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TOP Oil Market News: WTI Trades Near Week Low on Stockpiles

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Feb. 26 (Bloomberg) -- The following is a selection of the most important news affecting the oil market.

WTI Crude Trades Near Week Low on U.S. Stockpiles; Brent Stable

West Texas Intermediate traded near the lowest price in more than a week before a government report forecast to show U.S. crude stockpiles gained for a sixth week in the world’s biggest oil consumer. Brent was stable in London.

Winter Warmth Seen Flooding Asia With Japanese Kerosene: Energy

The mildest winter in four years is prompting Japan to export the biggest volume of kerosene in a quarter century, squeezing profits for Asian refiners while cutting fuel expenses for airlines.

California Seen as ‘Last Frontier’ for Delivering Crude by Rail

California, the third-biggest refining state in the U.S., is about to see a flood of oil by rail from places such as Canada and North Dakota as suppliers seek to tap a market isolated from the rest of the country.

Sinopec Jinling Refinery Delivers ‘China V’ Quality Spec. Diesel

Refinery delivered 3,000 mt first shipment of “China V” quality specification diesel, co. says in newsletter posted on website today.

YNCC Said to Buy Two Naphtha Cargoes for April at $8/Mt Premium

YNCC buys 2 x 22,500-30,000 mt of naphtha for 1H April delivery to Yeosu, South Korea, say two traders who participate in the market, asking not to be identified because the information is confidential.

China to Raise Gasoline, Diesel Prices Tomorrow, Oilchem Says

Shandong-based industry website reports, without saying where it got the information.

South Sudan Says Dar Blend Oil Output Unaffected by Clashes (1)

Clashes that erupted in South Sudan’s oil-rich Upper Nile state last week pose “no imminent threat” to crude production and output is progressing normally, the Petroleum Ministry said.

Oil-by-Rail Disasters Prompt U.S. Crackdown on Risky Shipments

U.S. energy companies using rail to carry crude must conduct tests to help ensure the oil cargoes won’t explode or eat holes through tank cars after rising train derailments spurred new emergency rules.

REFINERIES Map global refinery outages

China’s Major Refineries to Process 5% More Oil in 2014: ICIS-C1

Crude throughput to rise by ~24 mln mt from 2013, Shanghai-based commodities researcher says in e- mailed note today.

Borger Refinery to Shut FCCU on Feb. 28 for Maintenance: Filing

Fluid catalytic cracker unit at Borger refinery in Texas to restart ~41 days later, according to a filing with state environmental regulators.

MORE: Tesoro Golden Eagle Had Major Unit Shutdown Feb. 22

Co. said minor leak occurred while workers were performing maintenance on an out-of-service unit, according to Co. spokeswoman Tina Barbee.

Shell Says Martinez Refinery Has Maintenance Under Way

Maintenance is under way at Martinez refinery in California, spokeswoman Destin Singleton said by e- mail today.

Alon Big Spring Refinery Cuts Charge to FCC Unit: Filing

Refinery reports flaring from fluid catalytic cracker and its boiler to the Texas Commission on Environmental Quality

Cepsa’s Tenerife Oil Refinery in Spain Plans March Maintenance

Facility to operate until maintenance starts at beginning of next mo., Cepsa official says, asking not to be identified because of co. policy.

Exxon Flares Gases at Southern California Oil Refinery

Refinery continues to operate after planned flaring event, according to filing with Governor’s Office of Emergency Services.


Bitumen Shippers Seen as Losers in Federal Oil-by-Rail Order

A federal order reclassifying types of crude carried in tanker-cars is threatening to reduce or delay shipments of bitumen and other low-volatility fuels, according to oil-by-rail companies.

Trafigura Buys Distillate Lots; ICE Gasoil Drops: Oil Products

Trafigura buys cargoes of jet fuel, diesel and gasoil for delivery to France and Italy. ICE gasoil futures drop for 3rd day in 4.


Musk Wealth Soars $1.1 Billion in Day on Tesla, Solar City Surge

Elon Musk added $1.1 billion to his fortune yesterday as electric-car maker Tesla Motors Inc. and solar power company SolarCity Corp. closed at records on investor optimism over his plans to build one of the biggest battery factories on Earth.

Chevron Said to Explore Options for U.S. Midstream Business (2)

Chevron Corp., the fourth-largest oil and natural gas company by market value, is conducting a strategic review of its U.S. midstream business which could result in a sale of some or all of the unit, people with knowledge of the matter said.

U.S. Natural Gas Poised for Biggest Three-Day Loss Since 2007

Natural gas declined for a third day in New York, extending the steepest drop in more than six years on speculation that warmer U.S. weather will reduce demand for heating fuel.

Tesla Battery Jolts Shares to Highs on Power Grid Disruption (1)

Tesla Motors Inc.’s plan to boost battery production by building what Chief Executive Officer Elon Musk calls a “gigafactory” may do more to transform the power industry than it does to advance the electric car.

