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Last update: Sun, 31 Jul 2016 06am

Europe

Markets - Energy - Europe

Oil steadies as US inventories send mixed signals LONDON: Oil prices steadied on Thursday after the US Energy Department reported a ninth consecutive weekly drawdown of crude stocks but an overall build in oil inventories.US West Texas Intermediate crude for September delivery , the new front-month contract from Thursday, was up 12 cents at $45.87 a barrel at 1035 GMT. The August contract expired on Wednesday after rising 29 cents, or 0.7 percent, to settle at $44.94 a barrel.Brent crude was up 10 cents at $47.27 a barrel.US crude inventories fell 2.3 million barrels in the week ending July 15, data from the US Energy Information Administration showed.But at 519.5 million barrels, crude oil inventories are at historically high levels for this time of year, the EIA said.Total US oil inventories are also at a record high, reflecting a very well supplied global market.That should undermine prices in the medium term, said Tamas Varga, oil analyst at London ...

Markets - Energy - Europe

Iraq oil exports set to rise in July, despite leak LONDON: Iraq's oil exports are set to rise in July, according to loading data and an industry source, putting supply growth from OPEC's second-largest producer back on track after after two months of declines.Iraq in 2015 provided OPEC's biggest rise in supply. The growth has slowed this year due to maintenance and technical problems, and Iraqi officials say seasonally higher domestic use has curbed volumes available for export.Exports from southern Iraq in the first 21 ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Cracks weaken after new US stock build LONDON: Gasoline refining margins in northwest Europe declined on Wednesday after a further build in US inventories increased concerns over already high supplies. Demand remained overall weak. Exports to the United States in July are so far expected to reach around 1 million tonnes. US gasoline stocks rose last week by 911,000 barrels, compared with the Reuters poll forecast for no change, according to EIA data. Gasoline stocks in the US East Coast (PADD 1) ...

Markets - Energy - Europe

Med crude-Urals stronger on healthy demand, CPC Blend back to premium MOSCOW: Urals crude price differentials continued to strengthen on Wednesday on keen buying interest for August-loading cargoes and a quite tight loading plan for early that month. The schedule for the first 10 days of August was released on Wednesday showing a decrease in Novorossiysk loading compared to the same period in July by 275.000 tonnes, but exports from Baltic ports were 100.000 tonnes longer than in July. The latest version of Urals preliminary loading ...

Markets - Energy - Europe

North Sea Crude-Forties rises, sea storage offers dampen gains LONDON: Forties differentials rose on Wednesday due to higher bidding from Vitol, although offers of cargoes from floating storage kept the gains in check. Total again offered for sale Forties cargoes from the VLCC Orthis, which is anchored off the eastern English coast, without selling any of them. There are at least two other VLCCs of Forties parked off the UK coast, according to Reuters shipping data. Ekofisk was the lowest priced benchmark grade and ...