The following is a selection of the most important news affecting the oil market.
WTI Trades Near 3-Day High Before U.S. Supply Data; Brent Steady
West Texas Intermediate crude traded near the highest price in three days before supply data that will signal the strength of fuel demand in the U.S., the world’s biggest oil consumer. Brent in London was steady.
Parnon, Arcadia to Pay $13 Million in Oil Price-Rigging Suit (1)
Parnon Energy Inc., an oil logistics company, and London-based oil trader Arcadia Petroleum Ltd. agreed to pay $13 million to settle a U.S. regulator’s claims they manipulated oil futures prices.
Sinopec Zhenhai Plant Raises Gasoline Desulfurization Capacity
Plant’s desulfurization capacity raised to 2.4m mt/yr after a 900k mt/yr new unit started July 31, co. says in newsletter posted on its website.
Colorado Fracking Opponents Poised to Lose Local Control Battle
Colorado’s compromise with drilling opponents has dealt a blow to environmentalists’ expanding battle to give local communities more control to limit fracking.
PetroChina Guangxi Refinery Starts China’s Largest Hydrogen Unit
Unit able to make hydrogen at rate of 140k cu m/hour, parent CNPC says in online newsletter.
U.A.E.’s Emarat Said to Seek 40Kt of Jet Fuel for Sept. Delivery
State-owned Emirates General Petroleum Corp., known as Emarat, seeks to buy 40kt of jet fuel for Sept. 8-9 delivery to Jebel Ali port, according to two traders who asked not to be identified because the information is confidential.
Taiwan’s CPC Offers to Sell 30Kt of Gasoline for Sept. Loading
Co. offers 30kt of 92-RON gasoline for five-day loading period in Sept., according to tender document on its website.
Taiwan’s CPC Seeks 40,000 Mt of Fuel Oil for Sept. Delivery
Co. seeks one cargo for delivery to Keelung, Taichung or Kaohsiung, according to tender document obtained by Bloomberg News.
REFINERIES Map global refinery outages
Citgo Says Coker to Remain Offline at Corpus Christi West Plant
Coker experienced operational upset and will remain offline until completion of repairs, according to e-mailed statement from co.
Citgo West Plant Resumes Normal Operations: Notice
Refinery still conducting some maintenance work, according to e-mailed notice from Corpus Christi Emergency Alert Program.
Gulf Coast Gasoline Gains to 4-Month High as Citgo Shuts Coker
Gasoline on U.S. Gulf Coast strengthens to highest level vs Nymex futures in 4 mos. after Citgo is said to shut coker at 163k b/d Corpus Christi refinery in Texas.
Citgo Corpus Christi Refinery Said to Shut Coker After Upset
The coker at the Gulf Coast refinery’s West Plant was put on circulation after a leak, person familiar with operations said.
Retail Gasoline in U.S. Drops to Lowest Level Since March
Avg retail gasoline prices in U.S. down 2.4c from wk earlier at $3.515/gal., EIA says on website.
WTI Sept.-Oct. Spread Narrows, May Reach Contango by Mid-Aug.
WTI Sept.-Oct. near session low as Coffeyville refinery outage reduces draws on inventory at Cushing, Okla., according to Bloomberg oil strategist Eric D. Pradas.
MORE: BP Confirms Restart of Crude Unit at Rotterdam Refinery
Starting CDU-4 began yday, Sheila Williams, BP spokeswoman, says by phone, without elaborating on length or cause of stoppage.
GENSCAPE REFOUT WRAP: Port Arthur Upset; Chalmette Unit Upset
Genscape’s U.S. and Canada refinery outage alerts from Aug. 1-3, Eastern Time:
BP Restarting Crude Unit CDU-4 at Rotterdam Refinery: Genscape
200k b/d unit began restart yday, Genscape, co. that monitors refinery activity, says in e-mail.
Flint Hills Restarts Coker at Pine Bend Refinery: Genscape
Minn. refinery returned its 24k b/d coker to normal operations on Aug. 2, according to Genscape.
OTHER OIL MARKET NEWS
TOP Oil Market News: WTI Crude Rebounds From Six-Month Low
The following is a selection of the most important news affecting the oil market.
Oil Product Shipping Costs to Japan Are Unchanged
The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan was unchanged at 9.51 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 43.12 Points
TOP ENERGY STORIES
BofA’s Two-Hour Halt in Rosneft Trading Shows Sanction Confusion
Bank of America Corp. and Nomura Holding Inc.’s electronic-trading unit Instinet temporarily banned trading in Russian energy stocks OAO Rosneft and OAO Novatek last month after the U.S. sanctioned the firms over Russia’s policy on Ukraine, four people with knowledge of the matter said.
U.S. Stocks Rise Amid Earnings as European Bonds Gain on Bailout
The Standard & Poor’s 500 Index rebounded from the worst week since 2012, as Berkshire Hathaway Inc. topped earnings estimates and investors weighed geopolitical developments. European bonds advanced and the euro slid after Portugal bailed out Banco Espirito Santo SA.
Iraqi Militants Capture Two Oil Fields in North, Kurdish Towns
Militants from Islamic State, a breakaway al-Qaeda group, took control of two oil fields and some predominantly Kurdish towns in northern Iraq following clashes, according to the Northern Oil Co.
