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TOP Oil Market News: WTI Rises as China Growth Exceeds Forecasts

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

WTI Rises on China Economic Growth, U.S. Supplies; Brent Steady

West Texas Intermediate rebounded from the lowest price since May as China’s economic growth exceeded forecasts and crude stockpiles shrank in the U.S., signaling increased demand from the world’s two biggest oil consumers. Brent was steady in London.

Hungry U.S. Power Plant Turns to Russia for Coal Supply: Energy

When New Hampshire’s largest utility needed to rebuild coal supplies after the past frigid winter, it turned to Russia rather than Appalachia in the U.S. Northeast or Wyoming’s Powder River Basin.

Oil Trade Dormant Since 2010 Revives as Brent Crude Spreads Grow

Oil traders have the most incentive in four years to store crude at sea and sell it as prices rise, prompting speculation about a revival in the trade once used by companies including BP Plc and Citigroup Inc.

Europe Naphtha to Asia Poised to Rise First Month Since February

The number of European naphtha cargoes headed to Asia is set to rise for the first time in five months, according to data from IHS Fairplay, shipping reports and fixtures on Bloomberg.

China ‘Teapots’ Buy More Asphalt to Replace Fuel Oil, ICIS Says

Smaller oil refineries in Shandong province, known as “teapot” plants, increased imports of asphalt as feedstock because of lower cost compared with fuel oil, ICIS-C1 Energy, Shanghai-based commodity researcher, says in e-mail.

IOC Said to Sell Fuel Oil to Glencore at $15.60 Discount

Indian refiner sells 30kt cargo to Glencore at ~$15.60/mt discount to co.’s own formula, according to two traders who asked not to be identified because the information is confidential.

Marcellus Natural Gas in Northeast Drives Record U.S. Output (3)

Record natural gas production from the Marcellus shale deposit in the Northeast is helping send U.S. output to an all-time high, as hydraulic fracturing and horizontal drilling unlocked underground supplies.

U.K. Energy Department Names Hancock, Rudd as New Ministers

Matthew Hancock and Amber Rudd were named ministers in the U.K. Department of Energy and Climate Change as part of a wider government reshuffle by Prime Minister David Cameron.

Marcellus Natural Gas in Northeast Drives Record U.S. Output (2)

Record natural gas production from the Marcellus shale deposit in the Northeast is helping send U.S. output to an all-time high, as hydraulic fracturing and horizontal drilling unlocked underground supplies.

REFINERIES Map global refinery outages

China Crude Processing Rises to 4-Month High as Refiners Return

China refined the most crude in four months after major refineries in the world’s second-largest oil consumer completed maintenance.

Sri Lanka’s Ceypetco Refinery Restarts After Buoy Repairs

Sri Lanka’s sole refinery to restart today after repairs to offshore point buoy system were completed, allowing discharge of crude from tankers, Ministry of Petroleum Industries said in an e-mailed statement.

Eni’s ‘Italian Thatcher’ May Face Down Unions to Shut Refineries

Former Eni SpA Chief Executive Officer Paolo Scaroni promised Italian unions he wouldn’t shut the company’s money-losing oil refineries until 2014. Now the new boss looks ready to wield the ax.

Valero Port Arthur Reports Fire at Hydrocracker Today: TCEQ

Pump failure caused small fire, which was quickly extinguished, and prompted an emergency shutdown of the hydrocracker unit 942, according to a TCEQ notice.

MORE: Petrobras Reduc Refinery Operates Normally After Lube Fire

Fire at the lubricants unit yday was controlled immediately, according to a Petrobras e-mailed statement.

Valero Port Arthur Running 75k-80k B/D Light Oil

Valero Port Arthur, Texas, refinery running 350k b/d total, Dan Collier, Co. Vice President commercial optimization, says at conference in Houston.

Phillips 66 Santa Maria Had Unscheduled Shutdown Today

Co.’s 44k b/d Calif. refinery shut after temporary loss of power, Dennis Nuss, co. spokesman says by e-mail today.

EUROPE OIL PRODUCTS: Gasoil at Year-Low; Vitol Sells Jet Fuel

European gasoil falls to lowest in more than a yr. Vitol sells jet fuel cargo.

Marathon Robinson Refinery Said to Cut Rates in August

Robinson, Ill., refinery to cut rates as it shuts units on Aug. 1 for several weeks of planned work, according to a person familiar with operations.

OTHER OIL MARKET NEWS

U.S. Ban on Oil Exports Won’t Be Lifted This Year, Lawmaker Says

A four-decade-old ban on crude exports from the U.S. will survive another year, the chairman of the U.S. House’s Energy and Commerce Committee said.

Oil Trade Dormant Since 2010 Revives as Brent Crude Spreads Grow

Oil traders have the most incentive in four years to store crude at sea and sell it as prices rise, prompting speculation about a revival in the trade once used by companies including BP Plc and Citigroup Inc.

TOP ENERGY STORIES

Khodorkovsky Partners Turn Hunters as $140 Billion Rulings Near

One by one, Mikhail Khodorkovsky’s partners in Yukos Oil Co. fled Russia to escape prosecution as President Vladimir Putin’s agents hunted for their billions.

Largest Lithium Deal Spurred by Smartphones, Teslas: Commodities

Surging demand for high-performance batteries triggered the largest-ever deal for lithium, the lightweight metal that’s a key component of the power systems in smartphones, electric cars and cordless screwdrivers.

