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THURSDAY, DECEMBER 15, 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 REUTERS INSIDERS: OPEC will make room for Libya output - Al-Badri
OPEC will make room for rising Libyan output within a newly agreed production cap of 30mln barrels per day, says cartel Secretary General Abdullah Al-Badri. To view the show click Nigeria oil minister expects dip in oil price
Diezani Alison-Madueke, Nigerian minister of petroleum resources expects the price of oil to drop slightly in the coming months as Libya returns to the market. To view the show click Live: Opec news conference
Live news conference following the Opec meeting of oil ministers in Vienna. To view the show click COLUMN: Fracking revolution goes global: John Kemp
-- John Kemp is a Reuters market analyst. The views expressed are his own --
LONDON, Dec 14 (Reuters) - Forget OPEC. By far the most important oil news today is that Saudi Aramco and China's giant Sinopec and CNOOC energy firms are each in talks to buy up to a 30 percent stake in U.S. oil and gas services company Frac Tech International.
Frac Tech's expertise in hydraulic fracturing makes it a major player in the fast-growing part of the oil and gas industry, which is set to radically alter the world's energy supply picture in the next decade. OPEC bows to Saudi as oil swing producer-Campbell
-- Robert Campbell is a Reuters market analyst. The views expressed are his own. --
NEW YORK, Dec 14 (Reuters) - The Organization of the Petroleum Exporting Countries agreed on a supply target on Wednesday but the real deal was acquiescence to Saudi Arabia's right to do as it pleases in oil policy.
With the global economy facing an uncertain path and diplomatic tensions between Iran and the West heating up again, Saudi Arabia has whipped OPEC back into line after a six-month rebellion. Goldman's oil bulls seize forecasting crown: John Kemp
-- John Kemp is a Reuters market analyst. The views expressed are his own --
LONDON, Dec 14 (Reuters) - For the second year running, analysts at Goldman Sachs are among the most bullish for oil prices over the next 12 months.
In 2011, the bank's analysts took a risk by making a bold call on prices -- and won big when prices soared. Rivals and customers will be watching closely to see if its call for continued price rises in 2012 proves equally prescient. MARKET NEWS: Brent rises towards $106, recoups some losses
SINGAPORE, Dec 15 (Reuters) - Brent crude futures rose towards $106, recouping some losses as investors seized the opportunity to buy after the previous session saw the biggest plunge in nearly three months, given worries over Middle East supply disruption.
"We are going to see WTI trade in the $95 to $102 a barrel range weighed between the ongoing economic uncertainty and supply concerns," said Jonathan Barratt, managing director at Commodity Broking Services in Sydney. "Optimism comes after every speech in Europe, but there are clouds still."
U.S. stock index futures signal early rebound
U.S. stock index futures pointed to a higher open on Wall Street, with futures for the S&P 500 up 0.3 percent, Dow Jones futures up 0.5 percent and Nasdaq 100 futures up 0.5 percent at 0906 GMT.
European stocks were up 0.7 percent in morning trade, halting a steep one-week drop, but the gains were seen boosted in part by short covering while negative news on the corporate front, from Credit Agricole's profit warning to Telefonica's dividend cut, kept investors on edge.
FOREX-Euro off 11-mth lows, but recovery fragile
LONDON, Dec 15 (Reuters) - The euro stepped back from its sell-off, having hit a 11-month low against the dollar the previous day, with most investors looking to initiate fresh bearish positions on every bounce given lingering worries about the debt crisis.
"The euro has come down very sharply in a short while, so it is not a surprise that we are seeing a bounce here as some positions are getting squeezed out," said Paul Robson, currency strategist at RBS Global Banking.
GLOBAL MARKETS-Euro steady, focus on Switzerland and Spain
LONDON, Dec 15 (Reuters) - The euro steadied just off new 11-month lows, with eyes fixed on a Swiss National Bank (SNB) meeting to consider its campaign of currency intervention while a Spanish bond auction will offer more signs on the depth of Europe's debt crisis.
"Overall, the outlook for the euro remains dark, with the unravelling of the treaty last week, refusal to lend to the IMF and the overall downside risks to global growth," said Paul Robson, currency strategist at RBS Global Banking.
TOP NEWS:
China starts pumping oil into northwest reserves -sources
BEIJING, Dec 15 (Reuters) - China has started pumping oil into new reserve tanks in its landlocked northwest since September, in a move that may have swelled the country's crude imports to a peak in November and is likely to bolster its imports in December.
An estimated 17 million barrels of crude oil, or a rough daily rate of 190,000 barrels, have flowed into both commercial and strategic tanks, recently completed in the remote Xinjiang region and Gangsu province, industry sources told Reuters.
ILD Energy signs natural gas deal with Daewoo
JERUSALEM, Dec 15 (Reuters) - Israel Land Development Energy has signed a deal with a subsidiary of South Korean group Daewoo Shipbuilding & Marine Engineering to sell natural gas from its newly discovered offshore reserves.
