Monday, December 27, 2010

TOP Oil Market News: Oil Rises to Two-Year High; Nigeria Blasts

The following is a selection of the most important news affecting the oil market.

Crude Rises to Two-Year High on Bets China Will Sustain Growth

Oil rose to a two-year high in New York on speculation China’s monetary tightening will sustain economic growth in the world’s largest energy user.


Death Toll in Nigeria Bomb Blasts Rises to 32 (Update2)

At least 32 people were killed in suspected bomb blasts yesterday in the central Nigerian city of Jos, where violence between Christians and Muslims has left hundreds dead this year, Police said.

Addax Oil Output Rises 14% After Sinopec Acquisition (Update1)

Addax Petroleum Corp.’s crude output has risen 14 percent since the Geneva-based company was acquired by China Petrochemical Corp. in August last year as oil and gas reserves increased.

QE2 Joins Eisenhower Yields in 1% Returns for Bonds (Update1)

Wall Street’s biggest bond-trading firms say investors in U.S. government debt will barely break even next year as yields climb from the lowest levels since the 1950s and the Federal Reserve boosts economic growth.

Qatar’s Tasweeq Offers to Sell High-Sulfur Gasoil in January

Qatar International Petroleum Marketing Co., known as Tasweeq, offered to sell a cargo of high-sulfur gasoil for loading in January, the company said in a document e-mailed to potential buyers.

Total Buys Cargo of North Sea Crude From Trafigura, BP Bids

Total SA bought a cargo of North Sea Forties crude today. BP Plc and Mercuria Energy Trading SA sought supplies of the grade unsuccessfully.

REFINERIES Map global refinery outages

Russian Refinery Explosion May Have Killed 5 Chinese Workers

Russian prosecutors are investigating an explosion and fire at a refinery in the country’s Zabaikalsky region, which may have killed as many as five Chinese workers.

China Major Refineries Biweekly Crude Run Rate (Table)

The following is a table of biweekly survey of crude run rates at 23 major Chinese refineries by December 23, according to data from, a Shandong based energy information website.

Idemitsu Delays Restarting Hokkaido RFCC Till January,

Idemitsu Kosan Co. delayed restarting the 33,000 barrel-a- day residue fluid catalytic cracker at its Hokkaido refinery until January because further work is needed, spokesman Ryuichi Sato said by phone today. The unit was shut on Dec. 4 because of a malfunction and was due to restart this month.

Idemitsu Restarts Residue Desulfurizer at Aichi Refinery

Idemitsu Kosan Co. restarted the 60,000 barrel-a-day residue desulfurization unit at its refinery in Aichi in central Japan on Dec. 24, spokeswoman Maki Yasunaga said by phone today. The unit was shut on Dec. 14 because of a malfunction.

Oil Rise to $100 May Stall as Refiners Curb Tax: Energy Markets

Oil supplies may come back to the U.S. Gulf Coast in January, sapping crude’s drive toward $100 a barrel, after stockpiles tumbled the most in 30 years this month as refiners sought to avoid year-end tax liabilities.

Hovensa Restarts St. Croix Refinery Catalytic Cracker (Update1)

Hovensa LLC restarted a 150,000- barrel-a-day fluid catalytic cracker at its St. Croix refinery in the U.S. Virgin Islands on Dec. 24, a company spokesman said. The unit was shut Dec. 9 for unplanned repairs, according to data compiled by Bloomberg.

Gary-Williams Has Explosion at Refinery in Oklahoma (Update3)

Gary-Williams Energy Co., a closely held U.S. oil and gas company, had an explosion and fire at its Wynnewood, Oklahoma, refinery today.


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

Libya Raises Sider Crude Price to Brent Minus 25 Cents (Update1)

Libya, holder of Africa’s largest oil reserves, raised the official selling price for exports of Es Sider crude in January to a discount of 25 cents to Dated Brent, according to data posted on the website of state-run National Oil Corp. today.


