TOP Oil Market News: Brent Crude Fluctuates on Syria Uncertainty
The following is a selection of the most important news affecting the oil market.
Brent Crude Fluctuates as Lawmakers Urge Syrian Military Action
Brent crude swung between gains and losses after rising for the first time in three days as U.S. lawmakers urged backing for military action against Syria, fanning concern that possible strikes may disrupt Middle East oil exports.
Carbon’s Four-Month Rally Faces EU Supply Hurdle: Energy Markets
The pace of carbon’s longest rally since 2008 is set to slow as the European Union decides on this year’s allocation of permits, typically released in February.
Fuel Oil Supplies to Asia Rise to 3.1 Million Tons in October
Europe Naphtha Cargoes Headed to Asia Rise to Four in September
European naphtha shipments headed to Asia this month rose to four, compared with no cargoes three weeks earlier, shipping data show.
JX Resumes Kawasaki Naphtha Cracker After Power Failure: Table
JX Holdings Inc. restarted its Kawasaki naphtha cracker on Aug. 29 after an unplanned shutdown on Aug. 18, according to a company official.
Formosa Petrochemical Offers to Sell Sept. Fuel Oil Cargoes
Taiwanese refiner offers 40,000 mt of high-sulfur fuel oil, 10,000 mt of pyrolysis grade for Sept. 18-20 loading from Mailiao, according to tender information obtained by Bloomberg.
Taiwan’s CPC Seeks to Buy Fuel Oil Cargo for Oct. Delivery
Refiner seeks 40,000 mt or 80,000 mt of low pour, low-sulfur grade for Oct. 1-31 delivery to Keelung, Kaohsiung or Taichung, according to statement on its website.
Kuwait Petroleum Offers to Sell Light Naphtha Cargo for Sept.
Co. offers 24,000 mt for Sept. 27-28 loading, according to tender information obtained by Bloomberg.
Citic Resources Said to Mull Bid for Glencore’s Peru Copper Mine
Citic Resources Holdings Ltd., the commodities trader controlled by China’s largest state-owned investment company, may join the bidding for Glencore Xstrata Plc’s copper project in Peru, said four people with knowledge of the matter.
Saudis to Leave Crude Output at Current Levels: Persian Gulf Oil
Saudi Arabia will keep September crude output at about 10 million barrels a day. The country this week releases official price differentials for October sales.
REFINERIES Map global refinery outages
Marathon Shutting Refinery Equipment After Pipeline Leak: NRC
Formosa Petrochemical Mailiao Refinery Stack Blower Has Upset
Hydrogen operations at 540,000 b/d refinery “slightly affected” by upset, co. President Tsao Mihn says by phone today.
Petrobras Pasadena Refinery Reports FCC Shutdown
Fluid catalytic cracker unit shut down due to issue with sulfur recovery unit, Co. says in filing with Texas regulator.
Marathon Detroit Refinery Reports Sulfur Recovery Unit Upset
Co. attempting to restart unit after upset late Aug. 30, according to a filing with the National Response Center.
ICE Gasoil Drops; Total Gonfreville Plant Restarts: Oil Products
Gasoil drops for second day as backwardation widens on ICE exchange. Morgan Stanley sells gasoline barges.
Crack Narrows; Reliance, ONGC Sell Sept. Cargoes: Asia Naphtha
Asia naphtha’s discount to crude narrows for the first day in six. Reliance, ONGC and Mangalore Refinery sell Sept.-loading cargoes from India.
Total Restarts Gonfreville Oil Refinery Operations After Fire
Facility had fire at diesel desulfurization unit 3 Aug. 31, co. says today in posting on website.
Chennai Petroleum to Shut Crude Unit for Maintenance End-Sept.
56,000 b/d crude distillation unit to be closed for about a month, Managing Director A.S. Basu says in phone interview today.
OTHER OIL MARKET NEWS
Tankers Worst Since 1997 as Africa Oil to China Slows: Freight
China’s smallest oil imports from West Africa in at least two years are curbing demand for tankers on the second-longest trade route, prolonging the worst rates in more than a decade for Frontline Ltd. and other owners.
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 10.36 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 Rises 0.9% to 31.91 Points
TOP ENERGY STORIES
Stocks Advance With Copper on China Output as Crude, Yen Slip
Stocks climbed around the world and copper rallied as manufacturing in China and Europe expanded and prospects of an imminent strike on Syria faded. The yen weakened, bonds declined and crude oil fell for a third day.
Norway Oil Riches Up for Grabs as Anti-Tax Group Set to Win (2)
Norway’s Sept. 9 election is set to open up a debate on how much of the nation’s oil wealth can be funneled straight into Scandinavia’s richest economy.
Solar Defaults Shock Holders as $8.4 Billion Due: China Credit
LDK Solar Co.’s delay in paying debt and Suntech Power Holdings Co.’s attempts to renegotiate obligations are prompting investors to gird for losses as $8.4 billion in renewable energy comes due by the end of next year.
Gold Bulls Increase Wagers to Highest Since January: Commodities
Hedge funds and other speculators are making the biggest bet on a gold rally since January as mounting signs that the U.S. will lead a military strike against Syria drove prices to a three-month high.
