The following is a selection of the most important news affecting the oil market.
Oil Trades Near Two-Week Low on China Speculation, Europe Debt
Oil traded near a two-week low as speculation that fuel demand will drop on China’s steps to cool its economy outweighed signs that U.S. consumption is rising.
TOP MARKETS STORIES
BP Lacked ‘Operating Discipline’ Before Rig Blast, Panel Says
Decisions made by BP Plc before the explosion of the Deepwater Horizon drilling rig suggest that potential risks were ignored and that a “lack of operating discipline” contributed to the disaster, according to an interim report from a technical panel.
Massachusetts Companies Get Lion’s Share of Oil Spill Contracts
Massachusetts-based companies received twice as much money in federal contracts stemming from the BP Plc oil spill as the combined total of the five Gulf of Mexico states where the oil washed up, according to data compiled by Bloomberg Rankings.
TNK-BP May Buy Stake in Dung Quat Refinery, Dau Tu Reports
Russia-based TNK-BP has expressed interest in buying shares in Vietnam’s Dung Quat refinery, Dau Tu newspaper said, citing an unidentified person in the industry.
China’s Biomass Use Makes It Top Energy User, IEA Says (Update1)
China’s biomass use, which the government excludes from its consumption estimates, placed the country ahead of the U.S. as the world’s largest energy consumer in 2009, the International Energy Agency said.
Cnooc Plans to Expand Overseas Oil, Gas Exploration in 2011
China National Offshore Oil Corp., the nation’s largest offshore producer, plans to expand overseas oil and gas exploration next year, the company said in a statement on its website.
Woodside, Anadarko Most Likely BHP Targets, Credit Suisse Says
BHP Billiton Ltd.’s most likely acquisition targets are Australia’s Woodside Petroleum Ltd. and U.S.-based Anadarko Petroleum Corp., Credit Suisse said.
API Snapshot: U.S. Crude-Oil Inventories Fell 7.65 Mln Barrels
The following table is a summary of the latest Weekly Statistical Bulletin from the American Petroleum Institute. *T
REFINERIES Map global refinery outages
Petroplus, Tamoil Are Among World Refiners to Shut Sites (Table)
Petroplus Holdings AG and Tamoil SA said they will close oil refineries in Europe next year, the latest in a series of plants around the world slated for sale, closure or conversion into storage terminals.
CPC Says Taiwan Oil Refinery Fire Out; No Impact on Operations
CPC Corp., Taiwan’s state-owned oil company, said a fire at its Kaohsiung refinery in the island’s south has been extinguished without any impact on operations.
Tesoro’s Martinez Refinery Reached ‘Targeted Rates’ (Update1)
Tesoro Corp.’s Golden Eagle refinery in Martinez, northern California, reached its “targeted” processing rates today after returning units to service that were forced offline last week by a power failure.
N.Y. Gasoline Premium Rises to 2-Year High on Pipeline Limits
New York Harbor spot gasoline’s premium climbed to more than a two-year high against futures after Colonial Pipeline Co. froze shipping nominations on a line linking Gulf Coast refiners and East Coast markets.
BP Reports ‘Odor Event’ at Texas City Refinery Near Houston
BP Plc had an “odor event” at its Texas City, Texas, refinery, a company spokesman said.
Asia Naphtha, Gasoil Profits Decline; Mercuria Buys Cargoes
Asian refiners’ profits for making naphtha fell amid speculation government steps to cool economic growth will curb fuel demand. Mercuria Energy Ltd., the biggest gasoil buyer in Singapore this month, boosted purchases even as the product’s crack spread weakened.
BP Texas Refinery Had Equipment Failure, Galveston News Says
BP Plc’s Texas City, Texas, refinery had a piece of equipment fail yesterday as workers were performing maintenance on a sour water compressor, according to an article in the Galveston County Daily News.
Colonial Pipeline Allocates Gasoline Shipments for Cycle 67
Colonial Pipeline Co., which operates the largest pipeline linking U.S. Gulf Coast refineries to East Coast markets, will limit gasoline shipments for Cycle 67 on Line 1, the company said.
OTHER OIL MARKET NEWS
Oil Product Shipping Costs to Japan Rise 6.1 %
The cost of shipping a gallon of gasoline, jet fuel or other so-called clean petroleum products from the Middle East to Japan rose 6.1 percent to 7.14 U.S. cents yesterday, according to data compiled by Bloomberg. The cost is based on a cargo of 55,000 metric tons.
Persian Gulf Tanker Excess Grows as November Concluded (Update1)
A surplus of supertankers competing for 2 million-barrel cargoes of Middle East crude oil expanded as this month’s bookings were concluded, potentially hindering owners’ ability to secure better freight rates.
TOP ENERGY STORIES
Solar Panel Makers Face Supply-Glut ‘Armageddon’: Chart of Day
Solar panel makers from Arizona to Shanghai face a price crunch in 2011 because they’re adding manufacturing capacity just as global demand is poised to fall, Axiom Capital Management Inc. said.
Rothschild Buys Indonesian Coal Stakes for $3 Billion (Update3)
Nathaniel Rothschild, the only son of U.K. financier Jacob Rothschild, agreed to invest $3 billion in two Indonesian coal companies through Vallar Plc, allowing the nation’s biggest producer of the fuel to list in London.
