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TOP Oil Market News: Brent Crude Falls Second Day; WTI Declines

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April 21 (Bloomberg) -- The following is a selection of the most important news affecting the oil market.

Brent Crude Falls With WTI on Speculation Price Gains Excessive

Brent oil declined a second day on speculation that price gains last week on tension between Ukraine and Russia were excessive. West Texas Intermediate fell.


Keystone XL Oil Pipeline Fate Shifts to Seven Nebraskan Justices

The focus of the Keystone XL debate has shifted from a fierce lobbying war in Washington to Lincoln, Nebraska, where the state Supreme Court has been asked to weigh a legal challenge to the pipeline.

U.S. Gasoline Prices Rise to 13-Month High in Lundberg Survey

The average price for regular gasoline at U.S. pumps jumped 8.5 cents in the past two weeks to a 13-month high of $3.6918 a gallon, according to Lundberg Survey Inc.

Essar Said to Cancel Tender to Sell Naphtha Cargo for May

Essar cancels tender to sell 35k mt of naphtha with 65% paraffins for May 9-13 loading from Vadinar on India’s west coast, say two traders who asked not to be identified because the information is confidential.

HPCL Offers One or More Naphtha Cargoes for May From Vizag

HPCL offers to sell cargoes of naphtha for May 6-8 loading from Vizag on India’s east coast, according to tender documents obtained by Bloomberg.

Libya Govt Starts Procedure to Restore Control on Zueitina Port

Govt instructed Oil Ministry, state-run National Oil Corp. to start measures for resuming operations at Zueitina oil port that east Libya rebels agreed to evacuate, Justice Minister Salah Al-Mirghani said at press conference yesterday evening in Benghazi.

MORE: Japan’s March LNG, Crude Imports Rise From Year Earlier

Japan’s LNG imports in March up 3.9% from year earlier at 8.04 mln mt, according to the Ministry of Finance’s preliminary report.

Kenya Seeks More Than 570,000 Tons of Fuel for May to July

Kenya is seeking to buy more than 570k mt of fuels, including gasoline, gasoil and jet fuel, according to documents obtained by Bloomberg.

REFINERIES Map global refinery outages

China Teapot Refineries Boost Run Rate for First Time in 6 Weeks

Avg. operating rates at smaller oil-processing plants in eastern China’s Shandong province rise from lowest level since May 2013, according to data from industry website

Houston Ship Channel Section Reopens to Traffic After Leak

Stretch of Houston Ship Channel from Greens Bayou to Crown Bend reopens to all traffic after leak of ammonia from Rentech Nitrogen plant, U.S. Coast Guard says in e-mailed notice.

Houston Ship Channel Section Reopens to Traffic After Leak

Stretch of Houston Ship Channel from Greens Bayou to Crown Bend reopens to all traffic after leak of ammonia from Rentech Nitrogen plant, U.S. Coast Guard says in e-mailed notice.

Citgo Corpus Christi West Restarts Sulfur Unit After Trip

“Foaming event” in amine system causes trip of sulfur recovery unit, Texas refinery says in filing with state regulators.

MORE: Houston Ship Channel Area Closed Due to Ammonia Leak

Channel from Greens Bayou to Crown Bend will probably reopen to all traffic in ~1 hour, Michael Stevenson in U.S. Coast Guard control office in Houston, says by telephone.

Houston Ship Channel Area Closed Due to Ammonia Leak

Channel closed from Greens Bayou to Crown Bend to all traffic because of an ammonia leak at Rentech Nitrogen plant, Coast Guard says in e-mailed notice.

Exxon Joliet Plant Returns to Normal Operations After Shutdown

XOM doesn’t expect impact to fuel production at plant in Illinois because of unit shutdown, Todd Spitler, co. spokesman, comments by e-mail today.

Valero Benicia Refinery Reports Process Upset: State Filing

VLO describes operational upset at refinery in Northern Calif. as “minor” in filing to state Governor’s Office of Emergency Services.

Exxon Reports Unit Shutdown at Joliet Refinery in Illinois

Shutdown caused plant to flare gases at 8:18 pm local time yday, notice to state shows.

Iraq Repairs Internal Crude Pipeline After Explosion: Ministry

Leak from pipeline north of Baghdad was caused by technical glitch, Asim Jihad, Oil Ministry spokesman says by phone.


Oil Product Shipping Costs to Japan Fall 5.5 %

The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan fell 5.5 percent to 7.08 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.


Barclays to Exit Some Commodities Trading on Revenue Decline: FT

Barclays plans to exit portions of its metals, agricultural and energy trading business amid a decline in revenue and increase in regulatory scrutiny, Financial Times said, citing an internal memorandum viewed by the newspaper.

