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Oil

Houston (Platts)--19Jun2013/301 pm EDT/1901 GMT
The US residual fuel oil hi-lo, the spread between Atlantic Coast 1.0%S and Gulf Coast 3.0%S, contracted 35 cents on Tuesday, clawing back the increase of Monday, as weak global demand continues to keep US fuel oil values relatively weak.
London (Platts)--19Jun2013/148 pm EDT/1748 GMT
Commercial crude stocks in Cushing, Oklahoma, the delivery point for the NYMEX crude contract, dropped for the third consecutive week, hitting its lowest level yet in 2013, US Energy Information Administration data showed Wednesday.
London (Platts)--19Jun2013/816 am EDT/1216 GMT
North Sea Forties crude oil has garnered greater support than some other sweeter North Sea grades recently from arbitrage flows from the region and healthy demand for sourer crudes.
London (Platts)--19Jun2013/710 am EDT/1110 GMT
Nigerian crude values remained listless as demand dried up with about 10 cargoes unsold in the July loading program, sources said Wednesday.
Houston (Platts)--18Jun2013/227 pm EDT/1827 GMT
Total capital spending in 2012 for the top 100 US producers, including acquisitions, rose 18% year over year to the highest level on record at $316.6 billion, driven by development capital spending of a combined $208 billion, according to a study released Tuesday by a top boutique investment bank.
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Natural Gas

Washington (Platts)--19Jun2013/502 pm EDT/2102 GMT
Traded volumes of physical US natural gas have over the last year dropped to the lowest level since 2009 -- the year the credit crisis' impact was most keenly felt -- because of a lack of transport spreads and the departure of several market players, a Platts analysis shows.
Moscow (Platts)--19Jun2013/729 am EDT/1129 GMT
Russia's Gazprom has no plans to link the price of gas to be supplied to China under a long term contract to US spot gas prices, the company said in a statement Wednesday, citing Gazprom CEO Alexei Miller.
Beijing (Platts)--19Jun2013/457 am EDT/857 GMT
State-owned China National Petroleum Corp said Wednesday it has started building the country's first dedicated shale gas pipeline in central Sichuan province.
Sydney (Platts)--19Jun2013/413 am EDT/813 GMT
The Australian oil and gas industry has condemned as "anti-development" federal legislation passed by the Senate Wednesday which introduces new regulation of coal and coalseam gas projects that impact water resources.
Sydney (Platts)--19Jun2013/351 am EDT/751 GMT
The first steel has been cut for the hull of the Ichthys Floating Production, Storage and Offloading vessel, meaning that work on all major offshore facilities for the Ichthys gas project off Western Australia are under way, project operator Japan's Inpex said Wednesday.
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Electric Power

Washington (Platts)--19Jun2013/304 pm EDT/1904 GMT
The Tennessee Valley Authority will pay rather than appeal a $70,000 fine levied by the US Nuclear Regulatory Commission in connection with violations of quality assurance regulations at a nuclear plant under construction, the federal power producer said late Tuesday.
Houston (Platts)--19Jun2013/151 pm EDT/1751 GMT
Generation capacity acquired by Entergy through its weekly procurement process quadrupled in March through May 2013, compared with the same period of 2012, according to a recent report by the company's independent coordinator of transmission.
London (Platts)--19Jun2013/826 am EDT/1226 GMT
French prompt power prices were bullish Wednesday following two unplanned outages at EDF's 1.3 GW St Alban 2 and 900 MW Dampierre 2 nuclear reactors, unexpectedly removing a total 2.2 GW of capacity from the grid, at a time when temperatures are forecast to fall back toward normal levels, market sources said.
Washington (Platts)--18Jun2013/334 pm EDT/1934 GMT
The uranium spot price has halted its decline and appears to be firming up closer to the $40/lb price level, as sellers have been unwilling to part with large volumes of material at prices below that level, market sources said Tuesday.
Houston (Platts)--18Jun2013/231 pm EDT/1831 GMT
The existing Midcontinent Independent System Operator footprint would require between zero and 20,600 MW of fossil-fuel generation built by 2028 under five scenarios presented Tuesday to a MISO panel.
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Coal