Oil Bears Bet Right as Futures Retreat to Six-Month Low: Energy
Oil speculators bet right on prices after a fire at a refinery supplied by the biggest U.S. crude hub curbed demand and drove futures to a six-month low.
Kurdistan Oil Producers Slump as Militants Capture Oilfields (1)
Oil explorers in Iraq’s Kurdistan region slumped in Oslo and London after Islamic militants seized two oilfields in Northern Iraq.
Brazil Set to Get Spot LNG Cargo From Belgium at Guanabara Bay
Vessel Wilforce set to dock tomorrow at Petrobras-owned Guanabara Bay terminal near Rio de Janeiro, transmissions captured by IHS Fairplay on Bloomberg show.
Japan Set to Get Spot LNG Cargo From Yemen at Himeji Terminal
Vessel BW GDF Suez Everett to dock tomorrow at Kansai Electric-owned Himeji terminal in central Japan, ship transmissions captured by IHS Fairplay on Bloomberg show.
PetroChina to Build 4th Shaanxi-Beijing Natural Gas Pipeline
Gas line, with 30b cu m/yr capacity, is planned to begin operations in Oct. 2016, parent CNPC says in online newsletter.
PetroChina Pengzhou Plant to Run at 70-75% Rate in 2014: ICIS
Plant has processed crude at rate of ~20k mt/day between Jan. and July, Amy Sun, analyst with Shanghai-based commodities researcher, says by phone.
Saudi Chevron Phillips Offers 26kt of Aug. Gasoline Blendstock
Saudi Chevron Phillips offers 26kt of gasoline blendstock for Aug. 22-26 loading from Jubail, Saudi Arabia, according to tender document obtained by Bloomberg.
Asian Stocks Drop as Ringgit Gains While Corn, Soybeans Retreat
Asian stocks dropped, with Shanghai shares retreating from the year’s highest close, and Australia’s dollar slipped as a private gauge of Chinese services industries fell to a record low. Emerging-market currencies climbed as corn and soybeans declined.
Aussie Halts Two-Day Gain as China Services Stagnate; Won Rises
Australia’s dollar snapped a two-day gain as an industry gauge of Chinese services showed activity stagnated for the first time on record.
Ghana Mercedes Dealer Rues Weak Cedi Behind IMF Plea: Currencies
It’s 3 p.m. in the Ghanaian capital of Accra, and 50-year-old entrepreneur Harry Larbi is sitting in front of his auto-parts dealership, still waiting for his first customer of the day.
Asian Stocks Fall After China Data as Investors Weigh Earnings
Asian stocks fell after a private gauge of China’s services industries fell to a record low and as investors weighed company earnings.
DeMark Says Sell China Stocks Now as World’s Best Rally to End
The Shanghai Composite Index will probably end its world-beating rally within days and fall about 10 percent, said Tom DeMark, the developer of market-timing indicators who predicted the gauge’s peak last year.
Modi Said to Bring Grain Storage Revamp Closer: Corporate India
About thirty miles from New Delhi, a stray dog walks among sacks of wheat rotting in a field. The grain is part of more than 3 million tons that India stores in the open exposed to pests and damp, enough to feed Kenya.
Baconholics Undeterred by 30-Year High Pig Prices: Commodities
With images of pigs and barbecued meats tattooed on his left calf, Brian Polak is doing what he can to cope with the highest price of bacon in three decades. The 41-year-old self-proclaimed “baconholic” now often cures his own at home to help reduce costs.
Israel Says Gaza Tunnel Mission Complete as Cease-Fire Starts
Israel said it has completed its mission to destroy Gaza Strip tunnels and was pulling its troops back as a 72-hour truce was set to take effect today.
China Test Looms for Widodo as Indonesia Faces Xi’s Campaign (1)
Chinese President Xi Jinping last month congratulated Joko Widodo for winning an Indonesian presidential election whose results have yet to be endorsed by the supreme court. Their next interaction may not be so warm.
FBI Snuffs World Cup Betting Hub at Caesar’s $25K-a-Night Villas
When FBI agents went into Villa 8882 at Caesars Palace in Las Vegas on the afternoon of July 9, they found Wei Seng Phua and his son watching the World Cup semifinal between the Netherlands and Argentina.
All Black Carter Out of Rugby for Four Weeks After Fibula Injury
Dan Carter is out of rugby for at least four weeks and will miss two Tests against Australia after injuring his leg in the Super 15 final on Aug. 2.
New Zealand Football Signs Anthony Hudson as Head Coach
New Zealand Football today named Anthony Hudson as head coach of the national men’s soccer team, known as the All Whites.
Last Chg %Chg Exch Contract
---- ---- ---- ---- -------- WTI Crude ($/Bbl) 98.32 +0.03 +0.0 Nymex Sept. Brent Crude ($/Bbl) 105.46 +0.05 +0.0 Ice September Gasoil ($/Ton) 883.25 +0.50 +0.1 Ice Sept. Gasoline (c/Gal) 272.41 -0.08 0.0 Nymex Sept. Natural gas ($/MMBtu) 3.84 -- +0.0 Nymex Sept. Dated Brent ($/Bbl) 104.11 -0.12 -0.1 OTC 21 Days Heating Oil 286.98 -0.14 0.0 Nymex Sept.
----- ----- Dollar Index 81.30 -- Gold ($/Oz) 1,288.90 -0.5 MSCI World Index 1,708.95 -0.1 Prices as of 6 a.m. GMT
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