TOP Oil Market News: Oil Pares Drop; Iraq Oil Exports to Resume
The following is a selection of the most important news affecting the oil market.
Oil Pares Losses on Report Saudi Police Opened Fire at Rally
Oil pared losses after the police in Saudi Arabia, the Middle East’s biggest producer of crude, reportedly opened fire at a rally in the east of the country.
Iraq Oil Exports to Turkey to Resume in 5 Days After Blast (1)
Iraq will resume oil exports to the Turkish Mediterranean port of Ceyhan within five days following an explosion yesterday, Emad al-Baqer, North Oil Co. head of production, said.
Forties Oil Rises as BP Increases Bid; Vitol Offers Urals Lower
North Sea Forties crude rose after BP Plc raised its bid. Daily North Sea loadings of the four main crude grades will rise 1.1% in April from March. Russian Urals fell in the Mediterranean after Vitol Group lowered its offer.
North Sea BFOE Crude Loadings for April Gain 1.1% From March (1)
Daily exports of the four North Sea crude grades that determine the price of Dated Brent, the benchmark for more than half of world oil, are scheduled to rise 1.1 percent in April from this month, according to loading programs obtained by Bloomberg News.
Statoil North Sea Ekofisk Oil Loadings for April at 16 Cargoes
North Sea loadings of Ekofisk grade crude in April will total 16 cargoes, or 9.75 million barrels, a loading program obtained by Bloomberg News shows.
Crude Oil Volatility Decreases as Futures Decline a Third Day
Oil volatility decreased as the underlying futures contract fell for a third consecutive day, paring losses after a report that police in Saudi Arabia opened fire on protesters.
Pentagon Seeks Vendor for Fuel Credit Card: Contract Alert
The Pentagon is seeking a company to help it manage credit cards that military personnel can use to buy ship and aviation fuels around the world.
EPA to Issue E15 Label Rules in Next Few Months, Chief Says (1)
The U.S. Environmental Protection Agency plans to issue final rules for labeling gasoline pumps that carry a higher blend of ethanol within months, Administrator Lisa Jackson said.
U.S. Energy Department Natural Gas Update for March 9 (Text)
Following is the text of the weekly natural gas update as released by the U.S. Department of Energy in Washington D.C.:
Natural-Gas Supply Probably Fell 76 Bcf, Bloomberg Users Say
The U.S. Energy Department’s natural-gas inventory report, scheduled for release at 10:30 a.m. in Washington, will show that supplies fell 4.4 percent last week, according to a survey of Bloomberg users.
Multiple-Vendor Contracts Help Federal Agencies Stretch Staffing
Agency procurement staffs grew by 11 percent as U.S. government spending more than doubled over the last decade, according to data compiled by Bloomberg.
Gasoil Stockpiles Fall in Europe’s Oil-Trading Hub, PJK Says
Gasoil stockpiles in independent storage fell in Europe’s Amsterdam-Rotterdam-Antwerp oil-trading hub, according to PJK International BV.
The Organization of Petroleum Exporting Countries will reduce crude exports for a fifth time in the four weeks through March 26, according to tanker-tracker Oil Movements.
Saudi Aramco Said to Supply Full Oil Volumes to Europe in April
Saudi Arabian Oil Co., the world’s largest state-owned oil company, will supply full contractual volumes of crude to at least two refiners in Europe next month, according to European fuel producers.
OPEC Hasn’t Called Emergency Meeting, Kuwait Minister Says (1)
OPEC members haven’t called for an emergency meeting and are holding consultations to discuss the market and general situation, Kuwait’s oil minister said.
REFINERIES Map global refinery outages
Frontier Says Plants May Run 80,000 Barrels of Canada Oil (1)
Frontier Oil Corp. is able to process as much as 80,000 barrels a day of Canadian crude, Doug Aron, the company’s chief financial officer, said at a conference in New York.
PDVSA Aims to Restart Isla Refinery Units This Weekend
Petroleos de Venezuela SA, the state-owned oil producer known as PDVSA, aims to restart four units at its Isla refinery in Curacao over the weekend, Kenneth Gijsbertha, a company spokesman, said today in an e-mailed response to questions.
Alon’s Bakersfield Oil Refining Complex to Restart by Mid-year
Alon USA Energy Inc. plans to restart a reconfigured refinery in Bakersfield, California by mid-year, company President Paul Eisman said at a refining conference.
Marathon Barges Western Canada Select to Louisiana Refinery (1)
Marathon Oil Corp. is shipping Western Canada Select oil by barge to its Garyville refinery in Louisiana, Gary Heminger, a vice president at the company, said at a conference.
