TOP Oil Market News: WTI Extends Losing Streak on China Economy
The following is a selection of the most important news affecting the oil market.
WTI Extends Losing Streak as China Signals It May Slow Growth
West Texas Intermediate crude fell for a fifth day, the longest run of declines this year, as China signaled it may allow slower economic growth. OPEC is expected to keep supply unchanged at a meeting this week.
TOP OIL MARKET NEWS
Hedge Fund Bulls Boost Oil Bets to 14-Month High: Energy Markets
Hedge funds raised bullish bets on crude to the highest level in more than a year with the approach of the U.S. Memorial Day weekend, a holiday marking the start of the summer months when demand for motor fuels typically rises.
Oil-Fixing Probe Has Platts Wary Trades May Go Under Radar (1)
Platts, the commodities price reporting company whose London office was raided last week as part of a European Union antitrust probe, said stricter regulation may inadvertently reduce transparency should oil market participants choose to keep transactions private.
Libya’s NOC Exported 37.3 Million Barrels of Crude Oil in April
Libya’s refineries processed 4.36m bbl in April, state-run National Oil Corp. said in posting in website.
Korea Western Seeks to Buy 60,000 Tons of Fuel Oil for June
Korea Western Power Co. seeks to buy two cargoes of 30,000 mt each for delivery June 14-18 and June 26-30, according to a statement on its website dated May 24
Sudanese Presidents Agree on Border Dispute to Speed Oil Exports
South Sudanese oil may arrive at Sudan’s Red Sea port by the end of this month after the two nations’ leaders met yesterday to resolve border issues that delayed the resumption of exports, Sudan’s Foreign Minister Ali Karti said.
Gulf Coast Crudes Weaken During Low-Volume Rollover Period
U.S. Gulf Coast crude oils weakened on the spot market on the last day of the rollover period, characterized by below-normal volume and erratic pricing.
Oil Options Volatility Declines as Futures Are Little Changed
Crude oil options volatility fell for a second day as the underlying futures were little changed.
OPEC May Keep Target as Oil Demand Set to Rise, al-Husseini Says
OPEC may leave the group’s output target unchanged at Friday’s meeting in Vienna because increased demand in the next few months will help maintain the commodity’s price, a local energy analyst said.
Saudi Arabia May Need to Make OPEC Cut to Stabilize Prices, NCB
Saudi Arabia may need to persuade OPEC members to cut output to help keep oil prices above $100 level through the rest of the year, according to the Kingdom’s largest lender by assets National Commercial Bank.
REFINERIES Map global refinery outages
Idemitsu Kosan Says it Started Chiba No. 2 Crude Unit May 25
Refiner started CDU after maintenance, says company official who asked not to be identified citing internal policy
YPF to Boost Output After Repairs to Burnt La Plata Refinery
YPF restarted furnace on May 24, co. said in e-mailed statement.
BP West Coast Refinery Releases Unknown Amount of Sulfur Dioxide
An unknown amount of sulfur dioxide was released from the BP West Coast Products refinery in Blaine, Washington, yesterday, according to a report on the National Response Center’s website.
Northern Tier Shuts Units at St. Paul Park Refinery: NRC
Shutdown of “a number of process units” at refinery caused by a May 24 “power dip,” according to report on National Response Center’s website.
Shell Reports Unit Startup at Scotford Plant in Alberta
Royal Dutch Shell Plc restarting unit at Scotford complex in Alberta, Canada, according to message left on community hot line at 11am local time today.
MORE: Valero Says McKee Refinery Plans to Restart Soot Blowers
Valero Energy Corp.’s McKee refinery in Texas reported anticipated emissions from the fluid catalytic cracker related to the startup of soot blowers, Bill Day, Co. spokesman, said by e-mail.
BP Said to Move Whiting Crude-Unit Conversion Target to June (1)
BP Plc has moved to June from May its target for completing the conversion of the largest U.S. Midwest refinery to process mostly heavy Canadian oil, a person familiar with operations said.
Irving Saint John Refinery Restarting Cat Cracker, ENT Says
Irving Oil Ltd.’s Saint John refinery in New Brunswick, Canada, is restarting a 70,000 b/d residual catalytic cracker after an upset overnight, Energy News Today reports.
OTHER OIL MARKET NEWS
Oil Product Shipping Costs to Japan Rise 27.8 %
The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan rose 27.8 percent to 10.48 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.
TOP ENERGY STORIES
Caribbean Should Trade Venezuelan Oil for Homegrown Sun: View
Still recovering from last year’s Hurricane Sandy and the 2008 financial crisis, many Caribbean countries now face another threat: the possible curtailment of Petrocaribe, a Venezuelan program that has kept their economies afloat with deals on discounted oil.
