08302016Tue
Last update: Tue, 30 Aug 2016 08am

Europe

Markets - Energy - Europe

Oil prices fall as production freeze expectation fades LONDON: Oil prices slipped on Thursday as the market focused on oversupply and fading expectation of a production freeze.Global crude oil benchmark Brent was down 10 cents at $48.95 a barrel by 1230 GMT, having closed down 1.8 percent on Wednesday. U.S. light crude oil was down 15 cents at $46.62 a barrel, after dropping 2.8 percent on Wednesday.Oil prices rose more than 20 percent in the first three weeks of August on talk of a potential deal by oil exporters to freeze production levels to try to support prices.Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria on Sept. 26-28.But hopes of a deal have been dampened by record OPEC output and few analysts see the prospect of voluntary restrictions."Speculators pushed the price up on expectations of an output freeze, which is ...

Markets - Energy - Europe

Oil prices hit reverse again LONDON: World oil prices skidded lower Thursday, reversing earlier gains as traders dwelled on rising US crude stockpiles and the stronger dollar.At 1145 GMT, US benchmark West Texas Intermediate (WTI) for delivery in October sagged 22 cents at $46.55 per barrel.Brent North Sea crude for October delivery lost 20 cents to $48.85 a barrel compared with the close on Wednesday."It is the aftershocks of yesterday's disappointing oil report and the strengthening of US dollar that ...

Markets - Energy - Europe

Europe Distillates-Diesel diffs rise for fourth session LONDON: Diesel barge differentials in northwest Europe rose for a fourth straight session to a two-week high as upcoming refinery maintenance raised expectations for tighter supplies. US distillate stockpiles, which include diesel and heating oil, rose last week by 122,000 barrels, versus expectations for a 400,000-barrel increase, EIA data showed. Concerns that a tropical storm in the Caribbean will reach hurricane strength before it hits the US Gulf Coast supported the market. * Oil refiners ...

Markets - Energy - Europe

Oil prices fall as hopes of production freeze fade LONDON: Oil prices slipped on Thursday as the market focused on oversupply and fading hopes of a production freeze.Global crude oil benchmark Brent was down 15 cents at $48.90 a barrel by 1043 GMT, having closed down 1.8 percent on Wednesday. U.S. light crude oil was down 5 cents at $46.72 a barrel, after dropping 2.8 percent on Wednesday.Oil prices rose more than 20 percent in the first three weeks of August on talk of ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline margins up on US hurricane fears, oil price dip LONDON: Gasoline refining margins in northwest Europe rose sharply as oil futures sunk and in reaction to perceived tightening of US supplies due to hurricane fears and an outage at a major refinery, which could mean demand for more European product. Further gains were tempered by US data showing a small gain in gasoline stocks versus an expected large draw. A significant gain in crude stocks weighed heavily on oil futures. US Gulf Coast cash ...