Suncor Says Sarnia Refinery Turnaround to Last About Six Weeks
Suncor Energy Inc. will shut part of the Sarnia refinery in Ontario starting March 20 for about six weeks of maintenance and inspections, Dany Laferriere, a company spokesman, said in an e- mail.
Lukoil’s Fedun Says 20 European Oil Refineries Likely Will Close
OAO Lukoil Vice President Leonid Fedun expects about 20 oil refineries in Europe will close in the near future because of weak profit margins, he said in a presentation on earnings broadcast on the company’s website.
European jet fuel declined relative to the London-traded April gasoil futures contract as BP Plc and Vitol Group sold the aviation fuel.
Oil Product Shipping Costs to Japan Are Unchanged
The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan was unchanged at 7.97 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.
Qaddafi’s Son Declares New Offensive, Rebels Flee Ras Lanuf (2)
Libyan rebels under fire fled a key oil hub on the Mediterranean coast, as Muammar Qaddafi’s son said government forces are mounting a full-scale attack and Western countries will lose if they support the uprising.
Abu Dhabi’s Murban Oil Rises to Highest Level Since January
Abu Dhabi’s Murban crude oil rose to the highest since January as demand for middle distillate- rich grades climbed amid a jump in processing profits.
Petronas Reduces Tapis Oil-Price Factor By Most on Record (1)
Petroliam Nasional Bhd., Malaysia’s state oil company, cut a price-adjustment factor for its benchmark Tapis crude by the most on record in dollar terms, reflecting concern high prices may damp demand.
U.S. wind-power developers say utilities are increasingly reluctant to buy electricity through long-term contracts, forcing producers to sell output from their turbines for less money on spot markets.
Americans in Poll Show Scant Confidence as Plurality See Decline
Only 1 American in 7 has faith a lasting economic recovery has taken hold and a plurality say they are personally worse off than they were two years ago.
Gas Premium in Europe Draws U.S. LNG Cargoes: Energy Markets
Liquefied natural gas arriving in the U.S. from overseas is being re-exported as traders from JPMorgan Chase & Co. to Citigroup Inc. exploit a price advantage that’s near the largest in more than two years.
Valero Said to Buy Chevron’s U.K. Refinery for $2 Billion (2)
Valero Energy Corp., the largest U.S. oil refiner, plans to buy Chevron Corp.’s U.K. refinery for about $2 billion, said two people with knowledge of the deal.
Novatek to Lead Gazprom in Putin’s LNG Push After Total Deal
OAO Novatek will challenge OAO Gazprom’s dominance in foreign markets after agreeing with Total SA to build an Arctic gas-export plant.
Kosmos Rejects Cnooc, BP Bid for Jubilee Field, Ghana Says (1)
Kosmos Energy LLC, the U.S.-based oil explorer focusing on West Africa, rejected a joint bid from China National Offshore Oil Corp., BP Plc and Ghana National Petroleum Corp. for its stake in the offshore Jubilee field.
House Democrats Propose Release From U.S. Oil Reserves (1)
A group of U.S. House Democrats introduced legislation to initiate what they called a modest release of oil from the nation’s reserve in an effort to hold down fuel prices.
Stocks slid, dragging the Standard & Poor’s 500 Index to its lowest level since January, while the dollar and Treasuries rallied as U.S. jobless claims rose, China’s export growth slowed and Spain’s credit rating was cut.
Euro Falls as Spain’s Downgrade Adds to Regional Debt Concern
The euro fell to the lowest level in a week against the dollar after Moody’s Investors Service lowered Spain’s credit rating, increasing pressure on European leaders to find a solution to the region’s debt crisis.
U.K. Pound Falls Versus Dollar After BOE Keeps Key Rate on Hold
The pound fell the most in more than six weeks against the dollar as the Bank of England kept interest rates at a record low to safeguard the economy even with inflation at twice its target.
Gold Retreats as Stronger Dollar, Rally to Record Prompt Sales
Gold fell the most in a week as a stronger dollar prompted some investors to sell the metal after unrest in the Middle East and northern Africa pushed prices to a record.
Dynamo Kiev defeated Manchester City 2-0 in their opening Europa League round-of-16 game, while Braga beat Liverpool 1-0.
Oil Pares Losses on Report Saudi Police Opened Fire at Rally
Oil pared losses after the police in Saudi Arabia, the Middle East’s biggest producer of crude, reportedly opened fire at a rally in the east of the country.
TOP MARKETS NEWS
Iraq Oil Exports to Turkey to Resume in 5 Days After Blast (1)
Iraq will resume oil exports to the Turkish Mediterranean port of Ceyhan within five days following an explosion yesterday, Emad al-Baqer, North Oil Co. head of production, said.
Forties Oil Rises as BP Increases Bid; Vitol Offers Urals Lower
North Sea Forties crude rose after BP Plc raised its bid. Daily North Sea loadings of the four main crude grades will rise 1.1% in April from March. Russian Urals fell in the Mediterranean after Vitol Group lowered its offer.
