The smallest price gap between U.S. and European oil in 2 1/2 years probably will be short-lived because American stockpiles are too high, according to Brad Olsen, a Tudor Pickering Holt & Co. analyst.
Hess Corp., the energy company that recently settled a proxy fight with Paul Singer, began the sale of its oil-terminal network and is seeking $1 billion for the asset, said people familiar with the matter.
Marathon Petroleum Corp., the crude refiner that was spun off from Marathon Oil Corp. in June, will consider an initial public offering for its pipeline assets that may be worth as much as $6.2 billion.
Stocks fell, pulling the Standard & Poor’s 500 Index down from a record, and commodities slid as reports showed weaker growth in global manufacturing and private U.S. payrolls. Treasuries remained higher as the Federal Reserve reiterated its commitment to asset purchases.