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COLUMN:
Saudi Arabia is not "targeting" $100 oil: John Kemp
--John Kemp is a Reuters market analyst. The views expressed are his own--
LONDON, Jan 17 (Reuters) - Commentators identifying a new Saudi "price target" at $100 per barrel are wide of the mark.
Saudi Arabia's views on what constitutes a reasonable price for oil have less influence than analysts would like to believe.
Shale gas adds to refiners' light-end woes -Campbell
--Robert Campbell is a Reuters market analyst. The views expressed are his own.--
NEW YORK, Jan 17 (Reuters) - The U.S. natural gas industry, reborn through the shale gas revolution, has emerged as another
source of pain for beleaguered oil refineries as natural gas liquids (NGLs) grab market share from petroleum in America.
As the market for liquid fuels in the United States has declined in recent years, petroleum has borne more of the brunt, losing share to biofuels and, increasingly, NGLs.
MARKET NEWS:
Brent rises above $112 on weak dollar, demand growth hopes
SINGAPORE, Jan 18 (Reuters) - Brent crude rose above $112 as the dollar weakened and a slew of positive economic indicators,
from China to the United States, eased demand concerns triggered by the debt crisis in Europe.
"Oil markets are still rallying on positive data, particularly from China, and expectations of more easing by the country to ensure steady growth," said Natalie Robertson, an analyst at ANZ. "Eyes are also on Europe as talks of a Greek default return. That's a factor weighing on markets."
Euro retreats on Fitch comments, faces more selling
LONDON, Jan 18 (Reuters) - The euro trimmed gains after a warning from a ratings agency of more downgrades to Italy underlined the extent to which weak euro zone countries are suffering from the region's debt crisis, which could knock the currency lower.
"Greek bond negotiations could trigger more euro weakness as they have to close a deal soon, before Greek debt repayments are
due in March," said Richard Falkenhall, currency strategist at SEB in Stockholm, referring to talks beginning in Athens on Wednesday.
Euro debt fears pressure euro, shares retreat
LONDON, Jan 18 (Reuters) - The euro came off its recent highs and European shares started lower with investors nervous about Greek bond talks and government debt sales, a day after economic data had raised hopes the global economy wouldn't slowdown
as much as feared.
"Greek bond negotiations could trigger more euro weakness as they have to close a deal soon, before Greek debt repayments are
due in March, Richard Falkenhall, currency strategist at SEB in Stockholm said.
TOP NEWS:
CNOOC targets 2.4 pct oil, gas output rise in 2012
HONG KONG, Jan 18 (Reuters) - Top Chinese offshore oil and gas producer CNOOC Ltd said on Wednesday that it plans to produce 2.4 percent more oil and gas in 2012.
The state-run company said in a statement that it aimed to produce 330-340 million barrels of oil equivalent (boe) this year, compared with estimated output of 331-332 million boe in 2011.
Sino Saudi Gas to drill again in Sep-Falih
KHOBAR, Saudi Arabia, Jan 18 (Reuters) - Sino Saudi Gas Ltd plans to drill again in Saudi Arabia's Empty Quarter in September but gas prices are still too low for companies exploring there, the chief executive of Saudi Aramco said.
The joint venture between China's Sinopec and state-run Aramco has been hunting for natural gas for years, but what little they have found has not been exploited due largely to industrial gas prices fixed far below international market prices.
Anadarko well strikes oil offshore Ghana
Jan 18 (Reuters) - U.S. oil company Anadarko Petroleum said one of its wells, located in the Deepwater Tano Block offshore Ghana, encountered significant light oil accumulation.
The Ntomme-2A appraisal well encountered about 128 net feet of light oil pay in excellent-quality sandstone reservoirs, the company said.
Shell, Tullow Oil to form exploration venture
LONDON, Jan 18 (Reuters) - Royal Dutch Shell is teaming up with independent explorer Tullow Oil to explore for oil in the Atlantic, in a sign the biggest oil companies accept dramatic measures are needed to turn around their weak record on finding oil.
Tullow said on Wednesday the planned partnership would focus on making "transformational" discoveries in "underexplored frontier basins".
Chevron says Nigeria rig fire still burning
Jan 17 (Reuters) - Chevron Corp reported early indications that equipment failure may be the cause of a fire still burning on a drilling rig off the coast of Nigeria more than a day after it broke out.