Investors Mount Attack on Norway in $20 Billion Oil, Gas Row (1)

Allianz SE, Abu Dhabi’s wealth fund and firms including Statoil ASA have mounted a multi-pronged battle against Norway to defend revenue and oil- and gas- industry projects valued at $20 billion.

Singapore Bids for Asia’s LNG Hub Role With Second Terminal (1)

Singapore plans to build a second receiving terminal for liquefied natural gas as it pursues a long-term strategy to become Asia’s LNG trading hub.

Repsol Rises After Agreeing $5 Billion YPF Deal With Argentina

Repsol SA rose to the highest in a month in Madrid trading after the Spanish oil company’s board agreed to accept $5 billion for Argentina’s seizure of its YPF SA unit, ending a two-year dispute.


Treasuries Rise While U.S. Stocks Drop; Yen Gains on Weaker Yuan

Treasuries rose and the Standard & Poor’s 500 Index retreated after touching an intraday record yesterday on signs U.S. consumer confidence is flagging. The yen gained amid concern a weaker Chinese yuan will hurt growth while natural gas led commodities lower.

Europe Stocks Fall as Natural Gas Declines; China Shares Gain

European stocks retreated from a six-year high while Chinese shares led gains in emerging markets. U.S. equity-index futures signaled the gauge will rise and natural gas extended its biggest decline in six years.

Currency Volatility Slumps as Investors Grope for Policy Signals

Price swings for the euro against the dollar, the world’s most-traded currency pair, fell to the lowest since at least 2007 as traders awaited signals from central banks on the future direction of monetary policy.

Traders Reject Lagarde’s Warning as Volatility Falls: Currencies

Currency traders are rejecting warnings from International Monetary Fund Managing Director Christine Lagarde that volatility will increase as the Federal Reserve pares its unprecedented stimulus program.

U.K. Stock Bears Pay Most in Two Years Versus Euro Area: Options

Concern the rally that sent U.K. equities to a 14-year high will fizzle has pushed options prices to the most expensive level in two years relative to the rest of Europe.

Tin Floor Price Set by Indonesian Exchange to Support Miners (3)

The only bourse allowed to trade tin for export from Indonesia, the world’s biggest shipper, is setting a weekly minimum price for physical contracts to protect mining companies against market fluctuations. Futures rose to the highest level in more than four months in London.

Bird Flu Brings More Pain for Feed Sellers in China Hurt by Hogs

The spread of bird flu in China that’s killed at least 32 people is poised to choke any growth in demand for animal feed as a slump in hog prices encourages livestock owners to cut their herds.

Ukraine Pledges to Protect Deposits as Rally Called in Kiev (1)

Ukraine is weighing measures to stem cash withdrawals after as much as 7 percent of deposits were taken from banks during last week’s bloody uprising, underscoring the need for action to fend off a default.

Merkel Said to Call for Stronger EU in Disappointment to Cameron

Chancellor Angela Merkel will call for a stronger European Union in a speech in London that may disappoint Prime Minister David Cameron, according to a German government official with direct knowledge of her preparations.


Jason Collins’s No. 98 Brooklyn Nets Shirt Leads Sales

Jason Collins’s Brooklyn Nets jersey, which he will wear in tribute to a gay student who was murdered 16 years ago, led sales in the National Basketball Association’s online store yesterday, the league said.

Heisman Winner Winston Goes 0-for-2 Versus Yankees in Exhibition

Jameis Winston, who in December won the Heisman Trophy as college football’s best player, went 0- for-2 against the New York Yankees in a baseball exhibition.

Adidas Withdraws ‘Sexual’ T-Shirts Following Brazil’s Complaint

Adidas AG said it will withdraw a range of T-shirts after Brazil’s tourism ministry complained it linked South America’s biggest country with sexual activity.

NHL Owners Question Olympics Benefits as Players Want Medals (1)

New York Rangers goaltender Henrik Lundqvist came home from an “awesome” Sochi Olympics with a silver medal. New York Islanders captain John Tavares returned with a season-ending knee injury.


Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 102.18 +0.35 +0.3 Nymex April Brent Crude ($/Bbl) 109.33 -0.18 -0.2 ICE April Gasoil ($/Ton) 921.00 -2.25 -0.2 ICE April Gasoline (c/Gal) 279.35 -0.46 -0.2 Nymex March Natural gas ($/MMBtu) 4.86 -0.24 -4.6 Nymex March Dated Brent ($/Bbl) 109.39 -0.25 -0.2 OTC 21 Days Heating Oil 311.66 +1.23 +0.4 Nymex March

Other markets:

Last %Chg

----- ----- Dollar Index 1,019.12 -- Gold ($/Oz) 1,338.85 -0.1 MSCI World Index 407.93 -0.1 Prices as of noon London time

To contact the editor responsible for this story: Steve Voss in London at

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