INSIDE U.S. OIL TODAY’S MARKETS

INSIDE U.S. OIL
Thursday, November 6 , 2014
Futures (Front Month)
NYMEX light crude
Close
Net Change Pct Change U.S. Cash Crude
$78.68
$1.49
1.89
NYMEX RBOB gasoline
$2.09
$0.01
0.42
NYMEX heating oil
$2.44
$0.00
0.16
$82.95
$0.13
0.16
$729.50
$3.25
0.45
Brent/WTI spread
-$4.27
$1.36
31.85
Reuters 321 Crack Spread
$13.89
-$1.30
9.36
ICE Brent crude
ICE gas oil
CHART OF THE DAY
Click on the chart for full-size image
Price
Net Change Differential Diff Change
Light Louisiana Sweet
$81.76
$1.43
3.13
Poseidon
$76.51
$1.26
1.85
$0.10
Thunder Horse
$79.51
$1.46
1.10
-$0.07
U.S. Cash Crude Products
(Values in Cents/Gal)
NYH Prompt Heating oil
NYH RBOB
USG ULSD
USG Prompt Gasoline
Price
226.25
212.27
239.25
204.27
-$0.02
Net Change Differential Diff Change
-4.53
1.61
-2.03
4.11
-18.00
2.75
-4.25
-1.00
4.00
0.25
0.75
4.25
JOHN KEMP ON MARKETS
COLUMN– U.S. crude export controls are crumbling
In the three months ending in August, the United States and Canada
swapped a record amount of crude oil with each other, one of the more
bizarre consequences of outdated U.S. export controls.
John Kemp is a Reuters market analyst. The views expressed are his own.
Click here to read the rest of his column
TODAY’S MARKETS
MARKET NEWS
 ECB to wait for stimulus to sink in, Draghi style in limelight
 Gunmen storm Libya's El Sharara oilfield, shut down
production
 BHP's U.S. oil export plan met by caution in Asia
 U.S. oil stockpiles rise while products decline - EIA
 Lacking drilling prospects, Statoil takes rigs out of fleet
 Emboldened republicans to strike early on Keystone
pipeline approval
 Australia's Woodside opens door to resolving E.Timor
gas dispute
 India's ONGC Videsh eyes stake in Tullow Oil's Africa
assets - source
REFINERY NEWS
 Fire reported at Rosneft's Saratov refinery
OIL: Brent crude oil was steady below $83 a barrel as apparent momentum towards a deal between Iran and world powers over its nuclear
programme and higher U.S. inventories offset supply shocks in the Middle East. "If sanctions on Iran are eased, one needs to review once
again the supply and demand balance," said Olivier Jakob of Petromatrix, a Swiss energy consultancy.
FOREX: The dollar steadied after hitting a seven-year high against the
yen as traders sold into a steep rally ahead of a European Central Bank
meeting later in the session and U.S. nonfarm payrolls data on Friday.
"It's always a little odd when you start rolling out programmes on top of
others -- it smacks of panic and that's certainly not what the ECB would
want to portray," said Neil Mellor, an FX strategist at Bank of New York
Mellon in London.
GLOBAL MARKETS: The euro edged higher and European stocks
pulled back as investors waited to see what message ECB chief Mario
Draghi will send after the European Central Bank's monthly meeting,
following another run of poor euro zone data. "The market feels great,"
said Nick Lawson Managing Director in Global Markets Equity at
Deutsche Bank.
