TOP Oil Market News: WTI Drops a Third Day as U.S. Supplies Rise

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

WTI Falls for Third Day as U.S. Crude Supplies Rise; Brent Drops

West Texas Intermediate fell for a third day, the longest losing streak in two months, after an industry report showed crude inventories rose in the U.S., the world’s biggest oil consumer. Brent slid in London.

China Sending Record Diesel Glut Abroad as Growth Slows: Energy

China’s weakest economic growth in almost a quarter century is spurring record exports of diesel that threaten the profitability of Asian refiners.

WTI Crude Shielded From Ukraine on U.S. Output: Chart of the Day

The crisis in Ukraine is having less influence on West Texas Intermediate crude than previous international incidents, as growing domestic production shields the U.S. benchmark.

S. Korea May Offer Tax Breaks to Attract Foreign Oil Traders

South Korean government is considering offering tax benefits if overseas oil traders establish companies in South Korea, the nation’s energy ministry says in e-mailed statement.

BPCL Said to Sell Term Naphtha at $2/Mt Premium to Its Formula

BPCL sells 3 x 38k mt of naphtha for April-June loading to Idemitsu at premium of $2/mt over co.’s term formula, say two traders who asked not to be identified because the information is confidential.

Indian Oil Offers 380-Cst Fuel Oil for April Loading in Chennai

Refiner offers to sell as much as 35k mt for April 3-5 loading from Chennai on country’s east coast, according to tender document obtained by Bloomberg.

Formosa Said to Sell 300K Bbl of 10ppm Gasoil at 25 Ct Premium

Formosa Petrochemical sells 300k bbl of 10ppm sulfur gasoil for April 1-10 loading to BP at 25 cts/bbl premium to Singapore benchmark prices, according to three traders who ask not to be identified because the information is confidential.

More Than 10 Japan Reactors May Face Decommissioning, Asahi Says

Thirteen nuclear reactors in Japan might have difficulties meeting tougher safety guidelines, Asahi newspaper reports, citing survey with nuclear plant operators.

REFINERIES Map global refinery outages

Shell Puget Sound Applies to Bring in FCC, Coker Feed by Rail

Unloading complex at refinery in Anacortes, Wash., would let plant receive 14 rail cars of feedstock/d for fluid catalytic cracker, delayed coker: application received by Northwest Clean Air Agency March 6.

San Francisco Spot Diesel Slides as Refinery Work Seen Finished

Spot California-blend diesel in San Francisco weakens vs Nymex futures for first time in 1 mo., widening 4.25c/gal. to 4.5c, data compiled by Bloomberg show.

Valero Benicia Oil Refinery Said to Finish Repairs on Coker

Refinery in Northern California finished maintenance turnaround that was scheduled to begin in Feb., 2 people familiar with work tell Bloomberg’s Lynn Doan.

Par Petroleum Kapolei Refinery Said to Finish Hydrocracker Work

Largest refinery in Hawaii has finished repairs on distillate hydrocracker that was shut last wk after leak was discovered, person with direct knowledge of the situation tells Bloomberg’s Lynn Doan.

Suncor Begins Maintenance on Alberta Oil-Sands Upgrader

Upgrader 2, which can convert 240,000 b/d of oil sands bitumen into synthetic crude, will be partially shut down during the work.

Flint Hills Reports Flaring in Corpus Christi, Texas

Operations require flaring, community hotline message says.

Tesoro Golden Eagle Refinery Said to Shut Reformer After Fire

Reformer at Tesoro Corp.’s 166,000 b/d Golden Eagle refinery in No. Calif. remains shut for repairs after fire March 9, 2 people familiar with operations tell Bloomberg’s Lynn Doan while asking not to be identified because the information isn’t public.

Midland Crude Weakens as Oil Inventories Grow in West Texas

West Texas Intermediate crude in Midland, Texas, weakened relative to the domestic benchmark in Cushing, Oklahoma, as stockpiles build up amid refinery maintenance in the largest U.S. oil basin.

Phillips 66 Los Angeles Refinery Said to Plan Coker Repairs

Carson section of Los Angeles-area refinery to perform planned repairs on part of coker, person familiar with operations there tells Bloomberg’s Lynn Doan.

OTHER OIL MARKET NEWS

Traders Warm to Canada Energy Stocks on Pipeline Bets: Options

Expanding pipelines and railroads are helping Canada’s biggest energy companies get higher prices for oil, leaving bulls in command in the options 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 8.91 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

Asian Stocks Retreat With Crude Oil as China Concern Spurs Gold

Asian stocks fell, with the regional index headed for a three-week low, oil dropped and emerging-market and commodity-linked currencies weakened amid concern that China’s economy may be faltering. Gold advanced and copper traded near its lowest since July 2010.

Clinton Keystone-Pipeline Dodge Causes Donors to Rethink Support

Wealthy Democratic environmentalists are considering withholding support for a 2016 Hillary Clinton presidential bid unless she reassures them about their top priority: Killing the Keystone XL pipeline.

Russia Holds Firm on Crimea as Ukraine Bolsters Its Defenses (1)

Russia showed no signs of yielding in the Crimea standoff as Ukraine bolstered its defenses before its prime minister meets U.S. President Barack Obama tomorrow.

Snow Aims at Chicago While Rainy Cold to Head Over Northeast

Snow was set to fall in Chicago while rain and cold from a late winter storm is forecast to sweep across the U.S. Northeast, including New York.

