TOP Oil Market News: WTI Trades Near One-Month High; Brent Falls

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

WTI Trades Near One-Month High on U.S. Fuel Demand; Brent Falls

West Texas Intermediate crude traded near the highest price in a month as rising fuel demand in the U.S. countered signs of a slowing Chinese economy. Brent slid in London.

Polar Politics Threaten Norway’s Deepest Drive in Arctic: Energy

An ice chunk that can swell to the size of Russia will shape Norway’s future oil income.

Fuel Oil Supplies to Asia Rise to 3.43 Mln Mt for May Arrival

Fuel oil supplies scheduled to arrive next month in Asia from Western countries rise to 3.43 mln mt, shipping data show.

Formosa Petrochemical Said to Sell PFO at $75-$79/Mt Premium

Taiwanese refiner sells 15k mt of pyrolysis fuel oil to Vitol at $75-$79/mt premium to Singapore benchmark prices, say two traders who asked not to be identified because the information is confidential.

Bangchak Plans Oil Exploration Investments, Post Today Reports

Co. in talks with as many as 3 potential partners to invest in Thai and overseas oil fields, Post Today reports, citing President Vichien Usanachote.

Cnooc Exit Talk Deepening Pan American Angst: Argentina Credit

Investors of Pan American Energy LLC’s bonds are losing confidence in one of Argentina’s highest- rated companies on speculation its Chinese partner will sell its stake and as regulators investigate bribery allegations in the renewal of its biggest oil concession.

Horizon Oil to Make Announcement on Govt Approval for PNG Ops

Co. requests trading halt in its shares until the announcement is made or start of trade on April 14.

OPEC

OPEC Plans to Make Room for Extra Oil From Iran, Iraq, Libya

OPEC, which supplies 40 percent of the world’s oil, will accommodate additional output from members Iraq, Iran and Libya, Secretary-General Abdalla El-Badri said, without explaining how it will do so under the group’s ceiling.

REFINERIES Map global refinery outages

RUSSIA DAYBOOK: Uralkali, Transneft Div., Putin Meets Supporters

Uralkali reports 2013 earnings. Magnit reports March sales. Transneft board decides on 2013 dividend. President Vladimir Putin meets supporters.

California-Blend Gasoline Stockpiles Dropped 10% Last Week

California-blend gasoline production fell 4.1% in wk ended April 4 to 6.44m bbl, state Energy Commission says on website.

GREATER CHINA DAYBOOK: March Trade; Premier Li Speaks at Boao

China’s March exports may have gained 4.8% y/y, according to median est. in survey of 47 economists, after contracting by 18.1% in Feb. Import growth may have slowed to 3.9%, survey says, from 10.1%.

Phillips 66 Sweeny Refinery Reports Emissions

Co. said operators at Texas plant working to get compressor back online after equipment trips due to low lube oil pressure, according to filing with state regulator.

U.S. Refining Capacity Climbs to Highest in More Than 30 Years

U.S. refining capacity rose to the highest level in over 30 years, with the bulk of the increase in the U.S. Gulf Coast and Midwest, government data showed.

Tesoro Golden Eagle Crude Unit Seen Shut for Week

Refinery in Northern Calif. shut No. 50 crude unit after discovering leak on furnace tube, 2 people with direct knowledge of work say.

OTHER OIL MARKET NEWS

U.S. Gulf Coast Fills With Crude Oil That Few Ships Can Take Out

Houston and the rest of the U.S. Gulf Coast have more crude oil than the region can handle.

Gasoline Output in West Jumps to Record on Blending, Exports (1)

Gasoline output in the western U.S. jumped to a record as refiners and blenders boosted production to meet stricter environmental regulations and tankers were seen exporting fuel from the region.

U.S. Gulf Coast Fills With Crude Oil That Few Ships Can Take Out

Houston and the rest of the U.S. Gulf Coast have more crude oil than the region can handle.

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

U.S. Stocks Advance While Dollar Sinks on Fed Meeting Minutes

U.S. stocks rose, as technology shares rallied a second day, while Treasuries fluctuated and the dollar sank after Federal Reserve meeting minutes eased concern about the timing of future interest rate hikes.

Billionaire Steyer Seeks Oil Tax to Pay California Dividends (1)

Billionaire environmentalist Tom Steyer is lobbying for a new law in California that would force energy companies to share as much as $2 billion of the state’s oil wealth with residents.

WTI Oil Poised for Benchmark Comeback as Glut Diminishes: Energy

West Texas Intermediate crude is poised to be a worldwide benchmark once more as an easing supply glut narrows the grade’s discount to global oil markets.

Two-Person Crews on Oil Trains to Be Required by Regulators (1)

U.S. regulators, acting after a oil- train derailment last year ignited a fireball that killed 47 people in Canada, said they intend to require at least two crew members for crude shipments, a proposal opposed by the railroads.