Hedge Funds Add Bullish Oil Bets on Syria Threat: Energy Markets
Hedge funds raised bullish oil bets for the first time in five weeks on speculation the U.S. will attack Syria after saying the Middle East country’s use of chemical weapons killed more than 1,400 people.
Abe Says He’ll End ’Ad Hoc’ Response to Fukushima Nuclear Crisis
Prime Minister Shinzo Abe said his government will spend whatever funds are necessary to contain the Fukushima nuclear disaster and will end the “ad hoc” response to the escalating crisis.
Keystone Decision Delay Seen Giving Time for Climate Concessions
A decision on whether to approve the Keystone XL oil pipeline may slip into next year, giving opponents time to marshal efforts against it while offering President Barack Obama a chance to wring concessions from Canada.
China 2013 Coal Imports to Rise to Record 312 Million Tons: CCTD
Country to import “high volume” in next few months, China Coal Transport and Distribution Association says in statement posted on website.
China Sunergy Urges India to Scrap Dumping Probe on Error Claims
China Sunergy Co. and First Solar Inc. of the U.S. urged India to end an investigation into solar equipment dumping, saying the probe is undermined by errors.
Indonesian Coal Producers to Benefit From Weak Rupiah: Bahana
Dlr appreciation provides benefits for coal cos. as most have dlr-based sales while some cost components are denominated in rupiah, allowing for operating and net margin expansions in 2H, Jennifer Frederika Yapply, analyst at Bahana Securities, says in note today.
Asian Stocks Rise Most in a Month as Aussie Strengthens With Won
Asian stocks climbed the most in a month, led by Japan, and South Korea’s won appreciated on evidence of a pickup in global manufacturing. Australia’s dollar strengthened after the nation’s central bank kept its key rate unchanged, while U.S. Treasuries declined.
Yen Touches One-Month Low on Global Growth Signs; Aussie Gains
The yen touched a one-month low as signs of economic improvement across the globe damped demand for refuge assets while data from Japan signaled progress in the central bank’s easing efforts.
Swiss Franc Outpaces Yen as Forecasts Race to Bottom: Currencies
Two years after Switzerland took unprecedented steps to curb its strength in foreign exchange, the franc has overtaken Japan’s yen as the currency that strategists most love to hate.
Asian Stocks Rise Most in a Month on Global Economic Recovery
Asian stocks rose for a fourth day, with the regional benchmark gauge climbing the most in a month, as Japanese shares were boosted by the yen weakening against the dollar and amid optimism the global economy is recovering.
Buybacks to Dividends at Risk With Record-Low U.S. Yields Ending
U.S. companies, which have almost doubled profits since the financial crisis, are losing the benefit of record-low debt expenses as Federal Reserve plans to taper bond purchases send borrowing costs higher.
Soybeans Jump Most in a Week as Lack of Rain May Hurt U.S. Crops
Soybeans climbed the most in a week in Chicago as forecasts showed that a lack of rain in parts of the U.S. Midwest may hurt yields. Corn advanced.
Copper Rally Reversing as Glut Expands to ’01 High: Commodities
The biggest rally in copper in three months is reversing as analysts predict that the largest glut in 13 years will overwhelm consumption from an accelerating Chinese economy, which uses two in every five tons.
Boxing Win at Oxford Shows Abbott Drive to Australia Premiership
Tony Abbott had learned to box only a few months before that night in 1982 when he climbed into the ring for the deciding bout in the Oxford-versus-Cambridge annual collegiate boxing contest. And he faced a taller opponent with a longer reach.
Obama Told to ‘Up His Game’ in Persuading Congress on Syria Plan
President Barack Obama and his aides are meeting resistance from multiple directions as they seek congressional backing for military action against Syria, and a prominent critic told the president to “up his game.”
Everton Sells Fellaini to Manchester United for $42.7 Million
Everton said it sold midfielder Marouane Fellaini to English Premier League soccer rival Manchester United for 27.5 million pounds ($42.7 million).
Henrik Stenson Wins Second PGA Tour Playoff Event by Two Shots
Henrik Stenson captured golf’s Deutsche Bank Championship, pulling out a two-stroke win in the U.S. PGA Tour’s second playoff event after having two runner-up and two third-place finishes over the past two months.
Arsenal Signs Ozil From Real Madrid for Club Record Sum
Arsenal signed German international midfielder Mesut Ozil from Real Madrid for a record sum for the English Premier League soccer club.
Last Chg %Chg Exch Contract
---- ---- ---- ---- -------- WTI Crude ($/Bbl) 106.85 -0.80 -0.7 Nymex Oct. Brent Crude ($/Bbl) 114.24 -0.09 -0.1 Ice October Gasoil ($/Ton) 960.00 +1.75 +0.2 Ice Oct. Gasoline (c/Gal) 288.04 -0.97 -0.3 Nymex Oct. Natural gas ($/MMBtu) 3.67 +0.08 +2.3 Nymex Oct. Dated Brent ($/Bbl) 114.12 -0.07 -0.1 OTC 21 Days Heating Oil 313.88 +0.22 +0.1 Nymex Oct. Other markets:
----- ----- Dollar Index 82.36 +0.3 Gold ($/Oz) 1,396.10 -1.2 MSCI World Index 1,484.61 +0.2 Prices as of 6 a.m. GMT
To contact the editor responsible for this story: Alexander Kwiatkowski in Singapore at email@example.com