TOP Oil Market News: WTI Crude Declines for a Third Day

The following is a selection of the

most important news affecting the oil market.

WTI Drops for Third Day as Obama Seeks Approval on Syria Strike

West Texas Intermediate crude fell for a third day after

President Barack Obama said he’ll seek authorization from

Congress before ordering military action against Syria, easing

concern that an imminent strike would disrupt Middle East oil

exports.

Obama Seeks Congress Approval Before Syria Military Strike (3)

President Barack Obama slowed his march toward war, saying

he’ll seek authorization from Congress before ordering a

military strike against Syria for using chemical weapons.

Hedge Funds Add Bullish Oil Bets on Syria Threat: Energy Markets

Hedge funds raised bullish oil bets for the first time in

five weeks on speculation the U.S. will attack Syria after

saying the Middle East country’s use of chemical weapons killed

more than 1,400 people.

Asia Gasoil Premium Rises, Naphtha Crack Narrows: Oil Products

Asia gasoil’s premium to Dubai crude rises to highest in

more than a week, indicating increased profit from producing

diesel. Naphtha crack narrows.

ONGC, MRPL Said to Sell September Naphtha at $20 to $22 Premium

Oil Natural Gas Corp. and one its units, Mangalore

Refinery Petrochemicals Ltd., sold naphtha cargoes for

September loading at $20 to $22 a metric ton more than Middle

East benchmark prices, said two traders who asked not to be

identified because the information is confidential.

Petronas Sets Aug. Tapis Crude Official Price at $116.95/bbl

Malaysian state oil co. raises light sweet grade by $3.50,

or 3.1%, to six-month high, according to prices in e-mailed

statement today.

India’s MRPL Offers Oil Products for Loading From New Mangalore

Mangalore Refinery Petrochemicals Ltd. is offering to

sell oil products including naphtha, jet fuel and fuel oil for

loading from New Mangalore, according to tender information

obtained by Bloomberg.

Pacific Tropical Storm Kiko Weakening to Depression, Center Says

Kiko continues to weaken near Mexico’s Baja California,

according to U.S. National Hurricane Center advisory at about 8

p.m. Pacific time yesterday.

REFINERIES Map global refinery outages

Chennai Petroleum to Shut Crude Unit for Maintenance End-Sept.

56,000 b/d crude distillation unit to be closed for about a

month, Managing Director A.S. Basu says in phone interview

today.

CVR Partners Has Emissions at Coffeyville Plant: NRC Filing

Amonia was released from flare at facility in Coffeyville,
Kansas, after a malfunction, according to a filing with the

National Response Center.

Phillips 66 Wood River Refinery Released Gas From Water Tower

Phillips 66 released gas, including benzene, from a water

tower at its Wood River refinery in Illinois on Aug. 29.

Dow Chemical Reports Possible Flaring at Fort Saskatchewan Plant

Dow Chemical Co. reported planned maintenance may have

caused “low-level flaring” yesterday and Aug. 30 until work is

complete at its Fort Saskatchewan plant in Alberta, Canada,

according to a message left on a community hot line.

Iran Abadan Oil Refinery Runs Normally After Petchems Fire: Fars

Iran fighting fire at Abadan petrochemical plant, state-run

Fars news agency reports, without giving details on impact on

plant’s operations or possible casualties.

Chicago Gasoline Premium Swells to 11-Week High on Shutdown Unit

The premium for Chicago gasoline rose to the highest level

in more than 11 weeks after the second-largest refinery in the

U.S. Midwest shut a unit.

Flint Hills Corpus Christi West Shuts Gasoil Hydrotreater

Flint Hills Corpus Christi West refinery had vapor leak on

heat exchanger in the gasoil hydrotreater, according to filing

with Texas Environmental Quality

Vitol Sells Jet Fuel; Shell Starts Work at Pernis: Oil Products

Vitol sells two jet fuel cargoes in Europe for total of six

lots this week. Diesel cargoes trade in northwest Europe and

Mediterranean.