U.S. EVENTS TO WATCH TODAY (EST)
 U.S. WEEKLY JOBLESS CLAIMS (0830)
 BP Whiting, Ind., refinery restarting coker - sources
 U.S. LABOR COSTS Q3 (0830)
 Exxon Torrance refinery plans Feb FCCU overhaul –
BEYOND THE HEADLINES
sources
 Shell plans April shutdown of crude unit at Sarnia refinery
 Breakingviews-Saudis drop gavel on OPEC confab three weeks early
OIL ANALYTICS: ASIA SWAPS FORWARD CURVE
INSIDE U.S. OIL
November 6, 2014
OIL ANALYTICS: ASIA SWAPS FORWARD CURVE (0830 GMT)
ICE BRENT FUTURES FORWARD
ICE Brent Fut. Fwd Curve
1M 2M
3M
4M
5M
DUBAI SWAPS FORWARD CURVE
1M - 1Y 1M
Yield
87.15
86.00
6M
7M
8M
9M 10M
Dubai Swaps Fwd Curve
84.00
82.00
.12
80.00
.12
1Y 1M
1M 2M
FO180 FOB CARGO SG FWD CURVE
FO180 FOB Cargo SG Fwd Curve
1M - 1Y 1M
Yield
85.29
84.00
3M
4M
5M
6M
7M
8M
9M 10M
1Y 1M
FO3.5% BARGES ARA FORWARD CURVE
6M - 6M
Yield
476.75
475.00
FO3.5% Barges ARA Fwd Curve
1M - 1Y 1M
Yield
448.50
445.00
440.00
470.00
435.00
465.00
430.00
.12
.12
6M
1M 2M
FO380 FOB CARGO SG FORWARD CURVE
FO380 FOB Cargo SG Fwd Curve
3M
4M
5M
6M
Naphtha CFR Japan Fwd Curve
1M - 1Y 1M
Yield
469.75
470.00
5M
6M
7M
8M
9M 10M
1Y 1M
6M - 6M
Yield
709.25
690.00
.12
.12
4M
9M 10M
700.00
460.00
3M
8M
NAPHTHA CFR JAPAN FORWARD CURVE
465.00
1M 2M
7M
6M
1Y 1M
2
INSIDE U.S. OIL
November 6, 2014
OIL ANALYTICS: ASIA SWAPS FORWARD CURVE (0830 GMT)
NAPHTHA CIF NWE FORWARD CURVE
Naphtha CIF NWE Fwd Curve
1M 2M
3M 4M
5M
NAPHTHA FOB SG FWD CURVE
1M - 1Y 1M
Yield
688.25
680.00
6M
7M 8M
9M 10M
Naphtha FOB SG Fwd Curve
1M - 1Y 1M
Yield
76.00
76.00
670.00
75.00
660.00
650.00
.12
74.00
.12
1Y 1M
1M 2M
ICE GO FUT. FWD CURVE
3M
4M
5M
6M
7M
8M
9M 10M
1Y 1M
GO FOB CARGO SG FORWARD CURVE
ICE GO Fut. Fwd Curve
6M - 6M
Yield
723.00
GO FOB Cargo SG Fwd Curve
1M - 1Y 1M
Yield
99.69
99.00
722.70
98.00
97.00
722.40
722.25
.12
.12
6M
1M 2M
JET FUEL FOB CARGO SG FWD
Jet Fuel FOB Cargo SG Fwd Curve
1M - 1Y
Yield
100.24
100.00
99.00
98.00
.12
1M 2M
5M
6M
7M
11M 1Y
3
3M
4M
5M
6M
7M
8M
9M 10M
1Y 1M
INSIDE U.S. OIL
November 6, 2014
MARKET NEWS
ECB to wait for stimulus to sink in, Draghi style in limelight
Gunmen storm Libya's El Sharara oilfield, shut down production
FRANKFURT, Nov 6 (Reuters) - The European Central Bank is
set to stick to the policy path laid out over the summer when it
meets on Thursday, waiting for its stimulus to unfold before considering further steps.
The November policy meeting takes place against a backdrop of
meager growth prospects for the euro zone and mounting discomfort among Governing Council members over ECB President Mario Draghi's leadership style.
Reuters reported on Tuesday that national central bankers in
the euro area plan to challenge Draghi over what they see as
his secretive management style and erratic communication.
But little to no action is expected on further stimulus.
To keep the euro zone from slipping into deflation, the ECB has
started pumping more money into the banking system through
purchases of private debt and offers of long-term loans, aiming
to boost its balance sheet by up to 1 trillion euros.
BENGHAZI/TUNIS, Nov 5 (Reuters) - Gunmen seized Libya's
major El Sharara oilfield, looting equipment and shooting as
frightened workers sought shelter, oil sources said on Wednesday, in another blow to the country's oil industry which has been
subjected to protests and militia blockades.
It was unclear exactly what happened at the field, which at
maximum capacity produces about 340,000 barrels per day. It is
Libya's biggest operational field, located in the remote south
where rival tribes have clashed since Muammar Gaddafi was
ousted three years ago. The closure is a blow to government
efforts to keep oil production isolated from the spreading chaos
in the North African country, where two prime ministers, parliaments and army chiefs of staff compete for control.
The closure will lower the OPEC member's oil production, last
reported at around 800,000 bpd, by at least 200,000 bpd.
