The following is a selection of the most important news affecting the oil market.
WTI Rebounds as Gasoline Stockpiles Seen Shrinking; Brent Gains
West Texas Intermediate crude rebounded amid speculation gasoline supplies dropped for a seventh week in the U.S., the world’s biggest oil consumer. Brent rose in London on renewed tensions between the West and Russia over Ukraine.
Buzzard Oil Field Said Restarted April 6 After Brief Halt
North Sea field halted April 5 after a trip, 2 people with knowledge of matter say.
Libya Zueitina Oil Port Ready To Resume Crude Exports: Al Awami
Libya Oil Ministry Measurement Director Ibrahim Al Awami speaks by phone in Tripoli.
Age of Gas Seen as Sideshow to U.S. Producers Preoccupied by Oil
The “golden age of gas” that the International Energy Agency foresees as a result of the U.S. energy boom is hardly the future being embraced by industry executives.
Qatar Sets March Marine Grade Crude Price at $105/Bbl: QNA
OPEC member sets March Land crude at $107.25/bbl, state-run Qatar News Agency reports.
Plug Plots Path From Forklifts to Trucks for Hydrogen Fuel Cells
Plug Power Inc., the best performer on the Nasdaq, is looking for new markets where its fuel cells can take on fossil fuels. First on the list: refrigerated delivery trucks and airport support vehicles.
Coal’s Clout Endures in Senate Races Even as Mining Jobs Fall
Natalie Tennant, the presumptive Democratic nominee for West Virginia’s open U.S. Senate seat, got an earful visiting a company where workers said President Barack Obama’s environmental policies threaten their jobs.
U.S. Plans $30 Million Grants to Promote Research on Fuel Cells
The U.S. Energy Department sees the value of fuel cell technologies and plans to award $30 million in research grants for systems designed to power homes and businesses by September, said Dr. Cheryl Martin, acting director of the Advance Research Projects Agency -- Energy.
REFINERIES Map global refinery outages
ASIA CRUDE: PTT Seeks June Shipment; Shell Sells Oman Cargoes
Thailand’s PTT seeks 600k-1 mln bbl of crude on behalf of IRPC, a Thai refiner and petrochemical maker, according to document obtained by Bloomberg.
ASIA NAPHTHA: May Swaps at 1-Week High, East-West Spread Narrows
May naphtha swaps at highest level in a week. East-West spread narrows for fourth time in five days, indicating reduced profit from shipping the fuel from Europe to Asia.
ASIA DISTILLATES: CPC Offers May Gasoil; BPCL Shuts Mumbai Units
Taiwan’s CPC offers to sell 300k bbl of 0.25% sulfur gasoil and as much as of 150k bbl of 1% sulfur grade for May loading from Kaohsiung, according to statement on co. website.
ASIA FUEL OIL: HPCL Buys Cargo; Singapore Using Mass-Flow Meters
HPCL buys as much as 30k mt of 180- cst fuel oil from Shell, say three traders who asked not to be identified because the information is confidential.
BPCL Shut Some Mumbai Refinery Units for Maintenance on April 1
Co. shut one of three crude distillation units and a fluid catalytic cracker at plant in western India, says B.K. Datta, refineries director.
Suncor Edmonton Refinery Begins 8 Weeks of Planned Maintenance
Work at refinery in west Canada won’t affect ability to meet supply agreements, according to notice on co. website.
Valero Corpus Christi Has Emissions Due to Third Party Upset
West side of co.’s refinery vented off-gas April 5 from refinery fuel gas drum due to equipment malfunction at a third-party off-gas processing site, notice with Texas Commission on Environmental quality today shows.
PBF Delaware City Refinery Reports Emissions, Filing Shows
Refinery reported leak in overhead exchanger, according to filing with the state’s Dept. of Natural Resources and Envrionmental Control
OTHER OIL MARKET NEWS
Oil Product Shipping Costs to Japan Fall 2.3%
The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan fell 2.3 percent to 8.50 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.
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
Oil Share Sales Surge as Keystone Worry Fades: Corporate Canada
Stock sales in Canada’s oil industry are off to their best start in three years as higher commodity prices and rising cash flow push the Keystone XL pipeline to the background of investor concerns.
