TOP Oil Market News: WTI Crude Rises to Highest in Seven Weeks

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

WTI Rises to 7-Week High as Distillate Supplies Drop Amid Freeze

West Texas Intermediate rose to its highest intraday level in seven weeks after an industry report showed U.S. distillate supplies shrank and a potential historic winter storm threatens to coat Georgia with ice.

Caspian CPC March Crude Exports Drop From 6-Year High: Program

Shipments to decline to 755,820 b/d in March vs 804,889 b/d in Feb., according to preliminary loading program obtained by Bloomberg News.

Angola Crude Exports Drop to 34-Month Low on Girassol Deferral

March shipments revised lower to 48 cargoes, or 1.47m b/d, least since June 2011, from 49 lots totaling 1.51m b/d, loading program obtained by Bloomberg shows.

Total Says Satorp Refinery to Be ‘Fully Operational’ This Year

Saudi Aramco Total Refining and Petrochemical starting “remaining units” at new facility at Jubail on Saudi Arabia’s Gulf coast, Total says in earnings statement.

‘Historic’ Storm Brings Atlanta Ice as Northeast Faces Snow (3)

A potentially historic winter storm threatens to coat Georgia with ice, knocking out power and grounding thousands of planes, before bringing snow to Northeastern cities including Washington and New York.

China’s Crude Imports Surge to Record High on Stockpiling (1)

China, which consumes more oil than any country except the U.S., imported a record volume of crude for a second month in January as stockpiling and new refineries bolstered demand.

NORTH AFRICA ENERGY: Libya Rebels Want 15% Share of Oil Revenue

A self-declared government in eastern Libya said it wants 15 percent of the nation’s oil sales to allow crude exports from ports under its control.

Kazakhstan Said to Weigh $1.2 Billion Fine for Kashagan Partners

Kazakhstan is considering a $1.2 billion fine to punish the partners in the Kashagan oil field for excessive pollution following an unexpected shutdown last year, two people with knowledge of the matter said.

Capturing Carbon Seen Adding as Much as 80% to Electricity Costs

Capturing carbon from coal-burning power plants would increase the cost of electricity at those facilities by as much as 80 percent, more than utilities would get by selling the carbon, an Energy Department official said.

Sempra Wins Conditional U.S. Backing for Cameron LNG Terminal

Sempra Energy won conditional U.S. approval to export 1.7 billion cubic feet of liquefied natural gas a day from a terminal in Cameron Parish, Louisiana, the Energy Department said today.


U.S. Cuts Oil Production Forecasts on ‘Severe’ Cold Weather (2)

“Severe” winter weather has curbed a surge in U.S. oil production because of a temporary slowdown in the completion of new wells, the Energy Information Administration said today.

REFINERIES Map global refinery outages

Gasoline Profit Seen Gaining in U.S. as Refineries Shut: Energy

The profit from making gasoline may more than double in the New York region through April as refinery maintenance cuts production and stockpiles.

GS Caltex Operates No. 1 CCR Unit at Full Capacity After Fire

South Korean refiner restarted No. 1 continuous catalytic regeneration unit at Yeosu aromatics plant on Feb. 10, spokeswoman Borami Kim says in e-mail today.

Tesoro Golden Eagle Refinery Extinguishes Fire During Repairs

The refinery in northern Calif. was performing scheduled repairs when it had a “minor fire” on Feb. 9, Tina Barbee, co. spokeswoman, says by e-mail today.

Delek Says El Dorado Refinery Pre-Flash Tower Project Complete

Co. said project to allow refinery in Ark. to increase ability to process lighter crudes was completed during 1Q turnaround, according to investor presentation.

Shell Puget Sound Plant Returns to Normal Operations After Upset

Destin Singleton, co. spokeswoman, comments on operations at refinery in Anacortes, Wash., by e- mail.

Exxon Baton Rouge Plant Said to Shut Hydrocracker Next Week (1)

Exxon Mobil Corp.’s refinery in Baton Rouge, Louisiana, will shut a hydrocracker next week for about two weeks of planned work, two people familiar with operations said.

Phillips 66 Said to Shut Alliance Units March 5 for 47 Days

Phillips 66’s Alliance refinery in southeast Louisiana will begin shutting 10 units on March 5 for a turnaround that will last 47 days, according to two people familiar with the planned work.


Oil Product Shipping Costs to Japan Rise 2.7 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan rose 2.7 percent to 8.10 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.


Patriot Spills Coal Waste in River 2 Months Post Bankruptcy Exit

Patriot Coal Corp., which emerged from bankruptcy in December, spilled waste into a creek feeding West Virginia’s Kanawha River, a month after Freedom Industries Inc. contaminated Charleston’s water with a coal chemical.

Drillers Seen Gaining From Oil-State Senators Atop Committee (2)

They’re senior senators from two of the nation’s top oil-producing states, longtime friends who are about to begin a partnership that has environmentalists uneasy and industry lobbyists counting on a shift in energy policy.

