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TOP Oil Market News: WTI Set for Second Weekly Drop on Supplies

May 2 (Bloomberg) -- The following is a selection of the most important news affecting the oil market.

WTI Heads for Second Weekly Drop on Record Supplies; Brent Holds

West Texas Intermediate headed for a second weekly decline as crude stockpiles at a record high expanded further in the U.S., the world’s biggest oil consumer. Brent was steady in London.


Oil Trade Tracks Libya Cargo as Test of Nation’s Return: Energy

A port in eastern Libya is once more the focus of oil markets, three years after it was the scene of a battle in the overthrow of Muammar Qaddafi.

IOC Said to Sell Naphtha for May to Vitol at $40-$45/Mt Premium

Indian Oil sells 35kt to Vitol at $40- $45/mt premium to Mideast benchmark prices, say two traders who participate in the market, asking not to be identified because the information is confidential.

Putin Urges Ukraine to Withdraw Troops as Turmoil Grips Far East

Russian President Vladimir Putin urged Ukraine to withdraw forces from its easternmost regions as the International Monetary Fund warned that extra financing may be needed if control of the industrial heartland is lost.

Angola Set to Exempt Oil Companies From Services Tax, E&Y Says

Petroleum explorers including Total SA and BP Plc in Angola, Africa’s second-largest crude producer, will probably be exempt from a consumption tax, the head of Ernst & Young’s local unit said.

WTI Crude Seen Falling Next Week in Survey on U.S. Supply Gain

West Texas Intermediate crude futures may fall next wk on speculation that U.S. inventories will rise, Bloomberg survey shows.

Citic Group, Sinopec Asset Plans Lead China SOE Reform Drive

BI CHIN AP POLICY Citic Group and Sinopec are spearheading China’s efforts to boost private investment in state-controlled companies. Citic intends to inject assets into a Hong Kong-listed unit and to move its headquarters to the city. This carry extra symbolic importance as Citic was China’s first SOE. Sinopec’s plan to sell a 30% stake in retail assets affects the strategic energy sector, and it may be the largest SOE-related asset sale. Citic Pacific and Sinopec shares have both risen.

Sumatec Rises Most In 5 Months as Rig Venture Starts Operations

Shrs jump 7.7% in first 5 mins of trading, headed for steepest increase since Nov. 22.

U.S. Energy Department Natural Gas Update for May 1 (Text)

Following is the text of the weekly natural gas update as released by the U. S. Department of Energy in Washington, D.C.:

Gasoil Stockpiles Rise in Europe’s Oil-Trading Hub, PJK Says

Gasoil stockpiles in independent storage rose in Europe’s Amsterdam-Rotterdam-Antwerp oil-trading hub, according to PJK International BV.

REFINERIES Map global refinery outages

MORE: Alon Big Spring Refinery Shuts FCC for Planned Work

“The major turnaround has commenced at Big Spring,” Blake Lewis, spokesman for co., says by e-mail.

Chevron El Segundo Plans to Flare Gases

Refinery in S. Calif. reports planned flaring not related to a breakdown, notice to South Coast Air Quality Management District shows.

Alon Big Spring Increasing Sweet Crude Runs Because of Discount

“Sweet crude oil in Midland is now discounted relative to sour crude, and we have adjusted our crude slate to take advantage of this by increasing the amount of sweet crude processed,” co. says in 1Q earnings statement.

MORE: Syncrude Seen Beginning Planned Coker Work at Upgrader

Co. bringing down Coker 8-2 at Alberta upgrader for planned work after delay following unplanned repairs on Coker 8-1, person familiar with operations said today.

Delta Trainer Refinery Said to Shut FCC for Repairs

Delta’s Trainer, Pa., refinery shut a fluid catalytic cracker after a hole was discovered in a reactor, according to a person familiar with the situation.

Alon Big Spring Refinery Reports Crude Unit Upset

Upset thought to be caused by fault in 2-1 overhead feeder in groundwater system south of refinery

Alon Big Spring Refinery Shuts FCC for Scheduled Maintenance

Co. comments in filing to Texas regulators.

California Doubles Oil Received by Rail in 1Q From Year Earlier

Most populous U.S. state brought in 1.41m bbl in 1Q, up from 693,457 bbl in same period in 2013, state Energy Commission says on website.

Suncor Fort Mcmurray Upgrader Completes Planned Maintenance

Planned work was completed on Upgrader No. 2 at co.’s oil sands operations near Fort McMurray, Alberta: co.’s said in statement on website.

Los Angeles Gasoline Gains as Chevron Said to Be Shutting Units

Los Angeles Carbob premium vs Nymex gasoline futures widens for 2nd day, adding 3.75c/gal. to 17.75c, according to data compiled by Bloomberg at 217pm N.Y. time.


TOP Oil Market News: WTI Crude Drops to 5-Week Low on Stockpiles

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

Oil Trade Tracks Libya Cargo as Test of Nation’s Return: Energy

A port in eastern Libya is once more the focus of oil markets, three years after it was the scene of a battle in the overthrow of Muammar Qaddafi.

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 7.69 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.


Ukraine’s Far East Unravels as IMF Warns More Cash May Be Needed

Ukraine’s easternmost regions are slipping from the government’s grasp as separatists take over more official buildings, with the International Monetary Fund warning extra financing may be needed if control of the industrial heartland is lost.

Treasuries Rise, U.S. Stocks Little Changed After Economic Data

Treasuries rallied, sending 30-year bond yields to a 10-month low, as mixed economic signals bolstered haven demand before a jobs report tomorrow. U.S. stocks were little changed after a three-day rally.

