The following is a selection of the most important news affecting the oil market. Oil Halts Two-Day Drop as Optimism on Greece Offsets Oversupply Oil halted a two-day slide as optimism that European finance ministers will make progress in taming the region’s debt crisis countered signs that crude supplies are excessive amid a global economic slowdown. TOP MARKETS STORIES Oil Output 15-Year High Spurs Supply in Survey: Energy Markets U.S. oil supplies probably rose after crude production climbed to the highest level in more than 15 years and imports increased, a Bloomberg survey showed. Fourteen out of 16 October Forties Lots Said to Be Delayed (1) A North Sea Forties crude cargo for export in October was delayed by five days, bringing total deferrals for this month to 14, according to two people with knowledge of the loading program. Naimi Says Saudi Arabia, Gulf States Seeking Stable Oil Prices Saudi Arabia, the world’s biggest exporter of crude oil, will help meet demand “fully� and will work with other member states of the Gulf Cooperation Council to try to stabilize prices, Oil Minister Ali al-Naimi said. Iraq May Double Oil Output to Be ‘Energy Powerhouse,’ IEA Says Iraq is set to more than double oil production to 6.1 million barrels a day by 2020, providing almost half of the increase in global supplies this decade, according to the International Energy Agency. REFINERIES Map global refinery outages JX Shuts Negishi Refinery No. 4 Crude Unit for Maintenance JX Nippon Oil & Energy Corp. shut the No. 4 crude distillation unit at its Negishi oil refinery for maintenance scheduled to last until Nov. 5, said a company official today who asked not to be identified citing internal policy. The 150,000 barrel-a-day unit was shut Oct. 6. OTHER OIL MARKET NEWS BP Books Supertanker to Ship North Sea Forties Crude to S. Korea BP Plc booked a supertanker to haul North Sea crude to South Korea from Hound Point in the U.K., boosting the amount shipped to 44 million barrels since mid-December, according to shipbroker reports. Brent-WTI Oil Spread Near Widest in a Year on Geopolitical Risks The premium of North Sea Brent crude to U.S. West Texas Intermediate traded near the highest in one year amid tensions in the Middle East and delays to shipments of the European grade. California Gasoline Rises to Record After Winter-Grade Shift Gasoline prices at the pump in California rose to a record overnight after Governor Jerry Brown directed state regulators to allow refineries to produce more fuel by shifting to winter- grade fuel. Buy WTI Oil, Sell Brent as Spread Narrows Again: BNP Paribas Spread had widened on N. Sea outages, delays to near $23/bbl. Pakistan State Oil Invites Bids for Supply of Petroleum Products Pakistan State Oil Co., the biggest oil marketing company says in advertisement. Bharat Petroleum Seeks Reformate Cargo for Delivery in November Bharat Petroleum Corp., India’s second-biggest state refiner, is seeking 7,000 metric tons of reformate for delivery in November, according to a tender document obtained by Bloomberg News. Indian Oil Said to Buy Forcados, Jubilee Crudes From Vitol Indian Oil Corp. bought 1 million barrels each of Nigerian Forcados and Ghana’s Jubilee crudes for loading in November from Vitol Group via a tender, according to two traders who participate in the market, declining to be identified because the information is confidential. Trafigura Said to Boost Asian Loan 33% Amid Expansion in Region Trafigura Beheer BV, the third-largest independent oil trader, plans to increase a loan from lenders in Asia as it expands operations in the region. Asia Fuel Oil Crack Widens; Hin Leong Buys Cargoes: Oil Products Asia fuel oil’s discount to crude widened for a third day, signaling increased losses for refiners making residual products. Hin Leong Trading Pte bought jet fuel cargoes in Singapore, the region’s largest oil-trading center. North Sea November Gullfaks Crude Exports to Rise