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TOP Oil Market News: WTI Rebounds as Cushing Stockpiles Shrink

May 29 (Bloomberg) -- The following is a selection of the most important news affecting the oil market.

WTI Rebounds as Crude Stockpiles Shrink at Cushing; Brent Steady

West Texas Intermediate rose for the first time in three days after the American Petroleum Institute reported that crude inventories shrank at the delivery point for New York contracts. Brent was steady in London.

Birthplace of USS New Jersey Saved by Shale Production: Freight

The shale boom and the Jones Act are saving shipbuilding at the 213-year-old Philadelphia Navy Yard.

Saudi Aramco Sets LPG Contract Prices at $835/Mt for June

Co. sets LPG contract prices for June-loading cargoes today, according to official who asked not to be identified due to internal policy.

Phillips 66 Says Tribunal Supports Sweeny Takeover From PDVSA

Phillips 66 said an international tribunal ruling supports its right to acquire a 50 percent stake in facilities at its Sweeny Refinery in Texas from Petroleos de Venezuela SA.

Kenya Buys Fuel Shipments for June, July From Three Suppliers

Kenya buys >240kt of fuels, including gasoline, gasoil, jet fuel, from three suppliers, according to document obtained by Bloomberg.

Platts to Stop Assessing Lower Zakum, Umm Shaif Crude Prices

Commodity-price reporting co. will “discontinue” assessments of Abu Dhabi’s Lower Zakum and Umm Shaif grades from Aug. 1, according to notice on its website.

Japan Imported No Crude From Iran During April: Min. of Finance

Imports down from ~1.12m kiloliters in March and ~530k kls a yr ago, according to data from the Ministry of Finance.

Oil Tanker Ship Explodes Off Western Japan Coast, One Missing

An oil tanker ship exploded off the coast of western Japan today after delivering its cargo, leaving one of its eight crew missing.


Dubai in Land of OPEC Gives Blessing to Going Green: Arab Credit

Dubai, better known for palm-shaped islands and the world’s tallest skyscraper than energy conservation, is on a mission to cut power and water use as the rising costs of fuel and desalination threaten future growth.

REFINERIES Map global refinery outages

RUSSIA DAYBOOK: Putin, Lavrov, Sberbank, Lukoil, MegaFon, Dixy

President Vladimir Putin visits Kazakhstan to sign Eurasian Economic Union treaty. Foreign Minister Sergei Lavrov meets Venezuelan counterpart Elias Jaua. Sberbank, Lukoil, MegaFon, Dixy, Ros Agro report 1Q results.

JX Shuts Mizushima B No. 3 Crude Unit Today for Maintenance

Co. plans to restart 110k b/d crude distillation unit at Mizushima B refinery in Okayama prefecture Aug. 4 after planned maintenance, official says, asking not to be identified because of internal policy.

Shell Martinez Coker Project to Begin in 2015: County Filing

Permanent shutdown of flexicoker, associated equipment to cut greenhouse-gas emissions ~700k metric tons/yr, by ~15%, co. says in application to Contra Costa County regulators.

Petrobras Pasadena Refinery Reports FCC Unit Upset

Process upset resulted in flaring from fluid catalytic cracking unit, notice to state regulators shows.

Gulf Crudes Weaken as Tornado-Damaged Garyville Shuts Crude Unit

Gulf of Mexico grades slip against domestic benchmark WTI after tornado damages Marathon Petroleum Corp.’s Garyville refinery, shutting a crude unit.

U.S. Gulf Coast Fuels Advance on Garyville Crude Unit Shutdown

Ultra low sulfur diesel in region gained 0.25c/gal. to discount of 3.25c vs Nymex futures at 355pm, according to data compiled by Bloomberg.

Marathon Garyville Crude Unit Shut After Tornado Damages Plant

A tornado damaged Marathon Petroleum Corp.’s Garyville, Louisiana, complex, shutting a crude unit and cutting power to part of the nation’s third-largest refinery.

Gasoline Gains After Marathon Garyville Suffers Storm Damage

Gasoline futures gained in New York after the nation’s third-largest refinery shut a crude unit amid damage from a severe storm and power outage.

MORE: Marathon Said to Be Considering Moving Turnaround in La.

Garyville, La., refinery suffered damage to a cooling tower and has a crude unit shut on the West side of the plant following a severe storm and power loss early today, according to a person familiar with operations.


TOP Oil Market News: WTI Falls Most This Month; Brent Gap Widens

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 9.31 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 33.27 Points

The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, declined 0.5 percent to 33.27 Worldscale points, according to the Baltic Exchange in London.


Koch to Buy PetroLogistics for $2.1 Billion to Add Propylene (3)

Koch Industries Inc., the holding company controlled by billionaire brothers Charles and David Koch, agreed to buy PetroLogistics LP for about $2.1 billion including debt to gain raw materials used to make plastics.

Ukrainian Jets Circle Donetsk as Rebels Regroup After Rout (2)

Ukraine stepped up air patrols over Donetsk as a convoy of pro-Russian rebels moved through the city with an anti-aircraft gun in tow, threatening renewed violence after clashes left dozens dead.

Russia Urges ‘Emergency Steps’ on Ukraine After Rebel Losses (1)

Russia called for unspecified “emergency” measures to halt the violence in eastern Ukraine after separatist militias suffered the heaviest casualties of their insurgency.

India’s Modi Invokes Mahatma Gandhi to Clean ‘Mother Ganga’ (2)

The first public gestures that Prime Minister Narendra Modi made on his election were to thank two mothers -- his own and Mother Ganga, the most famous waterway in India.