ILD Energy said on Thursday it agreed with the Daewoo subsidiary ENR to cooperate in building a floating liquefied natural gas facility for its Myra and Sara gas fields.
Thai PTTEP may delay start-up at Montara field
BANGKOK, Dec 15 (Reuters) - Thailand's PTT Exploration and Production Pcl said on Thursday the start of its operations at the Montara field off Australia may be delayed to early in the third quarter of 2012, depending on the Australian government's approval process.
A possible cyclone was another factor that could cause problems, Chief Executive Anon Sirisaengtaksin told Reuters.
Chevron discovers gas in offshore Western Australia
SYDNEY, Dec 15 (Reuters) - Chevron's Australia unit said on Thursday it has discovered natural gas in offshore Western Australia, marking the company's 12th offshore discovery in Australia since mid-2009.
Chevron has more than $60 billion worth of liquefied natural gas export projects under construction in northwestern Australia and is positioning itself to become one of the country's largest LNG suppliers.
Japan to end relaxed oil reserve rules on Jan. 1
TOKYO, Dec 15 (Reuters) - Japan's trade ministry will re-impose its regular oil reserve requirements on Jan. 1, after relaxing rules since late June as part of a worldwide emergency release by developed countries led by the International Energy Agency, a ministry official said on Thursday.
Japan, the world's third-largest oil consumer, relaxed the reserve requirements by three days to 67 days' worth for one month from June 27, and later decided to extend the measure until Dec. 31, after the IEA urged member countries not to move too quickly to replenish strategic stockpiles.
Idemitsu sees Q1 crude refining down 4 pct y/y
TOKYO, Dec 15 (Reuters) - Idemitsu Kosan Co said on Thursday it plans to refine 4 percent less crude oil in January-March than in the same quarter a year earlier, when severe cold weather had boosted demand for oil.
Japan's third-largest refiner expects domestic oil demand to fall 2 percent year-on-year during the quarter, but said it decided to cut runs by a deeper percentage as it has already increased winter kerosene supplies via rented tanks in South Korea.
Diesel runs dry in southern China gas stations - report
Dec 15 (Reuters) - Widespread diesel shortages are hitting southern China, with many filling stations posting "no diesel" signs ahead of high seasonal demand, the China Review News reported on its website.
The newspaper reported long queues at filling stations along the expressway linking Beijing and Hong Kong, while in the southeastern province of Zhejiang, a line of trucks awaiting fuel at a gas station stretched for 2 km.
S.Korea Nov LNG imports drop 34.5 pct y/y after stock build
SEOUL, Dec 15 (Reuters) - South Korea's imports of liquefied natural gas (LNG) dropped 34.5 percent in November from a year ago, as the world's second-largest buyer reduced volumes after building winter inventories in September and October, customs data showed on Thursday.
South Korea imported 2.32 million tonnes in November, down from 3.54 million tonnes a year earlier, Korea Customs Service data showed.
REFINERY NEWS: Aramco to shut Ras Tanura refinery units in March
KHOBAR, Saudi Arabia, Dec 15 (Reuters) - Saudi Aramco plans to shut some units at its Ras Tanura refinery in March for planned maintenance, trading sources said.
At Ras Tanura refinery, which is the Middle East's largest with a crude processing capacity of 550,000 barrels per day (bpd), the turnaround will include the crude distillation unit (CDU), the condensate splitter, the hydrocracker and one of the three catalytic reformers, traders said.
Conoco reports ESP maintenance at Borger, TX, refinery
Dec 14 (Reuters) - ConocoPhillips reported a scheduled maintenance on the Unit 29 electrostatic precipitator (ESP) at its 146,000 barrel-per-day joint venture refinery in Borger, Texas, according to a filing with regulators.
"During maintenance, the opacity and particulate matter emissions may be high," the filing with Texas Commission on Environmental Quality said.
BEYOND THE HEADLINES: Syrian oil sanctions won't work-Gulfsands
LONDON, Dec 14 (Reuters) - Sanctions on Syria's oil sector are squeezing the country in the short term but production and exports are likely to resume once Syrian oil companies find new Asian partners to buy their oil, a Gulfsands executive told Reuters.
Gulfsands , which sources over 90 percent of its output from Syria, has shut down production there along with oil major Royal Dutch Shell and Canada's Suncor Energy due to the latest set of EU sanctions.
Giant N.Sea oil find likely a one-off -Norway
OSLO, Dec 14 (Reuters) - A giant North Sea oil find that has revived the prospects of an oil region considered long past its prime is unlikely to be repeated in this area, the head of the agency managing Norway's oil and gas resources told Reuters.
The Aldous/Avaldsnes oil discovery made earlier this year may be the third-biggest find ever off Norway and could produce some 800,000 barrels per day (bpd), a level equivalent to OPEC member Qatar's oil output.
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EVENTS TO WATCH TODAY (EST) U.S. CORE PPI MM, SA NOV (0830) U.S. INDUSTRIAL PRODUCTION MM NOV (0915) U.S. EIA NATURAL GAS STOCKS WEEKLY (1030)
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