The following is a selection of the
most important news affecting the oil market.
WTI Trades Near Six-Month Low Before Economic Data; Brent Holds
West Texas Intermediate crude traded near the lowest price
in six months before data that will signal the strength of the
economy in the U.S., the world’s biggest oil consumer. Brent was
steady in London.
Oil Bears Bet Right as Futures Retreat to Six-Month Low: Energy
Oil speculators bet right on prices after a fire at a
refinery supplied by the biggest U.S. crude hub curbed demand
and drove futures to a six-month low.
European Naphtha Shipments to Asia Rise in July to 7-Month High
European naphtha shipments heading to Asia rose to ~1.2m mt
in July, according to shipping reports and fixtures on
Biggest African Oil Nation Hooked on U.S. Fuel: Chart of the Day
First the U.S. shale-oil boom took away Nigeria’s biggest
crude-export market. Now Africa’s biggest economy is depending
on American fuel to power its vehicles and planes.
ONGC Said to Sell Naphtha to Unipec at $22-$23/Mt Premium
ONGC sells 35kt naphtha for Aug. 23-24 loading from Hazira
on India’s west coast to Unipec at $22-$23/mt premium to Middle
East benchmark prices, according to three traders who asked not
to be identified because the information is confidential.
Iraqi Militants Capture Two Oil Fields in North, Kurdish Towns
Militants from Islamic State, a breakaway al-Qaeda group,
took control of two oil fields and some predominantly Kurdish
towns in northern Iraq following clashes, according to the
Northern Oil Co.
Obama Delay on Biofuel Rule Puts Intended Beneficiaries in Bind
In the arid Imperial Valley of California, Tim Brummels is
trying to turn an agricultural cousin of sugarcane into low-carbon ethanol.
Tripoli Clashes Toll Rises by 22 as Libya Crisis Deepens (1)
Britain dispatched its navy to evacuate its nationals from
Libya as 22 other people were killed as a result of militia
feuds near Tripoli’s international airport that have plunged the
oil producer deeper into chaos.
REFINERIES Map global refinery outages
MORE: Production Unit Shut at Diamond Green Refinery After Fire
Fire that occurred at around 9:30 p.m. Aug. 3 at Diamond
Green biodiesel facility in Norco, La., extinguished, St.
Charles Parish reports on website.
Explosion, Fire Reported at Diamond Green Diesel Refinery
“St. Charles Parish Emergency Operations Center is
activated and responding to an explosion and subsequent fire
at” facility in Norco, La., St. Charles Parish reports on
PetroChina’s Lanzhou Refinery Catches Fire, Xinhua Says
A gas fractionation unit with 300k mt/yr capacity in
northwest China plant caught fire at 8:39 a.m., Xinhua reports,
citing the co.
Shell Martinez Refinery Operating at Planned Rates After Work
“Following maintenance activities, the Shell Martinez
Refinery is currently operating at planned rates,” Destin
Singleton, a spokesman for Shell, says in e- mail.
JX Restarts Mizushima No. 3 Crude Unit Today After Maintenance
Co. restarts 110k b/d crude distillation unit at Mizushima
B refinery in western Japan today, official says, asking not to
be identified because of internal policy.
Shell Martinez Reports Completion of Flare System Repair
Co. said repair work to be done on one of its flares at
Calif. refinery earlier today, according to website.
Shell Martinez Refinery Reports Emissions Release
Co.’s Calif. refinery reports sulfur dioxide release today
due to flaring incident, according to hazardous material spills
report with the Governor’s Office Emergency Services.
Valero Benicia Reports Emissions, 617lbs Sulfur Dioxide Release
Refinery in Benicia, Calif. reported that emissions were
released during a planned shutdown, according to hazardous
material spills report with Governor’s Office Emergency
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 9.51 U.S. cents yesterday, according to
data compiled by Bloomberg. The cost is based on a cargo of
55,000 metric tons.
TOP ENERGY STORIES
Asian Stocks Fall After Payrolls as Won Jumps; Wheat, Zinc Climb
Asian stocks fell, with the benchmark index declining a
third day after a smaller-than-forecast increase in U.S.
payrolls. Emerging-market currencies in the region climbed after
Portugal’s Banco Espirito Santo SA got a bailout, while wheat
led crops higher and zinc advanced.
SP 500 Caps Worst Week in Two Years While Treasuries, Gold Gain
U.S. stocks followed European shares lower, extending the
worst weekly loss for the Standard Poor’s 500 Index in two
years, amid growing concern about international credit markets.
Treasuries rose with gold.
Toledo Still Lacks Drop to Drink as Algae Toxin Fouls Water
About 400,000 residents in and around Toledo headed into a
third day of being told not to drink water contaminated by an
algae toxin, as Ohio’s governor declared a state of emergency in
the state’s fourth-largest city and surrounding counties.
Fosun Group in Talks With Roc Oil on Potential Bid: AFR
Tamarind Energy has also been running its eye over Roc’s
books but may not follow up with a bid, Australian Financial
Review reports without saying where it got the information.