Italy’s Milazzo Oil Refinery Halted Compressor for Maintenance

Refinery in Sicily halted compressor after a problem caused

flaring on Aug. 28, says joint venture co. official who declined

to be identified citing policy.

Shell Starts Maintenance at Pernis, Europe’s Biggest Refinery

Royal Dutch Shell Plc started maintenance works at its

Pernis refinery in Rotterdam, the largest in Europe, the company

said on its website.

OTHER OIL MARKET NEWS

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 10.36 U.S. cents yesterday, according to

data compiled by Bloomberg. The cost is based on a cargo of

55,000 metric tons.

Crude Official Selling Prices and Formulas by Country (Table)

The following table shows official prices, formulas and

relative values for crude grades from the Middle East, Asia,
Africa and the Americas. Figures are in U.S. dollars a barrel,

or premiums and discounts to regional benchmarks where plus and

minus symbols appear.

TOP ENERGY STORIES

Asian Stocks Climb With Copper on China Data as Syria Sinks Oil

Asian stocks rose for a third day, copper gained and the

Australian dollar strengthened as Chinese manufacturing

expanded. U.S. stock-index futures advanced and crude fell as

prospects of an imminent strike on Syria faded.

Gold Bulls Increase Wagers to Highest Since January: Commodities

Hedge funds and other speculators are making the biggest

bet on a gold rally since January as mounting signs that the

U.S. will lead a military strike against Syria drove prices to a

three-month high.

Rupee Derailing $1.6 Billion Wind Farm Revival: Corporate India

The rupee’s biggest plunge in 20 years is endangering the

recovery of India’s $1.6 billion wind power industry as higher

finance and import costs negate benefits from a government

subsidy restored last month.

INDIA DAYBOOK: Manufacturing PMI, Reliance, Wind Power, Gasoline

India HSBC-Markit manufacturing PMI for August scheduled to

be released today.

Egypt’s State Oil Companies Seeking to Restructure Foreign Debts

Egyptian state-owned energy companies are negotiating new

terms and repayment schedules for debts owed to foreign

partners, Oil Minister Sherif Ismail said, as the country tries

to boost output amid political turmoil.

China Solar Makers See Return of Profits as Margins, Demand Rise

China’s top solar-panel makers are returning to

profitability following two years of losses, after surging Asian

demand drove up margins in the second quarter.

Sinopec to Acquire $3.1 Billion Stake in Apache Egypt Assets (4)

China Petrochemical Corp., Asia’s largest refiner, agreed

to pay $3.1 billion for a 33 percent stake in Apache Corp.’s

Egyptian oil and gas business, marking the state-owned company’s

biggest purchase in the Middle East.

Egypt’s State Oil Cos Seek to Restructure Foreign Debts: Ismail

Egyptian state-owned oil cos discussing new schedule, terms

for repayments of unspecified debts to foreign partners, Oil

Ministry says in e-mailed statement citing Minister Sherif

Ismail.

Kansai Electric to Shut Ohi No. 3 Reactor Today as Planned

Co. will start shutting down 1,180- megawatt No. 3 reactor

at Ohi nuclear plant before 5 p.m. today as planned for regular

maintenance, spokesman Yoshihiro Yamamoto says by phone.

Rosneft to Lose About $20m in Event of Oil Supply Cut to Belarus

Rosneft will “suffer the most” if oil-pipeline monopoly

Transneft cuts supplies to Belarus refineries, Igor Sechin,

chairman of Rosneft, tells reporters in Vladivostok, far east
Russia.

OTHER MARKETS

Asian Stocks Climb With Copper on China Data as Syria Sinks Oil

Asian stocks rose for a third day, copper gained and the

Australian dollar strengthened as Chinese manufacturing

expanded. U.S. stock-index futures advanced and crude fell as

prospects of an imminent strike on Syria faded.