Putin May Sign China Gas Deal as Crisis Forces Russia’s Hand (1)

Vladimir Putin is more likely to sign a 30-year deal to supply pipeline gas to China next month after more than a decade of false starts because the crisis in Ukraine is forcing Russia to look for markets outside Europe.

Nordea Limits Commodities Trading as Profit Review Nears Its End

Nordea Bank AB has reduced trading at its commodities unit as the Nordic region’s largest bank nears the completion of a review of the business.

Apollo to EQT Said to Mull Bids for Gas Natural Telecom Unit

Apollo Global Management LLC, EQT Partners AB and Blackstone Group LP are among the buyout firms considering offers for the telecommunications infrastructure unit of Spain’s largest natural gas supplier Gas Natural SDG SA, according to people familiar with the matter.

China Plans Ban on Imports of Coal With High Ash, High Sulfur

China plans to ban imports of coal with high-ash and high-sulfur content as the nation seeks to limit the dirtiest fuels to fight pollution.

Taiwan’s CPC Seeks to Buy 1 Mln Mt of Spot LNG for 2014 Delivery

CPC buying is to prepare for peak summer power demand, says co. official who asked not to be identified because he isn’t authorized to speak to the media.

OTHER MARKETS

Asia Stocks Pare Gain as Emerging Currencies Fall on China Trade

Asian stocks pared gains, while emerging-market and commodity producers’ currencies slipped as a surprise drop in China’s trade tempered optimism after the Federal Reserve eased concern about U.S. rate rises. Indonesian equities tumbled after elections failed to show a clear winner.

Yen Gains on China Surprise Trade Data; Aussie Pares Jobs Rise

The yen strengthened against most counterparts while the Australian dollar pared gains after China reported an unexpected drop in imports and exports, fueling concern about demand for commodities.

Federal Reserve Plays Down Own Forecasts for Interest Rate Rise

The Federal Reserve played down predictions by some of its own policy makers that interest rates might rise faster than they had forecast earlier.

Asian Stocks Erase Gains After China Trade Data; Citic Advances

Asia’s benchmark stock index erased gains as data showed an unexpected fall in exports from the region’s biggest economy. Brokerages rose after China’s Premier spoke on plans to link the Hong Kong and Shanghai bourses.

Hong Kong’s Stocks Extend Gains on Greater China Market Access

Stocks extended gains in Hong Kong and Shanghai after China said it would allow a combined 23.5 billion yuan ($3.8 billion) of cross-border trading.

Sugar Exports From India Seen Sustained Next Year on Inventories

India, the world’s biggest sugar producer after Brazil, will continue to export next year as stockpiles are higher than necessary and as state payments spur sales, according to the country’s millers.

Iron-Ore Bear Market Deepens as Aussie Mines Expand: Commodities

The world is mining more iron ore than steelmakers need.

Putin Threatens to Block Ukraine Imports, End Subsidies (1)

President Vladimir Putin told his government to develop plans to replace imports from Ukraine and said Russia can’t subsidize its neighbor permanently, increasing economic pressure as the government in Kiev battles separatists.

Widodo Faces Indonesia Party Coalition After Parliament Vote (2)

Indonesian presidential frontrunner Joko Widodo may need to form a coalition to get elected, with the country’s main opposition party taking an unexpectedly slim lead in unofficial estimates after a parliamentary vote.

SPORTS

Ryan Moore Wins Par-3 Contest Before Start of Masters Tournament

Ryan Moore won the Masters Tournament’s annual par-3 contest today with a 6-under 21 score, a day before the start of golf’s first major event of the season.

Masters-Record 24 Rookies Eye Opportunity Without Woods in Field

Tiger Woods’s first absence from golf’s Masters Tournament in 20 years is giving some of the record 24 rookies in the field confidence that they can join Fuzzy Zoeller as the only first-timers to win since 1936.

Augusta’s Payne Supports St. Andrews Club Adding Female Members

Augusta National Golf Club Chairman Billy Payne said he supports a movement by Scotland’s Royal and Ancient Golf Club of St. Andrews to add women as members of its private club, as his did two years ago.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 103.35 -0.25 -0.2 Nymex May Brent Crude ($/Bbl) 107.60 -0.38 -0.4 Ice May Gasoil ($/Ton) 905.00 +1.00 +0.1 Ice May Gasoline (c/Gal) 299.35 -1.49 -0.5 Nymex May Natural gas ($/MMBtu) 4.58 -- -0.1 Nymex May Dated Brent ($/Bbl) 106.99 -0.34 -0.3 OTC 21 Days Heating Oil 294.74 -0.66 -0.2 Nymex May

Other markets:

Last %Chg

----- ----- Dollar Index 79.53 +0.1 Gold ($/Oz) 1,305.90 -0.2 MSCI World Index 1,677.04 +0.1 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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