BHP's U.S. oil export plan met by caution in Asia
U.S. oil stockpiles rise while products decline - EIA
SINGAPORE, Nov 6 (Reuters) - Asian buyers of condensate
said they would be wary of taking cargoes of the ultra-light oil
that BHP Billiton Ltd plans to export from the Gulf of Mexico
without explicit approval from the U.S. government.
Anglo-Australian mining firm BHP Billiton, one of the largest
producers in the Eagle Ford shale patch in southern Texas, is
testing the limits of an increasingly contentious ban on foreign
sales of U.S. crudes.
BHP said this week it "took the necessary time to thoroughly
examine the issues" and determined its lightly processed ultralight Eagle Ford oil met the legal criteria for exports.
Potential Asian buyers of the BHP oil, however, said they would
be cautious about buying any cargoes of U.S. condensate without a clear ruling from the government there.
Nov 5 (Reuters) - U.S. crude stocks rose but less than forecast
last week, while gasoline and distillate inventories fell, data from
the Energy Information Administration showed on Wednesday.
Crude inventories edged up 460,000 barrels in the week to Oct.
31, compared with analysts' expectations for an increase of 2.2
million barrels.
U.S. crude imports fell 426,000 barrels per day.
Stocks at the Cushing, Oklahoma, delivery hub for the U.S.
benchmark West Texas Intermediate crude futures fell 551,000
barrels, EIA said.
The spread between the front-month contracts of WTI and Brent
were at about $5 a barrel at around 1555 GMT. U.S. crude futures traded up more than $2 at above $79 a barrel while
Brent gained over $1 to above $84.
Lacking drilling prospects, Statoil takes rigs out of fleet
Emboldened republicans to strike early on Keystone pipeline approval
OSLO, Nov 6 (Reuters) - Norwegian energy firm Statoil idled
two drilling rigs on Thursday due to high costs and lack of work,
as it continues to scale back operations when a year ago it was
paying near record rates to secure drilling capacity.
The firm is cutting capital expenditure, delaying or cancelling
projects to save cash after a ten-year spending spree and a
nearly 30 percent fall in crude prices since June.
Statoil said it suspended a Transocean and a Songa Offshore rig until the end of the year and may extend those suspension as it seeks drilling prospects.
Oil firms paid more than $600,000 per day for top specification
deepwater rigs last year but rates have dipped under $400,000
recently. The market is struggling with overcapacity as speculative, uncontracted vessels, ordered during the boom times, are
delivered.
WASHINGTON, Nov 5 (Reuters) - Senate Republicans will
charge ahead early in 2015 with a bill to approve the longstalled Keystone XL oil pipeline from Canada, a move that
would back President Barack Obama into a corner and set the
tone for how the party taking control of Congress will govern the
next two years.
The $8 billion project would deliver heavy Canadian oil sands
crude from Alberta to Nebraska and make it easier to deliver oil
from North Dakota’s Bakken region to the U.S. Gulf Coast. It
has languished for six years awaiting presidential approval,
which is needed because the pipeline crosses a national border.
Legislation earlier this year to approve the pipeline in a proposed end-run around the administration already had an estimated 57 votes in the 100-member Senate, and is now thought
to have a filibuster-proof 61 votes after Republican gains in
Tuesday's mid-term elections.
In addition, Republican Senator John Hoeven of North Dakota,
who has authored several Keystone bills in the past, will propose a new bill for Congress to use the Foreign Commerce
Clause of the U.S. Constitution to green light the pipeline without the need for presidential approval.
4
INSIDE U.S. OIL
November 6, 2014
MARKET NEWS (Continued)
Australia's Woodside opens door to resolving E.Timor gas
dispute
India's ONGC Videsh eyes stake in Tullow Oil's Africa assets - source
TOKYO, Nov 6 (Reuters) - Australia's Woodside Petroleum is in
talks with East Timor on building an onshore gas plant, potentially removing one of the major barriers to developing gas fields
that could provide billions of dollars to one of the world's poorest
countries.
Another major obstacle is a dispute between East Timor and its
wealthy neighbour Australia on sharing revenue from the
Greater Sunrise fields, which lie between the two countries.
Both nations have said they are working to resolve the decadeslong row but it's not clear how long they will take.