New Pipelines Help WTI Cushing Benchmark, CME’s Morsches Says
New and reversed pipelines transporting crude to the Gulf Coast from Cushing, Oklahoma, have made West Texas Intermediate oil futures a stronger benchmark, CME Group Managing Director Gary Morsches said.
Chaori Solar Shares Tumble as Huatesi Polymer Enters Bankruptcy
Shanghai Chaori Solar Energy Science & Technology Co. fell by the daily limit after its stock resumed trading for the first time since its bond default. A Chinese textile company with junk debt entered bankruptcy.
Oklahoma Officials Swamped by Surge in Earthquakes Near Fracking
There have been more earthquakes strong enough to be felt in Oklahoma this year than in all of 2013, overwhelming state officials who are trying to determine if the temblors are linked to oil and natural gas production.
Dollar Weakens as Emerging Stocks Rise; Gold Leads Metals Higher
The dollar weakened against its major peers, falling the most versus currencies from New Zealand to South Africa as emerging-market stocks rose toward a four- month high. Shares in Europe fell for a second day, while gold led metals higher.
Aussie 7% Slump Seen by Top Analysts on Dollar: Australia Credit
The Australian dollar’s top forecasters see a more than 7 percent drop by year-end as the Reserve Bank keeps monetary policy on hold while the greenback benefits from a paring of U.S. stimulus.
European Stocks Decline Second Day Amid Growing Ukraine Tension
European stocks dropped for a second day as investors weighed escalating tensions between America and Russia over the future of eastern Europe. U.S. index futures and Asian shares were little changed.
Biotechnology Suffers Record Exit at Largest ETF Signaling Turn
Investors pulled a record $372 million from the biggest biotechnology exchange traded fund in its worst day of redemptions ever.
Gold Climbs to Two-Week High as Dollar to Ukraine Spur Demand
Gold climbed to the highest price in almost two weeks in London as a weaker dollar and tension between Russia and the West increased demand for a haven.
EU Launches WTO Case Over Russia’s Ban on Imports of EU Pork
The EU launched a case in the World Trade Organization against a Russian ban on imports of pigs, fresh pork and certain pig products from the EU.
Ukraine Mounts Security Sweep as Russia Warns Over Civil War (1)
Ukrainian authorities sent security forces to Kharkiv to clear the country’s second-biggest city of separatists as Russia traded accusations with the U.S. and warned that its neighbor’s crackdown risks sparking civil war.
Valls to Outline French Spending Cuts in First Parliament Test
Manuel Valls faces his first test as French prime minister today as he attempts to balance European demands on taming the deficit and voters angry with austerity measures.
Nymex Trader Schiff Leaves Pit to Start Golf Gym for Wall Street
After spending almost three decades on his feet as a commodities trader in the pit at the New York Mercantile Exchange, Tom Schiff’s back hurt so much that he planned to give up golf.
Connecticut Wins Fourth Basketball Title to Cap Run of Upsets
Sacramento Mayor to Head Committee Seeking NBA Union Chief (1)
Sacramento Mayor Kevin Johnson will lead a new committee created to find the next leader of the National Basketball Association players’ union, a process that will aim to hire an executive director before next season.
Masiello Can Return as Manhattan Coach When He Completes Degree
Steve Masiello can return as Manhattan College men’s basketball coach after he completes his undergraduate degree from the University of Kentucky. Until then, he will be on unpaid leave.
Last Chg %Chg Exch Contract ---- ---- ---- ---- -------- WTI Crude ($/Bbl) 101.14 +0.70 +0.7 Nymex May Brent Crude ($/Bbl) 106.33 +0.51 +0.5 ICE May Gasoil ($/Ton) 893.00 +6.75 +0.8 ICE May Gasoline (c/Gal) 293.50 +0.90 +0.3 Nymex May Natural gas ($/MMBtu) 4.49 +0.01 +0.3 Nymex May Dated Brent ($/Bbl) 105.58 +0.13 +0.1 OTC 21 Days Heating Oil 290.65 +1.58 +0.5 Nymex May Other markets: Last %Chg ----- ----- Dollar Index 1,011.12 -0.3 Gold ($/Oz) 1,311.73 +1.1 MSCI World Index 407.60 -0.2
Prices as of noon London time
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