The following is a selection of the most important news affecting the oil market.
WTI Oil Trades Near One-Month Low Before U.S. Crude Supply Data
West Texas Intermediate crude traded near the lowest price in more than a month before stockpile data that may signal the strength of fuel demand in the U.S., the world’s biggest oil consumer.
Sunni Tribes to Fight Until Iraq’s Maliki Goes, Chief Says (1)
Sunni tribes battling the Shiite-led government of Iraq won’t stop until Prime Minister Nouri al-Maliki steps down, a clan chief said. Then they want to set up their own autonomous region within a united Iraq.
EIA Raises Oil Price Forecasts on Surge in Iraq Violence (1)
The U.S. Energy Information Administration increased its 2014 and 2015 price forecasts for West Texas Intermediate and Brent crudes because of the upsurge of violence in Iraq.
TOP OIL MARKET NEWS
Energy Trading Seen Slumping as Regulatory Oversight Intensifies
Energy trading on futures exchanges is slumping as increased oversight from regulators hinders transactions, according to Platts, a company publishing prices for physical commodities including oil.
EIA Increases Summer 2014 Gasoline Price Forecast in Outlook
EIA updates price, demand forecast for gasoline and diesel in its July Short-Term Energy Outlook.
Typhoon Neoguri Weakens 0n Track Toward Japan’s Kyushu Island
Typhoon Neoguri weakened as it moved north into the East China Sea, skirting Japan’s Okinawa Prefecture, grounding flights and forcing some residents to flee for emergency shelters.
Gasoil Has Record Slump in Europe as Imports From Russia Surge
European gasoil, used to heat homes, had the longest slump since in at least 25 years as rising fuel imports from Russia and the U.S. added to a supply glut.
REFINERIES -- Map global refinery outages
Alon Big Spring Refinery Completes Crude Unit Turnaround
West Texas refinery crude throughput increased 3k b/d to 73k b/d after turnaround and vacuum tower project, co. said in statement today.
Citgo Corpus Christi Has Sulfur Unit Emissions, Needs Repairs
Co. had hole in A train reheater unit line, diverted feed from unit to make repairs, filing with Texas Commission on Environmental Quality today shows.
Flint Hills Corpus Christi East Shutting Kerosene Unit: Filing
Co. working to shut down diesel hydrotreater kerosene unit after release from tower that ended today, filing with Texas Commission on Environmental Quality today shows.
BP Shut Crude Unit at Rotterdam Oil Refinery: Genscape Report
“The 200,000 bpd CDU (CDU 3) is shut down. Significantly decreased furnace stack activity and unit cooling have been observed since the early morning hours of July 5,” Genscape says in report.
MORE: BP Began Planned Maintenance at Rotterdam Over Weekend
Robert Wine, spokesman, comments by e-mail.
Petronor Halts Furnace at Bilbao Refinery; No Production Impact
Furnace BL-31 of Plant 3 stopped from today for works, co. says in statement on website, w/o elaborating on duration.
EU Mulls Expanding Russian Sanctions as Ukraine Rebels Take Town
European Union states may expand a list of Russians facing sanctions over the crisis in Ukraine as soon as tomorrow, as rebels seized a new town after retreating from eastern strongholds to bigger population centers last week.
Ukraine-Europe Gas Link to Run at Full Capacity This Winter (1)
A pipeline allowing Ukraine to import gas from Europe will start running at full capacity in September, providing vital fuel supplies as winter approaches with the prospect of no shipments from Russia.
Ukrainian Rebels Take Town as EU Mulls More Russia Sanctions (3)
Ukrainian rebels seized a town in the Luhansk region today after a retreat from eastern strongholds as European Union states considered expanding a list of Russians facing sanctions as soon as tomorrow.
Russia Loans Shrink as Sanctions Spur Bank Retreat: Commodities
Russian commodities producers from OAO Lukoil to OAO Rosneft are feeling the squeeze from international sanctions as foreign banks cut lending to the lowest level since 2009.
OTHER OIL MARKET NEWS
Saudi Arabia to Japan Tanker Rates Rises 1.5% to 49.60 Points
The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, gained 1.5 percent to 49.60 Worldscale points, according to the Baltic Exchange in London.
Crude Official Selling Prices and Formulas by Country (Table)
The following table shows official prices, formulas and relative values for crude grades from the Middle East, Asia, Africa and the Americas. Figures are in dollars a barrel, or premiums and discounts to regional benchmarks where plus or minus symbols appear.
