TOP Oil Market News: Brent Trades Near 3-Day High; WTI Steady

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

Brent Trades Near 3-Day High as Ukraine Counters China Slowdown

Brent traded near a three-day high as concern that the crisis in Ukraine may disrupt Europe’s energy supplies countered increased signs of a slowing economy in China. West Texas Intermediate was steady in New York.

TOP OIL MARKET NEWS

Speculators Cut Bullish Oil Wagers on Record U.S. Supply: Energy

Record U.S. crude stockpiles spurred speculators to cut bullish oil bets to the least in five weeks just as futures dropped below $100 a barrel for the first time in almost a month.

Maoming Refinery Supplies China V Gasoline to Guangdong: Sinopec

Plant shipped 6.8kt of China V gasoline to province on April 30, co. says in newsletter posted on website.

Taiwan’s CPC Offers Gasoil Cargo for June Loading From Kaohsiung

Refiner offers to 50kb-90kb of 1% sulfur grade for five-day loading period during June, according to statement on its website.

MRPL Offers to Sell Naphtha Shipment for June 20-22 Loading

Indian refiner offers 50kt cargo loading from New Mangalore on country’s west coast, according to tender document obtained by Bloomberg.

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 dollars a barrel, or premiums and discounts to regional benchmarks where plus or minus symbols appear.

MORE: First Oil From N.Z.’s Pateke-4h Well Expected Early 2015

Pateke-4h off New Zealand will be tied back to the Tui floating platform for production, Pan Pacific Petroleum says.

Vietnam Says China Drilling Notice Covers Area in Vietnam Zone

Vietnam Foreign Ministry responds to notice issued by China maritime safety administration on drilling rig operations from May 2 to Aug. 15, according to posting on Vietnam govt website.

REFINERIES Map global refinery outages

BPCL to Shut Crude Unit at Kochi Refinery in Sept. for Work

Crude distillation unit at plant in southern India will be closed for ~1 month for annual maintenance, says B.K. Datta, refineries director.

China ‘Teapot’ Refineries Boost Avg. Run Rate to 33.21%: Oilchem

Operating rates at smaller oil- processing plants in eastern Shandong province rise for 3rd week as refineries restart after maintenance, according to data from industry website Oilchem.net.

PetroLogistics Starts Planned Shutdown of Texas Propylene Plant

Co. will start shutdown of its Houston propylene plant today for maintenance, according to a message on a community hotline.

Exxon Beaumont Refinery Flared Gases After Pipeline Malfunction

Exxon Mobil Corp. flared gases at its Beaumont Refinery in Texas after the malfunction of an off-site pipeline, according to a filing with a state regulator.

Huntsman Port Neches Chemical Plant in Texas Reports Flaring

Huntsman Corp. reported flaring of gases at its Port Neches chemical plant in Texas on a message with a community hot-line.

U.S. Gulf Coast Gasoline Near One-Month High on FCC Shutdowns

CBOB gasoline on U.S. Gulf Coast gains 3c/gal. to a discount of 19.5c vs Nymex futures at 230 pm, narrowest since April 7, according to data compiled by Bloomberg.

PBF Paulsboro Flared After Power Loss, State Filing Shows

Refinery exceeded air emissions because of power loss, according to filing with N.J. regulators.

Citgo Expects Corpus Christi Refinery Startup on May 3

Co. plans to restart FCCU No. 2 unit tomorrow.

Alon to Shut Whole Big Spring Plant for One Week This Month

Refinery to be completely shut after crude unit is idled in mid-May, co. said during earnings call.

Superstorm Sandy Spurs 1 Million Barrel US Gasoline Reserve (1)

The U.S. Energy Department said it will create a new reserve to stockpile 1 million barrels of gasoline at two Northeast U.S. locations to prevent the type of shortages that occurred after Superstorm Sandy in 2012.

OTHER OIL MARKET NEWS

Speculators Cut Bullish Oil Wagers on Record U.S. Supply: Energy

Record U.S. crude stockpiles spurred speculators to cut bullish oil bets to the lowest in five weeks just as futures dropped below $100 a barrel for the first time in almost a month.

Saudi Aramco Raises All June Crude Price Differentials to U.S.

Saudi Arabian Oil Co., the world’s largest crude exporter, raised differentials used in determining its official selling prices for all crude grades to customers in the U.S. by 80 cents a barrel each and increased levels for its two lightest blends to buyers in Asia for June.

TOP ENERGY STORIES

Indonesia Financing Rises for Roads and Airports: Southeast Asia

PT Indonesia Infrastructure Finance plans to raise by at least 60 percent the funding that the government-backed company provides to help build roads, power plants and airports in Southeast Asia’s largest economy.

China National Nuclear Plans to Sell 3.651 Billion Shares in IPO

China National Nuclear Power Co. plans to sell 3.651 billion shares in an initial public offering on the Shanghai Stock Exchange.