BP Loses Bid to Halt Spill Payments During High Court Review

BP Plc must pay hundreds of millions of dollars in damage claims while it seeks U.S. Supreme Court review of disputed payments in its $9.2 billion accord over the 2010 Gulf of Mexico oil spill, a court ruled.

Blackstone Unit Foreshadows Google Path to Power Company: Energy

The corporate campus of Vivint Inc., among North America’s largest home-automation companies, rises up on the outskirts of Provo, Utah, a handsome sprawl of glass and gleaming white metal set against the snow-capped Wasatch Mountains.

Lifting Ban on Crude Exports Will Benefit U.S. Economy, IHS Says

Removal of U.S. crude-export restrictions would lower gasoline prices, reduce petroleum imports and add almost 1m jobs, IHS says in report today.

Mongolia Sees $1 Billion Investment From Doubling Area for Mines

Mongolia is seeking to expand its area available to mining to a fifth of the country, and by the close of the decade to end its dependence on foreign oil, according to a senior government official.

LNG Tanker Velikiy Novgorod Docks at Cartagena to Load Cargo

Vessel Velikiy Novgorod arrives May 27 at Cartagena in southeastern Spain empty, transmissions captured by IHS Fairplay on Bloomberg show.

Brazil Set to Receive Spot Cargo of LNG From Equatorial Guinea

Vessel Gaslog Sydney set to dock today at Petrobras-owned Guanabara Bay terminal, transmissions captured by IHS Fairplay on Bloomberg show.


Asian Stocks Rise With Bonds as Aussie Strengthens; Nickel Drops

Asian stocks extended their advance to a six-month high as the Australian dollar strengthened. Bonds rallied across the region before a U.S. report forecast to show the world’s biggest economy shrank in the last quarter and nickel led most industrial metals lower.

Yen Strengthens as U.S.-Japan Yield Gap Narrows; Aussie Climbs

The yen strengthened for a second day versus the U.S. dollar, as the greenback’s appeal diminished after Treasury 10-year yields fell to a nine-month low relative to similar-maturity Japanese government debt.

Madonna Lawmaker Targets Absurdities of Work as a Woman in Japan

Yukari Sato, one of Japan’s few female lawmakers, says changes in working conditions for women must accompany economic stimulus programs for the country to break out of a 15-year deflationary spiral.

Asian Stocks Climb Led by Phone Companies, Electronics Makers

Asian stocks rose, with the regional benchmark index extending its rally to a six-month high, as phone carriers and electronics manufacturers advanced.

Japan’s Pension Fund Seen Reducing Bond Holdings, Buying Stocks

The biggest-ever reshuffling of Japan’s Government Pension Investment Fund will result in the fund slashing its target for local bond holdings by a third to 40 percent of assets, according to analysts.

Gold Retreats to 16-Week Low as Ukraine Assessed, Euro Weakens

Gold fell to the lowest level in 16 weeks as investors assessed whether tension between Russia and Ukraine is easing and after the euro weakened, reducing the appeal of the metal. Palladium traded near a 34-month high.

Scrap Copper Imports by China Seen Recovering With Refined Price

China’s scrap copper imports will probably recover to near 2013 levels by the end of the year as increasing prices of refined metal encourage traders to boost deals, CRU Group said.

Obama Answers Critics With Less-Is-More Foreign Policy Doctrine

President Barack Obama is offering a less-is-more doctrine to explain his foreign policy, a bow to the reality that after five and a half years in office his strategy remains a puzzle to much of the public.

Abe Shows New Determination to Boost Military, Deregulation (1)

Japanese Prime Minister Shinzo Abe expressed fresh determination to loosen constraints on his nation’s military and reduce economic regulation as he approaches the 18-month mark of his administration.


Brazil Prosecutors Sue to Stop ‘Absurd’ Government World Cup Ad

Brazil’s efforts to tout the benefits of hosting soccer’s World Cup to a skeptical nation have been hit by a lawsuit calling for an advertisement to be withdrawn on the basis it is “absurdly divorced from reality.”

GIC to Sell Florida Golf Property Purchased From Paulson Group

Singapore’s GIC Pte is planning to sell the Great White Course, a 130-acre golf property adjacent to Trump National Doral Miami that may fetch $200 million as real estate prices surge in southern Florida.

Tiger Woods Says He’ll Miss U.S. Open as Back Rehab Continues

Tiger Woods will miss next month’s U.S. Open as he continues to rehabilitate his lower back following surgery.


Last Chg %Chg Exch Contract

---- ---- ---- ---- -------- WTI Crude ($/Bbl) 102.89 +0.17 +0.2 Nymex July Brent Crude ($/Bbl) 109.86 +0.05 +0.0 Ice July Gasoil ($/Ton) 906.25 +2.50 +0.3 Ice July Gasoline (c/Gal) 300.79 +0.20 +0.1 Nymex June Natural gas ($/MMBtu) 4.62 +0.01 +0.2 Nymex July Dated Brent ($/Bbl) 110.21 -0.75 -0.7 OTC 21 Days Heating Oil 293.30 +0.24 +0.1 Nymex June

Other markets:

Last %Chg

----- ----- Dollar Index 80.50 -0.1 Gold ($/Oz) 1,259.70 -0.5 MSCI World Index 1,707.36 +0.1 Prices as of 6 a.m. GMT

To contact the reporter on this story: Alexander Kwiatkowski in Singapore at

To contact the editors responsible for this story: Alexander Kwiatkowski at Mike Anderson

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