Hedge Funds Raise Gas Bets Before Prices Drop: Energy Markets
Hedge funds raised bullish bets on natural gas futures to a six-week high the day before prices plunged on record inventories and warmer-than-expected weather.
BHP’s Three Failed Deals Won’t Stop Pursuit of M&A (Update3)
BHP Billiton Ltd. Chief Executive Officer Marius Kloppers won’t let three failed investments worth more than $100 billion prevent further takeover attempts. Finding big, buyable targets will be the difficulty.
Coal’s Two-Year-High May Force Europe Gas Switch: Energy Markets
Coal in Europe is trading close to a two-year high as rising demand in China drives up prices around the world, making natural gas more attractive to U.K. and German utilities for producing power.
Dynegy Without Blackstone Buyout, Faces Asset Sales, Bond Talks
Dynegy Inc. shareholders will vote today whether to accept Blackstone Group LP’s sweetened $604.5 million takeover bid. The outcome is too close to call and rejection would force the power producer to renegotiate debt and search for another buyer, analysts said.
PetroChina Taps Gas Stockpiles to Meet Winter Demand (Update1)
PetroChina Co., the nation’s largest oil producer, withdrew gas from its Dagang stockpiles to meet rising winter demand.
NSW Power Sale May Raise A$8 Billion, Citigroup Says (Update1)
New South Wales, Australia’s most populous state, may raise as much as A$8 billion ($7.8 billion) selling its electricity assets to companies such as AGL Energy Ltd. and Origin Energy Ltd., Citigroup Inc. said.
GE Awards $55 Million to 12 Winners in Grid Contest (Update2)
General Electric Co. awarded $55 million to a dozen closely held companies to speed updates to the global power grid and environmentally friendly products.
OTHER MARKETS
Stocks, Commodities Decline as China Drafts Inflation Measures
Asian stocks dropped, extending the longest global slump since January while commodities and the won fell after Premier Wen Jiabao said China is drafting measures to contain inflation. The dollar retreated against the euro.
Euro Trades Near 7-Week Low on Concern Ireland Crisis May Spread
The euro traded near a seven-week low amid concern a failure to craft a rescue package for Ireland will allow the nation’s banking crisis to spread.
EU Starts on Irish Bank Aid, Spurns Immediate Rescue (Update1)
European finance ministers started work on possible aid for Ireland’s debt-laden banks, stopping short of an immediate bailout package and risking a renewed convulsion on bond markets.
Asian Stocks Decline for Fourth Day on China Inflation Concern
Asian stocks fell, sending the MSCI Asia Pacific Index to its biggest four-day slump since August, as commodity shares sank after Chinese Premier Wen Jiabao said the cabinet is drafting plans to stem inflation.
Surging China Volatility Means ‘Stay Put,’ CICC Strategist Says
China stocks volatility jumped to the highest in six months, spurring China International Capital Corp. to recommend that investors refrain from buying equities as the government intensifies measures to contain inflation.
Copper, Sugar, Rubber Drop Limit in China on Interest Rate Risk
Copper, sugar and rubber futures slumped their daily limit in China, with copper set for its biggest four-day slide since 2008, on speculation the government will take steps to cool inflation, damping commodity demand.
Gold Imports by India Top 2009 Levels, World Gold Council Says
Gold imports this year by India, the largest consumer, have already exceeded 2009 levels as consumers boost jewelry purchases, according to the World Gold Council.
Berlusconi Faces Confidence Vote That May Topple Him (Update1)
Italian Prime Minister Silvio Berlusconi will face a vote of no-confidence in parliament next month that may topple his government and lead to early elections.
Durbin ‘Not Very’ Optimistic Tax Cuts to Be Extended (Update2)
Dick Durbin of Illinois, the Senate’s No. 2 Democrat, said he is “not very” optimistic that the Bush-era tax cuts will be extended at this point.
SPORTS
South Korea Proposes Holding World Cup Games in North (Update2)
South Korea will stage some World Cup soccer matches in North Korea if it wins the right to host sport’s most-watched tournament in 2022.
Harvard Says Vuvuzelas Have No Place at Yale Football Game
The deafening drone of vuvuzelas won’t be heard at the 127th football game between Harvard University and Yale University.
South Korea Proposes Holding World Cup Games in North (Update2)
South Korea will stage some World Cup soccer matches in North Korea if it wins the right to host sport’s most-watched tournament in 2022.
ENERGY PRICES:
Last Chg %Chg Exch Contract
---- ---- ---- ---- --------
WTI Crude ($/Bbl) 82.12 -0.22 -0.3 Nymex December
Brent Crude ($/Bbl) 84.50 -0.23 -0.3 Ice December
Gasoil ($/Ton) 717.75 -6.25 -0.9 Ice December
Gasoline (c/Gal) 215.52 -0.05 -0.0 Nymex December
Natural gas ($/MMBtu) 3.82 -- -0.1 Nymex December
Dated Brent ($/Bbl) 83.95 -0.23 -0.3 OTC 21 Days
Heating Oil 230.21 -0.69 -0.3 Nymex December
Other markets:
Last %Chg
----- -----
Dollar Index 79.21 --
Gold ($/Oz) 1,338.40 -2.2
MSCI World Index 1,210.37 -0.2
Prices as of 6 a.m. GMT
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