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FRIDAY, DECEMBER 23, 2011
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SPECIAL PDF REPORT - THREAT OF IRAN SANCTIONS WORRIES OIL MARKET Iran aims to sell its biggest Asian customers oil at higher prices and on tougher terms, even as it faces the prospect of fewer sales as Western nations mull sanctioning the economic lifeline of the world's fifth largest crude exporter.
For Reuters reports on the meet, click here COLUMN: Bakken by the numbers: John Kemp --John Kemp is a Reuters market analyst. The views expressed are his own--
LONDON, Dec 22 (Reuters) - The magnitude of North Dakota's oil revolution is hard for outsiders to grasp. Superlatives fail to convey the speed and scale of the transformation and its impact on the economy of the state.
The fracking boom is upending the traditional petroleum geography of the United States. On current trends, North Dakota will overtake California as the third-largest oil-producer in the United States by the end of Q1 2012. Output is likely to exceed production from Alaska by the end of 2012 or early 2013. Only Texas will be producing more crude. Oil holds near $108 on US economy, supply worries
LONDON, Dec 23 (Reuters) - Oil held around $108 a barrel, supported by fresh signs of a strengthening U.S. economy and concern of potential supply disruptions in Iran and Iraq.
"The highlight is the continuation of good data on the U.S. economy. China also seems to have managed to orchestrate a soft landing, which is supportive of oil prices," said Ben Le Brun, market analyst
FOREX-Euro edges higher, but plagued by debt worry
LONDON, Dec 23 (Reuters) - The euro edged up versus the dollar with risk appetite underpinned by better U.S. data, but investors were likely to sell the currency again in 2012 while the euro zone remained plagued by uncertainty surrounding its debt crisis.
"The dollar is still seen as a funding currency when risk appetite improves and people will sell dollars on the back of that," said Chris Walker, currency strategist at UBS.
GLOBAL MARKETS-U.S. economy hopes fuel pre-Christmas buying
LONDON, Dec 23 (Reuters) - Fresh signs the giant U.S. economy is gaining momentum drove major world stock markets and the euro higher, with activity likely to be thin in the last session before the Christmas holiday.
"The dollar is still seen as a funding currency when risk appetite improves and people will sell dollars on the back of that," said Chris Walker, currency strategist at UBS.
TOP NEWS:
China Nov fuel stocks rise, natgas imports jump -NDRC
BEIJING, Dec 23 (Reuters) - China's refined oil product stocks at the end of November rose from a month earlier and from a year earlier, the National Development and Reform Commission said on Friday.
The commission did not give a specific figure or percentage change for the month-end inventory.
Japan Marubeni buys 210,000T of naphtha from BPCL
SINGAPORE, Dec 23 (Reuters) - Japanese Marubeni has snapped up 210,000 tonnes of naphtha from Bharat Petroleum Corp Ltd (BPCL) for first-quarter 2012 lifting from Mumbai at a time of strong sentiment caused by improved demand but tighter prompt supplies, traders said on Friday.
The trading house bought a total of six cargoes at 35,000 tonnes each at premiums of about $18.00-$23.00 a tonne to Middle East quotes on a free-on-board (FOB) basis.
LNG ship to load in Belgium after failed first attempt
LONDON, Dec 23 (Reuters) - The Methania liquefied natural gas (LNG) tanker will make a second attempt to load the super-cooled fuel at Belgium's Zeebrugge terminal on Saturday, after a first loading was interrupted by adverse weather, a terminal spokeswoman said.
"Due to bad weather, the Methania berthed late at the LNG terminal...the loading was incomplete," the spokeswoman for terminal-operator Fluxys said.
China replaces Iran oil with Mideast, Africa, Russia
BEIJING/SINGAPORE, Dec 23 (Reuters) - China has bought enough spot crude from the Middle East, Africa and Russia in January to replace lost Iranian oil supply, trade sources said on Friday, putting it in a strong position as it tussles with the Islamic Republic over payment terms for 2012 contracts.
China will load an additional 12.43 million barrels of crude from Iraq, Russia and West Africa in January, more than covering a 285,000 barrels per day (bpd) supply cut from Iran, according to trade sources and shipping data.
