05242016Tue
Last update: Tue, 24 May 2016 02pm

Europe

Markets - Energy - Europe

Oil prices rebound sharply LONDON: The oil market climbed Tuesday, rebounding from the previous day's heavy losses that were triggered by receding concerns over wildfires in Canada's crude-producing Alberta region.Around 1700 GMT, US benchmark West Texas Intermediate for delivery in June rallied 87 cents to $44.31 a barrel.Brent North Sea crude for July added $1.43 to $45.06 a barrel compared with Monday's close."Canadian wildfires have been subsiding but the associated downdraft in oil prices appears to have moderated, helped by the possible supply impact of an outage in Nigeria," said Jasper Lawler, analyst at CMC Markets.Canadian authorities were focusing on restoring output after the fires that have raged for a week forced oil companies in the area to shut down operations, slashing production by one million barrels a day.Prices had slumped Monday, with Brent shedding 3.8 percent of its value, also as dealers bet that new Saudi oil minister Khaled al-Falih could spark greater ...

Markets - Energy - Europe

Europe Product Swaps-Diesel swaps weaken as supplies rise LONDON: Diesel barge differential swaps in northwest Europe declined in the two weeks to Tuesday as supplies in the region were set to rise due to higher imports.Gasoline crack swaps in northwest Europe fell in the two weeks to Monday as demand to export the motor fuel fell.Weekly gasoline stocks held independently in the Amsterdam-Rotterdam-Antwerp hub have risen by nearly 10 percent as exports from the region slowed, the latest data from Dutch Consultancy PJK ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline margins slip below $10 on heavy supply LONDON: Northwest European gasoline barge refining margins fell to their lowest since late March on Tuesday, weighed down by heavy stockpiles and slack demand from Nigeria. An arbitrage from the United States into Europe remained open, traders said, while demand for European exports from the West was limited by rising US stockpiles. Demand from within Europe was also hampered by large stockpiles despite the approach of the summer driving season. Demand from Nigeria has slowed ...

Markets - Energy - Europe

West Africa Crude-Outages, US demand lend suppport LONDON: West African crude differentials were supported on Tuesday by production outages and demand for medium and heavy crudes in the United States, traders said. While sellers of some grades have raised their offers, there was no evidence of a rise in traded values. The wildfires in Canada's oil sands region have hit production, supporting US crude prices and making arbitrage to the United States more viable, say traders. NIGERIA Qua Iboe was last offered ...

Markets - Energy - Europe

Germany's Jan/March oil import bill down 37pc yr-yr FRANKFURT: Germany spent 5.1 billion euros ($5.8 billion) on crude oil imports in the first three months of this year, 37 percent less than a year earlier due to lower prices, while volumes only declined marginally, BAFA foreign trade office data showed.Russia was the main supplier, shipping 37.2 percent of the total into Germany over the two months, while 23.6 percent came from the British and Norwegian North Sea, and 15.7 percent from OPEC members, ...