Buffett Reshaping Berkshire in Twilight of Career Propels Abel

Two years ago, Warren Buffett, then 81, announced that the Berkshire Hathaway Inc. board had chosen his successor as chief executive officer.

Shale Revolution Lures Trading Houses to U.S. Energy Assets (4)

Merchants from Vitol Group, the largest independent oil trader, to a company backed by billionaire Paul Tudor Jones are amassing physical energy assets in the U.S. at an unprecedented rate as shale output revives stagnant fuels markets.

Metals Slip as Asian Shares Advance Before Payrolls; Won Gains

Most metals fell, with copper heading for its biggest weekly loss in seven weeks, and Asian stocks rose before a U.S. jobs report. The Korean won strengthened after better-than-expected trade data, while soybeans dropped.

Berkshire to Acquire SNC’s AltaLink in $2.9 Billion Canada Deal

Berkshire Hathaway Inc.’s energy unit agreed to buy SNC-Lavalin Group Inc.’s AltaLink for about $C3.2 billion ($2.9 billion) in cash to expand in electricity transmission in western Canada.

GE’s Alstom Minefield Negotiated by Consummate Insider Gaymard

The French General Electric executive thrust into the forefront of the company’s contentious Alstom bid is a petite mother of nine with sterling government contacts and a published romantic novel entitled “S’il suffisait d’aimer,” or “If Love was Enough.”

Brazil Set to Get Reloaded Spot LNG Shipment From Spain at Pecem

Vessel Ribera Del Duero Knutsen set to dock at Pecem in north Brazil today, according to transmissions captured by IHS Fairplay on Bloomberg.

Brazil Receives Reloaded Spot LNG Cargo From Belgium at Bahia

Vessel Seri Begawan docked April 30 at Bahia terminal in central Brazil, transmissions captured by IHS Fairplay on Bloomberg show.

Korea Midland Power Cancels Tender to Buy Coal for 1H June

South Korean utility cancels tender for low-volatile bituminuous coal because price too high, says official who asked not to be identified because of internal policy.


Metals Drop as Asia Shares Advance Before Payrolls; Won Gains

Most metals fell, with copper heading for its biggest weekly loss in seven weeks, and Asian stocks advanced before a U.S. jobs report. The Korean won advanced after better-than-expected trade data, while soybeans dropped.

Dollar Bullish Bets Rise to Five-Month High Before U.S. Jobs

Bullish option bets on the dollar against the yen climbed to a five-month high relative to bearish wagers before U.S. data forecast to show jobs growth picked up in the world’s largest economy.

April Proves Cruelest Month for Traders Facing Loss: Currencies

Investors in the $5.3-trillion-a-day foreign-exchange market heartened by a return to gains in March found themselves shocked back to reality in April.

Asian Stocks Fluctuate as Investors Await U.S. Payrolls Report

Asian stocks swung between gains and losses as investors weighed corporate earnings before the release of U.S. non-farm payrolls today.

U.S. Stocks Close Little Changed as Investors Await Jobs Report

U.S. stocks ended little changed, with the Dow Jones Industrial Average falling from a record, as data showed an increase in jobless claims before the government’s monthly labor report tomorrow.

Gold Heads for Weekly Decline After Fed Tapers, SPDR Contracts

Gold headed for a weekly loss after the Federal Reserve pressed on with cuts to stimulus amid signs of a recovery in the U.S. and holdings in the largest bullion- backed exchange traded fund contracted to a five-year low.

Mine Waste Transformed to Tap Water in Anglo Model: Commodities

Anglo American Plc was the first company to transform the wastewater from its coal mines into something 80,000 people drink. Now they’re seen as a model.

Hipsters Squeeze Out Aborigines as Former Sydney Slum Gentrifies

Australian Aborigines have met and lived for millenia in what is now Sydney’s Redfern district. With young urbanites moving in and driving up property prices, their chances of remaining rest on an empty hectare of land.


Manchester United to Appoint Van Gaal Next Manager, Mirror Says

Louis van Gaal has reached a two-year agreement to become the next manager of Manchester United and will be named successor to David Moyes “within days,” according to the Daily Mirror.

U.S. to Host 2016 Centennial Edition of Soccer’s Copa America

The U.S. will host a special centennial edition of the Copa America, the first time the soccer tournament will be held outside South America.

Trump’s New Jersey Golf Course to Host 2022 PGA Championship (1)

Donald Trump’s New Jersey golf club will host the 2022 PGA Championship, fulfilling an ambition of the real-estate developer to stage one of the sport’s four major tournaments.


                         Last    Chg  %Chg   Exch Contract
                         ----   ----  ----   ---- --------
WTI Crude ($/Bbl)       99.41  -0.01   0.0  Nymex     June
Brent Crude ($/Bbl)    107.78  +0.02  +0.0    Ice     June
Gasoil ($/Ton)         900.50  +3.00  +0.3    Ice     June
Gasoline (c/Gal)       293.69  -0.19  -0.1  Nymex     June
Natural gas ($/MMBtu)    4.71  -0.01  -0.1  Nymex     June
Dated Brent ($/Bbl)    107.62  +0.11  +0.1    OTC  21 Days
Heating Oil            291.25  -0.15  -0.1  Nymex     June

Other markets:
                         Last  %Chg
                        ----- -----
Dollar Index            79.56    --
Gold ($/Oz)          1,283.40  -1.0
MSCI World Index     1,690.33    --

Prices as of 6 a.m. GMT

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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