Aug. 17 (Bloomberg) -- The following is a selection of the most important news affecting the oil market.
Crude Oil Trades Near Five-Week Low on Signs of Slowing Growth
Crude oil traded near a five-week low after New York manufacturers’ orders fell and U.S. homebuilders turned more pessimistic, increasing concern that global economic growth is faltering.
TOP OIL STORIES
Oil Supply Falling to Four-Week Low in Survey: Energy Markets
U.S. oil inventories probably fell to a one-month low last week as imports tumbled, a Bloomberg News survey showed.
Singapore Mercantile Exchange to Start Trade Aug. 31 (Update1)
Singapore Mercantile Exchange will begin live trading operations on Aug. 31, offering both gold and energy contracts, according to an e-mailed statement.
Asia Fuel Oil Margins Fall for the First Time in a Week: Wrap
Asia refining margins from making fuel oil fell for the first time in a week because of increasing concern that global economic growth is faltering.
PetroChina’s Qinzhou Oil Refinery Starts Trial Run (Update1)
PetroChina Co., the nation’s largest oil company, started trial operations of its refinery in Qinzhou in the southern province of Guangxi to meet domestic fuel demand, a company official said.
Scientists Say as Much as 79% of Oil Remains in Gulf of Mexico
A group of scientists say as much as 79 percent of BP Plc’s leaked oil remains in the Gulf of Mexico, challenging an Obama administration assessment that the crude is largely gone or rapidly disappearing.
Woodside Discovers More Gas to Support Pluto Project (Update1)
Woodside Petroleum Ltd., the Australian energy company seeking reserves to expand the A$13 billion ($11.6 billion) Pluto project, announced its second gas discovery off the northwest coast in as many days.
Itochu, Inpex Raise Stakes in Azerbaijan Oil Project
Itochu Corp. and Inpex Corp. raised their stakes in Azerbaijan’s Azeri-Chirag-Gunashli oil project. Itochu raised its stake to 4.3 percent from 3.9 percent, and Inpex increased its interest to 10.96 percent from 10 percent.
Ethanol Climbs to Highest in Six Months on Increasing Demand
Ethanol futures rose to the highest price in six months as refiners blended the fuel at the highest pace in six years of records.
BP’s Gulf Well May Not Be Permanently Killed Until September
BP Plc’s Macondo well in the Gulf of Mexico may not be permanently killed until September as U.S. officials consider two options to allow a final plugging procedure from the bottom while controlling pressure at the top.
A123 Spinoff 24M Technologies Raises $16 Million in Funding
24M Technologies Inc., spun off from battery maker A123 Systems Inc. to develop energy storage systems, said it raised $10 million in venture financing and will share in a $6 million government grant.
REFINERIES Map global refinery outages
Formosa Plastics Says Operations Normal Amid Protest (Update1)
Formosa Plastics Group said its Mailiao oil refining and petrochemical complex is operating normally, even as hundreds of people protest at the site over compensation for pollution caused by a July fire.
Valero Corpus Christi Refinery East Plant Has ‘Suspected’ Leak
Valero Energy Corp. reported that a suspected leak in a heat exchanger at its Corpus Christi East refinery in Texas led to emissions.
Gulf Spot Gasoline Falls to Futures as Total FCC Said to Shut
Gulf spot gasoline gained versus futures after Total SA was said to have shut a catalytic cracker at its refinery in Port Arthur, Texas.
Total Said to Shut Catalytic Cracker at Port Arthur Refinery
Total SA, Europe’s third-largest oil company, shut the fluid catalytic cracker at its Port Arthur, Texas, refinery, for unplanned repairs, people familiar with the refinery’s operations said.
BP Texas City Refinery Plans to Restart Ultracracker (Update2)
BP Plc started an ultracracker at its Texas City, Texas, refinery, according to a report to state regulators.
ConocoPhillips Reports Equipment Failure at Refinery (Update2)
ConocoPhillips reported an equipment failure that led to flaring at its Wood River refinery in Illinois, according to a report to state regulators.