Putin, Merkel Discussed Gas Supplies, Transit: Kremlin

Russian President Vladimir Putin, German Chancellor Angela Merkel in call today also discussed importance of OSCE in de-escalation in Ukraine, Kremlin says in statement on website.

Canada Learns China Oil Option No Easy Answer to Keystone Snub

Stephen Harper was in need of a new friend with a big appetite for oil. The Americans just weren’t cutting it.

GE’s Alstom Minefield Negotiated by Consummate Insider Gaymard

The French General Electric Co. executive thrust into the forefront of the company’s contentious Alstom SA bid is a petite mother of nine with sterling government contacts and a published romantic novel entitled “S’il suffisait d’aimer,” or “If Love was Enough.”

Suzlon May Break Even for First Time Since 2011 on Bond Deal (1)

Suzlon Energy Ltd.’s agreement with its largest bondholders to restructure $485 million of debt may allow Asia’s second-biggest wind turbine maker to break even this financial year for the first time since 2011.

N.Z.’s Pulse Gets Waiver for Anticipated Breach of Bank Covenant

New Zealand energy retailer Pulse Energy comments in statement.

Woodside Petroleum Considering Potential Transaction: AFR

Co. pondering options in light of delay in completion of Leviathan gas deal in Israel, Australian Financial Review reports citing unidentified sources.

Roc Oil Shareholder to Call Vote on Horizon Deal: Australian

Activist fund manager Simon Marais of Allan Gray to call for extraordinary shareholders meeting to formally vote on merger deal with Horizon Oil, Australian reports citing comments from Marais.

China National Nuclear Plans IPO in Shanghai to Fund Projects

China National Nuclear Power Co., the country’s second-largest operator of nuclear plants, plans to sell 3.651 billion shares in an initial public offering in Shanghai amid a government push for cleaner energy sources.

OTHER MARKETS

Asia Stocks Drop on China While Ukraine Crisis Spurs Gold, Wheat

Hong Kong stocks dropped the most in six weeks, leading a gauge of Asian shares lower, as a measure of Chinese manufacturing missed estimates. Wheat futures rose to the highest in a year, gold gained and Ukrainian bonds extended their decline amid violence in the nation’s east.

Yen Climbs After China Data as Kuroda Sees Recovery; Aussie Down

The yen climbed against all major peers after data on China’s manufacturing fell short of analyst estimates, spurring demand for safer assets.

Colombia Shows How Not to Wage Peso War With Rates: Currencies

Colombia is showing the world how not to wage a currency war.

Asia Stocks Fall as China Manufacturing Contracts a Fourth Month

Asian stocks fell amid low trading volumes after a private gauge of Chinese manufacturing contracted for a fourth month, missing analysts’ estimates and raising concern the economy’s slowdown is deepening.

Australia Stocks Priciest Ever Seen Rallying: Chart of the Day

Australian stocks, which have never cost so much relative to a gauge of Asia-Pacific shares, may get more expensive as an economic recovery broadens, said a global money manager at Equity Trustees Ltd.

Wheat Climbs to 13-Month High as Ukraine Spurs Supply Concerns

Wheat surged to the highest price in more than a year as violence in Ukraine spread to the Black Sea gateway of Odessa, boosting concern exports will be disrupted.

Iron Ore Seen Slumping Below $100 as Supply Jump Widens Glut (1)

Iron ore may drop to less than $100 a ton for the first time since 2012 as swelling global supplies push the global seaborne market into surplus and demand growth in China, the largest user, slows amid tighter credit.

Ukraine Violence Flares Across Country as Kiev’s Control Slips

Ukraine sought to dislodge rebels from its eastern industrial heartland as violence that’s also spread to the Black Sea gateway of Odessa threatens to loosen Kiev’s control of the regions.

Indian Women Start Ignoring Husbands as Voting Power Rises (1)

To avoid upsetting her husband, Urmila Devi told him she’ll heed his request to pick India’s ruling Congress party when their 50-family village votes this week. Once inside the polling booth, she plans to ignore him.

SPORTS

World Cup Bond Paralysis Sparks Preemptive Sales: Brazil Credit

The prospect that the World Cup and presidential elections later this year will all but shutter Brazil’s bond market for banks is fueling a surge in debt sales.

Manchester United to Appoint Van Gaal Next Manager, Mirror Says

Louis van Gaal has reached a two-year agreement to become the next manager of Manchester United and will be named successor to David Moyes “within days,” according to the Daily Mirror.

U.S. to Host 2016 Centennial Edition of Soccer’s Copa America

The U.S. will host a special centennial edition of the Copa America, the first time the soccer tournament will be held outside South America.

To contact Bloomberg News staff for this story: Alexander Kwiatkowski in Singapore at akwiatkowsk2@bloomberg.net

To contact the editors responsible for this story: Pratish Narayanan at pnarayanan9@bloomberg.net

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