TOP ENERGY STORIES
Maersk Takes $1.7 Billion Writedown on Brazilian Oil Assets (2)
A.P. Moeller-Maersk A/S said its oil and gas business will take a $1.7 billion writedown on its assets in Brazil, becoming the latest explorer to draw a blank in the country’s energy boom.
Datang Power Surges on Asset Restructuring Plan: Hong Kong Mover
Datang International Power Generation Co., the listed unit of one of China’s five biggest power generators, surged the most in more than two years in Hong Kong trading on plans to restructure its coal-to-chemical business.
Oklahoma Temblors Outpace California as Fracking Booms: Energy
Squinting into a laptop perched on the back of his pickup, Austin Holland searches for a signal from a coffee-can-sized sensor buried under the grassy prairie.
Macquarie Fund Buys Terminals Business in American Expansion (1)
A fund managed by Macquarie Group Ltd. agreed to take full control of a U.S. bulk liquid terminals operation for $1.03 billion in cash and stock as Australia’s largest investment bank expands its North American businesses.
U.S. Stocks Retreat as Nasdaq Composite Tumbles; Bonds Advance
U.S. stock retreated, with the Nasdaq Composite Index sliding the most in two months, as concern grew that equities have rallied too far too fast amid an uneven global economic recovery. European shares fell for a third day, while Treasuries gained.
Rand to Rupiah Advance as Yield Hunt Boosts Emerging Currencies
Higher-yielding currencies climbed against the dollar as the prospects of higher interest rates in Indonesia and Malaysia and an end to a labor dispute in South Africa boosted demand for emerging-market assets.
Jokowi Euphoria Lost on Top Forecaster Before Vote: Currencies
Exuberance over a pro-business presidential candidate in Indonesia committed to fixing the economy has been lost on analysts at Societe Generale SA, who scrapped their bullish rupiah call ahead of today’s vote.
Concern Over ‘Severe’ Pullback Sends U.S. Stock Indexes Lower
U.S. shares extended a selloff today, with the Nasdaq Composite Index sliding the most in two months, as Raymond James & Associates said equities are vulnerable to losses and Citigroup Inc. cited investor concerns for a “severe” pullback.
Raymond James’s Saut Sees 12% S&P 500 Drop in 2011 Echo (1)
U.S. stocks may be poised to decline as much as 12 percent as market conditions bear similarities to what prefaced a tumble in 2011, according to Raymond James & Associates strategist Jeffrey Saut.
Gold Bulls Run as Assets in World’s Biggest ETF Erase 2014 Drop
The bulls are running in Spain and the gold market.
Indonesians Vote in Old Versus New Guard Presidential Election
Indonesians choose a president today in the world’s third-biggest democracy as polls show a close race between candidates who may take the country on very different paths: Jakarta Governor Joko Widodo and former Suharto-era general Prabowo Subianto.
Reagan-Era Weapons Hinder India Army as Modi Vows to Stem Decay
Working off 1980s blueprints, India’s biggest state-run weapons maker last year went to the deserts of Rajasthan to test a locally produced piece of artillery. When it fired, the barrel cracked.
Tears as Brazil Suffers Record 7-1 Defeat in World Cup Semifinal
Brazilians saw their dream of winning a World Cup on home soil disappear for a second time after allowing a record seven goals against Germany. Many left the arena in tears before halftime, too stunned to watch any more.
Stockton Golf Courses Worth $4 Million as Guarantee, Judge Says
Stockton, California’s public golf courses are worth only $4 million, not enough to cover $36 million owed two Franklin Resources Inc. funds, a bankruptcy judge ruled in a case pitting the state’s pension system against Wall Street creditors.
Last Chg %Chg Exch Contract
---- ---- ---- ---- -------- WTI Crude ($/Bbl) 103.46 +0.06 +0.1 Nymex Aug. Brent Crude ($/Bbl) 108.94 -1.30 -1.2 Ice Aug. Gasoil ($/Ton) 890.25 -9.25 -1.0 Ice Aug. Gasoline (c/Gal) 296.78 -0.51 -0.2 Nymex Aug. Natural gas ($/MMBtu) 4.20 -- -0.1 Nymex Aug. Dated Brent ($/Bbl) 108.15 -0.79 -0.7 OTC 21 Days Heating Oil 287.94 +0.58 +0.2 Nymex Aug.
----- ----- Dollar Index 80.18 -- Gold ($/Oz) 1,316.50 -- MSCI World Index 1,741.64 -0.7