Natural Gas Advances on Outlook for Above-Normal Supply Drop

Natural gas futures climbed in New York for the first time in five days on speculation that government data will show a bigger-than-normal decline in stockpiles of the heating fuel as cold weather stoked demand.

ICE Futures Said to Plan Start of German Power Trading in March

ICE Futures Europe, the region’s biggest energy exchange, plans to start trading in German power- price derivatives, according to a person with direct knowledge of the matter.

Kazakh President Sees ‘Serious’ Oil at Blighted Kashagan in 2014

Kazakhstan President Nursultan Nazarbayev said he expects “serious” output from the nation’s largest oil deposit this year after waiting almost half his 23 years in office for the $48 billion project to start.

Total’s Quarterly Profit Drops as Refining Margins Narrow (1)

Total SA, Europe’s third-largest oil producer, reported a 19 percent decline in fourth-quarter profit as refining margins in the region narrowed and output dropped. The company raised its dividend.

SEC Opposes Confirmation of Edison Mission Plan: Bankruptcy

Edison Mission Energy, to win bankruptcy court approval of its reorganization plan at hearing this month, must overcome opposition from the U.S. Securities and Exchange Commission aimed at preventing creditors from “trafficking in corporate shells.”


Europe Stocks Rise With Asia After China Data; Commodities Gain

Stocks rose for a sixth day in Europe and Asia after companies from ING Groep NV to Societe Generale SA posted profit that beat analysts’ estimates and Chinese trade data exceeded forecasts. Commodities rallied and South Korea’s won led gains in emerging-market currencies.

Emerging-Market Shakeout Putting Reserves Into Focus: Currencies

Foreign-exchange reserves are emerging as the latest battleground between traders and developing nations trying to stem the worst rout in their currencies since 2008.

Stocks to Fall Further on Emerging Currencies: Chart of the Day

Declines in emerging-market currencies are a signal that stocks worldwide will extend this year’s drop because cuts in Federal Reserve stimulus will curb growth, said Gautam Batra of Signia Wealth Ltd.

Rice Tumbling as Thailand’s Unpaid Farmers Urge Reserve Sale (3)

Thai rice farmer Pakasit Jamjaras usually spends his days tilling soil, just like his forefathers. Now he’s been harvesting signatures instead of grain, with a petition to King Bhumibol Adulyadej because the government hasn’t paid for his crop in five months.

Letta Pressed to Quit as Italy Premier to Make Way for Renzi (1)

Italian Prime Minister Enrico Letta is under pressure to resign and make way for a new government led by Matteo Renzi, the head of parliament’s biggest party.

Kazakh Devaluation Shows Currency War Stirring as Ruble Dips (1)

Two years after Russia, Kazakhstan and Belarus formed a trade pact, a currency war is breaking out between the former Soviet republics.


Gold-Medal Tie in Women’s Downhill Is First in Olympic History

Tina Maze of Slovenia and Dominique Gisin of Switzerland shared victory in the women’s downhill today, the first gold-medal tie in an Alpine skiing event in Olympic history.

Shaun White Troubled as Slushy Snow Brings Down Olympic Skiers

Olympic champions Shaun White and Bode Miller are among athletes who have said they’re concerned about the warm weather at the Sochi Games, where athletes have crashed on slushy snow as temperatures are forecast to reach as high as 19 degrees Celsius (66 degrees Fahrenheit) this week.

Madison Square Garden Organist Takes NHL Rangers Sounds to Sochi

New York Rangers teammates Henrik Lundqvist and Rick Nash filled their bags with hockey gear for their visit to the Sochi Olympics. Ray Castoldi, who also plays at Madison Square Garden, packed his keyboard.

Shaun White Gets Fourth in Halfpipe as Norway Tops Sochi Medals

U.S. snowboarder Shaun White surrendered his Olympic halfpipe crown after an eight-year reign, finishing fourth as a Swiss and two Japanese teenagers took the medals at the Sochi Games.


Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 100.38 +0.44 +0.4 Nymex March Brent Crude ($/Bbl) 108.80 +0.12 +0.1 ICE March Gasoil ($/Ton) 921.00 +1.50 +0.2 ICE March Gasoline (c/Gal) 276.49 +1.23 +0.4 Nymex March Natural gas ($/MMBtu) 4.91 +0.08 +1.7 Nymex March Dated Brent ($/Bbl) 108.37 -0.17 -0.2 OTC 21 Days Heating Oil 303.01 +0.20 +0.1 Nymex March Other markets:

Last %Chg

----- ----- Dollar Index 1,023.97 -- Gold ($/Oz) 1,287.17 -0.3 MSCI World Index 401.01 +0.2 Prices as of noon London time

To contact the reporter on this story: Rob Verdonck in London at

To contact the editor responsible for this story: Alaric Nightingale at

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