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THURSDAY, DECEMBER 29, 2011
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MARKET NEWS: Oil above $107, US stocks and Iran in focus
LONDON, Dec 29 (Reuters) - Oil held above $107 a barrel as investors looked ahead to a U.S. supply report expected to show a drop in crude stocks and as Iranian threats to halt a vital oil trade lent support.
"Worries over Iran are supportive. The market is up even though the API stats were bearish, so people may be waiting for the EIA," said Christopher Bellew, an oil broker at Jefferies Bache.
FOREX-Euro hits10-year low vs yen before Italy bond sale
LONDON, Dec 29 (Reuters) - The euro fell to a 10-year low against the yen and its lowest in nearly a year versus the dollar, with investors nervous ahead of an Italian bond sale.
"The auction yesterday was good but today's will be more of a barometer for what appetite will be at the start of next year," said Carl Hammer, currency strategist at SEB in Stockholm.
GLOBAL MARKETS-Asian stocks trim losses, Italian auction looms
SINGAPORE, Dec 29 (Reuters) - Asian stocks slipped on weakness in the U.S. and European share markets and caution ahead of an Italian debt sale, though year-end window dressing of portfolios by some traders helped trim losses.
"If it goes well, it's an indication that, one, yield is coming down, so the cost of funding is falling for the Italian government," said Martin Lakos, division director at Macquarie Private Wealth.
TOP NEWS: S.Arabia to donate 500,000T of fuel to Yemen-sources
DUBAI, Dec 29 (Reuters) - Saudi Arabia will donate 500,000 tonnes of oil products to Yemen, which has been struggling to get fuel as its largest refinery has been shut for over a month after several blasts on its oil pipeline halted crude flow.
State oil giant Saudi Aramco will buy oil products from the market but will ask the supplier to discharge the cargo in Yemen instead of in Saudi ports, industry sources familiar with the matter told Reuters.
Turkey doesn't plan partnership in South Stream pipeline, but may consider offers
ISTANBUL, Dec 29 (Reuters) - Turkey does not plan to become partner for the South Stream pipeline, but may consider if it receives offers for partnership, Energy Minister Taner Yildiz said on Thursday.
Turkey gave Russia permission on Wednesday to build the South Stream pipeline through its territory, supplying the missing piece needed by Moscow to secure markets for its gas in Europe at the possible expense of Brussels-backed rivals.
Thailand, Cambodia aim for offshore oil development
PHNOM PENH, Dec 29 (Reuters) - Offshore oil and gas reserves in disputed waters of the Gulf of Thailand could take up to a decade to tap, despite progress between Thailand and Cambodia towards restarting talks on joint development, Thailand's energy minister said on Thursday.
The two countries are keen to reach an agreement on joint exploration and development of the Overlapping Claim Area (OCA) in the Gulf, which has been delayed by political upheaval in Thailand and sometimes deadly border disputes.
Vietnam 2011 crude oil output rises 1.1 pct y/y -govt
HANOI, Dec 29 (Reuters) - Vietnam produced an estimated 15.18 million tonnes, or 305,000 barrels per day (bpd), of crude oil this year, a rise of 1.1 percent from 2010, the government said on Thursday.
December's output reached an estimated 1.42 million tonnes, up 4.0 percent from the same month last year, the General Statistics Office said in its monthly report.
Actual output in November was revised up to 1.41 million
Chesapeake raises $865 mln in partnership deal
Dec 28 (Reuters) - Chesapeake Energy Corp said on Wednesday it sold natural gas pipeline and processing assets in the Marcellus Shale to its partnership, Chesapeake Midstream Partners for $865 million.
Chesapeake Midstream Partners will fund the deal, expected to close by December 30, with $600 million in bank financing and $265 million of its common units.
US gasoline demand up over Christmas holiday
Dec 28 (Reuters) - U.S. retail gasoline demand rose sharply last week from the previous week as Americans hit the road for the Christmas holiday, but demand was down from the same week in 2010, MasterCard said in its weekly SpendingPulse report on Wednesday.