North Sea BFOE Crude Loadings for April Gain 1.1% From March (1)
Daily exports of the four North Sea crude grades that determine the price of Dated Brent, the benchmark for more than half of world oil, are scheduled to rise 1.1 percent in April from this month, according to loading programs obtained by Bloomberg News.
Statoil North Sea Ekofisk Oil Loadings for April at 16 Cargoes
North Sea loadings of Ekofisk grade crude in April will total 16 cargoes, or 9.75 million barrels, a loading program obtained by Bloomberg News shows.
Crude Oil Volatility Decreases as Futures Decline a Third Day
Oil volatility decreased as the underlying futures contract fell for a third consecutive day, paring losses after a report that police in Saudi Arabia opened fire on protesters.
Pentagon Seeks Vendor for Fuel Credit Card: Contract Alert
The Pentagon is seeking a company to help it manage credit cards that military personnel can use to buy ship and aviation fuels around the world.
EPA to Issue E15 Label Rules in Next Few Months, Chief Says (1)
The U.S. Environmental Protection Agency plans to issue final rules for labeling gasoline pumps that carry a higher blend of ethanol within months, Administrator Lisa Jackson said.
U.S. Energy Department Natural Gas Update for March 9 (Text)
Following is the text of the weekly natural gas update as released by the U.S. Department of Energy in Washington D.C.:
Natural-Gas Supply Probably Fell 76 Bcf, Bloomberg Users Say
The U.S. Energy Department’s natural-gas inventory report, scheduled for release at 10:30 a.m. in Washington, will show that supplies fell 4.4 percent last week, according to a survey of Bloomberg users.
Multiple-Vendor Contracts Help Federal Agencies Stretch Staffing
Agency procurement staffs grew by 11 percent as U.S. government spending more than doubled over the last decade, according to data compiled by Bloomberg.
Gasoil Stockpiles Fall in Europe’s Oil-Trading Hub, PJK Says
Gasoil stockpiles in independent storage fell in Europe’s Amsterdam-Rotterdam-Antwerp oil-trading hub, according to PJK International BV.
OPEC
OPEC Crude Shipments to Fall for Fifth Week, Oil Movements SaysThe Organization of Petroleum Exporting Countries will reduce crude exports for a fifth time in the four weeks through March 26, according to tanker-tracker Oil Movements.
Saudi Aramco Said to Supply Full Oil Volumes to Europe in April
Saudi Arabian Oil Co., the world’s largest state-owned oil company, will supply full contractual volumes of crude to at least two refiners in Europe next month, according to European fuel producers.
OPEC Hasn’t Called Emergency Meeting, Kuwait Minister Says (1)
OPEC members haven’t called for an emergency meeting and are holding consultations to discuss the market and general situation, Kuwait’s oil minister said.
REFINERIES Map global refinery outages
Frontier Says Plants May Run 80,000 Barrels of Canada Oil (1)
Frontier Oil Corp. is able to process as much as 80,000 barrels a day of Canadian crude, Doug Aron, the company’s chief financial officer, said at a conference in New York.
PDVSA Aims to Restart Isla Refinery Units This Weekend
Petroleos de Venezuela SA, the state-owned oil producer known as PDVSA, aims to restart four units at its Isla refinery in Curacao over the weekend, Kenneth Gijsbertha, a company spokesman, said today in an e-mailed response to questions.
Alon’s Bakersfield Oil Refining Complex to Restart by Mid-year
Alon USA Energy Inc. plans to restart a reconfigured refinery in Bakersfield, California by mid-year, company President Paul Eisman said at a refining conference.
Marathon Barges Western Canada Select to Louisiana Refinery (1)
Marathon Oil Corp. is shipping Western Canada Select oil by barge to its Garyville refinery in Louisiana, Gary Heminger, a vice president at the company, said at a conference.
Suncor Says Sarnia Refinery Turnaround to Last About Six Weeks
Suncor Energy Inc. will shut part of the Sarnia refinery in Ontario starting March 20 for about six weeks of maintenance and inspections, Dany Laferriere, a company spokesman, said in an e- mail.
Lukoil’s Fedun Says 20 European Oil Refineries Likely Will Close
OAO Lukoil Vice President Leonid Fedun expects about 20 oil refineries in Europe will close in the near future because of weak profit margins, he said in a presentation on earnings broadcast on the company’s website.
OTHER OIL MARKET NEWS
Europe Jet Fuel Drops as BP Sells; Gasoline Falls: Oil ProductsEuropean jet fuel declined relative to the London-traded April gasoil futures contract as BP Plc and Vitol Group sold the aviation fuel.
