07262016Tue
Last update: Tue, 26 Jul 2016 07pm

Asia

Markets - Energy - Asia

Asia Naphtha/Gasoline-Gasoline crack rises; outlook robust SINGAPORE: Asia's naphtha crack rose to around $126 a tonne on Wednesday, supported by robust demand from the petrochemical industry and for blending into gasoline.The gasoline crack also increased to around $11.20 a barrel, near its highest since mid-October as low oil prices boosted demand for the transportation fuel.Benchmark Brent crude futures have fallen by around 8 percent since Friday, when OPEC failed to agree a ceiling on production, increasing the likelihood of a more persistent global surplus of oil next year.The outlook for gasoline remained solid, analysts at PIRA Energy said."Gasoline cracks will stay reasonably firm this winter due to relatively tight inventory coverage which will underpin a strong 2016 gasoline season," they said in a note.For naphtha, the premium of loading in second half of January over second half of February widened this week to about $5.50 a tonne, signalling stronger prompt demand.India's MRPL sold 35,000 tonnes of ...

Markets - Energy - Asia

Turkey limits gas usage at some plants in precaution ahead of winter ANKARA: Turkish pipeline company Botas has cut gas usage to 50 percent of capacity at some power stations in a precautionary measure to boost stocks ahead of an expected winter rise in demand, an energy official told Reuters on Wednesday.He said gas flows from Iran to Turkey fell temporarily on Tuesday for technical reasons and there is currently no problem in gas flows to Turkey. Copyright Reuters, 2015 ...

Markets - Energy - Asia

Safe-haven currencies gain on oil weakness, China fears TOKYO: The yen and euro got a boost Wednesday as traders bought safe-haven currencies while commodity-linked units took a beating on the back of weak oil prices and worries about the global economy.The price of oil has plunged by almost a tenth since Friday's refusal by the Organization of the Petroleum Exporting Countries cartel to agree a ceiling on output despite oversupply and anaemic demand.The global supply glut, weak demand and a growth slowdown in ...

Markets - Energy - Asia

Oil prices up but stay near multi-year lows SINGAPORE: Oil prices crept higher in Asia Wednesday but remained near multi-year lows ahead of a report on US crude inventories in a market weighed down by oversupply.Analysts expect another build-up in US commercial crude stockpiles in the week ending December 4 when the data is released later in the day, adding to the supply glut.A decision by the OPEC oil producers group during their meeting last week not to slash output levels continues to ...

Markets - Energy - Asia

Oil prices edge up amid ongoing commodity downturn SINGAPORE: Crude prices found at least temporary support early on Wednesday after the dollar weakened and China's commodity imports came out surprisingly strong, but oversupply means prices are expected to remain low for some time.U.S. crude futures were at $38.11 per barrel at 0048 GMT, up 60 cents from their last settlement.Traders said the recovery on Wednesday was largely a result of short covering, a dip in the dollar which makes oil more expensive for ...