06262016Sun
Last update: Sun, 26 Jun 2016 04pm

Europe

Markets - Energy - Europe

Europe Product Swaps-Gasoline swaps fall on high stocks, weak demand LONDON: Gasoline refining margins swaps in northwest Europe weakened in the week to Monday, as high inventories failed to keep up with demand.Gasoline stocks in Europe and the United States are elevated due to months of yield-shifting toward lighter products, according to traders and the US Energy Information Administration.The high stocks have pressured margins even as peak driving season comes into full swing, and arbitrage to the United States was narrowing.But refiners in Europe, Asia and the United States are moving back to the diesel, jet fuel and heating oil that for more than a year had become a "by-product" they did not want.Arbitrage to Nigeria, a key outlet for Europe's gasoline, had gone quiet on the back of importers' issues accessing US dollars and NNPC's limited access to crude oil. But some were optimistic that reforms designed to relaunch interbank currency trading and attract foreign investors would free up ...

Markets - Energy - Europe

BP approves investment in Egypt gas field 15 months after discovery LONDON: British oil major BP has approved investment in the first phase of developing the large Atoll gas field offshore Egypt, only 15 months after it first announced its discovery. BP, which declined to give an investment figure for the project, said the field was on track to deliver its first gas in the first half of 2018, set to pump 300 million cubic feet a day of gas to the Egyptian market. BP decided ...

Markets - Energy - Europe

Vitol hires former trading boss of Total as head of Africa LONDON: The world's largest oil trading house, Vitol, has hired the former head of trading of French oil major Total, Pierre Barbe, as its new head of Africa, three industry sources told Reuters. Vitol declined to comment. Barbe had worked for Total since 1983 and was in charge of trading at Total, known as Totsa - one of the world's largest oil trading desks - between 2007 and 2014. Copyright Reuters, 2016 ...

Markets - Energy - Europe

Shell puts revamped shale arm at heart of growth drive LONDON: Having turned round its North American shale business, Royal Dutch Shell is putting so-called unconventional energy at the heart of its growth plans, and believes lessons from the revamp can be applied across the company. Greg Guidry, head of the Anglo-Dutch group's unconventionals business, told Reuters a drive to slash costs and streamline decision-making had put his division largely on a par with leading rivals in terms of productivity and efficiency. And now the ...

Markets - Energy - Europe

Oil rallies as fears over Brexit abate LONDON: Oil rallied on Monday, lifted by a wave of investor confidence and a weaker dollar after polls showed a diminishing chance that Britain may vote to leave the European Union later this week.August Brent crude futures were up 90 cents at $50.07 a barrel by 0843 GMT, set for a gain of 6 percent in two trading days. NYMEX crude for July delivery, which expires on Tuesday, was up 80 cents at $48.78 a ...