Woodside Chief Executive Peter Coleman said partners on the
Greater Sunrise project, which remains undeveloped 40 years
after the gas fields were discovered, were talking to the East
Timor government and the discussions included the possibility
of building an onshore liquefied natural gas plant in East Timor.
His comment, in an interview with Reuters, was the first public
confirmation that the Greater Sunrise partners are not completely wedded to building a floating LNG plant, which has long
been their preferred option and which has been opposed by the
East Timor government.
NEW DELHI, Nov 6 (Reuters) - India's ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp, is looking to
buy a stake in the assets of Africa-focused exploration company
Tullow Oil Plc , a source with direct knowledge of matter said.
India, the world's fourth biggest oil consumer, has charged state
oil firms with acquiring assets overseas to improve the security
of its energy supplies. The country imports about 80 percent of
its crude needs.
ONGC Videsh aims to get 400,000 barrels per day (bpd) of
crude from its overseas assets by 2018, compared with about
167,000 bpd produced from overseas holdings in the fiscal year
to March 2014, ONGC's chairman said in October.
To meet its objective the company is looking at acquisitions,
preferably of producing assets, in politically less risky countries.
Tullow Oil declined to comment to Reuters when asked if it was
in talks with ONGC or others on a stake sale.
REFINERY NEWS
Fire reported at Rosneft's Saratov refinery
Exxon Torrance refinery plans Feb FCCU overhaul –
sources
MOSCOW, Nov 6 (Reuters) - A fire broke out at a pumping unit
at Saratov oil refinery located in Russia's Volga river region and
owned by Rosneft, Emergencies Ministry said on Thursday,
adding that the fire was extinguished.
The local unit of the ministry said on its website it had received a
call about the fire at the 120,000 barrels-per-day plant at 0556
local time (0256 GMT).
A probe into the incident has been launched and no one was
hurt, it said. Rosneft declined immediate comments.
HOUSTON, Nov 5 (Reuters) - Exxon Mobil plans to overhaul
the 100,000 barrel-per-day (bpd) gasoline-producing fluidic
catalytic cracking unit at its 149,500 bpd Torrance, California,
refinery in February, said sources familiar with the refinery's
plans.
The work is expected to take at least a month to complete, the
sources said.
Shell plans April shutdown of crude unit at Sarnia refinery
BP Whiting, Ind., refinery restarting coker - sources
HOUSTON, Nov 5 (Reuters) - BP Plc was restarting the
102,000 barrel-per-day (bpd) coking unit on Wednesday at its
413,500 bpd Whiting, Indiana, refinery, said sources familiar
with operations at the refinery.
The coker shut down overnight, the sources said. The shutdown
was unplanned and refinery officials were attempting to determine the cause of the shutdown.
Energy industry intelligence service Genscape said decreased
activity was seen on the unit on Tuesday.
A BP spokesman declined to discuss operations at the refinery.
A coking unit refines residual crude into feedstocks or converts
the gunky oil into petroleum coke, which can be used as a coal
substitute.
NEW YORK, Nov 5 (Reuters) - Royal Dutch Shell plans to shut
one of two crude units at its 70,000-barrel-per-day refinery for
45 days in April, a person familiar with the operations said.
The 35,000-bpd crude unit is being shut down in order to replace the desalter, which removes salt from crude oil, the person said.
The shutdown is expected to begin on April 1, but could be
postponed a few weeks depending on the market, the person
said.
A company spokesman could not immediately be reached for
comment.
5
INSIDE U.S. OIL
November 6, 2014
BEYOND THE HEADLINES
COLUMN-U.S. crude export controls are crumbling
ucts refined from it end up.
Refiners in both the United States and Canada can export gasoline, diesel, home heating fuel and jet fuel almost anywhere in
the world without any restrictions.
CRUMBLING CONTROLS
In the words of the 1979 Export Administration Act, "it is the
policy of the United States to use export controls ... to restrict
the export of goods where necessary to protect the domestic
economy form the excessive drain of scarce materials and to
reduce the serious inflationary impact of foreign demand" (Section 3(2)(C)).
But if that is the purpose of the crude export controls, they are
both failing and unnecessary. The ban has become a sort of
leaky dam. In August 2014, the United States produced 8.6
million b/d of crude (including condensates). But it exported
390,000 b/d of crude, as well as 1.3 million b/d of diesel,
400,000 b/d of gasoline, 200,000 b/d of jet fuel, 330,000 b/d of
heavy fuel oil and 550,000 b/d of petroleum coke.
