12032016Sat
Last update: Sat, 03 Dec 2016 10pm

Europe

Markets - Energy - Europe

Europe Distillates-Cracks slip from three-week highs, supplies still tight LONDON: Diesel refining margins in northwest Europe slipped on Wednesday but were still close to three-week highs as rash of unplanned outages on the US Gulf Coast and maintenance in the Middle East kept supplies tight. A spate of outages on the US Gulf Coast has tightened the distillates market on both sides of the Atlantic. Marathon shut its 459,000 bpd Galveston Bay refinery on Monday night, Phillips 66 shut a unit at its 146,000 bpd refinery in Borger and Total cut production from two CDUs at its 225,500 bpd Port Arthur refinery to 65 percent. US distillates stocks rose 327,000 bpd contrary to a forecast of a small draw. The stocks rose by 270,000 bpd on the East Coast and fell by 216,000 bpd on the Gulf Coast, EIA numbers showed. US regulators meanwhile said energy companies must blend 19.28 billion gallons of biofuels with gasoline and diesel next ...

Markets - Energy - Europe

North Sea Crude-Forties edges up as flows to Asia pick up; contango shrinks LONDON: North Sea Forties crude differentials edged higher on Wednesday, boosted by the prospect of a pick-up in flows of oil to Asia, which helped to narrow the contango. Based on Reuters calculations there are at least 9 million barrels of North Sea crude being stored on ships off the UK coast at the moment, as soft demand has led to a build-up since the summer. In the daily window offers outnumbered bids by two ...

Markets - Energy - Europe

Oil prices ease on doubts OPEC-led cut will end glut LONDON: Oil prices edged lower on Wednesday on investors' doubts that OPEC would agree a large enough production cut to significantly reduce the global surplus when it meets next week. International Brent crude futures were down 6 cents at $49.06 a barrel by 1313 GMT.The price has moved in a narrow band for most of the day after reaching a high of $49.42 a barrel in early trade. Reuters commodities analyst Wang Tao said Brent ...

Markets - Energy - Europe

Sonangol delays payments as it battles to reform LONDON: Angola's state oil company Sonangol has amassed hundreds of millions of dollars in debts and deferred payments to oil majors and contractors while its new chief, Isabel dos Santos, attempts to reform its operations. Contractors say they have waited months even for small payments from Sonangol, which handles the oil and gas reserves of Africa's second-largest oil exporter. The delays began following the appointment of dos Santos, the daughter President Jose Eduardo dos Santos, ...

Markets - Energy - Europe

Oil prices capped by doubts OPEC-led cut will end glut LONDON: Oil prices edged higher on Wednesday but gains were capped by investors' doubts that oil cartel OPEC would agree to a large enough production cut to significantly reduce the global surplus when it meets next week. A strong dollar, trading near the 13 1/2-year peak hit last week, also weighed on prices amid thin trading ahead of the US Thanksgiving holiday on Thursday.International Brent crude oil futures rose 11 cents to $49.23 a barrel ...