Reliance Surges on Gas Discovery in Biggest Field: Mumbai Mover
Reliance Industries Ltd., operator of the world’s largest oil refining complex, headed for its biggest gain in eight months after discovering a new natural gas deposit in its biggest block off India’s east coast.
Merkel Says Will Work to Ease China Conflict Over Solar Energy
German chancellor comments to reporters in Berlin today at a joint press conference with Chinese Premier Li Keqiang.
Origin Energy Said to Consider Singapore Exit Amid Restructuring
Origin Energy Ltd., Australia’s biggest electricity retailer, is considering whether to shut its Singapore office as part of restructuring announced in February, according to three people with knowledge of the matter.
Australia May Lose LNG Projects Unless Costs Fall, APPEA Says
Australia may lose A$100 billion ($96.5 billion) of potential liquefied natural gas projects to East Africa and North America unless costs in the nation are reduced, according to an industry group.
Japan Power Use Signals More Active Factories: Chart of the Day
Japan’s industrial production probably expanded for a fifth straight month, based on data that shows electricity demand by manufacturers has rebounded since falling to an eight-year low in February, excluding a period during the global financial crisis.
NTPC Coal Imports Said to Double on Shortage: Corporate India
NTPC Ltd., Asia’s second-biggest power utility by value, will almost double purchases of coal from outside India this fiscal year to curb fuel shortages at its plants, said two company officials familiar with the plans.
Storms, Tornadoes May Sweep South Dakota, Nebraska This Week
Severe thunderstorms and possibly tornadoes may strike parts of South Dakota and Nebraska this week, according to the U.S. Storm Prediction Center.
Crude Trapped as Canadians Join U.S. Blocking Pipelines: Energy
British Columbia, the Canadian province whose official slogan to its own beauty is “Super, Natural,” is invoking another saying: “No more supertankers.”
Asian Stocks Drop for Fifth Day as Yen Strengthens, Oil Declines
Asian stocks headed for their longest losing streak since November and the yen strengthened as Japan’s top central banker indicated the nation can cope with higher rates and China’s President Xi Jinping signaled a tolerance for slower economic growth. The Australian dollar and oil fell.
Yen Strengthens Amid Concern Kuroda Struggling to Cap JGB Yields
The yen strengthened against all its major peers amid concern the Bank of Japan is struggling to control the nation’s bond yields through monetary stimulus.
Singapore Losing Most Since ’12 Amid China Slowdown: Currencies
Singapore’s dollar is suffering its biggest losses in a year as Asia’s economic slowdown confounds local policy makers whose priority is controlling inflation.
One Fifth of Japanese Stocks Retreat 25% From 52-Week High
Some 822 of the 3,730 stocks listed in Japan have declined more than 25 percent from their one-year highs, according to data compiled by Bloomberg.
Gold Bets Reach Five-Year Low With Prices Whipsawed: Commodities
Hedge funds are the least bullish on gold in more than five years as speculation about the pace of money printing by central banks whipsawed prices, driving volatility to a 17-month high.
Sumitomo Sees Record Japan Nickel Exports Adding to Glut (1)
Nickel exports from Japan may climb to a record this year as Prime Minister Shinzo Abe’s stimulus hasn’t spurred demand in the third-biggest user, adding to a global glut, the country’s top producer said.
Republicans Denounce Obama’s Stand to Winnow U.S. War on Terror
Republican lawmakers denounced Democratic President Barack Obama’s plan for winding down the U.S. war on terror, calling it a misguided approach that undermines national security.
Rockets Hit Lebanon as Nasrallah Vows Victory in Syrian Conflict
Rockets slammed into a Hezbollah stronghold outside Beirut, injuring at least four people, hours after the Lebanese militant group’s leader declared he could mobilize thousands of fighters to help Syria’s rulers beat an insurgency.
Boo Weekley Wins Crowne Plaza Invitational on Golf’s PGA Tour
Boo Weekley won the Crowne Plaza Invitational by one shot, ending a five-year wait for a third title on golf’s U.S. PGA Tour.
India’s Cricket Chief Rejects Calls to Quit After Arrest of Kin
N. Srinivasan, president of the board that runs the world’s richest cricket tournament, rejected calls for his resignation after a relative was arrested by the police for betting on the outcome of games.
England Takes Control of Cricket Test After New Zealand Slump
England took control on day three of the second cricket Test after dismissing New Zealand for 174 in its first innings.
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