Exelon Beating Facebook in S&P 500 After Nasdaq Valuation Shock

In the middle of earnings season, investors are becoming less concerned about earnings growth.

Keystone Review Delay Draws Angry Reaction From Pipeline Backers

The Obama administration’s announcement yesterday that it was delaying a ruling on the Keystone XL oil pipeline drew an angry reaction from supporters of the $5.4 billion project, including some who said it was designed to push the issue beyond the November election.

Sabic Climbs as Petrochemicals Maker Eyes China, U.S. Expansion

Saudi Basic Industries Corp., the world’s largest petrochemicals maker, rose the most in three months after saying it’s seeking to expand into China and the U.S. following a decline in first-quarter profit.

Shale Oil Cost to Set Floor for Oil Price: Saudi Oil Minister

Cost of producing U.S. shale oil is high and this will set a floor for prices and enhance long-term investments in the industry, Saudi Press Agency reports, citing oil minister Ali al-Naimi.

Speculators’ Natural Gas Wagers Rewarded With Late Rally: Energy

Speculators’ decision to raise bullish bets on U.S. natural gas was rewarded with a rally to the highest price since February.

China Premier Li Keqiang Reiterates Plans to Boost Clean Energy

China, the world’s biggest investor in renewable energy, reiterated plans to boost construction of solar and wind power plants along with projects to transmit electricity from the clean sources.

Japan’s Push for Gas Exchange to Face Pipeline-Network Hurdle

Japan’s effort to set up a natural gas exchange may be hampered by the lack of a pipeline network across the country, according to a government subcommittee.

LNG Tanker Norgas Conception Sails Through Panama Canal to Asia

Vessel Norgas Conception to arrive at CNOOC-owned Ningbo terminal May 16, according to transmissions captured by IHS Fairplay on Bloomberg.

Saudi Arabia’s Samref Refinery Offers Steam-Cracker Feed for May

Samref refinery, a joint venture of Saudi Aramco and Exxon, offering 230,000 bbls of steam- cracker feed for May 27-29 loading from Yanbu in Saudi Arabia, according to a tender document obtained by Bloomberg.


Treasuries Rise While Gold Falls With Wheat; Yen Slides on Data

Treasuries rose, sending yields down from a two-week high, while gold retreated for a fifth day. The yen weakened against major trading partners and Japan’s benchmark stock index fluctuated after the nation’s trade deficit widened more than economists forecast.

Yen Falls Versus Major Peers After Japan’s Trade Deficit Widens

The yen fell versus 15 of its 16 major peers after a report showed Japan’s trade deficit widened more than forecast last month.

Manulife Favors Asian Dollar Bonds for Currency Advantage (1)

Asian dollar bonds are expected to perform better than local debt for a fourth year as a recovering U.S. economy boosts the greenback against emerging-market currencies, Manulife Asset Management says.

Asian Stocks Swing Between Gains, Losses on Health Care,

Asian stocks swung between gains and losses as health-care stocks declined while mobile carriers led the advance. Several markets across the region are shut today for a holiday.

India VIX Rises With Nifty as Relationship Breaks Down: Options

India’s national election is causing a breakdown in the six-year relationship between prices of the nation’s equities and options.

Gold Drops to Two-Week Low as Technical Indicator Signals Losses

Gold retreated to the lowest level in more than two weeks as a technical indicator used by some traders and analysts signaled further declines. Silver, platinum and palladium fell.

Rubber in Tokyo Touches 4-Year Low on Concern Demand Will Weaken

Rubber for Sept. delivery on Tokyo Commodity Exchange -2.1% at 202 yen/kg at 11:08am local time.

Ukraine Separatists Hold Ground as Pressure Grows for Sanctions

Shootouts in eastern Ukraine over the weekend led to calls for more U.S. economic sanctions against Russia, as a diplomatic accord aimed at defusing the crisis showed little sign of taking hold.

Two Hours Turn Class Trip Into Shipwreck Horror for South Korea

It was supposed to be their last bit of teenage fun.


Qatar Cuts Number of World Cup Soccer Stadiums as Costs Rise (1)

Qatar reduced the number of stadiums it plans to build for the 2022 soccer World Cup by a third amid rising costs and delays.

Soccer Boon for Calik-Owned Bank Given Red Card: Turkey Credit

Mandatory ticket-payment cards for Turkey’s soccer league are spurring protests from fans who say the passes could be used for surveillance, while forcing them to pay the bank running the system a commission on every sale.

UEFA Says Soccer Must Work to Prevent ‘Financial Insanity’

European soccer’s ruling body said its plans to curb overspending by clubs are already having a positive impact, although more needs to be done to protect the sport from “financial insanity.”

To contact Bloomberg News staff for this story: Pratish Narayanan in Singapore at

To contact the editors responsible for this story: Pratish Narayanan at

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