All told, crude and product exports from the United States
amounted to more than half of total domestic crude production.
Given the law of one price, U.S. consumers and businesses
cannot be protected from international price fluctuations when
so much crude and products is already being sent abroad.
Even the remaining restrictions are beginning to crumble. Two
companies have received permission from the U.S. government
to export minimally processed condensates, in a controversial
ruling earlier this year by the Commerce Department.
Now a third company, BHP Billiton, relying on those earlier rulings as a precedent, is moving to export condensates without
securing prior clearance, in effect daring the government to
commence enforcement proceedings ("New oil shipment shows
cracks in U.S. export ban," WSJ, Nov. 4).
Consumers and businesses in North America already pay international prices for refined fuels (adjusted by the cost of transport) -- as shown in a recent series of studies by the U.S. Energy Information Administration and private consultants.
So the idea that the U.S. crude export ban is reserving scarce
petroleum supplies for consumers and businesses in the United
States (and Canada) or protecting them from price increases is
simply wrong.
TRANSATLANTIC PARTNERS?
The main effect of the remaining crude export controls is to distort trade in crude oil and refined products (as well as creating
an enormous amount of lucrative work for lawyers).
The United States and Canada have now created in practice
what they have long had in theory: a free trade area in crude oil.
But like other regional free trade agreements, this one discriminates against trading partners outside the area.
In effect, the export controls divert U.S. crude towards Canada
when it might be more profitable and more efficient to sell it to
refiners elsewhere.
The European Union, where refineries are particularly disadvantaged by the export ban, has begun to press the United States
for it to be lifted as part of an eventual Transatlantic Trade and
Investment Partnership agreement.
"I think unquestionably there will be pressure internally in the
U.S. as well as externally from others like Europe, who should
be putting much more pressure on the U.S. than they are quite
frankly" to ease the ban, Ian Taylor, the head of Vitol, the
world's largest independent oil trader, told Reuters in an interview earlier this week.
"There's no doubt there's going to be more and more lobbying
for the free flow of crude oil," he added ("U.S. oil patch still Klondike for world's biggest traders", Nov. 5).
TIME FOR CONGRESS TO ACT
In the meantime, the remaining export controls resemble a bi-
By John Kemp
LONDON, Nov 6 (Reuters) - In the three months ending in August, the United States and Canada swapped a record amount
of crude oil with each other, one of the more bizarre consequences of outdated U.S. export controls.
Because U.S. oil producers cannot export crude oil to any other
country, crude is sent north to refineries in Canada, even if it
would make more sense to ship it to refineries in Europe, Latin
America or Asia.
In some instances, crude is even shipped past U.S. refineries on
the East Coast that want to take it and on up north because of
the antiquated restrictions on coastwise trade within the United
States imposed by the Jones Act ("Canada's far east refinery
swaps Iraqi crude for U.S. shale", Nov. 4).
U.S. oil producers have been permitted to export unrefined petroleum to Canada since the 1980s, when the Reagan administration exempted Canadian refiners from the general ban on
crude exports.
In June 1985, President Ronald Reagan issued a formal determination that "domestic crude oil may be exported to Canada for
consumption or use therein."
As required by law, the president made formal findings that
crude exports were in the national interest; would not diminish
the total quantity or quality of crude available in the United
States; would not increase reliance on imported oil; and were
consistent with the Export Administration Act of 1979 and the
Energy Policy and Conservation Act of 1975.
In December 1988, shortly before leaving office, Reagan made
additional findings to permit exports of up to 50,000 barrels per
day (b/d) of more severely restricted Alaskan crude for consumption or use in Canada as part of the U.S.-Canada Free
Trade Agreement.
But in an era when U.S. oil production was declining and the
country was increasingly relying on imports to supply its refineries, domestic oil producers made little use of this flexibility to
market unrefined oil north of the border. Between 1985 and
2011, U.S. exports to Canada generally averaged well under
50,000 b/d, according to the U.S. Energy Information Administration (EIA).
Thanks to the shale revolution, however, U.S. output has
jumped by more than 3.7 million b/d (75 percent) since 2007.
Increasing amounts of U.S. crude are now being exported north
as producers and traders try to find alternatives to saturated
markets at home. Between June and August 2014, a record
378,000 b/d of U.S. crude was exported for refining in Canada.
