TOP Oil Market News: Brent Climbs the Most in a Month on Libya

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

Brent Crude Climbs Most in a Month on Libya as WTI Spread Widens

Brent crude rose the most in a month amid concern that talks between the Libyan government and rebels won’t restore oil exports. West Texas Intermediate’s discount to Brent widened.

Foreign Frackers Now Find Comfort in Water-Hungry Spain: Energy

A few years ago, fracking in Spain seemed as likely as bullfighting in Britain.

Taxes Played Role in Shell Alaska Rig Grounding, U.S. Says (1)

Royal Dutch Shell Plc’s belief that a drilling rig would face million of dollars in Alaska taxes influenced its 2012 decision to move the vessel, which broke free while being towed in stormy seas and ran aground on an uninhabited island, the U.S. Coast Guard said in a report.

Libyan Oil Resumption Seen Closer as Rebels Say Deal Reached

The prospects for a recovery in Libyan oil exports moved closer after rebels blocking shipments from the country’s east said they agreed in principle with the government to allow a resumption.

Saudi Aramco Raises May Crude Formulas for All Asia, U.S. Grades

Saudi Arabian Oil Co., the world’s largest crude exporter, raised differentials used to determine its official selling prices for all crude grades to customers in Asia and the U.S. for May.

Gasoline Gains as U.S. Supplies Slip to Lowest Since November

Gasoline futures advanced from a four-week low with U.S. supplies of the fuel at the lowest level since November.

Ethanol Falls Most This Year as Imports Ease Supply Tightness

Ethanol futures fell the most since December on speculation that foreign purchases of the fuel are helping to ease supply tightness.

Keystone Fight ‘Disaster’ for Other Projects: Continental’s Hamm

TRP’s Keystone XL oil pipeline project and ensuing regulatory battle “stopped a lot of projects” from being built, Continental Resources CEO Harold Hamm says at Hart Energy’s DUG Bakken and Niobrara conference in Denver today.

U.S. Energy Department Natural Gas Update for April 2 (Text)

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

Gasoil Stockpiles Fall in Europe’s Oil-Trading Hub, PJK Says

Gasoil stockpiles in independent storage fell in Europe’s Amsterdam-Rotterdam-Antwerp oil-trading hub, according to PJK International BV.

REFINERIES Map global refinery outages

Spot Los Angeles Gasoline Rises to Highest Level Since Feb. 11

Spot gasoline in Los Angeles, strengthens 11.25c vs Nymex futures to 14c premium at 355pm N.Y. time, data compiled by Bloomberg show.

Alon Big Spring Shut Fluid Catalytic Cracker After Rupture

Co. shut FCC after a ruptured tube in debutanizer exchanger caused flaring from the unit, according to filing with Texas Commission on Environmental Quality.

Marathon Texas City Reports Starting Units After Power Loss

Co. lost power and shut units because of supply issues from third-party provider, according to filing with Texas Commission on Environmental Quality.

Marathon Garyville Plans Two Distillate Hydrotreater Projects

Co. plans increase rate on distillate hydrotreater Unit 14 at Garyville refinery to 88,000 b/d from 84,000 b/d, Louisiana regulator filing shows.

BP Buys Dutch Jet Fuel; U.K. Refinery May Close: Oil Products

BP buys cargo of jet fuel for delivery to Rotterdam. ICE gasoil rises by most in almost 2 wks.

Phillips Says 6 Months Before Santa Maria Rail Permit Considered

PSX’s proposed rail expansion at Calif. refinery won’t be considered by county for at least 6 months after study area for report was expanded, Dennis Nuss, co. spokesman, says by e-mail today.

Murphy Oil May Close U.K. Refinery If New Buyer Search Fails (1)

Murphy Oil Corp. started talking to workers about job cuts at its U.K. refinery and may close the plant if it can’t find a buyer. Negotiations halted with the latest potential acquirer in the firm’s three-year search.

Tremors Rattle North Chile in Aftermath of 8.2-Magnitude Quake

People in northern Chile evacuated coastal regions for the second time in two days last night after the area was shaken by a 7.6-magnitude earthquake, triggering a new tsunami alert.

MORE: Tesoro Reports Unit Startup at Martinez, Filing Shows

Report of restart was not related to a production unit, Elizabeth Watters, co. spokeswoman, says by e-mail today.

OTHER OIL MARKET NEWS

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

Libya Oil Resumption Seen Closer as Rebels Say Deal Reached (1)

The prospects for a recovery in Libyan oil exports moved closer after rebels blocking shipments from the country’s east since July said they reached a deal with the government to allow a resumption.

Saudi Arabia to Japan Tanker Rates Rises 0.2% to 38.52 Points

The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, gained 0.2 percent to 38.52 Worldscale points, according to the Baltic Exchange in London.

Crude Official Selling Prices and Formulas by Country (Table)

The following table shows official prices, formulas and relative values for crude grades from the Middle East, Asia, Africa and the Americas. Figures are in U.S. dollars a barrel, or premiums and discounts to regional benchmarks where plus and minus symbols appear.

TOP ENERGY STORIES

Gazprom’s $910 Billion Gaffe Shows Putin Economy Eroding Wealth

Back in April 2007, in the midst of the greatest commodities rally on record, OAO Gazprom’s deputy chief executive officer, Alexander Medvedev, was talking big.