Last week's gasoline demand rose 7.7 percent compared with the previous week, MasterCard said, but demand was 1.6 percent lower than it was a year ago.
US Gulf refiners could benefit from Europe's woes
NEW YORK, Dec 28 (Reuters) - U.S. Gulf Coast refiners may emerge winners in the refinery stakes as European Petroplus is latest victim of the Atlantic Basin shake up but it is still too early to say exactly how big the benefit will be, analysts and traders said on Wednesday.
Refiners both in Europe and along the East Coast of the United States face declining demand for their products, along with high costs for light, sweet crude feedstocks. This situation has been wreaking havoc on profits and forcing refinery closures of older, less-complex plants on both sides of the Atlantic.
Keystone pipeline support down but most in favor-poll
Dec 28 (Reuters) - A majority of voters still support the controversial Canada-to-Texas oil sands pipeline as the Obama administration again weighs whether to approve or scrap the project, according to a poll released on Wednesday.
Rasmussen Reports, a public opinion research company, found that 53 percent of likely U.S. voters at least somewhat favored moving ahead with TransCanada's Keystone XL pipeline, down from 60 percent approval in mid-November, according to the survey.
REFINERY NEWS: Flint Hills reports unit shut at Corpus Christi
Dec 29 (Reuters) - Flint Hills Resources reported a shutdown of the distillate desulfurizer unit (DDS) resulting in excess emissions at the west plant of its 290,078 barrel-per-day (bpd) refinery in Corpus Christi, Texas, according to a filing with the U.S. National Response Center.
The company reported it was shutting down flaring caused due to the incident which occurred on Wednesday.
Valero says Port Arthur refinery at planned rates
Dec 28 (Reuters) - Valero Energy Corp on Wednesday said its 292,000-barrels-per-day Port Arthur, Texas refinery was at planned rates.
On Saturday, a sulfur recovery unit malfunctioned at the refinery.
Western El Paso refinery FCCU at planned rates
Dec 28 (Reuters) - Western Refining said on Wednesday a gasoline-making fluid catalytic cracking unit (FCCU) was at planned rates at its 122,000 barrel per day (bpd) El Paso, Texas, refinery.
Start-up of the FCCU began on Sunday, according to a notice filed with the Texas Commission on Environmental Quality.
S. Korea GS Caltex plans refinery maintenance in March
SINGAPORE, Dec 28 (Reuters) - GS Caltex, South Korea's second largest refiner by capacity, plans to shut two refining units for a one-month maintenance in March 2012, trade sources said on Wednesday.
The company has scheduled to shut its No. 2 crude distillation unit (CDU), with a capacity of 150,000 barrels per day (bpd), and its No. 1 94,000-bpd residue fluid catalytic cracker (RFCC) at its Yeosu complex, they said.
BEYOND THE HEADLINES: France offers Petroplus aid as closures loom
LONDON/PARIS, Dec 28 (Reuters) - France's government on Wednesday offered embattled Swiss refiner Petroplus help in its talk with lenders as the firm neared a stoppage of its plants in five European countries due to a lack of crude while an angry trade union called for their nationalisation.
The French government said it will do all it can to help Petroplus negotiate with bankers after the freezing of about $1 billion of the Swiss oil refiner's borrowing allowances sent shares of Europe's top independent refiner down to an all-time low.
West ought to withdraw Iran oil ban plan-official
DUBAI, Dec 28 (Reuters) - Iran's OPEC governor told Reuters on Wednesday the West ought to withdraw plans to impose sanctions on Iran's oil, a move that would hurt the market and prompt Tehran to retaliate by blocking Gulf OPEC crude exports going through the Strait of Hormuz.
Iran warned on Tuesday it would stop the flow of oil through the Strait of Hormuz if sanctions from the West were imposed on its crude exports.
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