Oil Product Shipping Costs to Japan Are Unchanged
The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan was unchanged at 7.97 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.
Qaddafi’s Son Declares New Offensive, Rebels Flee Ras Lanuf (2)
Libyan rebels under fire fled a key oil hub on the Mediterranean coast, as Muammar Qaddafi’s son said government forces are mounting a full-scale attack and Western countries will lose if they support the uprising.
Abu Dhabi’s Murban Oil Rises to Highest Level Since January
Abu Dhabi’s Murban crude oil rose to the highest since January as demand for middle distillate- rich grades climbed amid a jump in processing profits.
Petronas Reduces Tapis Oil-Price Factor By Most on Record (1)
Petroliam Nasional Bhd., Malaysia’s state oil company, cut a price-adjustment factor for its benchmark Tapis crude by the most on record in dollar terms, reflecting concern high prices may damp demand.
TOP ENERGY STORIES
‘Naked’ Wind Turbines Hurt GE, Vestas as Utilities Cut ContractsU.S. wind-power developers say utilities are increasingly reluctant to buy electricity through long-term contracts, forcing producers to sell output from their turbines for less money on spot markets.
Americans in Poll Show Scant Confidence as Plurality See Decline
Only 1 American in 7 has faith a lasting economic recovery has taken hold and a plurality say they are personally worse off than they were two years ago.
Gas Premium in Europe Draws U.S. LNG Cargoes: Energy Markets
Liquefied natural gas arriving in the U.S. from overseas is being re-exported as traders from JPMorgan Chase & Co. to Citigroup Inc. exploit a price advantage that’s near the largest in more than two years.
Valero Said to Buy Chevron’s U.K. Refinery for $2 Billion (2)
Valero Energy Corp., the largest U.S. oil refiner, plans to buy Chevron Corp.’s U.K. refinery for about $2 billion, said two people with knowledge of the deal.
Novatek to Lead Gazprom in Putin’s LNG Push After Total Deal
OAO Novatek will challenge OAO Gazprom’s dominance in foreign markets after agreeing with Total SA to build an Arctic gas-export plant.
Kosmos Rejects Cnooc, BP Bid for Jubilee Field, Ghana Says (1)
Kosmos Energy LLC, the U.S.-based oil explorer focusing on West Africa, rejected a joint bid from China National Offshore Oil Corp., BP Plc and Ghana National Petroleum Corp. for its stake in the offshore Jubilee field.
House Democrats Propose Release From U.S. Oil Reserves (1)
A group of U.S. House Democrats introduced legislation to initiate what they called a modest release of oil from the nation’s reserve in an effort to hold down fuel prices.
OTHER MARKETS
Stocks Slide as Dollar, Treasuries Gain on Economic ConcernsStocks slid, dragging the Standard & Poor’s 500 Index to its lowest level since January, while the dollar and Treasuries rallied as U.S. jobless claims rose, China’s export growth slowed and Spain’s credit rating was cut.
Euro Falls as Spain’s Downgrade Adds to Regional Debt Concern
The euro fell to the lowest level in a week against the dollar after Moody’s Investors Service lowered Spain’s credit rating, increasing pressure on European leaders to find a solution to the region’s debt crisis.
U.K. Pound Falls Versus Dollar After BOE Keeps Key Rate on Hold
The pound fell the most in more than six weeks against the dollar as the Bank of England kept interest rates at a record low to safeguard the economy even with inflation at twice its target.
Gold Retreats as Stronger Dollar, Rally to Record Prompt Sales
Gold fell the most in a week as a stronger dollar prompted some investors to sell the metal after unrest in the Middle East and northern Africa pushed prices to a record.
SPORTS
Dynamo Kiev Beats Man. City in Europa League; Liverpool LosesDynamo Kiev defeated Manchester City 2-0 in their opening Europa League round-of-16 game, while Braga beat Liverpool 1-0.
ENERGY PRICES
Last Chg %Chg Exch Contract
---- ---- ---- ---- -------- WTI Crude ($/Bbl) 102.65 -0.05 0.0 Nymex April Brent Crude ($/Bbl) 115.43 -0.51 -0.4 Ice March Gasoil ($/Ton) 963.00 -5.25 -0.5 Ice April Gasoline (c/Gal) 301.96 -- -- Nymex April Natural gas ($/MMBtu) 3.83 -- +0.0 Nymex April Dated Brent ($/Bbl) 114.69 -0.63 -0.6 OTC 21 Days Heating Oil 304.49 -2.58 -0.8 Nymex AprilOther markets:
Last %Chg
----- ----- Dollar Index 77.24 +0.7 Gold ($/Oz) 1,412.50 -1.2 MSCI World Index 1,313.55 -1.9
Posted by OurPolitics
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