Thursday, May 27, 2010

TOP Oil Market News: Oil Rises; Fuel Oil Shipments to Singapore

By Clyde Russell

May 27 (Bloomberg) -- The following is a selection of the most important news affecting the oil market.

Oil Rises a Second Day as Dollar Decline Boosts Investor Demand

Crude oil rose for a second day in New York as the dollar snapped a three-day rally against the euro, bolstering the investment appeal of commodities.


Fuel Oil Shipments to Singapore May Rise 10%: Energy Markets

Fuel oil shipments to Singapore may increase as much as 10 percent next month as prices rise in Asia, encouraging exports from Western Europe, Russia and the U.S. Gulf of Mexico.

BP ‘Top Kill’ Bid at Oil Well Going to Plan, CEO Says (Update1)

BP Plc’s latest attempt to plug a leaking well that’s been spewing oil into the Gulf of Mexico for more than a month is “proceeding to plan,” said Chief Executive Officer Tony Hayward.

Asia Fuel Oil Refining Margins Fall Most Among Products: Wrap

Fuel oil refining margins dropped the most among oil products after crude oil pared losses to trade near $71 a barrel in New York and as shipments of marine fuel to Asia are expected to rise next month.

Rosneft Sells 700,000 Metric Tons of July-August ESPO Crude Oil

Rosneft Oil Co. sold 700,000 metric tons of East Siberian Pacific Ocean pipeline oil, or ESPO, for loading from July to early August to BP Plc, Mitsui & Co., ConocoPhillips, Vitol Group and Gunvor International Ltd., said three traders who participate in the market.

Deepwater Horizon Rig Probes Find Deficiencies, Disagreements

BP Plc and Transocean Ltd. managers disagreed on how to proceed with work hours before the Deepwater Horizon rig exploded, and a review in 2007 found staff-training deficiencies, according to testimony at a Louisiana hearing.

Obama Outraged Over BP, Federal Oil Regulators, Axelrod Says

President Barack Obama’s outrage over the Gulf of Mexico oil spill has reached “the upper scale” and is directed at both BP Plc and federal regulators, senior White House adviser David Axelrod said.

China May See Fuel Surplus Next Year, PetroChina Says (Update1)

China, the world’s second-biggest energy user, may face a surplus of fuel including diesel next year as refiners add oil- processing capacity.

Ethanol Gains Most in Three Weeks as Corn Rises on Chinese Use

Ethanol futures rose the most in Chicago in three weeks as corn gained on speculation China will buy more of the grain from the U.S.

Obama Says U.S. Can’t Lag Behind on Energy Technology (Update2)

President Barack Obama said the “heartbreaking” oil spill in the Gulf of Mexico, which has fouled wetlands and closed fishing grounds, underscores the need for the U.S. to rapidly develop alternative energy sources.

U.S. DOE Weekly Petroleum Status Report for May 21 (Text)

Following is the text of the weekly Petroleum Status Report from the U.S. Department of Energy:

U.S. Oil Supply: Comparison of Weekly API, DOE Figures (Table)

The following table provides a comparison between the U.S. Department of Energy’s crude-oil statistics for the week ended May 21 and the data from the American Petroleum Institute, an industry-funded group.


Oil at $65 Will Draw OPEC’s ‘Attention,’ Kuwait Says (Update1)

Oil’s price slide to $65 a barrel might raise concern among OPEC members that crude is too cheap, Kuwait’s oil minister said, declining to comment on any action that the group might take to buttress prices.

REFINERIES Map global refinery outages

Valero Shuts Unit at Corpus Christi East Plant for Maintenance

Valero Energy Corp. will shut a crude and vacuum unit at its Corpus Christi East refinery in Texas for maintenance starting today, the company said in a filing with state regulators. Maintenance work will last until tomorrow, the filing showed.

JX Holdings May Move Capacity Cuts Ahead by Year, Reuters Says

JX Holdings Inc. may move forward by another year to March 2013 a plan to reduce oil refining capacity by 600,000 barrels a day if domestic fuel demand falls at a much faster rate than expected, Reuters reported, citing the company’s president Mitsunori Takahagi.

Reliance Jamnagar Refinery Unit to Complete Maintenance May 28

Reliance Industries Ltd. is set to finish maintenance work on a 100,000 barrel-a-day vacuum gasoil unit at Jamnagar on May 28, said a person with knowledge of the matter, asking not to be identified because the information isn’t public.

