| To download the full report (PDF document) please click here COLUMN: US Congress hands energy industry historic victory: Kemp --John Kemp is a Reuters market analyst. The views expressed are his own--
LONDON, Dec 23 (Reuters) - In a crushing demonstration of the growing power of domestic energy producers, and waning influence of environmental groups, Congress is poised to enact legislation fast-tracking approval for the controversial Keystone XL pipeline.
It is a stinging defeat for environment groups that have lobbied fiercely against the Keystone extension, and comes little more than a month after the president had sought to take the heat out of the issue by postponing approval beyond the next election pending a review of alternative routes through Nebraska. ENERGY: Brent above $108 on supply worries, US data supports
SINGAPORE, Dec 27 (Reuters) - Brent crude rose slightly to trade above $108, supported by supply disruptions in Syria and Iranian naval exercises in a key shipping lane, while improved U.S. home sales data also supported prices.
"Syria could be a support factor for the time being, but we will not see a big climb or rocket high prices because of that," Ken Hasegawa, a derivatives manager with brokerage Newedge in Tokyo, said. Exxon Baytown refinery HCU malfunctions - filing
HOUSTON, Dec 26 (Reuters) - A hydrocracking unit malfunctioned on Saturday at Exxon Mobil Corp's 560,640-barrels-per-day Baytown, Texas refinery, a notice the refinery filed with Texas pollution regulators showed.
The malfunction was due to a loss of steam on a recycle compressor on the HCU, which produces diesel and gasoline, according to the notice filed with the Texas Commission on Environmental Quality. Valero restarting Houston refinery unit - filing
HOUSTON, Dec 26 (Reuters) - Valero Energy Corp's 88,000-barrels-per-day Houston refinery was restarting a wet gas recovery compressor after making repairs, a notice the refinery filed with Texas pollution regulators showed.
Valero was investigating the cause of the compressor's malfunction, according to the notice filed with the Texas Commission on Environmental Quality. Ecuador says oil output up slightly in 2011
QUITO, Dec 26 (Reuters) - OPEC-member Ecuador increased crude production in 2011 by 3 percent to just over 500,000 barrels of oil per day, the Ministry for Non-renewable Natural Resources said on Monday.
After taking office in 2007, Ecuador's leftist President Rafael Correa introduced reforms to increase state revenue from the oil industry, which led companies to freeze investments. Storm hits Norway gas plants, exports cut
OSLO, Dec 26 (Reuters) - A powerful North Sea storm knock off power to two key gas installations in Norway during the night between Sunday and Monday, curtailing gas exports to the rest of Europe.
The plant processing gas from Royal Dutch Shell 's offshore Ormen Lange field, which can provide some 20 percent of Britain's gas demand, remained shut on Monday while the Kollsnes plant further down the coast restarted operations after sustaining two shutdowns. Syria says oil output cut by third due to sanctions
CAIRO, Dec 24 (Reuters) - Syrian Oil Minister Sufian Alao said on Saturday that his country's oil production had fallen by about 30 to 35 percent as a result of sanctions imposed on Syria over its nine-month crackdown on anti-government protests.
The European Union has stepped up its sanctions against Syria's oil industry, including blacklisting state-owned firms. The Arab League has also imposed sanctions on financial and other dealings with Syria. Shell's Nigeria oil spill gets muted response
LONDON, Dec 23 (Reuters) - Royal Dutch Shell's Nigerian oil spill, the largest in the African nation since 1998, highlights the different world responses to oil spills.
Nigerian authorities on Thursday put emergency measures in place to prevent the spill of less than 40,000 barrels from the Shell facility, the biggest leak in Nigeria for more than 13 years, washing up on its coast. AGRICULTURE: A third of Ukraine '12 winter grains in poor state
KIEV, Dec 26 (Reuters) - A third of Ukraine's winter grain crops are in poor condition due to a severe drought that hit the country during sowing, the Farm Ministry said on Monday.
The ministry said 79.7 percent of the sown area had sprouted as of Dec. 26 against 93 percent at the same date in 2010. Russia AgMin sees average 11/12 winter grain losses
MOSCOW, Dec 26 (Reuters) - Russian Agriculture Minister Yelena Skrynnik said on Monday that winter grain losses in the 2011/12 crop year are expected to be average, meaning farmers may reap a good winter cereals harvest.
Russia has sown 16.1 million hectares with winter grains for the 2012 crop, up from 15.9 million a year ago following a severe drought, but down from 18.9 million hectares in 2009. Vietnam's 2011 rice exports hit record 7.19 mln T
HANOI, Dec 26 (Reuters) - Vietnam's rice exports this year jumped 4.36 percent from 2010 to a record high of 7.19 million tonnes, the Agriculture Ministry said on Monday, beating previous industry projections.
Rice export revenue rose 14 percent from last year to an estimated $3.7 billion, the ministry said in its monthly report. Vietnam's Dec coffee exports drop 26.8 pct y/y
HANOI, Dec 26 (Reuters) - Vietnam's coffee exports in December fell an estimated 26.8 percent from a year ago to 120,000 tonnes, or 2 million bags, in line with market expectations, the Agriculture Ministry said on Monday.
Coffee exports in 2011 are estimated at 1.22 million tonnes, or 20.33 million 60-kg bags, up only 0.2 percent from 2010, the ministry said in its monthly report. Rains damage Costa Rica coffee in the fields
SAN JOSE, Dec 23 (Reuters) - Heavy rains in Costa Rica last week caused a loss of about 1 percent of the coffee crop in the field, the national coffee institute said on Friday.