Yen Weakens Versus Peers as Abe Gets Tax Backing; Aussie Climbs

The yen fell against all of its major peers after

speculators added to bearish bets on the currency and on signs

Japan’s prime minister is making progress on policies that have

helped weaken the currency.

BlackRock Says BOK to Fed Working Against Bonds: Korea Markets

BlackRock Inc. is standing aside while global funds load up

on South Korean bonds, concerned over a central bank battle to

curb household debt and a reduction in U.S. monetary stimulus.

Asian Stocks Rise Third Day on China Manufacturing Expansion

Asian stocks gained for a third day after a gauge of

China’s manufacturing rose to a 16-month high, boosting investor

confidence in the global economic recovery.

Sun Hung Kai Properties Bearish Bets Highest Since 2009: Options

The cost of bearish options on Sun Hung Kai Properties Ltd.

rose to the highest in 4 1/2 years on concern that surging

interest rates and government measures to curb house prices will

hurt Hong Kong’s real estate market.

Gold Drops as Syrian Tension Eases; Silver Climbs on China Data

Gold fell as prospects for an attack against Syria receded,

and on bets the U.S. Federal Reserve will start to pare stimulus

as the economy improves. Silver halted a three-day drop as

manufacturing in China sustained an expansion.

Copper Leads Gains in Base Metals as China’s PMI Beats Estimates

Copper led gains in industrial metals after a manufacturing

gauge in China, the biggest consumer of commodities, rose to a

16-month high.

Obama’s Decision Reverberates as Global Critics Sense Weakness

President Barack Obama’s decision to seek congressional

authority to attack Syria for alleged chemical weapons use has

dismayed friends, delighted foes and prompted criticism that

he’s undermined U.S. credibility.

Rudd Relies on Queensland Roots as Defeat for Labor Looms (1)

Prime Minister Kevin Rudd’s prospects at this week’s

election hinge on his home state of Queensland, a region 2 1/2

times the size of Texas that’s given federal Labor a majority of

votes just once in 20 years.

SPORTS

Real Madrid Dodges Fair Play Ban With Purchase of Gareth Bale

Real Madrid is fueling European soccer’s $2.2 billion

transfer market with its purchase of Gareth Bale, upsetting

authorities who want to rein in spending.

Real Madrid Beats Bilbao as Messi Scores Three; Inter, Roma Win

Real Madrid beat Athletic Bilbao 3-1 in Spanish soccer’s La

Liga before signing Gareth Bale from Tottenham Hotspur on a six-year contract. Lionel Messi scored a hat trick as Barcelona

defeated Valencia 3-2.

Sergio Garcia Leads PGA Tour’s Second Playoff Event by Two Shots

Sergio Garcia takes a two-stroke lead into the final round

of the U.S. PGA Tour’s second playoff event after tying the

lowest 54-hole score in the history of the Deutsche Bank

Championship.

ENERGY PRICES

Last Chg %Chg Exch Contract

—- —- —- —- ——–

WTI Crude ($/Bbl) 106.10 -1.55 -1.4 Nymex Oct.

Brent Crude ($/Bbl) 112.89 -1.12 -1.0 Ice October

Gasoil ($/Ton) 953.25 -16.00 -1.7 Ice Oct.

Gasoline (c/Gal) 285.27 -3.74 -1.3 Nymex Oct.

Natural gas ($/MMBtu) 3.64 +0.06 +1.7 Nymex Oct.

Dated Brent ($/Bbl) 112.86 -3.31 -2.9 OTC 21 Days

Heating Oil 310.55 -3.11 -1.0 Nymex Oct.

Other markets:

Last %Chg

—– —–

Dollar Index 82.09 –

Gold ($/Oz) 1,396.10 -1.2

MSCI World Index 1,475.92 +0.2

Prices as of 6 a.m. GMT

To contact the editor responsible for this story:

Alexander Kwiatkowski in Singapore at

akwiatkowsk2@bloomberg.net

TOP Oil Market News: WTI Crude Declines for a Third Day