Two contractors missing after the fire aboard the K.S. Endeavor, operated by FODE Drilling Nigeria Ltd, had not yet been found, the company said in a statement on Tuesday.
Ohio gasoline spill spreads, line still shut-EPA
NEW YORK, Jan 17 (Reuters) - Sunoco Logistic's gasoline pipeline was still shut on Tuesday after a late-Thursday leak spilled some 117,000 gallons (532,000 litres) of gasoline in Wellington, Ohio, the state Environmental Protection Agency said.
The 8-inch (20-cm) pipeline, which runs from Toledo to Allegheny, Ohio, was shut two hours after an underground leak on the line was reported, an Ohio EPA spokeswoman said.
REFINERY NEWS:
CVR reports unplanned maintenance at Oklahoma refinery
Jan 18 (Reuters) - CVR Energy reported an on-going release due to unplanned maintenance at its 70,000 barrel-per-day refinery in Wynnewood, Oklahoma, according to a notice filed with the U.S. National Response Center on Wednesday.
Repairs at the facility were scheduled for Wednesday while it was currently monitoring the situation, the filing showed.
Tesoro reports power dip, emissions at Kapolei, HI, refinery
Jan 18 (Reuters) - Tesoro Corp reported a power dip on Tuesday afternoon at its 93,500 barrel-per-day refinery in Kapolei, Hawaii, that led to a release of materials from a flare, according to a filing with regulators.
The filing with the National Response Centre on Wednesday said power was re-established and operations secured at the refinery.
Exxon says Beaumont refinery back to normal ops
HOUSTON, Jan 17 (Reuters) - Exxon Mobil Corp's 344,500 barrel per day (bpd) Beaumont, Texas, refinery returned to normal operations after a compressor malfunction, a company spokeswoman said on Tuesday.
The compressor related the refinery's coking unit first malfunctioned on Friday.
Alon halts Bakersfield refinery ops -local media
HOUSTON, JAN 17 - Alon USA Energy has halted production at its Bakersfield, California, refinery due to poor economics, a Bakersfield newspaper reported on its website.
The refinery had been producing 11,000 barrels per day of motor fuels, which were refined from feedstocks supplied by Alon's refineries in Paramount and Long Beach, California, according to the report by the Bakersfield Californian.
Conoco: Refinery ops unhurt after Wilmington office fire
Jan 17 (Reuters) - ConocoPhillips said operations had not been impacted at its 139,000 barrel-per-day refinery in Wilmington, California, after a fire occurred at an office building.
"There were no injuries and all employees were accounted for," Conoco spokesman Rich Johnson said, adding that the cause of the fire has not been determined.
BEYOND THE HEADLINES:
Beyond oil a gloomier 2012 economy seen in coal, freight
LONDON, Jan 17 (Reuters) - Oil prices may still be riding high but for a more accurate picture of the state of the global economy in 2012, look at recent developments in the non-oil energy, freight and metals sectors.
Coal and power benchmark futures prices have fallen to their lowest levels since late 2010, while the Baltic Dry Freight Index, a barometer of demand for shipping, is languishing at a three-year low.
Brent contango likely if EU delays Iranian oil ban
LONDON, Jan 17 (Reuters) - North Sea Brent futures look set to return to contango, sending prompt oil to a discount to forward futures for the first time in almost six months, if Europe delays an embargo on Iranian oil.
Worries over the loss of Iranian oil and growing tension between the Islamic Republic and the West have been a key support for oil, supporting prices despite improving supplies from other producers including Libya.
Iraq to lift oil exports 400,000 bpd through March
LONDON, Jan 17 (Reuters) - Iraq aims to boost oil exports by up to 400,000 barrels per day over the next two months as it opens the taps at a new Gulf outlet, a senior Iraqi oil industry source said on Tuesday, signalling the world's biggest capacity expansion this year.
Now in year three of a bold oil development programme, Baghdad finally may be able to export all the extra oil extracted from its supergiant fields by foreign oil companies.
ExxonMobil sees continuing tie-up with Abu Dhabi
ABU DHABI, Jan 17 (Reuters) - U.S. energy giant ExxonMobil is confident of continuing to be a partner in Abu Dhabi's oil and gas concessions, a top company official said, as the emirate prepares to open a tender for its fields before the deals come up for renewal in 2014.
Oil concessions of the Abu Dhabi Company for Onshore Oil Operations (ADCO) will be put to tender following a screening process of the companies interested, including current partners, the director-general of national oil company ADNOC said.
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