Pacific Rubiales Executives Said to Seek Loan for Share Buy (3)
A group of Pacific Rubiales Energy Corp. executives hired
Banco Itau BBA SA and Citigroup Inc. to arrange a loan and seek
partners for a possible management buyout, according to people
with direct knowledge of the matter.
Fosun to Buy Roc Oil for A$474 Million, Ending Horizon Deal (3)
BofA’s Two-Hour Halt in Rosneft Trading Shows Sanction Confusion
Bank of America Corp. and Nomura Holding Inc.’s electronic-trading unit Instinet temporarily banned trading in Russian
energy stocks OAO Rosneft and OAO Novatek last month after the
U.S. sanctioned the firms over Russia’s policy on Ukraine, four
people with knowledge of the matter said.
Ceylon Petroleum Said to Cancel Tender for 35kt of Fuel Oil
Sri Lanka’s state oil co., known as Ceypetco, cancels
import tender scheduled for Sept., according to two traders who
asked not to be identified because the information is
IOC Said to Sell 30-40kt Aug. Naphtha Cargo From Dahej to Vitol
Indian Oil sells 35-40kt of naphtha to Vitol for Aug. 14-16
loading from Dahej on India’s west coast, say three traders who
ask not to be identified because the information is
China Coal Price Declines to Lowest in Almost 7 Years
Benchmark price for China power- station coal with energy
value of 5,500 kcal/kg at Qinhuangdao port falls to 470-480
yuan/mt as of yesterday, according to data from China Coal
Transport and Distribution Association.
U.S. Index Futures Gain With Emerging Currencies as Wheat Climbs
U.S. equity-index futures and emerging-market currencies
climbed after Portugal bailed out Banco Espirito Santo SA,
easing credit-market contagion concerns. Asia’s benchmark stock
index was little changed, while wheat led crops higher.
Euro Near Eight-Month Low as Short Bets Surge; Won, Ringgit Rise
The euro was 0.4 percent from its lowest level versus the
dollar since November as investors held the largest position in
two years betting on a drop in the currency before the region’s
central bank meets this week.
Yield Premium Rising Most in Six Months Buoys Yuan: China Credit
A July slide in China’s bonds widened their yield advantage
over U.S. Treasuries by the most in six months, bolstering the
outlook for the yuan.
Asian Stocks Swing on U.S. Payrolls Data, Portugal Bank Bailout
Asian stocks swung between gains and losses as investors
weighed a smaller-than-forecast increase in U.S. payrolls and
the bailout of a Portuguese bank.
Portugal Announces $6.6 Billion Banco Espirito Santo Rescue (1)
Portugal’s central bank took control of Banco Espirito
Santo SA, once the country’s largest lender by market value, in
a 4.9 billion-euro ($6.6 billion) bailout that will leave junior
bondholders with losses.
Wheat Extends Climb to Two-Week High as Crop Prices Advance
Wheat for September delivery rises as much as 2.2% to
$5.4575/bu on Chicago Board of Trade, highest for most-active
contract since July 18.
Police-Chief Zhou’s Trial Tests Xi’s Pledge to Build Rule of Law
China’s biggest trial in three decades may also be the
prime test of whether President Xi Jinping’s campaign to bolster
the rule of law in the world’s second-largest economy remains a
work in progress.
Israel Announces 7-Hour Cease-Fire as Diplomatic Efforts Falters
Israel announced a seven-hour cease- fire for much of Gaza
after renewed violence yesterday, including the shelling of a
United Nations shelter, tripped up diplomatic efforts to end
four weeks of conflict.
Woods’s PGA Championship Status in Doubt With Back Injury (1)
Tiger Woods’s playing status for next week’s PGA
Championship is in question after he withdrew from today’s
Bridgestone Invitational midway through the final round.
Brazil Industrial Output Drops for Fourth Straight Month (1)
Brazil’s industrial production in June dropped for the
fourth straight month as demand cools at home and in Argentina,
a major export market.
Macau Casino Revenue Drops for Second Month After World Cup (1)
Macau casino revenue fell in July as the World Cup, which
ended mid-month, distracted bettors while business from high-stakes gamblers remained weak.
Last Chg %Chg Exch Contract
—- —- —- —- ——–
WTI Crude ($/Bbl) 97.99 +0.11 +0.1 Nymex Sept.
Brent Crude ($/Bbl) 105.00 +0.16 +0.2 Ice September
Gasoil ($/Ton) 887.50 +1.75 +0.2 Ice Sept.
Gasoline (c/Gal) 274.72 +0.29 +0.1 Nymex Sept.
Natural gas ($/MMBtu) 3.79 -0.01 -0.3 Nymex Sept.
Dated Brent ($/Bbl) 103.97 +0.41 +0.4 OTC 21 Days
Heating Oil 288.15 +1.54 +0.5 Nymex Sept.
Dollar Index 81.35 +0.1
Gold ($/Oz) 1,294.80 +0.9
MSCI World Index 1,704.11 -0.1
Prices as of 6 a.m. GMT
To contact the reporter on this story:
Alexander Kwiatkowski in Singapore at
To contact the editors responsible for this story:
Alexander Kwiatkowski at
TOP Oil Market News: WTI Trades Near Lowest Price in Six Months