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TOP Oil Market News: Crude Advances, May Decline in Coming Week

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

Oil Heads for Weekly Gain on China, U.S. Manufacturing Outlook

Oil rose in London, heading for a weekly gain as a report signaled manufacturing may expand at a faster pace this month in China, the world’s second-largest crude consumer.


Oil May Drop on Uncertainty in Budget Talks, Survey Shows

Oil may drop next week on the standoff in federal budget talks as both the White House and congressional officials said no progress had been made, a Bloomberg survey showed.

Iraq Boom Hands Naimi 2013 Oil-Supply Challenge: Energy Markets

Iraq’s biggest jump in oil production since 1998 is increasing the burden on Saudi Arabia to lower crude exports to prevent price declines next year.

Goldman Sachs Says Oil Market Tightness to Extend Through 2013

Strength in Brent crude bakckwardation is warranted because excess global oil inventories are not crude or products, bank says in e-mailed report

REFINERIES Map global refinery outages

Gazprom Neft Idles Crude Unit at Moscow Oil Refinery: CDU-TEK

Crude unit AT-VB idled Dec. 8 until end of the month, according to data sent in e-mail from Russian Energy Ministry’s CDU-TEK.

ConocoPhillips Has Emissions at Lysite Plant, NRC Filing Shows

ConocoPhillips released gases at its plant in Lysite, Wyoming, according to a filing with the National Response Center. An investigation is underway, the filing showed.

Oil-Refinery Run Rate Falls to 46% at China’s Teapot Plants

China’s smaller oil refineries in Shandong province reduced processing rates to 46 percent of capacity as of yesterday from 46.2 percent a week earlier, industry website said.

Marathon Petroleum Has Emissions at Kentucky Plant: NRC Filing

Marathon Petroleum released an unknown amount of benzene from the flare at its Catletsburg, Kentucky, refinery, according to a filing with the National Response Center.

Chevron Richmond Plant Halts Diesel Output After Unit Shut (1)

Chevron Corp.’s Richmond refinery, the largest in Northern California, has stopped producing diesel fuel after an Aug. 6 fire shut the plant’s only crude distillation unit.


Fuel Oil Cargo Bookings to Asia in January Double From Last Week

Bookings of fuel oil supply from Western countries scheduled to arrive in Asia next month more than doubled from a week earlier to 3.95 million metric tons, according to shipping data, compiled by Bloomberg News. Vitol Said to Sell Angolan Nemba Crude to Hindustan Petroleum

Vitol Group sold 1 million barrels of Angolan Nemba crude for loading in January to Hindustan Petroleum Corp., India’s third-largest state refiner, said two traders who asked not to be identified because the information is confidential.

Bharat Petroleum Seeks to Buy Crude for Loading in February

Bharat Petroleum Corp., India’s second-largest state refiner, is seeking to buy crude for loading from Feb. 1 to Feb. 10, according to a tender document obtained by Bloomberg News.


Biggest China Deal Sours as Cnooc Ratings Hit 3-Year Low: Energy

China’s biggest foreign acquisition is underwhelming Wall Street. PetroChina Pays $1.2 Billion for Alberta Shale Energy Stake (1)

PetroChina Co. agreed to pay Encana Corp. C$1.18 billion ($1.2 billion) for a 49.9 percent stake in an Alberta shale formation as Asia’s biggest oil producer steps up acquisitions of overseas oil and gas assets.

U.K. Green Energy Plans to Boost Electricity Bills 54% by 2020

The U.K. government’s effort to expand renewable energy generation will boost household electricity bills by 54 percent by 2020, according to a study by Bloomberg New Energy Finance.

Japan Utilities Curb Crude Purchases After Supplies Increase (1)

Crude oil purchases by Japanese power producers dropped for the first time in almost two years as the companies held back from placing new orders after supplies outpaced consumption.

Sojitz Sees Beyond Rare Earths to LNG, Solar in Non-Atomic Japan

Sojitz Corp., Japan’s top trader of rare earths, plans to tap into the nation’s shift from nuclear power by setting up its own liquefied natural gas business and building solar plants, said Chief Executive Officer Yoji Sato.

KazMunaiGaz Purchase of Conoco Kashagan Stake ‘Under Discussion’

KazMunaiGaz National Co., Kazakhstan’s state energy producer, is considering whether to buy ConocoPhillips’s stake in the Kashagan project.


Commodities Rise on Signs of China Recovery; U.S. Futures Climb

Commodities rose and Chinese stocks rallied the most in three years as a manufacturing survey added to signs of recovery in the world’s second-biggest economy. U.S. index futures and most European shares gained, while Japan’s yen weakened for the fourth day against the euro.

Euro Rises to Eight-Month High Against Yen After EU Leaders Meet

The euro strengthened to an eight-month high against the yen as European Union chiefs pledged to seek a joint strategy for handling failing banks, boosting demand for the region’s assets.


Carmelo Anthony’s 30 Points Lead Knicks to NBA Defeat of Lakers

Carmelo Anthony scored 30 points before leaving with a sprained ankle and the New York Knicks opened a 26-point lead en route to a 116-107 home win against the Los Angeles Lakers.

Georgia Tech Uses Low-Cost Loans for Transforming Ramblin’ Wreck

Georgia Tech’s bet on the U.S. economy at the depth of the recession allowed it to upgrade sports facilities and save about $72 million in construction and financing costs.

Bengals Beat Eagles 34-13 to Lead Steelers in NFL Playoff Race

The Cincinnati Bengals defeated the Philadelphia Eagles 34-13 to move ahead of the Pittsburgh Steelers in the standings for the final playoff spot in the American Football Conference.

Lara Gut Wins First World Cup Downhill as Lindsey Vonn Crashes

Switzerland’s Lara Gut won the first World Cup downhill race of her career in France as Olympic champion Lindsey Vonn crashed.


Last Chg %Chg Exch Contract

---- ---- ---- ---- --------WTI Crude ($/Bbl) 86.70 +0.81 +0.9 Nymex Jan. Brent Crude ($/Bbl) 108.61 +0.70 +0.6 ICE Jan. Gasoil ($/Ton) 921.00 +0.50 +0.1 ICE Jan. Gasoline (c/Gal) 263.08 +2.87 +1.1 Nymex Jan. Natural gas ($/MMBtu) 3.31 -0.03 -1.0 Nymex Jan. Dated Brent ($/Bbl) 108.91

+1.38 +1.3 OTC 21 Days Heating Oil 297.12 +2.75 +0.9 Nymex Jan.

Other markets:

Last %Chg

----- -----Dollar Index 79.92 --Gold ($/Oz)

1,696.80 -1.2 MSCI World Index 1,327.97 --

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