Thai Star Petroleum to miss Jan high spec gasoline deadline
SINGAPORE, Dec 23 (Reuters) - Thailand's Star Petroleum Refining Co will miss a January 2012 government deadline to produce high specification gasoline, the company said on Friday, although it still expects the domestic market for the grade to be balanced.
Traders said Thai Star Petroleum should be able to buy high spec gasoline if needed from the six other refineries in the country, rather than having to import.
Kuwait Petroleum, Petrobras sign rare diesel term
SINGAPORE, Dec 23 (Reuters) - Brazil's state oil company Petrobras will buy diesel from state-owned Kuwait Petroleum Corp (KPC) in a rare term deal for next year as a rise in domestic demand forces the company to seek alternative supplies.
A diesel shortage in Brazil as refining capacity fails to keep pace with growing industrial demand is expected to boost the country's imports of the fuel from Asia and the Middle East for the next two years.
S.Korea Nov crude oil imports down 5.2 pct y/y
SEOUL, Dec 23 (Reuters) - Crude imports by South Korea, the world's fifth-largest crude buyer, fell 5.2 percent in November from a year ago, as refining margins eased and domestic demand for oil products declined, state-run Korea National Oil Corp (KNOC) said on Friday.
South Korea imported 73.17 million barrels of crude oil last month compared with 77.2 million barrels imported a year ago, after marking the highest import growth in October since July, the KNOC data showed.
Petrobras to incorporate its chemical holdings co.
SAO PAULO Dec 22 (Reuters) - Brazil's state-controlled oil company Petrobras said on Thursday its board of directors approved the incorporation of its chemicals holding company Petrobras Quimica S.A. through which it holds some of its stake in petrochemical giant Braskem .
Petrobras Quimica is known as Petroquisa.
REFINERY NEWS: CNOOC gas fields to remain shut for weeks after leak
BEIJING, Dec 23 (Reuters) - Outages at two gas platforms operated by offshore oil and gas company CNOOC Ltd may last for weeks after a leak in a subsea pipeline earlier this week, a CNOOC media official told Reuters on Friday.
CNOOC halted production at the PY30-1 and HZ21-1 platforms on Tuesday after discovering the leak at the Zhuhai terminal in southern China near Hong Kong.
Alon shuts Krotz Springs refinery due to power trip-filing
Dec 23 (Reuters) - Alon USA Energy Inc shut its 83,100 barrels-per-day Krotz Springs refinery in Louisiana due to a power outage, the company said in a filing with the U.S. National Response Center.
The power tripped due to bad weather, the filing said.The facility was shut at about 8:10 a.m. local time on Thursday, the filing noted.
Valero reports evacuation at McKee, TX, refinery
Dec 23 (Reuters) - Valero Energy Corp reported evacuation of employees at its 156,000-barrel-per-day (bpd) McKee refinery in Sunray, Texas on Thursday, following an electrical failure, according to a filing with the U.S. National Response Center.
"Power is being restored and units are being brought back online," the filing added.
Exxon reports compressor trip at Beaumont, TX, refinery
Dec 23 (Reuters) - Exxon Mobil Corp reported a compressor trip resulting in emissions at its 344,500 barrels-per-day (bpd) refinery in Beaumont, Texas on Thursday, according to a filing with regulators.
The filing with the U.S. National Response Center did not identify the unit involved in the upset.
BEYOND THE HEADLINES: Petronas in talks with oil majors for petchem tie-up -sources
KUALA LUMPUR, Dec 23 (Reuters) - Petronas is in talks with several global oil majors including Shell and Exxon Mobil to develop petrochemical plants within its $20 billion refinery complex in southern Malaysia, two sources with direct knowledge of the matter said.
Malaysia's national oil company is also talking to Japanese firms Itochu Corp and Mitsubishi Corp as well as to Dow Chemical Co -- the largest U.S. chemical maker -- as it seeks to tap surging Asian demand and diversify its earnings, the sources told Reuters.
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 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.
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EVENTS TO WATCH TODAY (EST) U.S. QUARTERLY HOG INVENTORY Q3 (1400)
U.S. CFTC COMMITMENT OF TRADERS DATA WEEKLY (1430)
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