Lyondell Says Maintenance Complete at Corpus Plant (Update1)
LyondellBasell Industries NV has completed the maintenance turnaround and furnace work at Corpus Christi, Texas, Chief Executive Officer Jim Gallogly said in a conference call today with investors and analysts.
OTHER OIL MARKET NEWS
CPC Seeks 100,000 Barrels of Kerosene for October Delivery
CPC Corp., Taiwan’s state oil refiner, is seeking to buy 100,000 barrels of kerosene for delivery in October, the Taipei- based company said on its website today.
Oil Product Shipping Costs to Japan Rise 0.7%
The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan rose 0.7 percent to 8.93 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.
Angola’s Oil Exports May Rise in October, Initial Plan Shows
Angola’s oil exports may increase in October, preliminary loading schedules for all of its 13 crude grades show.
Middle East Oils Trade at Discount on Concerns of Demand Drop
Middle East crude oils for sale to Asia remained at a discount to their official prices on concern that slowing economic growth would reduce fuel demand.
TOP ENERGY STORIES
Baltic Dry to Extend Jump on China Demand, Cosco Says (Update3)
The Baltic Dry Index, the main measure of shipping costs for commodities, will extend a 46 percent rally over the past month driven by Chinese demand for iron ore and grains, China Ocean Shipping (Group) Co. said.
Global Coal Trials Japan Contract, Builds Singapore Ore Team
Global Coal Ltd., owner of an on- screen trading system for power-station coal, may introduce a contract for the fuel in Japan in the fourth quarter and is sounding out customers about an agreement for iron ore.
Offshore Drill Bans Sent Back to New Orleans Judge for Review
The same judge who scrapped a six- month moratorium on drilling in waters deeper than 500 feet in the wake of the Gulf of Mexico oil spill must review both bans issued by the Obama administration, a U.S. appeals court ruled.
OTHER MARKETS
Asia Stocks Rise, Led by Australia Banks; Japan Yields Plunge
Asian shares rose, led by Australian banks and power producers, and yields on Japanese 10-year government bonds dropped to a seven-year low.
Yen Falls From Six-Week High on Stock Rebound, Policy Outlook
The yen declined from a six-week high against the euro as Asian stocks advanced, spurring demand for higher-yielding assets.
Global Recovery ‘Well in Place,’ Templeton’s Mark Mobius Says
The global economic recovery is “well in place” and may accelerate as growth in developing nations counters a slowing pick up in Japan and the U.S., according to Templeton Asset Management Ltd.’s Mark Mobius.
SPORTS
Scholes Lifts Manchester United to 3-0 Win in League Opener
Paul Scholes helped lift Manchester United to a 3-0 victory over Newcastle as the Red Devils began their campaign to reclaim the Premier League soccer title.
Liverpool Agrees $3.6 Million Fee for Australian Goalie Jones
Liverpool said it agreed to sign Middlesbrough goalkeeper Brad Jones for 2.3 million pounds ($3.6 million).
ENERGY PRICES
Energy Prices:
Last Chg %Chg Exch Contract
---- ---- ---- ---- -------- WTI Crude ($/Bbl) 75.36 +0.12 +0.2 Nymex September Brent Crude ($/Bbl) 75.63 -- -- Ice September Gasoil ($/Ton) 635.50 +2.50 +0.4 Ice September Gasoline (c/Gal) 193.40 +0.97 +0.5 Nymex September Natural gas ($/MMBtu) 4.22 -- -0.1 Nymex September Dated Brent ($/Bbl) 74.99 +0.15 +0.2 OTC 21 Days Heating Oil 199.45 +0.57 +0.3 Nymex September
Other markets:
Last %Chg
----- ----- Dollar Index 82.27 -0.3 Gold ($/Oz) 1,226.20 +0.8 MSCI World Index 1,107.04 +0.1
Prices as of 6 a.m. GMT
For Related News and Information: Top Oil Stories: OTOP Energy Markets Home Page: NRG Oil Markets Homepage: OIL