YPF Bond Alarm Tripped as Higher Leverage Seen: Argentina Credit

YPF SA bondholders are bracing for the prospect Argentina’s state oil company will go deeper into debt at a time when its operating costs are ballooning.

China on Course to Exceed 2015 Shale Target With Fuling Find (1)

China, which sits on the world’s largest shale reserves, may exceed its 2015 output goal, as a new project in the nation’s southwest and the promise of fresh investment leave government targets looking outdated.

Fortum $6.9 Billion Swedish Sale Said to Draw CKI, Borealis (1)

Fortum Oyj’s sale of its Swedish electricity grid is drawing interest from bidders including billionaire Li Ka-Shing’s Cheung Kong Infrastructure Holdings Ltd. and Canadian pension investor Borealis Infrastructure Management Inc., people familiar with the process said.

Northeast Asia Spot LNG Prices Drop on Rising Supply, WGI Says

Liquefied natural gas prices in Northeast Asia fell into a “sharp descent” on a combination of more supply and weaker demand for April and May cargoes, Energy Intelligence Group said.

Putin Opens Up Europe’s Energy Fault Line Along Oder-Neisse

Vladimir Putin’s play to wrest control of Ukraine is accentuating divisions in the European Union over how to balance climate and energy policies, driving a wedge between Germany and its eastern neighbor Poland.

Worst Oil Stock Seeks Shale Boost as Colombian Boom Loses Luster

Ecopetrol SA is positioning itself to tap Colombian shale and offshore oil deposits for the first time after missed targets at onshore fields made it the worst- performing major oil stock last year.

OTHER MARKETS

Asian Stocks Retreat With Crude Oil as China Concern Spurs Gold

Asian stocks fell, with the regional index headed for a three-week low, oil dropped and emerging-market and commodity-linked currencies weakened amid concern that China’s economy may be faltering. Gold advanced and copper traded near its lowest since July 2010.

Yen Holds Gains Versus Peers on China Slump, Ukraine Concerns

The yen held gains from yesterday against most peers after a gauge of Chinese economic surprises dropped to a nine-month low, underlining concern about a slump in the Asian economy that’s sent commodity prices tumbling.

Kiwi Divides Forecasters as Rates Collide With Fed: Currencies

The foreign-exchange market is more divided on New Zealand’s dollar than any other major currency as strategists debate which is more important for the kiwi -- the local central bank or the U.S. Federal Reserve.

Asia Stocks Drop on China Concern as Yen Weighs on Japan Shares

Asian stocks fell, with the regional benchmark set for its biggest decline in five weeks, as Japanese equities sank on a stronger yen and mining companies slid amid concern about China’s economic outlook.

Chinese Stocks Listed in Hong Kong Poised for Eight-Month Low

Mainland stocks listed in Hong Kong headed for an eight-month low amid concern about China’s economic outlook ahead of data tomorrow expected to show a slowdown in industrial production.

Soy Crop at Record in Brazil Clogs Ports as China Spurs Boom (2)

Soybean production in Brazil will climb to a record even after drought hurt supplies in the world’s largest shipper, prolonging port congestion as demand for oilseeds and grains expands, according to Gavilon Group LLC.

Gold Reaches 19-Week High as China, Ukraine Raise Haven Demand

Gold climbed to a 19-week high as speculation China’s growth is faltering hurt equities, boosting haven demand as tension in Ukraine escalates. Holdings in the biggest exchange-traded product held at the highest this year.

Malaysian Air Force Denies Saying Plane Tracked to Malacca (1)

Malaysia’s Air Force chief denied saying Flight 370 was tracked deviating from its path into Malacca Strait, adding to the confusion surrounding the search for the missing plane, which entered its fifth day.

Malaysia Failing to Manage Crisis Exposes Leadership Limit (1)

Malaysia, aspiring to become a developed nation in six years, is finding that more than 50 years under one coalition and tight control over information is a mismatch for handling a rapidly growing crisis followed across the world.

SPORTS

Brazil World Cup Fans Won’t Get Chance to Jeer Rousseff, Blatter

Brazilian President Dilma Rousseff and Sepp Blatter, the head of soccer body FIFA, were jeered the last time they addressed a stadium crowd. They won’t make the same mistake when the World Cup kicks off in June.

Newcastle Coach Pardew Is Banned for Seven Games After Headbutt

Newcastle coach Alan Pardew was banned for seven matches and fined 60,000 pounds ($99,800) after he headbutted Hull City midfielder David Meyler during a Premier League game.

Baron Capital Increases Stake in Manchester United to 2.5%

U.S. investment firm Baron Capital has acquired almost a quarter of all shares made available on the New York Stock Exchange by Manchester United, the record 20- time English soccer champion that’s struggling this season.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 101.32 +0.20 +0.2 Nymex April Brent Crude ($/Bbl) 108.18 +0.10 +0.1 Ice April Gasoil ($/Ton) 907.00 +0.75 +0.1 Ice April Gasoline (c/Gal) 295.08 +0.14 +0.0 Nymex April Natural gas ($/MMBtu) 4.67 +0.02 +0.5 Nymex April Dated Brent ($/Bbl) 107.81 +0.20 +0.2 OTC 21 Days Heating Oil 296.98 +0.24 +0.1 Nymex April

Other markets:

Last %Chg

----- ----- Dollar Index 79.79 -- Gold ($/Oz) 1,341.50 +0.2 MSCI World Index 1,677.30 -- Prices as of 6 a.m. GMT

To contact the reporter on this story: Alexander Kwiatkowski in Singapore at akwiatkowsk2@bloomberg.net

To contact the editors responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net Mike Anderson

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