TOP Oil Market News: U.S. Gasoline Prices Decline at the Pump
The following is a selection of the most important news affecting the oil market.
U.S. Gasoline Falls to $3.2618 a Gallon in Lundberg Survey
The average price for regular gasoline at U.S. pumps fell 1.72 cents in the past two weeks to $3.2618 a gallon, according to Lundberg Survey Inc.
Oil Refineries Drops to 2-Week Low on Rights Trading Day
Shares decline 2.8% to 1.089 shekels in 6.2x 3-mo. avg. daily volume.
Qatar Petroleum Planning $879 Million IPO of Petrochemicals Unit
Qatar Petroleum, the state-run oil and gas company, is planning to raise 3.2 billion riyals ($879 million) in the initial public offering of a new petrochemicals subsidiary, Finance Minister Ali Al Emadi said today.
Kuwait Didn’t Pull Out of Joint Saudi Offshore Fields: Seyassah
Kuwait Oil Minister Mustafa al- Shemali says both countries committed to all projects in Khafji area and plan to develop Hout offshore field, in interview with al-Seyassah newspaper.
Iraq Central Govt, Kurds to Meet in Baghdad Dec. 25: Al-Luaibi
Meeting to focus on Kurdish Regional Government’s commitment to selling oil through central govt, Iraqi Oil Minister Abdulkareem al-Luaibi says in interview in Doha.
Libyan Shipments From Marsa Hariga to Start ‘Any Day’: Minister
Libyan Oil Minister Abdulbari Al- Arusi speaks to reporters in Doha.
Saudi Oil Minister Al-Naimi Optimistic of Stable Market Next Yr
OPEC maintained output targets at last meeting because markets were balanced and stable, Ali al- Naimi tells reporters in Doha, Qatar.
BP Caused 2010 Gulf Spill to Last Longer, Victims’ Lawyers Say
BP Plc delayed efforts to cap its Macondo well in 2010 by misrepresenting how much oil was gushing into the Gulf of Mexico, lawyers for spill victims said, urging a judge to find the company grossly negligent.
OPEC Ministers See No 2014 Glut Amid Signs of Demand Growth (1)
Oil ministers from OPEC’s three biggest members rejected the possibility of a glut in global crude supply next year amid an increase in U.S. output and efforts by Iran and Libya to add barrels to the market.
OPEC Ministers See No 2014 Oil Glut Amid Signs of Demand Growth
Oil ministers from OPEC’s three biggest members dismissed concerns about a possible glut in global crude supply next year amid an increase in U.S. output and efforts by Iran and Libya to add barrels to the market.
REFINERIES Map global refinery outages
Coffeyville Emits Hydrogen Sulfide Gas at Kansas Refinery: NRC
Coffeyville Refining’s Coffeyville, Kan., refinery reported release of hydrogen sulfide into the air, according to a filing with U.S. National Response Center.
Exxon’s Joliet Refinery Cuts Rates After Furnace Shutdown: NRC
Exxon Mobil’s Joliet Refinery releases gases into atmosphere during shutdown of sulfur furnaces at Channahon, Illinois plant, according to filing with U.S. National Response Center.
ConocoPhillips Louisiana Refinery Releases Hydrogen Sulfide
The refinery released an unknown amount of hydrogen sulfide after the flame went out in a thermal oxidizer, according to a National Response Center filing.
Phillips 66 Wilmington Will Flare Gases Dec. 22-24
Flaring not related to a breakdown at refinery in Southern Calif., according to a filing with the South Coast Air Quality Management District.
Los Angeles Gasoline Strengthens After Refinery Shuts Units
Los Angeles gasoline strengthened against futures after a Phillips 66 refinery near the city had an unplanned unit shutdown.
Imperial Oil Issues Alert for a Spill in the St. Clair River
Imperial Oil in Sarnia is reporting that a spill of process water has occurred in the St. Clair River in Ontario, according to a website posting
Phillips 66 Los Angeles Refinery Said to Complete Repairs
Phillips 66’s refinery in the Los Angeles area completed repairs and returned alkylation and hydrogen units to service, a person with direct knowledge of operations at the plant said.
Suncor Montreal Refinery Began Receiving Crude by Rail Dec. 12
Co.’s Montreal refinery is slowly ramping up to 30,000 b/d of railed oil, Sneh Seetal, Suncor spokeswoman, comments by e-mail today.
Total’s Fourth Refinery in France Halting Production Amid Strike
A strike at French refineries of Total SA entered its eighth day as the oil company’s second- largest site in the country began halting amid a pay dispute.
Phillips 66 Had Process Upset at Borger Refinery in Texas Today
Co.’s Borger refinery had process upset today and flared from its No. 40 fluid catalytic cracker and gasoil hydrotreater flare stacks, notice with Texas Commission on Environmental Quality shows.
TOP ENERGY STORIES
Khodorkovsky Considers Future as Family Reunites in Berlin (1)
Mikhail Khodorkovsky, once Russia’s richest man, was reunited with his son and parents in Berlin as he began to consider his future after being released from 10 years in a Russian prison.
Morgan Stanley to Sell Oil Merchanting Unit to Russia’s Rosneft
Morgan Stanley agreed to sell a unit that stores, trades and transports oil products to a subsidiary of Russia’s OAO Rosneft as the investment bank backs away from owning some physical commodities businesses.