Trans-Alaska Oil Pipeline Prepares to Restart Pumps (Update1)

Alyeska Pipeline Service Co., whose biggest shareholder is BP Plc, is completing risk assessments as it prepares to restart pumps at a station where “several thousand barrels” of oil leaked yesterday after a valve failed.

Exxon Louisiana Plant Operations ‘Normal’ After Work (Update1)

Exxon Mobil Corp. said operations are “normal” after it shut a unit at its Baton Rouge, Louisiana, refinery for repairs.

PDVSA to Restart Catalytic Unit for Gasoline at Palito Refinery

Petroleos de Venezuela SA, the state oil company, will restart a catalytic cracker unit to produce gasoline tomorrow at the Palito refinery in Carabobo state, according to an e-mailed statement.

California Gasoline Soars on BP Plant Issues, Inventory Drop

Spot gasoline in California soared after BP Plc reported a disruption at its Carson, California, refinery and after a government report showed supplies of gasoline stored along the West Coast fell.

Exxon Mobil’s Baton Rouge, Louisiana, Plant Has Gas Line Leak

A gas line leaked at Exxon Mobil Corp.’s Baton Rouge, Louisiana, refinery, according to Jean Kelly, a spokeswoman at the Louisiana Department of Environmental Quality.


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 8.10 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.

Crude-Oil Shipping Costs Have Longest Decline in Seven Weeks

Crude-oil shipping costs fell for a fourth session in London, the longest slide in seven weeks, on lower European charter rates and on speculation that slumping oil prices will undermine confidence.

Total Bids for Forties Crude Cargo; Shell Offers Brent Blend

Total SA sought to buy a shipment of North Sea Forties crude oil without finding a seller. Royal Dutch Shell Plc offered a Brent blend cargo without selling.


EDP Expects 10% Annual Brazil Growth With Thermal, Wind Plants

EDP-Energias de Portugal SA, the European nation’s largest power company, expects its Brazilian earnings to grow about 10 percent in each of the next three years as it invests in thermal, wind and hydro power projects.

7-Eleven Australia Buys Exxon Mobil Filling Stations (Update1)

7-Eleven Stores Pty Ltd., a closely held convenience store operator, agreed to buy 295 Australian gasoline filling stations from Exxon Mobil Corp., elevating the company to the nation’s largest independent fuel retailer.

Siemens Canada Plans New Wind Turbine Plant, CEO Aurich Says

Siemens Canada Ltd. Chief Executive Officer Roland Aurich says his company plans to build a new wind turbine plant, likely in Ontario, to take advantage of demand for renewable energy as the country recovers from recession.

Shell Arctic Drilling Leases to Be Reviewed by U.S. (Update2)

The U.S. will review Royal Dutch Shell Plc’s plans to explore for oil and natural gas off Alaska’s coast and take steps to increase safety on all offshore rigs, Interior Secretary Ken Salazar said today.


Asian Stocks Gain as Sell-Off Eases; Kiwi, Won Rise Against Yen

Asian shares climbed and the New Zealand dollar and South Korean won strengthened against the yen as markets stabilized from a plunge that has depressed the region’s benchmark stock index by 12 percent this month.

Yen Falls as Asia-Pacific Recovery Signs Reduce Safety Demand

The yen fell against the euro, ending a three-day rally, as signs Asia-Pacific economies are gathering momentum damped demand for safer assets.

Mobius Buys BRIC Stocks, Sees Bull Market Continuing (Update1)

Templeton Asset Management Ltd.’s Mark Mobius said he’s been buying stocks in Brazil, Russia, India and China in the past month and called the slump in emerging-economy shares a “correction” in a bull market.

Copper, Aluminum, Zinc Gain on Signs Economic Recovery on Track

Copper and zinc climbed for a second day, and aluminum advanced, as financial markets stabilized and the dollar fell on signs that the global economic recovery was gaining momentum.

Gold May Climb for Fourth Day as Buyers Seek Haven From Europe

Gold, trading within 3 percent of a record, may gain for a fourth day as investors seek a haven for their assets on concern that the European debt crisis may worsen, hurting stock prices and slowing economic growth.

--Editor: Ang Bee Lin.

To contact the editor responsible for this story: Clyde Russell in Singapore at

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