08292016Mon
Last update: Mon, 29 Aug 2016 10am

Europe

Markets - Energy - Europe

Oil falls as China fuel exports jump, U.S. rigs rise LONDON: Oil prices fell nearly 3 percent on Monday as China ramped up exports of refined products, U.S. oil producers added rigs for an eighth consecutive week, and prospects emerged for increased exports from Iraq and Nigeria.Brent crude futures were trading at $49.39 per barrel at 1028 GMT, down $1.49 from their last close.U.S. West Texas Intermediate (WTI) crude was down $1.27 at $47.25 a barrel.China's July exports of diesel and gasoline soared by 181.8 and 145.2 percent respectively compared with the same month last year, putting pressure on refined product margins.Because of the production and storage overhang in fuel markets, Barclays said a 20 percent price rally seen in August was unwarranted and that oil prices of $50 or higher were unsustainable."Oil prices will likely experience another short-term dip in the coming weeks," it added.Adding to the bearish sentiment, U.S. drillers added 10 oil rigs in the week to ...

Markets - Energy - Europe

W. Africa Crude-Angolan offers underpinned LONDON: Brent crude oil was on track for a third weekly gain, trading above $50 per barrel, though it fell back from an eight-week high reached in early Friday trading. Nigeria increased its official selling prices on Thursday, setting Bonny at a premium of $1.08 per barrel and Qua Iboe at $1.35 per barrel, compared with 50 cent and $1.09 premiums in August, respectively. Iraq plans to double the volume of crude it pumps via ...

Markets - Energy - Europe

Med crude-Urals weaker in Mediterranean, CPC Blend at 2-month low MOSCOW: Urals differentials in the Mediterranean weakened on Thursday along with those in northwest Europe on expected higher supplies in September compared to August. In the Platts window Litasco offered 80,000 tonnes of Urals loading on Aug. 28-Sept. 1 down to a discount of $1.85 a barrel to BFOE. The offer was 10 cents lower than recent estimates. Traders said demand for the Russian grade in the region was sluggish due to the wide availability ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline cracks gain after large ARA, US draws LONDON: Gasoline refining margins in northwest Europe rose on Thursday after a 9 percent draw in ARA stocks that followed a large US draw boosted expectations that a recent glut was subsiding. ARA gasoline stocks independently held in the Amsterdam-Rotterdam-Antwerp dropped by 9 percent in the week to Thursday, Dutch consultancy PJK International said. This was the fourth consecutive week of stocks declines in the region, a result of continued exports and lower gasoline output ...

Markets - Energy - Europe

W. Africa Crude-Sonangol sells Oct cargoes, Nigeria programme emerges LONDON: Nigerian oil minister Emmanuele Ibe Kachikwu said the country is producing just 1.56 million bpd due to consistent attacks by militants. The US Energy Information Administration said the country's May crude oil disruptions were at a seven-year high of 750,000 bpd. Ghana began pumping crude from a second offshore field operated by Britain's Tullow Oil. The TEN field is expected to average around 23,000 barrels per day (bpd). Iraq has resumed pumping oil from ...