BLBG: TOP Oil Market News: Crude Declines for Fourth Day; BP Report
The following is a selection of the most important news affecting the oil market.
Oil Declines a Fourth Day on China Rate Speculation, Europe Debt
Oil fell for a fourth day as speculation that Chinese fuel demand may slump outweighed signs that U.S. consumption is increasing.
TOP MARKETS STORIES
BP Lacked ‘Discipline’ Before Rig Blast, Panel Says (Update1)
Decisions made by BP Plc before the explosion of the Deepwater Horizon drilling rig suggest that potential risks were ignored and that a “lack of operating discipline” contributed to the disaster, according to an interim report from a technical panel.
Petroplus, Tamoil Are Among World Refiners to Shut Sites (Table)
Petroplus Holdings AG and Tamoil SA said they will close oil refineries in Europe next year, the latest in a series of plants around the world slated for sale, closure or conversion into storage terminals.
Distillate Supply May Tighten on China, Merrill Says (Update1)
The availability of distillate fuels such as diesel may become more restricted in the “near term” because of demand from China, analysts at Bank of America Merrill Lynch Global Research said today.
API Snapshot: U.S. Crude-Oil Inventories Fell 7.65 Mln Barrels
The following table is a summary of the latest Weekly Statistical Bulletin from the American Petroleum Institute.
REFINERIES Map global refinery outages
U.S. Oil & Refining Co. Reports Release at Tacoma Refinery
U.S. Oil & Refining Co. reported a release from the sulfur recovery unit due to an operator error at its Tacoma refinery in Washington state, according to a filing made with the National Response Center.
Royal Dutch Shell Plc’s Anacortes refinery in Washington state reported a hydrogen sulfide release from a flare line due to erosion yesterday, according to a filing with the National Response Center.
CPC Says Taiwan Oil Refinery Fire Out; No Impact on Operations
CPC Corp., Taiwan’s state-owned oil company, said a fire at its Kaohsiung refinery in the island’s south has been extinguished without any impact on operations.
Tesoro Corp.’s Golden Eagle refinery in Martinez, northern California, reached its “targeted” processing rates today after returning units to service that were forced offline last week by a power failure.
Tesoro Corp. resumed operations this week at its Anacortes refinery in Washington, site of a fatal blast in April, at “targeted rates,” company spokesman Mike Marcy said in a telephone interview.
TNK-BP May Buy Stake in Dung Quat Refinery, Dau Tu Reports
Russia-based TNK-BP has expressed interest in buying shares in Vietnam’s Dung Quat refinery, Dau Tu newspaper said, citing an unidentified person in the industry.
OTHER OIL MARKET NEWS
German Gasoil Sales Increase 16% in October on Year (Update1)
German gasoil, or heating fuel, sales rose 16 percent in October to 2.04 million metric tons as customers stocked up on winter heating fuel.
Supertanker Surplus to Hinder Rally, SeaLeague’s Ellefsen Says
Halvor Ellefsen, a shipbroker at SeaLeague A/S in Oslo, comments on supply and demand for supertankers loading 2 million-barrel cargoes of Middle East crude oil.
Cnooc Plans to Expand Overseas Oil, Gas Exploration in 2011
China National Offshore Oil Corp., the nation’s largest offshore producer, plans to expand overseas oil and gas exploration next year, the company said in a statement on its website.
TOP ENERGY STORIES
Coal’s Two-Year-High May Force Europe Gas Switch: Energy Markets
Coal in Europe is trading close to a two-year high as rising demand in China drives up prices around the world, making natural gas more attractive to U.K. and German utilities for producing power.
Massachusetts Companies Get Lion’s Share of Oil Spill Contracts
Massachusetts-based companies received twice as much money in federal contracts stemming from the BP Plc oil spill as the combined total of the five Gulf of Mexico states where the oil washed up, according to data compiled by Bloomberg Rankings.
China’s Biomass Use Makes It Top Energy User, IEA Says (Update2)
China’s biomass use, which the government excludes from its consumption estimates, placed the country ahead of the U.S. as the world’s largest energy consumer in 2009, the International Energy Agency said.
EDF Says U.K. Nuclear Policy Will Draw Investors to New Plants
Electricite de France SA said U.K. energy policy is likely to make the company’s 20 billion pound ($32 billion) plan to build four nuclear reactors profitable enough to draw more investors to the projects.
OTHER MARKETS
Stocks Rebound, U.S. Futures Rise as Irish Bonds, Metals Drop
Stocks in Europe rebounded from the biggest drop in four months and U.S. index futures rose. Irish bonds retreated for a second day as European officials discussed aid, while commodities fell on China’s pledge to curb inflation.
Euro Trades Near 7-Week Low on Concern Irish Crisis May Spread
The euro traded near a seven-week low against the dollar amid concern a failure to craft a rescue package for Ireland will allow the nation’s banking crisis to spread to other member states of the common currency.
Ireland to Begin Bank Talks Tomorrow in Prelude to Possible Aid
European Union and International Monetary Fund experts will start scanning the books of Ireland’s debt-laden banks tomorrow in Dublin in a prelude to a possible aid package to stem Europe’s widening fiscal crisis.
Gold Imports by India Top 2009 Levels, World Gold Council Says
Gold imports this year by India, the largest consumer, have already exceeded 2009 levels as consumers boost jewelry purchases, according to the World Gold Council.
SPORTS
Vick’s MVP Odds Surge After Six Touchdown Game as Manning Leads
Eighteen months after his release from a federal prison, quarterback Michael Vick’s odds of winning the National Football League’s Most Valuable Player Award are getting lower by the week.
Halladay Becomes 5th to Win Cy Young in Both Leagues (Update1)
Roy Halladay became the fifth pitcher to win the Cy Young Award in both the National and American Leagues after a season in which he threw a perfect game and pitched his best at the close of the season.