But at the same time as more and more U.S. crude is heading
north, a record amount of Canadian is heading south. In the
same three months, Canada exported a record 2.8 million b/d of
crude to the United States -- up from 2.5 million in the same
period in 2013 and 2012, 2.2 million in 2011 and just 1.5 million
b/d back in 2003. (http://link.reuters.com/zyc43w)
SINGLE REFINING AREA
Two-way trade in crude allows both countries to optimise their
refining assets. Light U.S. crude is being exchanged for heavier
Canadian production to enable refineries on both sides of the
border to use their distillation facilities more efficiently.
In effect, North America is fast becoming a single refining area
with free trade in both crude and refined products between the
United States and Canada. But it also makes a complete mockery of the remaining restrictions on crude oil exports to the rest
of the world.
In theory, U.S. crude can be exported to Canada for
"consumption or use therein" but once the oil has left the United
States there are no records and no controls on where the prod-
6
INSIDE U.S. OIL
November 6, 2014
BEYOND THE HEADLINES (Continued)
zarre relic. They don't protect U.S. consumers and businesses
from fuel shortages. They don't limit price rises. They don't even
really stop the export of oil any more. They just create numerous
distortions, legal uncertainty, and provide a full employment act
for lobbyists, lawyers and government staff.
In January 2014, Lisa Murkowski, the top-ranked Republican on
the Senate Energy and Natural Resources Committee, called
the patchwork of controls on export controls "antiquated" and
insisted "it is time to renovate this regulatory edifice, modernizing it for a 21st century in which the United States is a forwardleaning, outward-facing leader on energy, the environment and
trade."
Then she was merely a member of the relatively powerless minority. From January 2015, when the 114th Congress assembles, she will likely be the committee chair, and one of the most
influential policymakers on energy matters for a Republican
Party that will control both chambers of Congress.
It is time to act.
as it lowered the price of crude cargoes bound for the United
States, the kingdom reversed most of the discount it slapped
onto Asian oil shipments last month. On balance, though, the
country's actions over the past few weeks suggest it is willing to
sacrifice profit to hold on to market share as it grapples with
slower global growth and booming oil production by shale drillers in the United States.
That's bad news for the weaker members of the 12-nation suppliers' alliance, who were counting on the Saudis to defend triple
-digit crude prices. These OPEC producers have few levers to
pull. Venezuela, for example, may be Latin America's biggest oil
producer and have the most proven reserves of the cabal. But it
needs $117-a-barrel oil to pay its bills. And it and other countries losing money at current prices cannot afford to share the
pain of production cuts.
Venezuela says it is working with Ecuador on a proposal to prop
up prices. But this is unlikely to amount to much. Saudi Arabia
isn't interested and has the financial firepower to withstand low
prices almost indefinitely.
The kingdom's lack of urgency suggests it may be happy to
keep oil flowing in the hope that low prices eventually force
some U.S. shale producers out of the market. Of course, if the
price falls much further, the chances rise of a production cut
after the Nov. 27 meeting. If Saudi Arabia manages to convince
other Gulf states to make symbolic cuts, OPEC might even be
able to keep up the façade of being a functioning cartel for a
while longer. Whatever the decision, though, it's likely to be
taken in Riyadh.
(John Kemp is a Reuters market analyst. The views expressed
are his own)
Breakingviews-Saudis drop gavel on OPEC confab three
weeks early
By Kevin Allison
CHICAGO, Nov 5 (Reuters Breakingviews) - Saudi Arabia has
brought the gavel down on OPEC's November confab three
weeks early. Brent crude, the main global benchmark, hit a fresh
four-year low of $82.55 on Wednesday, two days after the cartel's swing producer cut the official price it charges U.S. buyers
for its oil. Cash-strapped members like Venezuela can bray all
they want about the need to rein in supply. But Saudi Arabia's
view is the only one that counts.
Investors may be overreacting to the latest Saudi moves. Even
(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own.)
7
INSIDE U.S. OIL
November 6, 2014
ANALYTIC CHARTS
Daily NYMEX Crude - 30 Min
Daily ICE Brent Crude - 30 Min
Daily ICE Gas Oil - 30 Min
Daily NYMEX RBOB Gasoline - 30 Min
Daily ICE Heating Oil - 30 Min
Daily NYMEX Heating Oil - 30 Min
(Inside U.S. Oil is compiled by Renuka Vijay Kumar in Bangalore)
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