Brent dips towards $103 on US demand worries
2013-05-22 08:54:31 GMT : (Markets - Energy/Europe)
LONDON: Brent crude oil dropped towards $103 per barrel on Wednesday after data showing a surprise jump in US gasoline stockpiles sparked worries that summer demand in the world's top oil consumer could be weaker than expected.The American Petroleum Institute said late on Tuesday US gasoline inventories rose by 3 million barrels last week, suggesting the US domestic fuel market would be well s...
Oil down in Asian trade
2013-05-22 05:51:04 GMT : (Markets - Energy/Asia)
SINGAPORE: Oil was down in Asia on Wednesday as traders waited for the release of the latest energy inventory report from the United States, analysts said.Weak demand and surging crude stockpiles in the world's biggest economy have put downward pressure on prices and limited gains.New York's main contract, West Texas Intermediate light sweet crude for delivery in July, dropped 48 cents to ...
Oil down in Asian trade
2013-05-22 05:08:42 GMT : (Markets - Energy/Asia)
SINGAPORE: Oil was down in Asia on Wednesday as traders waited for the release of the latest energy inventory report from the United States, analysts said.Weak demand and surging crude stockpiles in the world's biggest economy have put downward pressure on prices and limited gains.New York's main contract, West Texas Intermediate light sweet crude for delivery in July, dropped 42 cents to ...
US natgas futures rise more than 2pc on warm weather
2013-05-21 21:59:41 GMT : (Markets - Energy/Americas)
NEW YORK: US natural gas futures rose more than 2 percent on Tuesday, extending gains for a third straight session, as warmer weather blanketing much of the nation boosted demand for air conditioning."The natural gas rally continued for yet another session, not a major surge, but a decent three-day rally which is looking more like new buying is starting to come back into the market after two weeks...
Oil falls on rising US gasoline stocks
2013-05-21 21:51:00 GMT : (Markets - Energy/Americas)
NEW YORK: Crude prices fell on Tuesday, led lower by a sharp drop in US gasoline futures as traders bet the market would be well supplied this summer, and as an industry report showed rising fuel stockpiles in the world's largest oil consumer.After the market settled, the American Petroleum Institute said US crude oil stocks rose by more than 500,000 barrels last week, trumping analyst expecta...
Oil prices snap four straight days of gains
2013-05-21 20:49:22 GMT : (Markets - Energy/Americas)
NEW YORK: Oil prices fell for the first time in five days Tuesday, the eve of Federal Reserve chief Ben Bernanke's highly anticipated testimony to Congress on the outlook for the US economy.The market also awaited the US Department of Energy's weekly report Wednesday on the nation's commercial petroleum reserves, whichhave hovered near record highs in recent weeks.New York's main c...
Oil prices drop before Fed chief's testimony
2013-05-21 13:53:50 GMT : (Markets - Energy/Europe)
LONDON: World oil prices fell on Tuesday as traders looked ahead to the latest thoughts of Federal Reserve chief Ben Bernanke on the outlook for the US economy.Brent North Sea crude for delivery in July dropped 53 cents to $104.27 a barrel in approaching midday in London.New York's main contract, light sweet crude for June, slipped 24 cents to $96.47 per barrel.Bernanke will appear before Cong...
Kuwaiti oil service workers on strike over pay: union
2013-05-21 12:58:35 GMT : (Markets - Energy/Middle East & Africa)
KUWAIT: Around 80 percent of workers at Kuwait's main, state-run oil services company are on strike calling for better pay, a union official said on Tuesday, the latest sign of wage pressures in the Gulf Arab country.The walkout by the workers, who provide security, fire protection and health services for oil firms, began on Sunday but had not affected oil production in the OPEC member state, ...
Nigeria trims Qua, Bonny oil price in June
2013-05-21 12:53:38 GMT : (Markets - Energy/Middle East & Africa)
LONDON: Nigeria has set the official selling prices for Qua Iboe and Bonny Light crude oil in June at dated Brent plus $3.20 a barrel, the state oil company said on Tuesday. In May, the Nigerian National Petroleum Corporation set the price of both crudes at dated Brent plus $3.30.Copyright Reuters, 2013
Oil falls on concern about Federal Reserve direction
2013-05-21 09:59:19 GMT : (Markets - Energy/Europe)
LONDON: Brent oil futures fell towards $104 per barrel on Tuesday on concerns that the US Federal Reserve might scale back its quantitative easing programme, which could damage fragile demand.Comments by Fed officials and upbeat US data last week fuelled speculation the central bank might start to reduce its bond purchases this year.Investors are focussing on the release of minutes of the Fed'...
