08302016Tue
Last update: Tue, 30 Aug 2016 11pm

Asia

Markets - Energy - Asia

Middle East Crude-DME Oman jumps to highest since Aug  SINGAPORE: DME Oman crude jumped to its strongest differential against Dubai swaps since August on Monday, partly due to robust demand from South Korea and a potential arbitrage flow to the US Gulf Coast on a wide WTI-Brent spread, traders said.DME Oman's discount to Dubai swaps narrowed close to $1 to $0.39 a barrel during the close of Asia market, after swinging in a wide range to as high as a premium of more than 30 cents, traders said. Oman's value weakened after market close.There is "a lot of buying in Oman, in Korea especially," one trader said. "Maybe the US arbitrage too."Prior to the price jump, Formosa Petrochemical bought one Oman cargo at about $1.20 below Dubai quotes on Friday.After the close of Asia markets, Oman's oil minister said his country was ready to cut oil output by between 5 and 10 percent to prop up prices and other ...

Markets - Energy - Asia

Oil prices ease in Asian trade, stuck near 12-year lows SINGAPORE: Oil prices eased in Asia Friday, with the under-pressure commodity sitting around 12-year lows as dealers prepare for the return of Iranian exports on to the market while US stockpiles increase.However, there is talk that crude -- which have plunged by three quarters in the past 18 months on weak demand, a slow global economy and an oversupply crisis -- could be nearing its bottom.US benchmark West Texas Intermediate (WTI) for delivery in February ...

Markets - Energy - Asia

Brent stays below $30 a barrel on oversupply worries SINGAPORE: Brent oil stayed below $30 a barrel as prices remained weak in Asia Thursday after US crude and fuel inventories rose, adding further anxiety over a global supply glut.Hopes for a rebound from the oil price freefall were dashed following the latest report which showed another increase US stockpiles of 200,000 barrels in the week ending January 8.More significant in the US Energy Information Administration (EIA) report was an 8.2 million barrel surge in ...

Markets - Energy - Asia

US oil biased to fall to $30.13 SINGAPORE: US oil is biased to break a support at $30.92 per barrel and fall towards the next support at $30.13, as it failed again to break a resistance at $31.71.The two supports and the resistance are identified respectively as the 300 percent, the 338.2 percent and the 261.8 percent Fibonacci projection levels of a downward wave 3, the third wave of a five-wave cycle from the Oct. 9 high of $50.92.Oil's failure to overcome ...

Markets - Energy - Asia

Amid global price rout, China crude oil imports hit record BEIJING: China's crude oil imports hit a record 7.82 million barrels a day (bpd) in December, customs data showed, as the world's No.2 oil consumer took advantage of low crude prices to fill strategic reserves, but also increased its exports of refined fuels to an all-time high. Crude imports for December were 33.19 million tonnes, up 21.4 percent on the month and 9.3 percent on the year, well above earlier estimates by Thomson Reuters Oil ...