TOP Oil Market News: WTI Trades Near Lowest Price in Six Months

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

Bloomberg.

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.

OPEC

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

website.

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

Services.

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)

Billionaire Guo Guangchang’s Fosun International Ltd.

agreed to acquire Roc Oil Co. for A$474 million ($441 million)

in cash, giving the Chinese group assets stretching from
Australia to Malaysia.

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

confidential.

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

confidential.

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.

OTHER MARKETS

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.

SPORTS

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.

ENERGY PRICES

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.

Other markets:

Last %Chg

—– —–

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

akwiatkowsk2@bloomberg.net

To contact the editors responsible for this story:

Alexander Kwiatkowski at

akwiatkowsk2@bloomberg.net

Mike Anderson

TOP Oil Market News: WTI Trades Near Lowest Price in Six Months