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TOP Oil Market News: Crude Gains; Gasoline Rises on Storm Threat

30 Oct 2012

The following is a selection of the most important news affecting the oil market.

Oil Advances for First Time in Six Days on U.S. Economic Data

Oil rose for the first time in six days in New York, ending the longest losing streak since May, on signs that that U.S. economic growth is accelerating and speculation the Bank of Japan will increase stimulus.


Gasoline Futures Rise as Hurricane Sandy Threatens East Coast

Gasoline rose for the first time in 11 days, rebounding from the longest decline since futures began trading in 1986, on concern that Hurricane Sandy may threaten East Coast refineries and delay imports from Europe.

Worst Storm in 100 Years Seen for Northeast U.S. as Sandy Grows

Hurricane Sandy will probably grow into a “Frankenstorm”that may become the worst to hit the U.S. Northeast in 100 years if current forecasts are correct.

Heavy Canadian Oil Weakens to Lowest Since July as Lines Fill Up

Heavy Canadian oil weakened to the widest discount to West Texas Intermediate since July after Enbridge Inc. said this week demand to ship crude on four lines exceeded available space.

San Francisco Diesel Climbs to One-Week High on Tesoro Repairs

Spot diesel in San Francisco advanced to the highest level against futures in seven days after Tesoro Corp. said it was performing repairs at the Golden Eagle refinery following a fire over the weekend.

MORE: Buckeye Suspends BORCO Operations on Sandy

Terminal will resume operations once Hurricane Sandy has passed and facility is deemed safe for work.

Marathon Detroit Starting Units as Part of Heavy Oil Project

Detroit refinery expects to start new, modified units through Nov. 5, Co. said in notice to state regulators.

Europe Distillate Prices Will Drop as Refineries Start, JBC Says

Prices for middle distillate oil products such as diesel and heating oil will drop in the weeks to come after seasonal refinery maintenance ends, according to JBC Energy GmbH.

U.S. Energy Department Natural Gas Update for Oct. 24 (Text)

Following is the text of the weekly natural gas update as released by the U. S. Department of Energy in Washington, D.C.:

Philippines Appoints Petilla as Energy Secretary, Valte Says

President Benigno Aquino appointed Leyte province Governor Carlos Jericho Petilla as energy secretary, replacing Jose Almendras who was named secretary of the cabinet, presidential spokeswoman, Abigail Valte said in a mobile phone message today.

Cheniere Considers 50% Expansion of LNG Plant at Sabine Pass

Cheniere Energy Inc., the first company to win approval to export gas from the continental U.S., is considering a 50 percent expansion of capacity at its Sabine Pass terminal inLouisiana as LNG demand rises.

Glencore, Xstrata Holders to Vote Nov. 20 on Takeover Deal (1)

Investors in Glencore International Plc and Xstrata Plc, the commodity companies seeking to complete a $33 billion combination by the end of the year, are scheduled to vote on the plan on Nov. 20.

Eni Fails to Buy Urals Crude; Forcados Exports to Fall by 36%

No bids or offers were made for North Sea Forties blend. Eni SpA failed to buy Russian Urals in the Mediterranean at a higher price that a deal yesterday.

Xstrata Says Bonuses Needed to Protect Value After Glencore Deal

Xstrata Plc told investors that the value of a planned combination with Glencore International Plc may be eroded if they vote down retention bonuses of 144 million pounds ($232 million) needed to dissuade managers from leaving.

Gasoil Stockpiles Fall in Europe’s Oil-Trading Hub, PJK Says

Gasoil stockpiles in independent storage fell in Europe’s Amsterdam-Rotterdam-Antwerp oil-trading hub, according to PJK International BV.