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Gasoline cracks strong as summer nears LONDON: Gasoline prompt crack spreads in northwest Europe held around eight-month highs on Monday, boosted by the switch to pricier summer blends of the motor fuel and by refinery maintenance.The barge market has fully switched to summer grades, with the last of the winter grades trading on Friday at steep discounts to summer."Summer spec is more expensive, by about $40 a tonne," said one gasoline swaps trader.Supplies in the region were expected to tighten in April as refinery maintenance increases and demand for gasoline from the United States tends to rise ahead of the summer, traders said.Around 1.5 million barrels-per-day of refining capacity, more than 10 percent of the region's capacity, is expected to go off line in April for maintenance.In the Mediterranean, no cargoes were traded in the price assessment window. Last week's Algerian tender boosted demand and Turkey's Tupras recently sold two cargoes, one of gasoline, aromatics and ...
Oil prices fall after strong gains LONDON: Oil prices fell on Monday as dealers booked profits after strong gains last week fuelled by positive US economic data and the tensions in Ukraine.New York's West Texas Intermediate (WTI) for delivery in May fell 43 cents to $101.24 a barrel.Brent North Sea crude for May dipped 28 cents to stand at $107.79 a barrel in London afternoon deals."We are seeing some easing because of some profit taking," Tan Chee Tat, an investment analyst ...
Brent oil rises over $108 on promising US data, supply concerns LONDON: Brent crude oil rose above $108 a barrel on Friday, heading for the first weekly gain in five, on promising US data and concern that possible Western sanctions on Russia's energy sector could disrupt global supplies. The US economy grew slightly faster than estimated in the fourth quarter and new claims for jobless aid fell to a near four-month low last week, suggesting a brighter outlook for demand in the world's biggest oil consumer. ...
Oil prices higher on US optimism LONDON: Global oil prices rose on Friday as traders took their cue from upbeat US economic indicators and concerns over supply disruptions in Nigeria.New York's main contract, West Texas Intermediate (WTI) for delivery in May, gained 51 cents to $101.79 a barrel.Brent North Sea crude for May grew 21 cents to stand at $108.04 a barrel in London midday deals compared with Thursday's close.The market was supported by robust consumer spending in the United States, ...
Eni sells 7pc in Galp Energia for 702.4mn euros MILAN: Italian energy group Eni said on Friday it had sold a 7 percent stake in Galp Energia for 702.4 million euros ($965 million) via an accelerated bookbuilding offered to institutional investors. The offering was priced at 12.10 euros per share, the company said in a statement.After the transaction, Eni will hold around 9 percent of Galp, it said.Eni Chief Executive Paolo Scaroni has said on several occasions the company does not want to remain ...


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