Oil Rises Above $78, Nearing Record as U.S. Refiners May Boost Operations

(Bloomberg) -- Crude oil rose above $78 a barrel in
New York, nearing a record, on speculation demand will outpace
supply as refiners increase fuel production.

Bets on rising prices by hedge funds and other speculators
rose to a record earlier this month, according to U.S. Commodity
Futures Trading Commission data. Global demand will climb 1.7
percent in 2008, showing no sign of slowing because of high
prices, a Deutsche Bank AG report showed. A government report
tomorrow may show U.S. oil supplies fell for a fourth week.


Read more at Bloomberg Energy News

Oil Falls From Close to One-Year High on Expected U.S. Fuel Inventory Gain

(Bloomberg) -- Crude oil fell from the highest in
almost a year, pulled lower by gasoline, on speculation U.S. fuel
stockpiles increased last week.

A government report on Aug. 1 will probably show that U.S.
inventories of gasoline and distillate fuel, a category that
includes diesel and heating oil, rose for a second week,
according to a Bloomberg News survey. The crude-oil market often
follows gasoline during the summer driving season, when motor-
fuel demand peaks.


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Canada's Dollar Approaches 30-Year High After Commodity Prices Increase

(Bloomberg) -- Canada's dollar approached the 30-
year high reached yesterday as prices of the nation's main
commodity exports advanced, boosting the currency's appeal.

The currency has gained almost 12 percent this year on a
strengthening economy and higher prices for Canada's commodity
exports including oil. Crude oil prices touched an 11-month high
in New York after Total SA suspended deliveries from the Dalia
field in Angola because of a mechanical failure. Copper, gold
and silver also gained.


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Crude Oil Rises 11-Month High After Total Declares Angolan Force Majeure

(Bloomberg) -- Crude oil rose to an 11-month high in
New York after Total SA lost production and declared force majeure
at the Dalia field in Angola.

Total's decision covered half the oil pumped at the field,
which had produced 240,000 barrels a day, said Patricia Marie, a
company spokeswoman. A generator failure caused the problem. Oil
also gained because the U.S. government said gasoline stockpiles
fell last week as imports plunged and demand climbed.


Read more at Bloomberg Energy News

Crude Oil Trades Near 11-Month High After Drop in U.S. Gasoline Supplies

(Bloomberg) -- Crude oil was little changed in New
York after rising to the highest in more than 11 months
yesterday after U.S. gasoline inventories unexpectedly fell.

Supplies dropped by 2.24 million barrels last week after
imports plunged and demand reached a two-year high, the Energy
Department said yesterday. Gasoline production fell a second
week even as refiners used 91 percent of plant capacity, the
highest in seven weeks and more than forecast by analysts.


Read more at Bloomberg Energy News

Sugar Rises to Three-Month High on Outlook for Increased Ethanol Demand

(Bloomberg) -- Sugar jumped to a three-month high in
New York on speculation that rising crude oil prices may spur
demand for sugar-based ethanol, an alternative to gasoline.

Crude oil approached an 11-month high in New York after an
Energy Department report showed U.S. gasoline inventories
unexpectedly fell last week. Brazil, the world's largest sugar
grower, is using an increasing percentage of its record cane crop
to make ethanol.


Read more at Bloomberg Commodities News

Oil Rises to 11-Month High as North Sea Output Declines on Closed Pipeline

(Bloomberg) -- Crude oil rose to an 11-month high
in New York and London after a pipeline shutdown and maintenance
work reduced North Sea Brent oil production.

Chevron Corp. and ConocoPhillips said they lost output from
North Sea fields that produce oil and gas after BP Plc closed
the pipeline. BG Group Plc said its Armada oil field in the
North Sea has been shut for maintenance since June. The
International Energy Agency said in a report today that global
oil demand will rise 2.5 percent next year.


Read more at Bloomberg Commodities News

Oil Rises Above $77 in London as North Sea Output Slips on Closed Pipeline

(Bloomberg) -- Crude oil rose to an 11-month high
above $77 a barrel in London and gained in New York after a
pipeline shutdown and maintenance work reduced North Sea
production.

Chevron Corp. and ConocoPhillips said they lost output from
North Sea fields that produce oil and gas after BP Plc closed
the pipeline. BG Group Plc said its Armada oil field in the
North Sea has been shut for maintenance since June. The
International Energy Agency said in a report today that global
oil demand will rise 2.5 percent next year.


Read more at Bloomberg Commodities News

Crude Oil Gains on Lost North Sea Output, IEA Forecast for Rising Demand

(Bloomberg) -- Crude oil rose in New York and Brent
oil reached an 11-month high as production declined from some North
Sea fields.

Chevron Corp. and ConocoPhillips said they had lost output
from North Sea fields that produce oil and gas after BP Plc closed
a natural-gas pipeline. BG Group Plc said its Armada oil field in
the North Sea has been shut for maintenance since June.


Read more at Bloomberg Commodities News

Oil Falls After Report Shows U.S. Gasoline Supplies Rose for a Second Week

(Bloomberg) -- Crude oil fell after an Energy
Department report showed that U.S. gasoline inventories rose for
a second week.

Gasoline stockpiles climbed 1.14 million barrels to 205.6
million in the week ended July 6, the report showed. Eighteen
analysts in a Bloomberg News survey expected an increase of
825,000 barrels, based on the median of estimates.


Read more at Bloomberg Energy News

Oil Trades Near 10-Month High After Gaining on Higher U.S. Gasoline Price

(Bloomberg) -- Crude oil was little changed in New
York, after rising yesterday as gasoline prices climbed on
speculation U.S. output of the fuel may slow due to unplanned
refinery shutdowns.

