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TOP Oil Market News: Crude Drops From Highest Price in a Week

13 Dec 2012

Oil Drops From One-Week High Amid Disagreement on U.S. Budget

Oil slid from the highest level in a week as U.S. lawmakers disagreed on measures to avert automatic spending cuts and tax increases known as the fiscal cliff that threaten to curb economic growth and fuel demand.

Oil at $60 or $120 Doesn’t Prevent U.S. Supplanting Saudi Arabia

The U.S. is almost free of depending on imported energy and positioned to supplant Saudi Arabia as the world’s No. 1 producer of oil, whether crude costs $60 a barrel or twice that amount.

Natural Gas $4 Cap Seen in 2013 as Supply Swells: Energy Markets

U.S. natural gas’s rebound from four years of declines is likely to peter out in 2013 as power-plant demand drops and supplies rise to a record.

SK Innovation Said to Buy Sokol Crude for February Loading (1)

SK Innovation Co. bought 95,000 metric tons of Russian Sokol crude for loading from Feb. 9 to Feb. 18 from OAO Rosneft, said two traders who asked not to be identified because they aren’t authorized to speak to the media.

China Oil Refining to Rise 4.1% in Dec. From Nov., C1 Says

China is expected to process as much as 42.2 million metric tons of oil this month, 4.1 percent higher than November, C1 Energy said on its website today

Goldman Energy Research Head Greely Leaves for Bridgewater (1)

David Greely, Goldman Sachs Group Inc.’s head of energy research, is joining Bridgewater Associates LP, according a spokeswoman for Bridgewater.

YPF Said to Be Potential Bidder for Petrobras Argentine Assets

YPF SA, Argentina’s largest energy company, will bid for any assets that Petroleo Brasileiro SA wants to sell in Argentina, a YPF official said today.

Asia’s Fuel Oil Crack Widens; Gasoil Swaps Advance: Oil Products

Asia’s fuel oil crack spread widened for a third day this week, signaling increased losses for refiners turning crude into residual products. Gasoil swaps rose to a one-week high.

Gas Inventory Drop Was 97% Below Historical Norm, Forecasts Show

Last week’s withdrawal from U.S. natural gas inventories was down 97 percent from the historical norm for that period as above-normal temperatures cut heating- fuel demand, analyst forecasts compiled by Bloomberg show.

Natural Gas Falls to 10-Week Low on Outlook for Inventory Drop

Natural gas futures dropped to the lowest price in more than 10 weeks amid forecasts of a smaller- than-normal inventory decline.

U.S. to Award $169 Million to Seven Offshore Wind Projects

The U.S. Department of Energy will award as much as $169 million to seven proposed offshore wind projects in six states.

Natural Gas Fluctuates Near 6-Week Low on Stockpile Outlook

Natural gas futures fluctuated near a six-week low in New York amid forecasts of a smaller-than- normal inventory decline last week.

U.S. Oil Supply: Comparison of Weekly API, DOE Figures (Table)

The following table provides a comparison between the U.S. Department of Energy’s crude-oil statistics for the week ended Dec. 7 and the data from the American Petroleum Institute, an industry-funded group.

U.S. and Partners Agree to Offer Revised Nuclear Deal to Iran

The U.S. and its partners have hammered out a revised deal to offer Iran, aimed at persuading the Islamic Republic to curtail nuclear activities that might be used to produce an atomic bomb.

U.S. Stocks Gain While Dollar Weakens as Fed Announces Bond Buys

U.S. stocks rose for a sixth day, the longest rally since August, while the dollar weakened after the Federal Reserve announced plans to buy more Treasuries to boost growth. Oil climbed on forecasts for stronger demand.

REFINERIES Map global refinery outages

Motiva Port Arthur Refinery Shuts New Crude Unit After Fire (1)

Motiva Enterprises LLC has shut the new 325,000-barrel-a-day crude unit at its Port Arthur, Texas, refinery, the largest in the U.S., after a fire.

Cenovus Energy Forecasts Decline in 2013 Cash Flow on Prices (2)

Cenovus Energy Inc., the Canadian oil producer planning to more than triple output in the next decade, said cash flow will probably fall in 2013 because of lower crude prices