By Jane, Ching Shen Lee
The following is a selection of the most important news affecting the oil market.
Naphtha in Asia Poised to Rise on Japan, Korea: Energy Markets
Naphtha premiums in Asia are poised to rise from a 17-month high as demand for the oil product in Japan and South Korea rebounds.
Democrat McCurdy Lobbies Past Republican Foes for Natural Gas
Dave McCurdy, the American Gas Association’s new chief executive officer, had to cut short a conversation about clean energy.
Baucus Releases Plan to End ‘Billions’ in Oil Tax Breaks (2)
Senator Max Baucus, chairman of the Senate Finance Committee, said he will write legislation to repeal billions of dollars in tax breaks for multinational oil and gas companies and use the money to back clean energy.
U.S. Energy Department Natural Gas Update for April 27
Following is the text of the weekly natural gas update as released by the U.S. Department of Energy in Washington D.C.:
Swiss Daybook: SNB Posts Profit, Roche, Glencore and Zurich
The Swiss National Bank, Switzerland’s central bank, reported a profit of 1.9 billion Swiss francs in the first quarter.
Gasoil Stockpiles Rise in Europe’s Oil-Trading Hub, PJK Says (1)
Gasoil stockpiles in independent storage in Amsterdam- Rotterdam-Antwerp, Europe’s oil-trading hub, rose to the highest in three weeks, according to PJK International BV, a researcher in The Netherlands.
OPEC Crude Exports Drop as Slump Nears End, Oil Movements Says
The Organization of Petroleum Exporting Countries will cut exports by 1.2 percent in the four weeks to May 14 because of a seasonal decline in demand, according to tanker-tracker Oil Movements.
REFINERIES Map global refinery outages
Unipetrol First-Quarter Profit Rises 50% on Higher Crude Price
Unipetrol AS, the Czech Republic’s largest refiner, said first-quarter net profit rose 50 percent as increased prices of crude oil boosted the value of its inventory.
Syncrude Coker Turnaround Expected in September or October (1)
Canadian Oil Sands Ltd., the largest holder in the Syncrude Canada Ltd. oil-sands venture, said a turnaround on a coker will probably begin in September or October.
Syncrude Coker Turnaround Expected in September or October
Canadian Oil Sands Ltd. expects to begin a turnaround on its Syncrude coker in September or October, Chief Executive Officer Marcel Coutu said today in Calgary.
Texas Refineries Won’t Have Backup Power During Utility Work
Texas refineries that receive power from Texas New Mexico Power Co. won’t have access to backup electricity supplies for about a one- to two-day period each during several weeks of maintenance on transmission lines.
Gasoline Futures Little Changed as Dollar Rises Versus Euro
Gasoline was little changed, paring gains after reaching a 33-month high, as the dollar lessened its loss against the euro, reducing the investment appeal of commodities.
United Refining’s Pennsylvania Plant Returns Units Online (1)
United Refining Co.’s Warren, Pennsylvania, refinery is online after a power outage, Chief Executive Officer John Catsimatidis said in an e-mail.
Gunvor Buys European Gasoline; Naphtha Advances: Oil Products
Gunvor International AG bought barges of European Eurobob- grade gasoline after prices declined from a two-year high. Naphtha cargoes advanced to the highest level since 2008.
Hunt Starting Tuscaloosa Refinery After Power Outage (1)
Hunt Refining Co.’s plant in Tuscaloosa, Alabama, was being started today after a power outage caused by severe storms and tornadoes, said Drew Altemara, a company spokesman.
OTHER OIL MARKET NEWS
Indian Oil Seeks to Buy Crude Oil for Loading in July
Indian Oil Corp., the country’s biggest refiner, is seeking to buy crude oil for loading in July, according to two traders who received the tender document.
Supertanker Returns Fall 42%, Draw Nearer to Unprofitable Level
Returns from supertankers hauling Middle East oil to Asia, already at the lowest level in at least 33 months, slid closer to being unprofitable as a glut of ships competed for cargoes.
Dubai Widens July Oil-Price Differential to 40-Cent Discount (1)
Dubai oil, a Persian Gulf benchmark for Asia, will sell in July at its deepest discount in a year as buyers favor lighter, sweeter crudes over the more sulfur-heavy blends sold mainly in the Middle East.
TOP ENERGY STORIES
Tornadoes Ravage U.S. South, Killing Hundreds in Six States (1)
The worst day of tornadoes in 37 years tore through the U.S. Southeast, killing hundreds of people, causing millions in damage and cutting power to a nuclear plant.
Exelon to Buy Constellation for $7.9 Billion, Adding Nuclear (2)
Exelon Corp., the largest operator of U.S. nuclear power plants, agreed to buy Constellation Energy Group Inc. for about $7.9 billion in stock, adding stakes in five reactors and becoming the largest U.S. electricity marketer.
If Bill Gross Sees U.S. as Shaky, Check Japan: William Pesek
Salvador Dali or M.C. Escher?
U.S. Airline Surcharges Set Record at $420 as Oil Prices Climb
United Continental Holdings Inc., Delta Air Lines Inc. and rival U.S. carriers added a record $420 in fuel surcharges to round-trip European fares as soaring oil prices propelled first- quarter losses.
Total to Buy 60% of SunPower for $1.38 Billion in Solar Bet
Total SA, Europe’s third-biggest oil producer, agreed to buy as much as 60 percent of SunPower Corp. for $1.38 billion, to take advantage of increasing global interest in clean energy.
Asian Stocks, Oil Fall as U.S. Growth Slows; Yuan Strengthens
Asian stocks and crude oil fell for the first time in three days, while the won weakened after U.S. economic growth and South Korea’s industrial production missed economists’ forecasts. China’s yuan strengthened, breaking through 6.5 per dollar for the first time since 1993.