TOP Oil Market News: WTI Crude Rises After Jobless Claims Drop

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

WTI Crude at Six-Week High on U.S. Jobless Claims; Brent Falls

West Texas Intermediate crude rose to a six-week high as a report showed fewer Americans than forecast filed applications for unemployment benefits.

Gasoline Reaches Seven-Month High on Signs Demand to Rise

Gasoline climbed to a seven-month high amid lower supplies and signs that demand for the motor fuel will grow.

Ethanol Futures Advance After Falling to Lowest in Eight Weeks

Prices rebounded following four days of declines.

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

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

Flint Hills Corpus Christi Reports Flaring on Community Hotline

Texas refinery’s operations require flaring, according to community hotline.

Gas Rigs Rebound From 21-Year Low as Prices Boost Profits (1)

Rigs targeting natural gas in the U.S. rebounded from the lowest level since 1993 as an increase in prices this year lures producers back into dry-gas plays.

Nigeria Raises May Qua Iboe Crude Price to $2.55/Bbl Premium

Nigeria raises official selling price for Qua Iboe, Bonny Light crudes for exports in May to $2.55/bbl more than Dated Brent, compared with $2.50 in April, according to e-mailed statement from state-run NNPC.

Farmers Seeking Heat Relief Signal Brazil Climate Peril: Energy

Brazil may see a mass migration of crops and farm workers from huge swaths of currently tillable lands to more temperate zones as global warming takes hold, according to leading climate experts in the country.

U.S. Energy Department Natural Gas Update for April 16 (Text)

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

U.S. Fuel Demand Highest for March Since 2011, API Report Shows

U.S. fuel consumption increased in March to the highest level for the month in three years, the American Petroleum Institute said.

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

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

OPEC

Saudi February Oil Exports Rose as Iraq, Iran Gained, JODI Says

Saudi Arabia boosted crude exports by 3.5 percent in February to the highest in five months, while Iran’s shipments gained and Iraq sold the most oil for at least 12 years, the Joint Organisations Data Initiative said.

REFINERIES Map global refinery outages

Valero Port Arthur Has Vacuum Bottoms Leak Into Coker Heater

VLO’s Port Arthur refinery in Texas shuts furnace for inspection and potential repairs after vacuum tower bottoms leaked into heater box of delayed coker unit furnace, co. says in filing with state.

Flint Hills Port Arthur Reports Upset at Olefins Unit

Port Arthur plant in Texas had instrumentation malfunction at light olefins unit, co. says in filing with state.

Marathon Texas City Refinery Reports Unit Shutdown

Refinery in Texas shut UDEX unit after loss of cooling water, co. says in state regulatory filing.

Total Petro Port Arthur Refinery Has Emissions Event Report

Refinery reports emissions from storage tank in filing with Texas Commission on Environmental Quality.

Phillips 66 Says Borger Work to Continue Through Weekend

Refinery in Texas performing planned maintenance, Dennis Nuss, co. spokesman, says by e-mail.

PBF Delaware City Refinery Reports Emissions, Filing Shows

Refinery in Del. had mechanical malfunction that was corrected, according to filing with state regulator.

Spot San Francisco Carbob Gasoline Surges 15c/Gal. vs Futures

Premium for spot Carbob gasoline in San Francisco gains to 20c/gal. vs gasoline futures traded on Nymex, most since Sept., data compiled by Bloomberg at 154pm N.Y. time show.

U.S. Development Sees Rail-to-Marine Terminal Done by 2016

U.S. Development Group plans to begin construction on fuel terminal at Port of Grays Harbor in Wash. state late this yr and finish ~1 yr later, application posted on city of Hoquiam’s website today show.

Enbridge Says Eddystone Rail Terminal Ready to Receive Oil Today

Terminal built to provide Philadelphia-area refineries with crude from North American producers is operational, Larry Springer, co. spokesman, says by phone.

Chevron Richmond Oil Refinery Said to Finish Isomax Turnaround

CVX refinery in N. Calif. finished turnaround on Isomax last wk and unit seen back in service early this wk, according to 2 people familiar with work.

OTHER OIL MARKET NEWS

Oil Product Shipping Costs to Japan Fall 5.5 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan fell 5.5 percent to 7.08 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

Saudi Arabia to Japan Tanker Rates 40.64 Points

The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, declined 0.8 percent to 40.64 Worldscale points, according to the Baltic Exchange in London.

Brent Crude Trades Near Six-Week High on Ukraine Risk; WTI Gains

Brent crude traded near a six-week high amid concern that the escalating crisis in Ukraine will disrupt supplies. West Texas Intermediate rose for a second day.

TOP ENERGY STORIES

U.S. Stocks Rise While Treasuries Decline on Ukraine, Earnings

The Standard & Poor’s 500 Index capped its biggest weekly advance since July and Treasuries fell the most in a month as tensions eased over Ukraine and earnings from General Electric Co. and Morgan Stanley topped estimates.

Keystone Foes Winning Celebrity Battle Supporters Dismiss (1)

Foes of the Keystone XL oil pipeline appear to be winning the battle for endorsements from Hollywood celebrities and prominent personalities.

Natural Gas Rises to 7-Week High on Below-Forecast Supply Gain

Natural gas futures climbed to a seven-week high in New York after a government report showed that U.S. stockpiles rose by less than forecast last week, stoking concern that supplies will fall short of demand.