BlackRock Blames Loan Crisis for Clean-Energy Outflow (Update2)

Renewable-energy funds suffered record outflows this year, reversing their direction from 2009, as money managers including BlackRock Inc. said the credit crunch dimmed the outlook for solar and wind power projects.

Oil Trades Near Two-Year High on Bets China Will Sustain Growth

Oil traded near a two-year high in New York, paring earlier losses, on speculation China’s monetary tightening will sustain economic growth in the world’s largest energy user.

Oil Slips From Two-Year High Before Meeting of Arab OPEC Heads

Crude oil fell from its highest in two years in London as the Arab members of OPEC gathered in Cairo for their annual meeting tomorrow.

China Gas Names Managing Directors After Executives Taken Away

China Gas Holdings Ltd., the energy supplier to mainland homes and businesses, said it appointed two managing directors and an ad hoc management committee after two top officials were taken from its offices.

Oil Consumers Grow Wary as Some OPEC Members Target $100 Crude

Oil importers are growing wary of the impact of prices near two-year highs as some OPEC members foresee a further rally to the $100-a-barrel level and Arab oil ministers gather for a meeting in Cairo.

Former Venezuelan President Perez Dies at 88, Universal Reports

Former Venezuelan President Carlos Andres Perez died today of “respiratory arrest” in Miami, El Universal reported, citing his daughter Maria Francia Perez. He was 88.

Dollar, Yen Near 3-Week Highs as China Rates Spur Growth Concern

The dollar was near a three-week high against the euro after China’s second interest-rate increase since mid-October highlighted concern that efforts to tame inflation will curb global growth.

European Gasoil Contango Narrows as Demand Rises: Oil Products

Europe’s gasoil futures contango narrowed as freezing weather boosted demand for heating oil.

Australia Uranium Stocks ‘Undervalued’ on Pent-up Global Demand

Uranium stocks, already trading at higher valuations than their national benchmark indexes, will rise further amid predictions the price of the fuel may surge as much as 30 percent, investors and analysts said.

Kazakhs to Curb Debt Sales of KazMunaiGaz, Other State Companies

Kazakhstan, the biggest energy producer in central Asia, may curb debt sales by KazMunaiGaz National Co. and other state- owned companies as it considers limits for borrowings.


Asian Stocks Gain, Copper Rises to Record; Treasuries Decline

Asian stocks climbed, copper rallied to a record and Treasuries fell on speculation global growth will accelerate in 2011 and that China will succeed in taming inflation.

Hildebrand Unable to End ‘Burden’ of Record Franc (Update1)

Swiss central bank President Philipp Hildebrand, who ended 15 months of intervening in foreign- exchange markets this year, may prove powerless to stop the franc from extending a record rally that he calls a “burden.”

Most Asian Stocks Rise as China Rates Seen to Curb Inflation

Most Asian stocks rose on speculation an interest rate increase in China will help curb inflation in the country and Japanese stocks rose on reports of business alliances.

Euro Pain Turns to 23% Gain for Europe Adding Cash to S&P 500

For all the losses facing Europeans this year, investors from the region who bought U.S. stocks as the euro weakened are getting the best returns in a decade.

Copper in New York Advances to Record After China Rate Increase

Copper in New York climbed to a record and Shanghai gained after China raised interest rates for the second time since mid- October, spurring expectations that the government may refrain from further tightening measures in the short term.

China May Front-Load Tightening to Fight Inflation

China’s monetary tightening in 2011 may be mainly in the first half as officials tackle the fastest inflation in more than two years, JPMorgan Chase & Co. and Morgan Stanley said.

Japan’s Budget May Fail to Spur Growth While Debt Stays High

Japan’s budget plan for next year may fail to achieve the government’s goal of spurring private demand, while making little progress on reducing the country’s debt, Shinkin Asset Management Co. said.

Air Security Improved Year After Bomb Attempt, Napolitano Says

U.S. Homeland Security Secretary Janet Napolitano marked the one-year anniversary of a foiled airplane bombing by touting improved security and warning of new threats.

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

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