Brent holds near 2-week top around $105 on supply worries
2013-05-21 06:27:52 GMT : (Markets - Energy/Asia)
CHENNAI: Brent crude futures steadied near a two-week high on Tuesday, holding around $105 per barrel as rising Middle East tensions offset concerns about moderating demand growth to keep prices in a tight range.Reports that Lebanese Hezbollah guerrillas were involved in fierce fighting for Syria's embattled president prompted alarm the civil war might spread to neighbouring oil producers, whi...
Oil up in Asia ahead of Fed chief's testimony
2013-05-21 05:57:20 GMT : (Markets - Energy/Asia)
SINGAPORE: Oil was up in Asian trade Tuesday ahead of a testimony in Congress by Federal Reserve chief Ben Bernanke on the US economy.New York's main contract, light sweet crude for delivery in June, added 16 cents to $96.87 a barrel in the afternoon and Brent North Sea crude for July delivery increased 25 cents to $105.05.Bernanke will appear Wednesday before Congress' Joint Economic Comm...
Oil ends higher on weaker dollar, supplies weigh
2013-05-20 23:08:32 GMT : (Markets - Energy/Americas)
NEW YORK: Crude oil prices rose on Monday against a weaker dollar, but ample oil supplies limited gains, even as equity markets hovered at record levels.The dollar extended losses against the euro as foreign exchange traders let up on expectations Federal Reserve Chairman Ben Bernanke would hint at cutting back on US bond purchases."The dollar's move has been pretty strong lately, maybe you...
Hellenic issues tender to buy Russian oil
2013-05-20 16:18:11 GMT : (Markets - Energy/Europe)
LONDON: Hellenic Petroleum, Greece's largest refiner, has issued a tender to buy an 80,000 tonne cargo of Russian Urals crude oil for early June delivery, a trading source said, the first in months as its finances improve.The tender was issued on Friday and closes today. The payment will be on open credit terms, which means that the seller will cover the trade financing for the deal.Traders sa...
Oil slips towards $104 on demand outlook
2013-05-20 16:01:21 GMT : (Markets - Energy/Europe)
LONDON: Brent crude oil slipped towards $104 per barrel on Monday, weighed by ample supplies, weaker demand for fuel and a strong dollar, despite gains in equity markets.The dollar was within 0.2 percent of its highest level since July 2010 against a basket of currencies, keeping a lid on a range of commodities prices.A strong dollar tends to depress oil and other commodities that are priced in th...
Statoil gas output cut by 11.5 mcm per day
2013-05-20 15:05:33 GMT : (Markets - Energy/Europe)
OSLO: Norway's Statoil said its gas output will be reduced by 11.5 million cubic metres (mcm) per day on Monday due to an unexpected outage.Its gas output was reduced by 10 mcm the previous day after power supply interruption shut down compressors at Statoil-operated Troll A platform in the North Sea.Copyright Reuters, 2013
US natgas futures up 2pc on warmer weather outlook
2013-05-20 13:42:34 GMT : (Markets - Energy/Americas)
NEW YORK: US natural gas futures rose more than 2 percent early on Monday as the return of weekday industrial demand brought with it warmer weather forecasts for the rest of the month.Futures extended Friday's big gains, which came after the Obama administration approved unrestricted natural gas exports from Freeport LNG's Texas terminal, the first liquefied natural gas project to be appro...
Kuwait replaces top chiefs in oil sector shake-up
2013-05-20 10:19:42 GMT : (Markets - Energy/Middle East & Africa)
KUWAIT CITY: Kuwait's vital oil sector has undergone a major reshuffle, with new executives appointed for the subsidiaries of Kuwait Petroleum Corp, after a new KPC chief was named, the national oil firm said Monday.The decisions were taken at a meeting late Sunday by KPC board of directors headed by Oil Minister Hani Hussein, replacing all the top executives of the eight subsidiaries and othe...
Oil above $104 on stronger equities, weaker dollar
2013-05-20 09:51:29 GMT : (Markets - Energy/Europe)
LONDON: Brent crude oil held above $104 per barrel on Monday, supported by strong equity markets and a slightly lower dollar, despite a weaker outlook for fuel demand and ample supplies.World stock markets rose to five-year highs, boosted by optimism over the outlook for global growth, while the dollar slipped 0.2 percent against a basket of currencies, easing from its highest since July 2010.Bren...
Oil prices lower in Asian trade
2013-05-20 06:16:54 GMT : (Markets - Energy/Asia)
SINGAPORE: Oil prices were down in Asian trade Monday as investors locked in profits from last week's gains after US stocks blazed to new record levels.The US benchmark contract, West Texas Intermediate for June delivery, was down 19 cents at $95.83 a barrel and Brent North Sea crude for delivery in July dropped five cents to $104.59 in the afternoon.Prices had surged last week after a better-...