to Six Cargoes Exports of North Sea Gullfaks crude for November will increase to six cargoes of 800,000 barrels each, one more than this month, according to a loading program obtained by Bloomberg News. November Fuel Oil Shipments to Asia Increase From Previous Week Fuel oil shipments scheduled to arrive next month in Asia from Western countries rose from a week ago to 2.71 million metric tons, according to vessel-charter data and information from traders compiled by Bloomberg. TOP ENERGY STORIES Cuomo’s Fracking Dilemma Poses Political Risk Beyond New York New York Governor Andrew Cuomo is caught between gas-rich Marcellus shale and a hard place. Hedge Funds End Rout as Prices Reach Two-Month Low: Commodities Hedge funds increased bullish bets on commodities for the first time in three weeks as prices dropped to a two-month low on signs of slowing Chinese growth and rising supplies of everything from crude oil to coffee. Pemex’s Deep-Water Finds Fuel Record Bond Rally: Mexico Credit Petroleos Mexicanos’s borrowing costs are falling to a record after the Mexican state-owned crude producer’s first deep-water oil discoveries sparked speculation the company will stem seven years of output declines. Swiss Target Commodities Secrets Risking $21 Billion Hegemony Vitol SA, one of the world’s biggest oil traders, is being enticed from its Geneva base by Dubai and Singapore as Switzerland considers scrapping policies that made the country a global center for commodities. OTHER MARKETS Stocks, Euro Decline as Treasuries Gain After IMF Cuts Forecast Stocks fell for a second day, commodities pared their advance and Treasuries rose after the International Monetary Fund cut its global growth forecasts. The euro weakened before German Chancellor Angela Merkel meets with Greek Prime Minister Antonis Samaras. Goldman to Pay $6.75 Million to Settle Options-Handling Case (2) Goldman Sachs Group Inc. agreed to pay $6.75 million to eight U.S. exchanges to settle claims over the way it handled options trades from January 2004 through May 2010, according to a document on the Chicago Board Options Exchange’s website. Milk-Cow Drought Culling Accelerates as Prices Jump: Commodities U.S. milk production is headed for the biggest contraction in 12 years as a drought-fueled surge in feed costs drives more cows to slaughter. Rajoy’s Deepening Budget Black Hole Outpaces Spain’s Cuts (1) The black hole in Spain’s budget has grown faster than Prime Minister Mariano Rajoy’s attempt to cut it, portending the same dynamic that has squeezed Greece. SPORTS Texans Defeat Jets to Join Falcons as NFL’s Only 5-0 Teams (1) Arian Foster rushed for 152 yards and a touchdown as the Houston Texans beat the New York Jets 23-17 to join the Atlanta Falcons as the only 5-0 teams in the National Football League. Orioles Beat Yankees to Tie MLB Playoff Series as Cardinals Roll Wei-Yin Chen outpitched Andy Pettitte as the Baltimore Orioles beat the New York Yankees 3-2 to tie their Major League Baseball playoff series at one game apiece. Giants Safety Hill Suspended Four Games by NFL for Stimulant Use New York Giants safety Will Hill was suspended four games without pay after testing positive for a banned stimulant, and will be replaced on the roster by a player who just completed a suspension for the same substance. ENERGY PRICES Last Chg %Chg Exch Contract ---- ---- ---- ---- -------- WTI Crude ($/Bbl) 89.68 +0.35 +0.4 Nymex Nov. Brent Crude ($/Bbl) 112.40 +0.58 +0.5 ICE Nov. Gasoil ($/Ton) 982.50 +0.50 +0.1 ICE Nov. Gasoline (c/Gal) 292.42 +3.11 +1.1 Nymex Nov. Natural gas ($/MMBtu) 3.39 -0.01 -0.3 Nymex Nov. Dated Brent ($/Bbl) 112.17 -0.07 -0.1 OTC 21 Days Heating Oil 315.90 +1.47 +0.5 Nymex Nov. Other markets: Last %Chg ----- ----- Dollar Index 79.77 +0.3 Gold ($/Oz) 1,775.70 -0.3 MSCI World Index 1,323.45 -0.2 Prices as of 12 p.m. London time To contact the editor responsible for this story: Steve Voss in London at sev@bloomberg.net

Source