Oil fell below $100 a barrel in New York for the first time in more than a week after Japan’s strongest earthquake in at least a century forced refiners to shut processing plants.
JAPANESE EARTHQUAKE
Quake, Tsunami Hit Japan Causing ‘Major’ Damage; 26 Dead (2)
Japan was struck by its strongest earthquake in at least a century, an 8.9-magnitude temblor that shook buildings across Tokyo and unleashed a tsunami as high as 10 meters, engulfing towns along the northern coast.
Cosmo Refinery Ablaze After Japan Quake, 11 Reactors Shut (1)
Cosmo Oil Co.’s refinery near Tokyo caught fire after Japan was struck by its strongest earthquake in a century, and more than four million homes were without electricity as utilities shut 11 nuclear power reactors.
Map of Japan’s Oil Refineries, LNG Terminals, Ethylene Plants
Following is a map of Japan’s oil refineries and storage units, LNG terminals and ethylene plants, including the location of today’s magnitude 8.9 earthquake north east of Tokyo.
Asia Refiners May Profit as Japan Earthquake Boosts Fuel Demand
Asian refiners may profit after an 8.9-magnitude earthquake shut plants in Japan, reducing diesel exports and boosting fuel- oil demand for power generation.
Google Says Creates People-Tracking Service for Japan Earthquake
Google Inc. says it has set up an online database to help locate people in Japan after the country was struck by its strongest earthquake in at least a century.
TOP MARKETS STORIES
Oil Supplies Could Fall in Second Quarter on Outages, OPEC Says
The Organization of Petroleum Exporting Countries said global oil stockpiles could drop in the next three months as production outages tighten supplies.
China Motorists to Close Gasoline Gap to Diesel: Energy Markets
Diesel’s premium over gasoline may shrink from the most in 26 months in Asia as China’s motor fuel demand outpaces the need for middle distillates.
OPEC Production Compliance Falls to 40% on Saudi Arabia Increase
OPEC’s compliance with the production quotas its members agreed to in 2008 fell last month as Saudi Arabia raised output to almost 9 million barrels a day.
REFINERIES Map global refinery outages
Eni Plans Halts at Sannazzaro, Livorno Plants for Maintenance
Eni SpA, Italy’s largest oil company, outlined plans to halt processing units at four of its refineries in Italy for maintenance this year.
OTHER OIL MARKET NEWS
Transneft Halts Crude Shipments to Primorsk Because of Ice (1)
OAO Transneft, which operates Russia’s crude pipeline system, has suspended oil deliveries to Primorsk because tanker shipments from the Baltic port are hampered by ice.
Vietnam’s Petrolimex Seeks to Import 107,000 Tons of Gasoil
Vietnam National Petroleum Corp. is seeking to buy 107,000 metric tons of gasoil for loading in March and April, according to a document e-mailed today to potential suppliers. The state- owned company, known as Petrolimex, handles the bulk of Vietnam’s fuel imports.
Abu Dhabi’s Murban Oil Rises for Sixth Day; Qatar Crude Gains
Abu Dhabi’s Murban crude oil rose to the highest in two months as refiners purchased supplies with large middle- distillate yields to benefit from higher processing profits.
Kuwait Petroleum Raises April Oil Price for Asian Term Buyers
Kuwait Petroleum Corp. raised its official selling price differential for shipments of crude to buyers in Asia for April to a discount of 70 cents a barrel to the average of the Oman and Dubai oil benchmarks as assessed by Platts, said two traders who participate in the market.
TOP ENERGY STORIES
Oil at $100 Kills Brain Cells, Impairs Thinking: Caroline Baum
It must be the noxious fumes or the stratospheric prices because crude oil crossing the $100 threshold makes normally thoughtful individuals funny in the head.
Eni Chief Warns of Risk That Libya Could Become a Failed State
Eni SpA, the biggest foreign oil producer in Libya, warned against allowing Libya to end up as a failed state.
Libya Halt Triggers U.K. Winter Gas Backwardation: Chart of Day
A halt in Libyan natural-gas flows to Italy and a jump in oil prices has boosted U.K. gas for delivery next winter to a premium over the year-later contract for the first time in at least two years.
China Congress Pushes Gas, Renewable Energy Plans: Chart of Day
China, the world’s biggest polluter, said it would accelerate its use of renewable energy and cleaner-burning fuels including natural gas over the next five years to cut pollution and reduce reliance on coal, which generates about 80 percent of the nation’s electricity.
Carbon Seized by European Organized Crime Means $80 Million Loss
Nikos Tornikidis took his usual route to work on Jan. 19, strolling past St. Michael’s church, a baroque landmark in Brno, a city of about 400,000 in the Czech Republic. He arrived at his office at 7:45 a.m. and the phone rang before his first sip of tea.
Norway Expected to Postpone Decision on Lofoten Oil Drilling (1)
Norway will delay until at least 2013 a decision on whether to start a study on the effects of oil exploration on the environmentally sensitive Lofoten area, state broadcaster NRK reported.
OTHER MARKETS
Stocks Slide as Insurers Fall After Japan Earthquake; Bunds Gain
Stocks fell for a third day, led by insurers, and U.S. index futures dropped after Japan was hit by the biggest earthquake in at least a century. German bunds rose as euro-area leaders prepared to discuss the debt crisis.
Qaddafi Mounts Offensive as NATO Holds Back on No-Fly Zone
Muammar Qaddafi’s son said government forces are mounting a full-scale attack on rebels, as NATO defense ministers said they lack authority to impose the no-fly zone sought by the opposition.
Merkel Said to Back Lower Bailout Rates for Greece, Ireland
German Chancellor Angela Merkel told lawmakers she would back lower interest rates for emergency loans if Greece agrees to sell state assets and Ireland backs a common corporate tax base in the euro region.
SPORTS
NFL, Union Offer Few Hints at Progress as Deadline Day Arrives
The National Football League and its players’ union gave little indication after a 15th day of mediated talks that they’re close to bridging an almost $1 billion a year divide before the scheduled expiration of their labor accord today.
Harvard Basketball Gathers Assists From Knight Capital to Tudor
Harvard University, one victory from reaching the men’s national college tournament for the first time since 1946, can credit basketball-loving alumni with helping to turn around its program. For the latest updates PRESS CTR + D or visit Stock Market news Today
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