08302016Tue
Last update: Tue, 30 Aug 2016 06pm

Europe

Markets - Energy - Europe

Oil steady near six-week highs on talk of supply freeze LONDON: Brent crude oil traded above $50 a barrel for the first time in six weeks on Thursday as the world's biggest producers prepared to discuss a possible freeze in output levels.Brent hit a high of $50.05 a barrel, up 20 cents on the day, before easing back to around $49.75, down 10 cents, by 1200 GMT. U.S. light crude oil was up 20 cents at $46.99.Benchmark North Sea Brent has risen 20 percent from a low in early August on news the Organization of the Petroleum Exporting Countries and other key exporters will probably revive talks on freezing output levels when they meet in Algeria next month.Many OPEC members have been hurt badly by a collapse in oil prices over the last two years. While some Gulf oil exporters have very low output costs, other producers such as Iran and Venezuela need oil prices above $100 to balance their ...

Markets - Energy - Europe

W. Africa Crude-Total wins IOC tender, Bonny loading but with delays LONDON: Spot trading in West African crude oil was limited as Angola's Sonangol worked out its term allocations. * US crude stocks fell unexpectedly last week, while gasoline stocks also decreased more than expected, data from the Energy Information Administration showed on Wednesday. Saudi Arabia is sending signals that it could boost its crude oil supplies in August to a new record level, overtaking Russia, the world's top oil producer, as it gets ready for ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline cracks ease, big US stockdraw caps losses LONDON: Gasoline refining margins in northwest Europe dipped on Wednesday, weighed by weak export economics, but a larger than expected draw in US inventories of the motor fuel capped losses. US gasoline stocks fell by 2.7 million barrels last week, compared with analysts' expectations in a Reuters poll for a 1.6 million barrels drop, data from the Energy Information Administration showed. The draw is likely to encourage exports from Europe to the US after a ...

Markets - Energy - Europe

North Sea oil output to hit two-year low in Sept LONDON: North Sea crude output is set to reach a two-year low in September due to field maintenance, tightening a market that has been under pressure from ample supplies.Supply from 12 North Sea crude streams will average 1.796 million barrels per day (bpd), down from August's rate of 1.806 million bpd, according to Reuters calculations based on loading programmes provided by trade sources.This is the lowest since September 2014, when output averaged 1.703 million bpd, ...

Markets - Energy - Europe

Europe Distillates-Diesel cracks soften after US stock build LONDON: Diesel refining margins in northwest Europe weakened on Wednesday after a large and unexpected rise in US stocks which was however offset by outages in major Gulf Coast refineries. US distillate stockpiles, which include diesel and heating oil, rose last week by 1.9 million barrels, versus expectations for a 742,000 barrels drop, the EIA data showed. The arbitrage from the US Gulf Coast remained closed, limiting exports on the transatlantic route. ExxonMobil Corp shut ...