BP Plc closed the largest of three crude units at its
refinery in Whiting, Indiana, a person familiar with the plant
said July 9. The refinery, the biggest in the Midwest, supplies
consumers in the Chicago area. Refineries in Texas and Kansas
shut units last week. Refinery operating rates rose to 90 percent
of capacity in the week ended June 29 to meet demand.


Read more at Bloomberg Commodities News

Oil Rises in New York Expectations of Decline in U.S. Gasoline Production

(Bloomberg) -- Crude oil rose, pulled higher by
gasoline on speculation that U.S. output of the fuel will slow
because of unexpected refinery shutdowns.

BP Plc closed the largest of three crude units at its
refinery in Whiting, Indiana, a person familiar with the plant
said yesterday. The refinery, the biggest in the Midwest,
supplies consumers in the Chicago area. Refineries in Texas and
Kansas shut units last week. The crude-oil market often follows
gasoline during the summer months, when motor-fuel demand peaks.


Read more at Bloomberg Energy News

Oil Rises Above $73 on Expectations of Decline in U.S. Gasoline Production

(Bloomberg) -- Crude oil rose above $73 a barrel in
New York for the first time since August on speculation that
U.S. output of gasoline will slow because of unexpected refinery
shutdowns.

BP Plc closed the largest of three crude units at its
refinery in Whiting, Indiana, a person familiar with the plant
said yesterday. The refinery, the biggest in the Midwest,
supplies consumers in the Chicago area. Refineries in Texas and
Kansas shut units last week. The crude-oil market often follows
gasoline during the summer months, when motor-fuel demand peaks.


Read more at Bloomberg Energy News

Gold, Silver Rise in Asia as Oil Costs Spur Demand for Inflation Hedge

(Bloomberg) -- Gold and silver gained in Asia on
speculation that rising energy costs will boost demand for the
precious metal as a hedge against inflation.

Crude oil in New York traded near 10-month high after
rising yesterday on concern unrest in Nigeria may curb shipments
and breakdowns at U.S. refineries may slow fuel production. Some
investors buy gold to hedge against accelerating consumer prices.


Read more at Bloomberg Commodities News

Crude Oil Trades Near 10-Month High on Concern Over U.S. Gasoline Supplies

(Bloomberg) -- Crude oil was little changed in New
York after rising to a 10-month high yesterday on speculation U.S.
refiners may strain to restore summer gasoline supplies.

A July 5 Energy Department report will probably show U.S.
oil stockpiles were unchanged last week after a month of gains,
as refiners increased operating rates to make more gasoline,
according to a Bloomberg News survey of nine analysts. Refinery
rates may reach 90 percent for the first time in five weeks.


Read more at Bloomberg Energy News

Asia Energy Day Ahead: Oil May Rise; CBOT Sale to Chicago Merc Is Opposed

(Bloomberg) -- Crude oil may rise this week on
speculation that U.S. inventories will fall because of increased
consumption by refiners. Chicago Board of Trade's largest
shareholder, Sydney-based hedge fund Caledonia Investments Ltd.,
has voted against the proposed sale to the Chicago Mercantile
Exchange because the price is too low.

MOST READ MARKETS STORIES


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Oil Gains as U.S. Refineries Increase Output, Midwest Stockpiles Decrease

(Bloomberg) -- Crude oil rose, approaching a nine-
month high for a second day in New York, on expectations that
consumption will increase as refineries bolster gasoline output.

Prices climbed above $70 for the first time since September
yesterday after an Energy Department report showed that U.S.
gasoline, diesel and heating oil inventories fell last week as
refineries increased operating rates. Crude-oil supplies at
Cushing, Oklahoma, where oil traded in New York is delivered,
plunged 5.7 percent, the June 27 report showed.


Read more at Bloomberg Commodities News

Oil Is Steady After Surging to a Nine-Month High on U.S. Gasoline Concerns

(Bloomberg) -- Crude oil was little changed in New
York after rising to a nine-month high yesterday on concern low
U.S. gasoline stockpiles will keep fuel prices high through the
summer.

July gasoline, which expires today, rose for a second
session yesterday after a report showed below-average U.S.
supplies of the motor-fuel unexpectedly fell after seven weeks of
gains. Oil reached $70.52 a barrel early in yesterday's floor
session, the highest intraday price since Sept. 1, before easing
toward the close.


Read more at Bloomberg Commodities News

Oil Climbs to Nine-Month as Refineries Increase Output to Meet Fuel Demand

(Bloomberg) -- Crude oil rose to a nine-month high
in New York as U.S. refineries increased output of gasoline and
other fuels.

Refineries operated at 89.4 percent of capacity last week, a
1.8 percentage point gain from the week before, an Energy
Department report showed yesterday. West Texas Intermediate crude
oil, or WTI, the grade traded in New York, was at the lowest
discount to Brent oil in more than three months today.


Read more at Bloomberg Energy News

Oil Drops on Forecasts for Increase in U.S. Petroleum, Fuel Inventories

(Bloomberg) -- Crude oil fell on forecasts that an
Energy Department report will show U.S. oil and fuel inventories
rose last week.

Crude-oil stockpiles increased 1.5 million barrels in the
week ended June 22, according to the median of responses by 13
analysts surveyed by Bloomberg News. Inventories of gasoline and
distillate fuel, a category that includes heating oil and diesel,
also rose, the survey showed.


Read more at Bloomberg Commodities News