TOP Oil Market News: WTI Crude Heading for a Weekly Advance

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

WTI Heads for Weekly Gain as Discount to Brent Shrinks on Libya

West Texas Intermediate headed for a weekly gain amid speculation that U.S. fuel demand will increase as employment recovers. The discount to Brent shrank to the least since September after Libya signaled it’s ready to boost crude exports.

Libya Poised to Boost Oil Shipments as First Rebel Port Reopens

Libya, the OPEC nation producing at about 10 percent of capacity, is set to raise oil shipments next week as the first of four ports seized by rebels reopens.

WTI Oil Seen Dropping in Survey on Ample U.S. Crude Inventories

West Texas Intermediate crude futures may fall next wk on speculation that U.S. inventories will rise: Bloomberg survey.

Pertamina to Boost Oil Output at West Java Sea Block: Bisnis

Pertamina Hulu Energi plans to pump 39,400 barrels oil a day this yr from offshore North West Java block in Java, from daily output of 38,300 barrels in 2013, Bisnis Indonesia reports, citing General Manager Jonly Sinulingga.

China Drafts Plan to Control Energy Consumption: Securities News

China is drafting a plan to control energy and coal consumption as part of pollution control efforts, Shanghai Securities News reports, citing an unidentified person from National Development and Reform Commission.

Japan’s Post-Fukushima Energy Plan Supports Role for Nuclear (1)

Japan’s cabinet approved the first national energy strategy since the Fukushima nuclear accident more than three years ago, designating nuclear as an important source of electricity for the resource-poor nation.

Natural Gas Losing Decades-Old Link to Oil in Landmark Contract

A contract for France’s largest natural gas company to buy the commodity from Azerbaijan shows the decades-old structure of Europe’s energy market is starting to crumble.

Russian Deals Face Scrutiny as Companies Urged to List at Home

After a decade of snuggling up together, Russia Inc. and the global capital markets that finance it are starting to drift apart.

U.S. Energy Department Natural Gas Update for April 9 (Text)

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

Murkowski to Seek More Information About Leak of FERC Document

Senator Lisa Murkowski said she will ask the Federal Energy Regulatory Commission for more information on its use of an internal document that described the effects of a potential terrorist attack on the U.S. electric network.

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.

OPEC

OPEC Sees Lower Demand as U.S. Output Rises, Supply Buffer Forms

OPEC trimmed estimates for the amount of crude it will need to pump this year amid rising U.S. supplies, and predicted that a “supply buffer” will accumulate before demand peaks in the summer.

REFINERIES Map global refinery outages

Valero’s Benicia Oil Refinery Has Flaring, State Filing Shows

Plant in Solano county has “unplanned flaring event” at 5 p.m. local time yesterday, according to filing with California’s Governor’s Office Emergency Services.

Buckeye West Shore Refined Products Line Shut for Maintenance

Badger line segment between Canal Junction, Argo and Harlem shut for “preventative maintenance,” co. says in notice to shippers.

Terminals to Export Ethane From U.S. Too Expensive: Phillips 66

Ethane exports to northwest Europe to be limited by demand, co. says at analyst meeting broadcast on website today.

Citgo Lemont Refinery Operating as Planned After Unit Upset

All units operating at planned rates, according to co. statement

Spot Los Angeles Gasoline Premium Widens to Seasonal Record

Los Angeles Carbob premium vs Nymex gasoline futures widens to 31c/gal., highest for time of yr in Bloomberg data back to 2007.

Alaskan Crude Weakest in Five Months as Production Gains Again

Alaska North Slope fell $1.25/bbl to $4.75 premium vs WTI at 158pm in N.Y., narrowest since Oct. 22, data compiled by Bloomberg show.

REFINERY OUTAGES: Dalian Works Start; Golden Eagle Unit Leak

Notable refinery outage news from past 24 hrs:

PetroChina Dalian to Stop Gasoline Exports for Two Months: ICIS

Plant to stop shipping the fuel for two months as co. shuts all units in refinery starting today for maintenance, Amy Sun, an analyst with ICIS-C1, said by phone today.

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.

OTHER OIL MARKET NEWS

Oil Product Shipping Costs to Japan Fall 2.6 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan fell 2.6 percent to 7.89 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

Iran Oil-Export Capacity Falls 8% in Tanker-Tracking Signals

The combined carrying capacity of oil tankers leaving Iranian ports last month fell 8 percent from February, vessel-tracking data show.

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

Putin Expected to Sign China Gas Deal as Crisis Forces Hand (3)

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.

JPMorgan’s Masters Said to Have Angled for CEO Post in Unit Sale

When JPMorgan Chase & Co. set out to sell its powerhouse commodities unit, the group’s boss, Blythe Masters, made it clear that she wanted to go along with the business and continue as its chief.

NATO Blames Russia for Ethnic Unrest as Putin Warns on Gas (1)

Russian President Vladimir Putin threatened to shut off gas deliveries through Ukraine unless European leaders took steps to stabilize the country as NATO accused Russia of stoking ethnic unrest in its eastern regions.