Oil Trade Dormant Since 2010 Revives as Brent Spreads Grow (1)

Oil traders have the most incentive in four years to store crude at sea and sell it as prices rise, prompting speculation about a revival in the trade once used by companies including BP Plc and Citigroup Inc.

Kodiak’s Missing Premium Found in Future Whiting Deal: Real M&A

Kodiak Oil & Gas Corp. shareholders will get zero premium for agreeing to sell to Whiting Petroleum Corp. The real payout may be down the road.

Japan Nuclear Safety Report Seen Having ‘Marginal’ Impact on LNG

A regulatory finding that two of Japan’s nuclear reactors could be safely restarted may not be enough to lower prices for liquefied natural gas because the country’s 46 other units are unlikely to resume this year.

Uranium Seen Rebounding as Japan Readies Nuclear Restarts (1)

Uranium may rebound from the lowest prices in nine years as Japan moves closer to restarting the first of its idled nuclear reactors, signaling a potential increase in consumption of the atomic fuel.

Tata Power Delhi Seeks to Annul Purchase Contracts as Fuel Soars

Tata Power Delhi Distribution Ltd., which lights up every third home in India’s capital, wants to cancel purchase contracts for 340 megawatts of electricity because of higher fuel costs passed on by producers.

HPCL Said to Offer Fuel Oil for Aug. 5-7 Loading From Mumbai

Indian refiner offers to sell 25k-30k mt of 380-cst or 500-cst fuel oil for loading from country’s west coast, according to two traders who asked not to be identified because the information is confidential.

OTHER MARKETS

Dollar Strengthens After Yellen as Stocks Swing; Oil, Gold Rise

The dollar strengthened against most peers, with currencies of New Zealand and South Korea leading declines, after Federal Reserve Chair Janet Yellen commented on the prospects for higher U.S. interest-rates. Asian stocks fluctuated as Chinese economic growth came in as forecast.

N.Z. Dollar Slides Most in Seven Weeks on CPI; Korean Won Drops

New Zealand’s dollar slumped the most in seven weeks after the consumer price index increased less than economists forecast and a gauge of dairy prices dropped to the lowest level since 2012.

Dollar Dominance Untouchable as U.S. Fines Raise Ire: Currencies

The record fine imposed on France’s largest bank over transactions in U.S. dollars revived European complaints about the greenback’s preeminence in global finance. History shows calls to supplant the currency will be futile.

Asian Stocks Swing After China GDP Data; Materials Firms Rise

Asian stocks swung between gains and losses after China reported the world’s second-largest economy grew in line with the government’s target.

Record WisdomTree Japan Outflow Shows Weaker Yen Doubted in ETFs

Underneath the calm in the Japanese stock and currency markets, the two biggest U.S. exchange-traded funds tracking the nation’s equities are showing the widest divergence on record.

Goldman Forecasts Lower Commodity Prices as Super-Cycle Ends (1)

Commodities from iron ore to copper and Brent crude are expected to drop over the next five years as global supplies increase, according to Goldman Sachs Group Inc.

Palladium Buys Most Gold Since ’04 on Shortage: Chart of the Day

Palladium, a metal used in pollution-control devices, is trading near the highest price to gold in a decade as increasing global car sales coincide with supply disruptions caused by labor disputes in South Africa.

Israel Renews Gaza Bombing After Hamas Rejects Truce Plan (1)

Israel renewed its air raids on the Gaza Strip after a Palestinian rocket bombardment left an Egyptian truce proposal the Israelis accepted in tatters.

Yellen Rejects Republican-Backed Push to Impose Fed Policy Rule

One week after House Republicans proposed binding Federal Reserve actions to a policy rule, Fed Chair Janet Yellen gave a clear response: No, thank you.

SPORTS

Qatar World Cup Yet to Rescue Lending at 3-Year Low: Arab Credit

Qatar bank lending is growing at the slowest pace in three years as investment in natural-gas exports winds down and spending on stadiums, hotels and train links for the 2022 World Cup is just beginning.

World Cup Unites Germany Again 25 Years After Berlin Wall’s Fall

Hundreds of thousands of fans gathered at the Brandenburg Gate, a landmark once marooned behind the Berlin Wall in the eastern half of the city, to welcome home the soccer team that sealed the first World Cup victory for a united Germany.

Cynk Gives Trader Thrill of Getting Killed in Sale: Opening Line

Trading in Cynk Technology appears to have cost the job of at least one trader, who says he got caught short -- and who says he wasn’t alone, which is why the penny stock went from worthless to worthless with a bigger price tag in a matter of a couple months.

ENERGY PRICES

Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 100.45 +0.49 +0.5 Nymex Aug. Brent Crude ($/Bbl) 106.13 +0.11 +0.1 Ice August Gasoil ($/Ton) 880.75 +7.25 +0.8 Ice Aug. Gasoline (c/Gal) 290.86 +1.00 +0.3 Nymex Aug. Natural gas ($/MMBtu) 4.10 -- +0.0 Nymex Aug. Dated Brent ($/Bbl) 105.60 +0.35 +0.3 OTC 21 Days Heating Oil 285.83 +0.28 +0.1 Nymex Aug.

Other markets:

Last %Chg

----- ----- Dollar Index 80.44 +0.1 Gold ($/Oz) 1,297.10 -0.7 MSCI World Index 1,740.86 --

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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