OPEC Cut Not Needed in 2014, Saudi Arabia, Kuwait and Iraq Say
Ministers from Saudi Arabia, Kuwait and Iraq said OPEC needn’t cut production next year to make room for additional supplies from Iran, Libya and U.S. shale oil.
WTI-Brent Spread Narrowing as U.S. Exports Record Fuels: Energy
The price gap between the world’s two biggest oil benchmarks probably will narrow next year as U.S. exports of refined fuels reach a record and crude supply from the Middle East and North Africa expands.
MIDEAST DAYBOOK: Arabtec to Set Up Property Units; OPEC Output
Arabtec board decides to set up real estate development cos. in Dubai, Abu Dhabi and to discuss affordable housing projects in Egypt.
WTI Crude Climbs to Two-Month High as U.S. GDP Exceeds Forecasts
West Texas Intermediate crude climbed to a two-month high after a report showed the U.S. economy expanded in the third quarter at a faster rate than previously estimated.
Khodorkovsky Buries Putin Challenge at Berlin Cold War Relic
Mikhail Khodorkovsky, the former oil tycoon released after 10 years in Russian prisons, ruled out mounting a political challenge to President Vladimir Putin on his third day of freedom.
Free Khodorkovsky to Find Oil Industry Back in State Control (1)
As Mikhail Khodorkovsky ends more than a decade in prison, the man who built Russia’s largest oil company following the collapse of communism will find an industry where the state dominates once again.
Spain to Set a Provisional Method for Power Pricing, ABC Reports
Spain to design a provisional method to set the power prices for the first half 2014, ABC reports, citing an interview with Industry Minister Jose Manuel Soria.
Petrobras ‘Giant’ Franco Seen Holding Over 3 Billion Barrels (1)
Petroleo Brasileiro SA, the world’s biggest crude producer in ultra-deep waters, estimates its Franco prospect and two other fields off Brazil’s southeastern coast hold about 3.6 billion barrels of commercial reserves.
Economic Growth in U.S. to Quicken Next Year, Lagarde Says (2)
The International Monetary Fund is raising its outlook for the U.S. economy, as a budget deal in Washington and the Federal Reserve’s plan to taper its bond buying ease doubts about the future, IMF Managing Director Christine Lagarde said.
Citic Sees PBOC Staying Out of Market to Curb Debt: China Credit
Two of China’s three biggest securities firms predict the central bank will refrain from using open-market operations to inject funds this week as policy makers seek to rein in debt and contain inflation.
Dow Average Climbs Most for Week Since September on Fed, Economy
U.S. stocks rose for the week, giving the Dow Jones Industrial Average its biggest gain in three months, as the Federal Reserve said it will reduce the pace of bond buying amid faster-than-estimated economic growth.
Europe Stocks Post Biggest Weekly Gain Since April as Fed Tapers
European stocks posted their biggest weekly rally since April as the Federal Reserve’s decision to reduce its monthly bond purchases increased investors’ confidence in the strength of the U.S. economic recovery.
Hedge Funds Cut Gold Bull Bets Amid Record Outflows: Commodities
Hedge funds got less bullish on gold before prices dropped to the lowest level since 2010, leaving the metal poised for the worst annual loss in 32 years as investors dump bullion at a record pace.
Turkey Adds to Gold Reserves in November, IMF Data Show
Gold holdings increase to 16.279m oz from 16.18m oz in Oct., data on IMF website show.
Obama Seen Rescued From ‘Near-Death’ Year by Growing Economy (1)
President Barack Obama began the year fresh from his re-election victory with a call for an expanded role for government and a to-do list that started with taking on the gun lobby.
China Steps Up Graft Crackdown From Vice Minister to Local Chief
Chinese authorities are stepping up a crackdown on corruption, including confiscating the passports of some local leaders, in moves that underscore President Xi Jinping’s determination to root out graft.
Lennar Shakedown by Con Man Turned Pastor Spurs $1 Billion Award
Stuart Miller was at home in Miami dressing for work when a newsbreak on CNBC caught his attention, and it suddenly seemed as if his and his father’s life’s work might implode. It was Jan. 9, 2009, about 8 a.m., and the TV anchor described a “red flags report” that had been issued by something called the Fraud Discovery Institute.
New Zealand Rugby Signs Sonny Bill Williams for 2015-16
Sonny Bill Williams has signed to play rugby in New Zealand in 2015-16 making him eligible to represent the All Blacks at the next Rugby World Cup and the national sevens team at the 2016 Olympics.
Last Chg %Chg Exch Contract
---- ---- ---- ---- -------- WTI Crude ($/Bbl) 99.32 +0.28 +0.3 Nymex Feb. Brent Crude ($/Bbl) 111.55 -0.22 -0.2 Ice Feb. Gasoil ($/Ton) 945.25 +10.00 +1.1 Ice Jan. Gasoline (c/Gal) 278.31 +4.30 +1.6 Nymex Jan. Natural gas ($/MMBtu) 4.49 +0.08 +1.7 Nymex Jan. Dated Brent ($/Bbl) 112.20 +2.05 +1.9 OTC 21 Days Heating Oil 307.45 -0.36 -0.1 Nymex Jan.
----- ----- Dollar Index 80.55 -- Gold ($/Oz) 1,203.70 +0.8 MSCI World Index 1,626.66 +0.5 Prices as of 11 p.m. GMT
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