The following is a selection of the most important news affecting the oil market.
Oil Rises From Three-Month Low as U.S. Gasoline Supplies Drop
Oil rose from a three-month low in New York as signs of shrinking U.S. gasoline supplies prompted bets that this month’s price drop has been excessive.
TOP MARKET STORIES
Oil Industry’s $21 Billion Tax Break Survives U.S. Repeal Effort
The U.S. oil and gas industry survived an effort to repeal $21 billion in tax breaks over 10 years as three Democrats broke with Senate leaders who said the revenue should go to reduce the federal deficit.
JPMorgan Says Crude Oil, Gold to Drive Rebound in Commodities
Crude oil and gold will lead a rally in commodities as production fails to keep pace with demand, said Ray Eyles, chief executive officer of JPMorgan Chase & Co.’s commodity business in Asia.
API Snapshot: U.S. Crude-Oil Inventories Rose 2.67 Mln Barrels
The following table is a summary of the latest Weekly Statistical Bulletin from the American Petroleum Institute. *T
REFINERIES Map global refinery outages
TNK-BP Says Finished Repairs on Ryazan Oil Refinery in Russia
TNK-BP, the Russian oil producer half-owned by BP Plc, completed maintenance at its Ryazan refinery, its largest plant in Russia.
Pertamina to Temporarily Shut Dumai Refinery Unit, Director Says
PT Pertamina plans to shut down a unit of its Dumai refinery in the fourth quarter for a month because of maintenance works, Edi Setianto, processing director at the Indonesian state-owned oil and gas company said in Jakarta today.
OTHER OIL MARKET NEWS
PetroChina to Set Up Global Trading Offices, Double Volumes (2)
PetroChina Co., the country’s biggest energy company, plans to double the value of its global oil and gas trading business in 2015 through a network of new offices in New York, London and Singapore, Chairman Jiang Jiemin said.
Unipec to Extend Halt on Diesel Imports, Exports, Official Says
China International United Petroleum & Chemical Corp., the nation’s biggest oil trader, will extend a halt on imports and exports of diesel next month, a company official said.
China Faces Tighter Third-Quarter Diesel Supply on Maintenance
China’s supply of diesel may tighten in the third quarter as the nation’s largest refineries shut about 7 percent of their capacity for scheduled maintenance, according to Oilchem.net.
North Sea Oil, Gas Field Maintenance Schedule for 2011 (Table)
Following are details of maintenance halts at North Sea oil and natural-gas fields, pipelines and terminals, as well as new projects and unplanned closures. Information is added as it becomes available.
Saudi Arabia-to-Japan Tanker Rates Extend Slide on Excess Ships
The cost of delivering Middle East crude oil to Asia, the world’s busiest route for supertankers, fell for a second day because of an excess supply of vessels.
Saudi Refined Products Are Smuggled Out Daily, Watan Reports
Saudi Arabian refined products such as gasoline, jet fuel and diesel are smuggled out of the kingdom every day, al-Watan reported, citing Saud al-Fahad, the assistant director general at Saudi Customs.
Iraq to Send Delegation to Kuwait Over New Port, Sahyud Says
Iraq will send a delegation to Kuwait to try to dissuade its Gulf neighbor from building a port that may threaten the future operations of its own planned harbor in the southern region of Basra, a member of parliament said.
TOP ENERGY STORIES
Mississippi Nears Crest in Historic Towns of Vicksburg, Natchez
The engorged Mississippi River is cresting in the state that bears its name, rising to major flood stage and above in towns famous for Civil War battles, riverboat landings and antebellum homes.
Drought Spells EU Power Gains as Reactors Halt: Energy Markets
The driest spring in France in half a century is threatening to send electricity prices to the highest since November 2008 as water levels drop and Germany keeps nuclear plants shut.
Apache Plans to Double Investments in Australia to $10 Billion
Apache Corp., the largest independent U.S. oil and natural gas producer by market value, plans to double investment in Australia to more than $10 billion in the next five years to tap rising demand for gas.
BP Defeat Puts Arctic Oil Trove Back in Play for Shell, Exxon
The collapse of BP Plc’s alliance with Russia’s state-run oil company brings one of the world’s largest untapped drilling opportunities back onto the market.
Power-Line Fight Risks Slowing Edison’s $4.8 Billion in Projects
Edison International, the owner of California’s largest electric utility, says a U.S. proposal to encourage competition in building power lines may stall $4.8 billion in transmission projects planned by the company.
OTHER MARKETS
Stocks End Five-Day Slide as Commodities Rally; Dollar Weakens
Stocks advanced for the first time in six days, led by commodity producers as raw materials rebounded. The Dollar Index fell for a third day.
Commodities Gain on Outlook for Stronger Emerging-Market Demand
Commodities rose for the first day in three as the outlook for increased demand from emerging markets prompted speculation that this month’s decline was excessive.
Europe Seeks to Keep IMF Post as Strauss-Kahn Faces Exit Calls
European officials closed ranks to defend their hold on the International Monetary Fund’s top job as pressure mounted on the agency’s jailed leader, Dominique Strauss-Kahn, to step down.
SPORTS
Mavericks Defeat Thunder Behind Nowitzki’s Record Performance
Dirk Nowitzki scored 48 points in a record-setting performance as the Dallas Mavericks beat the Oklahoma City Thunder 121-112 in the opening game of the National Basketball Association Western Conference finals.
Rodriguez Hits Two Homers as Yankees End Six-Game Losing Streak
Alex Rodriguez hit two home runs to help the New York Yankees beat the Tampa Bay Rays 6-2 and end a six-game losing streak.
ENERGY PRICES
Last Chg %Chg Exch Contract
---- ---- ---- ---- -------- WTI Crude ($/Bbl) 98.27 +1.36 +1.4 Nymex June Brent Crude ($/Bbl) 111.08 +1.09 +1.0 Ice July Gasoil ($/Ton) 911.25 +20.75 +2.3 Ice June Gasoline (c/Gal) 295.46 +3.53 +1.2 Nymex June Natural gas ($/MMBtu) 4.21 +0.03 +0.6 Nymex June Dated Brent ($/Bbl) 111.36 +0.51 +0.5 OTC 21 Days Heating Oil 288.07 +3.56 +1.3 Nymex June
Other markets:
Last %Chg
----- ----- Dollar Index 75.33 -0.1 Gold ($/Oz) 1,480.00 -0.7 MSCI World Index 1,334.94 +0.4
Prices as of 12 p.m. GMT
To contact the editor responsible for this story: Steve Voss in London at sev@bloomberg.net
