By Todd Zeranski
Dec. 22 (Bloomberg) -- Analysts surveyed by Bloomberg News were split over whether prices will rise or fall this week amid surging U.S. inventories and OPEC production cuts.
The margin earned by U.S. refiners for making fuel rose to its widest in three months as gasoline futures surged on plant shutdowns and the cost of crude plunged.
TOP ENERGY MARKET STORIES
Naimi Says OPEC `Determined' to Bring Stability to Oil Market
The Organization of Petroleum Exporting Countries, supplier of more than 40 percent of the world's crude, is ``determined to bring stability to the oil market'' after prices plunged more than $100 from a high in July, Saudi Oil Minister Ali al-Naimi said.
Analysts Are Split on Direction of Oil, Survey Shows
Analysts surveyed by Bloomberg News were split over whether prices will rise or fall this week amid surging U.S. inventories and OPEC production cuts.
Refinery Margins Rise to 3-Month High on Operations Cutbacks
The margin earned by U.S. refiners for making fuel rose to its widest in three months as gasoline futures surged on plant shutdowns and the cost of crude plunged.
Natural Gas May Rise on Below-Normal Temperatures, Survey Shows
Natural gas futures may gain in the coming days as below- normal temperatures across the U.S. Midwest and Northeast spark demand, a Bloomberg News survey showed.
European Gasoline Discount Narrows Against Oil on Output Cuts
European gasoline prices this week narrowed relative to Brent oil, the region's benchmark raw material, as refineries from Finland to France reduced output.
N.Y. Residual Fuel Trades at Premium to Crude on Utility Use
Residual fuel traded at the biggest premium to crude oil since 2003 as Northeast utilities may be using the fuel instead of natural gas to generate electricity.
U.S. Electricity Prices Surge as Cold Weather to Boost Demand
Wholesale electricity prices jumped across the U.S. as colder weather was forecast to increase heating needs at the start of this week.
Saudi Arabia's OPEC Quota Set at 8.051 Million Barrels a Day
Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries, agreed to a production quota of 8.051 million barrels a day as of Jan. 1.
Ethanol Little Changed as U.S. Mandates for 2009 Give Support
Ethanol was little changed as higher U.S. mandates for the fuel in 2009 kept it from following crude oil's decline.
U.S. Retail Gasoline Falls to $1.66 a Gallon, Lundberg Says
The average price of regular gasoline at U.S. filling stations fell to $1.66 a gallon as the nation's recession sapped demand.
TOP ENERGY COMPANY STORIES
Brazil Minister Says Oil Must Rise to $75 for Supply
Oil prices, which more than halved this year, must rebound to about $75 a barrel to maintain new investments in crude output and an adequate supply of energy to world markets, Brazil's Energy Minister Edison Lobao said.
Petrobras Oil Hunter Fights to Keep Finds for Brazil
Guilherme Estrella found an undersea lake of oil that may transform Brazil's economy forever. Now, the exploration chief for Petroleo Brasileiro SA is at the center of a debate over who will profit from it.
U.S. Coal Use May Fall Under Greenhouse-Gas Cap, Bernstein Says
Regulation of carbon-dioxide emissions under the Obama administration may reduce coal use by 10 percent as generators switch to cleaner-burning natural gas, according to a report by analysts at Bernstein Research.
Eagle Bulk Suspends Dividend to Save Cash, Buy Ships
Eagle Bulk Shipping Inc., a transporter of iron ore and coal, suspended its 50-cent-a-share quarterly dividend to preserve cash and pay for ship orders.
Oil Exploration Spending May Fall 12% in 2009, Barclays Says
Spending on discovering and developing new sources of oil and natural gas may fall 12 percent in 2009 to $400 billion, according to a survey of 345 companies by Barclays Capital Research.
Spare Oil Capacity Will More Than Double by 2012, CERA Says
Spare production capacity in the oil industry will likely more than double through 2012, because of falling oil demand and new supply from investments already being made, said Cambridge Energy Research Associates.
Enel to Sell Power Lines to Terna for EU1.15 Billion
Enel SpA, Italy's largest utility, agreed to sell its power lines to Terna SpA for 1.15 billion euros ($1.59 billion) as part of a plan to repay debt following last year's takeover of Endesa SA.
Venezuela Calls for `Additional Efforts' From OPEC
Venezuela, the biggest oil exporter in the Americas, wants the Organization of Petroleum Exporting Countries to increase efforts to stem falling oil prices.
Alaska's Palin to Back Shell on Beaufort Sea Project
Alaska Governor Sarah Palin said the state will back a legal petition for rehearing by Europe's Royal Dutch Shell Plc after a federal appeals court ruled the company can't drill a well planned in the Beaufort Sea.
Shell May Revisit Oil-Sand Projects as Procurement Costs Drop
Royal Dutch Shell Plc said construction and engineering costs may fall in Canada, allowing Europe's largest oil producer to revisit plans to expand oil-sand projects.
Noble Plans to Change Incorporation to Switzerland
Noble Corp., the third-largest U.S. offshore oil driller, plans to change its incorporation to Switzerland from the Cayman Islands because of more favorable tax laws.
Fog May Prolong Halt to Ships to Texas Refineries
Fog forecast for coastal Texas Dec. 19 may prolong the closure of the ship channels used to supply crude oil to local refineries.
OPEC May Meet in Kuwait Jan. 19 to Consider More Cuts
OPEC may meet in Kuwait City on Jan. 19 to discuss further production cuts, according to Chakib Khelil, the president of the group.
HIGHLIGHTS FROM NEWSPAPERS
Exxon Delays Texas Gas Import Terminal on Hurricane, WSJ Says
Exxon Mobil Corp., the world's largest oil company, said storm surge from Hurricane Ike will delay the startup of a liquefied natural gas import terminal past the middle of next year, the Wall Street Journal reported, citing people briefed on the matter.
Trans-Mediterranean Gas Pipeline Loses Pressure, Ansa Reports
The Trans-Mediterranean natural-gas pipeline had one of its five lines closed following a sudden drop in pressure, Ansa reported, citing Mariconsult SpA, an energy research company owned by Eni SpA and Sonatrach.
Citgo Confirms Report That Fire Halted Texas Unit's Production
Citgo Petroleum Corp., a U.S. refiner owned by Venezuela's state-owned oil company, confirmed a newspaper report that a fire halted output at a unit of a plant in Corpus Christi, Texas.
To contact the reporter on this story: Todd Zeranski in New York at tzeranski@bloomberg.net
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