Colorado State Predicts Below-Average Atlantic Hurricane Season

Rising heat in the equatorial Pacific Ocean portends the quietest Atlantic hurricane season in five years, Colorado State University researchers said.

Democrats Push for Keystone XL Pipeline Approval by May 31 (1)

A group of 11 Senate Democrats, including five seeking re-election this year, urged President Barack Obama to approve the Keystone XL pipeline by May 31.

Gas Carousel Making Spain Europe’s Biggest LNG Exporter: Energy

Spain overtook Norway last month to become the region’s biggest exporter of liquefied natural gas. The southern European nation has never produced any of the fuel.

Chicago 30-Hour Tie-Up for Buffett’s Trains Slows Coal: Freight

Come to the west side of Chicago to find out why a power plant in Michigan is short of coal and a biodiesel maker in Brewster, Minnesota, can’t get enough grain.

CEZ Scrapping $15 Billion Atomic Project Signals Higher Dividend

CEZ AS’s decision to cancel a $15 billion nuclear project opens the way for higher dividends as the company won’t need to set aside cash for the new reactors.

Hokkaido Mayor Says Accident at Atomic Plant to Trap Residents

A Japanese mayor suing to stop construction of a nuclear plant says residents in his city would be trapped if there was an accident at the atomic station.

Eskom Seeks to More Than Double Ugandan Power Plants It Manages

The Ugandan unit of South African utility Eskom Holdings SOC Ltd., which manages plants generating almost half of the East African nation’s electricity, said it wants more than double the capacity it runs in the country.

OTHER MARKETS

Asian Stocks Sink With Aussie Amid Tech Rout While Nickel Climbs

Asian stocks slid, pushing the regional index down the most in three weeks, while emerging- market and commodity currencies weakened as a selloff in technology shares cut demand for riskier assets. Nickel extended its longest rally since 2010.

Dollar Set for Biggest Weekly Drop in Eight Months; Aussie Falls

The dollar was set for the biggest weekly slide in eight months against a basket of its major peers as the Federal Reserve’s meeting minutes damped speculation that U.S. interest rates will rise.

Texan Discovers Key to Euro Going Against Consensus: Currencies

If you want to know where the euro is headed, look to Texas.

Asia Stocks Fall as Japan Shares Head for Worst Week Since June

Asia’s benchmark stock index fell from an almost three-month high amid a renewed selloff of technology shares and as a stronger yen dragged Japanese equities toward their worst week since June.

India Stocks Seen Extending Record Rally Amid Modi Momentum (1)

In 2004, Indian stocks suffered their biggest rout in four years when the Congress Party defied opinion polls by winning national elections.

China’s Li Swaps Steel Production for Cleaner Air: Commodities

China’s slowing economy and tougher government anti-pollution efforts are taking a toll on its steel mills, rattling the world’s biggest producer of the alloy and flashing worries of a potential downturn in the global iron-ore trade.

Palm Purchases by India Falling as Refiners Shift to Soy Oil (1)

Palm oil imports by India, the world’s largest buyer, probably tumbled for a third month in March as the highest prices since 2012 spurred refiners and traders to buy more soybean and sunflower oils. Futures in Kuala Lumpur dropped to a two-month low.

Indonesia’s Widodo Set to Bargain as Small Parties Gain (2)

Indonesia’s smaller political parties are set to play a key role in July’s presidential race after faring better than forecast in a parliamentary election, complicating the campaign of frontrunner Joko Widodo.

Chinese Court Rejects Legal Scholar’s Appeal of Jail Term (1)

A Beijing court upheld legal scholar Xu Zhiyong’s four-year jail term on charges of gathering a crowd to disturb public order, a new blow to his movement that urged officials to disclose their assets.

SPORTS

Golf Course Owners Recover From Toughest Slump as Players Return

Oil executive Ben Kenny has spent two and a half years and $24 million improving his golf course along the banks of the Chattahoochee River, adding lakes, streams, a new putting green and driving range.

Kevin Stadler Tops Dad by 12 Shots in Masters Tournament Debut

Kevin Stadler waited almost a decade to earn a spot in the field at the Masters Tournament, an event he has been attending with his father since age 2.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 103.08 -0.32 -0.3 Nymex May Brent Crude ($/Bbl) 107.18 -0.28 -0.3 Ice May Gasoil ($/Ton) 900.50 -1.75 -0.2 Ice May Gasoline (c/Gal) 300.56 -0.23 -0.1 Nymex May Natural gas ($/MMBtu) 4.67 +0.02 +0.3 Nymex May Dated Brent ($/Bbl) 106.72 -0.16 -0.2 OTC 21 Days Heating Oil 293.09 -0.81 -0.3 Nymex May Other markets:

Last %Chg

----- ----- Dollar Index 79.42 -- Gold ($/Oz) 1,320.50 +1.1 MSCI World Index 1,653.70 -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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.