’s highest judges to rule on its legality.

Bank of England Staff Said to Have Condoned FX Traders’ Conduct

Bank of England officials told currency traders it wasn’t improper to share impending customer orders with counterparts at other firms, a practice at the heart of a widening probe into alleged market manipulation, according to a person who has seen notes turned over to regulators.

Asian Stocks Pare Weekly Loss on U.S. Jobless Claims, Earnings

Asian stocks rose, with the regional benchmark index paring its sixth straight weekly loss, as U.S. jobless claims fell and investors weighed company earnings.

Copper Advances for a Second Day Before U.S. Employment Report

Copper rose for a second day in London before a report projected to show hiring of workers more than doubled last month in the U.S., bolstering prospects for demand in the second-biggest consumer of the metal.

Cocoa Harvest in Indonesia May Decline to Decade Low on Rain (1)

Cocoa output from Indonesia will probably drop to the lowest in a decade as rains in the third- biggest grower hurt flowering and delay the harvest, curbing supplies of the chocolate ingredient amid a global shortage.

Boehner Stalls on Immigration to Keep Focus on Obamacare Attacks

The House’s chances of passing a revamp of U.S. immigration policy this year are fading as Republicans say they want to avoid distractions from their focus on blaming Democrats for Obamacare.

Japan’s Abe Heads for Putin Summit Vowing to Resolve Island Row

Japanese Prime Minister Shinzo Abe vowed to work for the resolution of a row over islands seized by the then-Soviet Union at the end of World War Two, a day before he is set to meet Russian President Vladimir Putin.

SPORTS

Russians Rue Economy as Most Expensive Olympics Begin at Sochi

On its way to center stage in Sochi today, the Olympic flame passed through outer space and the bottom of Baikal, the world’s deepest lake, heralding the spirit of the games and Russia’s greatness.

Ralph Kiner, Slugger Who Became Mets Broadcaster, Dies at 91

Ralph Kiner, the Pittsburgh Pirates slugger who was one of the most productive home-run hitters of his era and later became an original broadcast voice of the New York Mets, has died. He was 91.

Bankers Are Better Bet for Canadian Olympic Gold Than NHL Stars

A Royal Bank of Canada account manager and an investment-house lawyer, leaders of the country’s curling teams, are among Canada’s best Olympic gold medal hopes in Sochi.

Lillard Includes Slam Dunk in Unprecedented All-Star Schedule

Damian Lillard of the Portland Trail Blazers will become the first player to take part in three contests on the evening before the National Basketball Association All-Star Game.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 97.43 -0.41 -0.4 Nymex March Brent Crude ($/Bbl) 107.21 +0.02 +0.0 ICE March Gasoil ($/Ton) 907.00 +3.25 +0.4 ICE March Gasoline (c/Gal) 268.00 -0.30 -0.1 Nymex March Natural gas ($/MMBtu) 4.76 -0.17 -3.4 Nymex March Dated Brent ($/Bbl) 106.92 -0.23 -0.2 OTC 21 Days Heating Oil 300.35 +0.84 +0.3 Nymex March Other markets:

Last %Chg

----- ----- Dollar Index 1,026.52 +0.1 Gold ($/Oz) 1,261.62 +0.3 MSCI World Index 391.39 +0.3 Prices as of noon London time

To contact the editor responsible for this story: Steve Voss in London at sev@bloomberg.net

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