Officials at the institute, known as ICAFE, said at least 15,333 60-kg bags worth of coffee were lost. That tally does not include a spat of torrential rain in October that cut the institute's 2011/12 crop estimate down to around 1.54 million bags from the 1.58 million last season. Light rain headed for dry south Brazil soy
BRASILIA, Dec 23 (Reuters) - A cold front will bring badly-needed rain to Brazil's southernmost state and important soy producer Rio Grande do Sul, but volumes will be low and a longer-range forecast showed the region was in for more dry weather, forecaster Somar said Friday.
Parts of Brazil's No. 3 soy state would see 24 millimeters (0.95 inch) Friday to Saturday, raising the chances of the crop there germinating successfully and sprouting shoots. The state's soy is planted later than in many others. BASE METALS: Shanghai copper steady, investors eye US data
KUALA LUMPUR, Dec 27 (Reuters) - Shanghai copper was steady its biggest one-day decline in a week, while investors kept an eye on U.S. data for clues on the health of the world's largest economy.
Workers at Freeport McMoran Copper & Gold Inc's mine in Indonesia may delay returning to work, despite a deal to end a three-month strike, in the absence of a decision on the removal of about 100 workers at a local unit, a union official said on Monday. Union at Indonesia Freeport mine say to continue return to work
JAKARTA, Dec 27 (Reuters) - Workers at Freeport McMoran Copper & Gold Inc's mine in Indonesia will continue a gradual return to work this week at the end of a three-month strike, a senior union official said on Tuesday.
Police have called a meeting on Tuesday between the union, Freeport and officials of local unit PT Kuala Pelabuhan Indonesia (KPI) in a bid to resolve a dispute over lay-offs by KPI that could have threatened the return to work, said Virgo Solossa by telephone. PRECIOUS METALS: Gold hovers around $1,600; US data, Europe eyed
SINGAPORE, Dec 27 (Reuters) - Gold hovered around $1,600 an ounce, as investors stayed on the sidelines in the final week of the year with lingering concerns about the euro zone debt crisis.
"Gold prices may be under pressure from a strengthening dollar in the next few months as the brightened economic prospects in the United States are likely to further boost the dollar index," said Li Ning, an analyst at Shanghai CIFCO
Futures. China's gold output at 31.75 T in October- ministry
SHANGHAI, Dec 26 (Reuters) - China produced 31.75 tonnes of gold in October, the Ministry of Industry Information and Technology said on Monday.
The total output for the first 10 months of the year rose 4.96 percent to 290.752 tonnes from a year earlier, it said in a statement. GLOBAL MARKETS: Asian shares ease in thin holiday trade, US mkt eyed
TOKYO, Dec 27 (Reuters) - Asian shares eased as investors squared positions in thin volume before U.S. markets reopen after a long weekend and investors await
fresh data that could offer clues about prospects for the world's largest economy.
"With U.S. and European players in holiday mood, there is no incentive except for year-end position adjustments," said Hirokazu Yuihama, senior strategist at Daiwa Capital Markets. CHART OF THE DAY: SUGAR AIMS UP AFTER ADVANCING ABOVE 14-DAY MOVING AVERAGE BEYOND THE HEADLINES: Bunge eyes India expansion with 1,200 TPD edible oil refinery
MUMBAI, Dec 26 (Reuters) - Agricultural processor Bunge Ltd is planning to set up an edible oil refinery on India's western coast as it aims to expand in the world's top importer after buying a local firm last week, the head of its Indian unit told Reuters.
Bunge, the world's largest oilseed processor and among the top sugar and ethanol producers, last week said it had agreed to buy the edible oil business of Amrit Banaspati Company for 2.21 billion rupees ($42 million). PZ Cussons' Nigeria palm refinery starts work in Q3
LAGOS, Dec 23 (Reuters) - Consumer product maker PZ Cussons expects a $56 million palm oil refinery in partnership with Singapore's Wilmar International to be operational by the third quarter of next year, the chief executive of Cussons' Nigerian unit said on Friday.
Christos Giannopoulos said the joint venture company PZ Wilmar will invest 100 billion naira ($612 million) in Africa's second biggest economy over the next 5-7 years to develop oil palm plantations that will feed the refinery and reduce import bills. Oil fund BlueGold loses focus, sinks deep into red
NEW YORK, Dec 22 (Reuters) - Respected commodities hedge fund BlueGold has veered from its energy-focused strategy, betting almost half its money on equities and other trades that are worrying investors as it turns in its first down year.
The London-based fund, founded by former Vitol oil traders Dennis Crema and Pierre Andurand, is heading for a negative annual return, losing 34 percent through mid-December. Its asset base is down to $1.2 billion from $2 billion about a year ago. Kazakh leader reinforces power with oil sackings
ALMATY, Dec 23 (Reuters) - Kazakh President Nursultan Nazarbayev's decision to fire his son-in-law for mishandling an oil workers' strike is a signal to would-be successors that the veteran leader is not ready to relinquish his firm grip on power in the Central Asian state.
By removing Timur Kulibayev from the top job at the sovereign wealth fund, 71-year-old Nazarbayev is unlikely to appease the families of those killed when police opened fire during clashes that killed 16 in a western oil region last week. Italy 2011 steel output seen up, flat in 2012
MILAN, Dec 23 (Reuters) - Steel output in Italy, the second-biggest producer in the European Union after Germany, is expected to rise 11 percent in 2011 and remain at the same level in 2012 as unfolding euro zone crisis hits demand, a senior industry official said on Friday.
"We expect to close this year with an increase of about 11 percent (of steel output) ... to about 28.5 million tonnes," Giuseppe Pasini, chairman of Italy's steel industry body Federacciai, told Reuters confirming his earlier forecast. | 
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