S&P 500 Gains for Third Day as Bonds Fall on Earnings, Economy

The Standard & Poor’s 500 Index rose, giving it the best three-day rally in two months, while Treasuries fell as Yahoo! Inc. jumped on earnings and U.S. industrial production increased. The pound strengthened and copper advanced.

EU Parliament Urges Sanctions Against Russian Energy Companies

The European Parliament urges tougher EU sanctions against Russia because of the Kremlin’s encroachment in eastern Ukraine, saying Russian energy companies should be a target.

Midnight Welding Picks Up Labor Slack That Imperils Shale Boom

How high is demand for welders to work in the shale boom on the U.S. Gulf Coast?

Schlumberger Net at Record as Oil Explorers Seek Technology (3)

Rising demand for more advanced oilfield technology to tap hard-to-reach crude around the world spurred a record first-quarter profit for Schlumberger Ltd.

Putin Gives Ukraine Month to Pay, Warns of Gas Disruption (1)

Russia will demand Ukraine pay in advance for natural-gas deliveries in a month unless its neighbor resumes payments, a move that may lead to disruptions in fuel supplies to Europe, President Vladimir Putin said.

Oil Options Turn Bullish as Ukraine Fans Risk: Chart of the Day

Options traders are anticipating rising crude prices for the first time in eight months as the risk of a Russian incursion in Ukraine exacerbates rising supply disruptions elsewhere in the oil market.

Senators Urge Fed to Ban U.S. Bank Ownership of Commodity Assets

U.S. banks including Goldman Sachs Group Inc. should be banned from owning commodities businesses because they could threaten the institutions and global supply chains, Senators Sherrod Brown and Elizabeth Warren told the Federal Reserve.

OTHER MARKETS

Nikkei Futures Rise as S&P 500 Climbs on Earnings, Ukraine Deal

Japanese stock-index futures rose as the Standard & Poor’s 500 Index capped its biggest weekly advance since July amid easing tensions over Ukraine and better- than-estimated earnings from companies from General Electric Co. to Morgan Stanley.

Dollar Strengthens for Fifth Day on Ukraine Accord; Ruble Climbs

The dollar strengthened for a fifth day against a basket of major peers as an agreement to start de- escalating the conflict in Ukraine sent stocks higher and pushed Treasuries down the most in a month.

High-Frequency Solution Starts in Foreign Exchange: Currencies

Foreign-exchange dealers say they have the solution to the high-frequency trades eroding banks’ profits across financial markets.

U.S. Stocks Rise as Ukraine Tension Eases Amid Corporate Results

U.S. stocks rose, sending the Standard & Poor’s 500 Index to its best week since July, as earnings from General Electric Co. and Morgan Stanley beat estimates and concern eased that the Ukraine crisis may worsen.

European Stocks Rise on U.S. Unemployment Claims; Renault Climbs

European stocks climbed for a second day as a report showed fewer Americans claimed unemployment benefits last week than estimated.

U.S. Banks Tell Fed Benefits Outweigh Risks in Commodities (1)

Banking-industry groups urged the Federal Reserve not to write new rules restricting their involvement in physical commodity businesses, arguing that the benefits they provide outweigh risks highlighted by lawmakers.

Coffee Soars 8.1% as Brazil Crop’s Drought Damage Seen Expanding

Coffee futures surged 8.1 percent, the most in six weeks, as concerns mounted that crop losses from a drought will increase in Brazil, the world’s biggest producer and exporter.

Ukraine Talks End With Accord on Steps on Easing Conflict (3)

Four-way talks on the crisis in Ukraine ended with an accord aimed at taking the first steps toward de-escalating the conflict, after Russian President Vladimir Putin said he hopes he won’t have to send in troops.

Germany Gets Tough on Russia as Broader Ukraine Sanctions Eyed

Angela Merkel wasn’t in a hurry to inflict economic pain on Russia. Cautious, pragmatic and mindful of German business ties to the country, the chancellor tried to defuse the Ukraine crisis through back-channel diplomacy and frequent phone calls with Russian President Vladimir Putin.

SPORTS

UEFA Says Soccer Must Work to Prevent ‘Financial Insanity’

European soccer’s ruling body said its plans to curb overspending by clubs are already having a positive impact, although more needs to be done to protect the sport from “financial insanity.”

‘No Reason for Concern’ on 2016 Olympic Schedule, Rio Mayor Says

Rio de Janeiro is on track in its planning for the 2016 Summer Olympics, the city’s mayor said as officials prepared for today’s presentation of two tenders for work at the Deodoro sports complex.

All Blacks’ Dan Carter Seeks Redemption at 2015 Rugby World Cup

New Zealand’s Dan Carter, Test rugby’s all-time top points scorer, has hardly touched a ball in months.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 103.85 +0.09 +0.1 Nymex May Brent Crude ($/Bbl) 109.60 +0.24 +0.2 Ice June Gasoil ($/Ton) 922.25 +7.00 +0.8 Ice June Gasoline (c/Gal) 304.00 -0.05 0.0 Nymex May Natural gas ($/MMBtu) 4.53 -- -- Nymex May Dated Brent ($/Bbl) 109.47 +0.70 +0.6 OTC 21 Days Heating Oil 301.35 +0.29 +0.1 Nymex May

Other markets:

Last %Chg

----- ----- Dollar Index 79.80 -- Gold ($/Oz) 1,303.50 +0.2 MSCI World Index 1,664.85 +1.1 Prices as of 11 p.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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