Energy Update

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US ethanol's recent pursuit of gasoline's nosedive has reminded Jordan Godwin of the Gin Blossoms classic, "Follow You Down."

(Fri, 22 Jan 2016) An upcoming winter storm has resulted in blizzard watches in major Mid-Atlantic cities, including Washington, DC, Baltimore, Philadelphia, and New York City. Nearly 75 million people are in regions expected to be affected by the storm. In addition to record levels of snowfall, affected areas could experience high winds as well as coastal storm surges and flooding in susceptible regions.

* Petronas plans spending cuts worth 50 bln ringgit over 4 years

* Sanctions also lifted from China's state-run Zhuhai Zhenrong (Adds quote from Lloyd's Market Association)

* 2015 revenue of A$3.2 bln misses market forecasts (Adds S&P downgrade, 2016 production outlook)

TOKYO, Jan 22 (Reuters) - Japan on Friday lifted sanctions on Iran, falling in line with major world powers after the United Nations atomic energy agency confirmed last weekend that Tehran had fully taken steps to curb its disputed nuclear programme.

* But overall oil fundamentals remain bearish as crude stocks soar (Adds weather info, technical outlook and chart, Brent prices)

TOKYO, Jan 22 (Reuters) - Japan on Friday lifted sanctions on Iran, falling in line with major world powers after the United Nations atomic energy agency confirmed last Saturday that Tehran had fully taken steps to curb its disputed nuclear programme.

RIO DE JANEIRO, Jan 21 (Reuters) - A Brazilian federal court on Thursday ordered the suspension of activities at Vale SA's Port of Tubarão until pollution concerns are fixed, halting the world's largest iron ore exporter's ability to ship more than a third of its output.

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