Louisville, Kentucky (Platts)--19Jun2013/503 pm EDT/2103 GMT
Morien Resources expects an early fall purchase of Xstrata Coal's 75% stake in the $500 million Donkin Coal Project on Nova Scotia's northeast coast, according to CEO John Budreski.
London (Platts)--19Jun2013/727 am EDT/1127 GMT
South African junior miner Coal of Africa Limited (CoAL) said Wednesday a definitive feasibility study has determined 12.6 million mt/year of run-of-mine coal production at its flagship Makhado coking coal project over a 16-year mine-life.
Perth (Platts)--19Jun2013/520 am EDT/920 GMT
High-profile mine closures have taken 18 million mt/year of supply out of the global coking and thermal coal seaborne market over the past year, but coal supply available to the market has actually increased in this period, Sydney-based commodity analysts at Swiss bank UBS said in a report Wednesday.
Perth (Platts)--19Jun2013/449 am EDT/849 GMT
Australian coal entrepreneur Nathan Tinkler has divested his 19% stake in coal producer Whitehaven Coal to existing shareholders, Whitehaven said Wednesday in a filing with the Australian Securities Exchange, following a failed attempt last year to increase his stake in the company to 100%.
Washington (Platts)--18Jun2013/116 pm EDT/1716 GMT
US federal regulators will conduct a separate environmental review for each of three proposed coal-export projects in the Pacific Northwest, rather than a broad, single review of the impact of all three projects, a US Army Corps of Engineers official said Tuesday.
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Shipping

London (Platts)--19Jun2013/709 am EDT/1109 GMT
Istanbul 380 CST high sulfur fuel oil and marine gasoil prompt prices are set to keep rising due to low stocks as local Turkish refineries cut bunker production, sources said.
London (Platts)--18Jun2013/228 pm EDT/1828 GMT
Although fixtures are still scarce, freight rates in the Atlantic picked up Tuesday on increased activity in both the Capesize and Supramax sectors, market sources said.
London (Platts)--18Jun2013/735 am EDT/1135 GMT
Norway's classification society and risk manager DNV said Tuesday it has been selected by the International Maritime Organisation to study the potential of LNG-fueled shipping in the North American Emission Control Area.
Manila (Platts)--18Jun2013/658 am EDT/1058 GMT
Shipowners are become more optimistic that the freight market is poised to recover as they order new dry bulk vessels despite the prolonged crash in charter rates, shipping sources said Tuesday.
Bonn (Platts)--17Jun2013/803 am EDT/1203 GMT
Through-shipping on the German Danube resumed Sunday when the the last flood-closed 50 km (31 miles) stretch of the river returned to below flood levels, a duty officer at the Danube Authority's Regensburg station said Monday.
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Petrochemicals

Houston (Platts)--19Jun2013/147 pm EDT/1747 GMT
US propane and propylene stocks rose 3.46 million barrels to 53.12 million barrels the reporting week ended Friday, according to an Energy Information Administration report released Wednesday.
Tokyo (Platts)--18Jun2013/1032 pm EDT/232 GMT
The Asian polyethylene terephthalate production margin flipped to negative territory early Wednesday -- for the first time since the Asian close on April 17 -- as Chinese produces lowered their PET offers to reduce inventories.
Houston (Platts)--18Jun2013/230 pm EDT/1830 GMT
Gevo has resumed commercial production of isobutanol at its plant in Luverne, Minnesota, in single train mode, the company said Tuesday.
London (Platts)--18Jun2013/704 am EDT/1104 GMT
Negotiations between the US and Europe to address transatlantic import duties, non-tariff barriers to trade and trade facilitation would lead to the elimination of import duties on the Eur48 billion ($64 billion) worth of chemicals traded in 2012 between both markets, the European Chemical Industry Council (Cefic) said Tuesday.
Singapore (Platts)--18Jun2013/246 am EDT/646 GMT
The price spread in Asia between styrene monomer and its main feedstock benzene soared to an all-time high of $437/mt Monday, as SM prices jumped on tight supply, Platts data showed.
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Metals

New York (Platts)--19Jun2013/505 pm EDT/2105 GMT
Outspoken Nucor Executive Chairman Daniel DiMicco said his to-do list before leaving at the end of 2013 does not include mulling any purchase by his company of the Alabama sheet rolling mill that German steelmaker ThyssenKrupp has been shopping.
Liverpool (Platts)--19Jun2013/801 am EDT/1201 GMT
Some European steel producers are under pressure from customers to provide contracts with steel prices fixed for a year with no index-linked raw material clauses, sources throughout the steel supply chain have told Platts.
Singapore (Platts)--19Jun2013/628 am EDT/1028 GMT
The board of Taiwan's China Steel Corp (CSC) has approved a $62.46 million investment for a 19% stake in Sakura Ferroalloys Sdn Bhd, a joint venture producing ferromanganese in Sarawak, Malaysia, CSC said Wednesday.
Melbourne (Platts)--19Jun2013/358 am EDT/758 GMT
Australia's Liberty Resources said Wednesday it has been granted an exploration permit for a coking coal tenement in Queensland's Bowen Basin that is "completely encompassed" by mines operated by global producers.
New York (Platts)--18Jun2013/335 pm EDT/1935 GMT
Iron ore's reign over steelmaking's metallics realm will near an end, according to Karlis Kirsis, managing partner of consultancy World Steel Dynamics (WSD), who said Tuesday that "iron ore will no longer be king" because China's obsolete scrap reservoir will grow to massive proportions over the next decade or so.
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