Ukraine Slapped With Gas-Price Jump as Russia Tangles With NATO

Russia ratcheted up pressure on Ukraine with a 26 percent increase in the price of natural gas after Foreign Minister Sergei Lavrov said NATO shouldn’t expand its presence in eastern Europe.

Britain Confronts Gas Mother Lode With Fracking Pushed by Browne

An icy rain is pelting about 30 protesters who’ve converged at the gate of a natural gas drilling site near Manchester, England. On the other side of a fence topped with razor wire, a 10-story-high rig is boring into shale to determine if it’s suitable for hydraulic fracturing, or fracking. The demonstrators unfurl a banner: “Fracking will poison our children.”

Brent Rises From Five-Month Low on Libya Concern; WTI Stable

Brent crude rose from its lowest in almost five months amid concern that talks between the Libyan government and rebels won’t restore oil exports. West Texas Intermediate was stable on signs of slower demand.

Anadarko Settles Kerr-McGee Cleanup Case for $5.15 Billion (4)

Anadarko Petroleum Corp. agreed to pay $5.15 billion to settle a U.S. claim for $25 billion to clean up 85 years worth of pollution its Kerr-McGee unit left behind across the country.

Golfers to Indiana Jones Choke on Sumatra Smog: Carbon & Climate

As smoke from Indonesia’s burning forests drifted across the Strait of Malacca into Singapore last June, the pollution index shot up and Ong Eng Tong’s golf course shut down.

America Shale Oil Less Than Estimated by Energy Old Math

Jan Arps is the most influential oilman you’ve never heard of.

Bickering Billionaires Dodge Chaos as Energy Future Nears Filing

For those hungry to watch billionaires fight over scraps in the smoking crater of a balance sheet, Energy Future Holdings Corp. is a 64-ounce rib- eye hanging off the plate.

BP’s Pan American Energy Faces Bribery Probe in Argentina (1)

Argentina’s Chubut provincial prosecutor initiated a probe of alleged bribes by BP Plc’s Argentine venture Pan American Energy LLC to extend its Cerro dragon oil field concession seven years ago.

OTHER MARKETS

Asian Futures Slip With S&P 500 as Euro Holds Drop; Copper Gains

Asian index futures fell as U.S. stock gauges retreated from records and emerging-market equities halted gains before American payrolls data. The euro held declines on prospects policy makers will act to ward off deflation while copper futures resumed their advance.

Euro Falls to Lowest in Month as Draghi Bolsters Action Pledge

The euro fell to the lowest in a month against the dollar after European Central Bank President Mario Draghi strengthened his pledge that policy makers were ready to take further steps to counter any risk of deflation.

Desjardins Bests Wall Street With Forecast for Pound: Currencies

Economists from a Canadian credit union and a German state-owned bank are delivering the best predictions in global foreign-exchange markets, while only one Wall Street firm ranks among the top 10.

U.S. Stocks Fall From Records as Tech, Consumer Shares Retreat

U.S. stocks fell, after benchmark indexes climbed to records, as consumer and technology shares slumped before the government’s monthly jobs report tomorrow.

Europe Stocks Little Changed as Draghi Renews ECB Action Pledge

Stocks in Europe were little changed, after climbing for seven days, as European Central Bank President Mario Draghi said policy makers are prepared to add further measures to support the euro-area economy if necessary.

Food Costs Jump to 10-Month High as Weather Hurts Beef to Wheat

World food prices rose to a 10-month high in March as crop damage from dry weather across the globe lifted the cost of everything from beef to wheat.

China Buyers Unsated by U.S. Ham Means More Food Deals: Real M&A

After buying up everything from U.S. hogs to British breakfast cereals, China still has an appetite for food deals.

NATO Condemns Russia ‘Propaganda’ After Lavrov Cries Foul (1)

NATO accused Russia of spreading “propaganda” after Foreign Minister Sergei Lavrov said the U.S.-led alliance broke a commitment to limit its forces in eastern European countries.

Israel Cancels Prisoner Release Over Palestinian UN Step (1)

Israel canceled the already postponed release of 26 Palestinian prisoners in the latest blow to faltering peace talks, saying the move was a response to renewed efforts by Palestinians to gain recognition at the United Nations.

SPORTS

Tiger Woods’s Bad Back Shrinks Prices for Masters Golf Tickets

Tiger Woods’s withdrawal from next week’s Masters Tournament has trimmed ticket prices now and kept them from skyrocketing later.

Aston Villa’s Benteke Ruptures Achilles, Will Miss World Cup

Aston Villa striker Christian Benteke ruptured an Achilles tendon during practice today and will miss the rest of the English Premier League soccer club’s season as well as the World Cup.

Seven More U.K. Soccer Players Arrested in Corruption Probe

Seven more soccer players from Football League clubs in northwest England have been arrested in an investigation into potential match-fixing.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 100.39 +0.10 +0.1 Nymex May Brent Crude ($/Bbl) 106.15 +1.36 +1.3 Ice May Gasoil ($/Ton) 881.25 +7.25 +0.8 Ice May Gasoline (c/Gal) 290.54 -0.64 -0.2 Nymex May Natural gas ($/MMBtu) 4.44 -0.03 -0.8 Nymex May Dated Brent ($/Bbl) 105.28 +0.05 +0.1 OTC 21 Days Heating Oil 290.24 -0.38 -0.1 Nymex May

Other markets:

Last %Chg

----- ----- Dollar Index 80.48 +0.3 Gold ($/Oz) 1,284.60 -0.5 MSCI World Index 1,685.14 -0.1

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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