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North Sea Crude Forties weakens at prompt on ample supply LONDON: North Sea Forties crude differentials fell on Wednesday as Vitol sold a prompt cargo, although bidding from Total supported the value of cargoes loading further out. The Brent market remains in contango, indicating ample crude supply in the Atlantic basin, and refinery buying in northwest Europe remains muted despite strong margins. According to Reuters models, the Brent cracking margin in Rotterdam stands at more than $7 a barrel, almost double the average over the past year. The status of the Buzzard oilfield, the largest contributor to the Forties stream, was unclear. Field operator Nexen did not comment on Wednesday after trade sources said it had experienced another outage early Tuesday as it struggled to return from seasonal maintenance. FORTIESVitol sold to Shell its cargo loading on Sept. 27-29 at dated Brent minus 70 cents, down 20 cents from Tuesday's offer. Total bid for Forties loading on Oct. 7-9 at ...
Restart of paper mills, cooler weather lift spot OSLO: An expected restart of two paper mills in the region and colder weather lifted Nordic spot power prices on Wednesday, analysts said.The spot price for physical power delivery on Thursday was set at 36.71 euros per megawatt-hours (MWh)on the Nord Pool Spot exchange, up from 36.56 euros/MWh on Wednesday.The day-ahead power contract on Nasdaq OMX Commodities was last traded at 37.00 euros/MWh, indicating that traders expected a higher delivery price."Expected higher consumption due to ...
Oil falls below $99 after large stock build in US LONDON: Brent crude oil fell below $99 per barrel on Wednesday after a bigger-than-expected build in weekly U.S. crude stocks, and a strong dollar continued to create headwinds for commodities.U.S. crude stocks rose more than twice as much as expected week-on-week, the Energy Information Administration said, as refineries cut output and imports jumped.Crude inventories were up 3.7 million barrels, compared with analysts' expectations for a decrease of 1.6 million barrels.Brent was down 42 cents at ...
Oil steadies around $99 on possible OPEC output cut LONDON: Brent crude oil steadied at around $99 per barrel on Wednesday, after jumping on Tuesday on hopes the Organization of the Petroleum Exporting Countries (OPEC) would help reduce a global supply glut by cutting output.Prices rose by the most in two-and-a-half months on Tuesday after OPEC Secretary General Abdullah al-Badri said the group could trim its 2015 output target by 500,000 barrels per day (bpd). The benchmark had hit a a 26-month low the ...
Oil prices hold steady LONDON: Oil prices steadied on Wednesday as dealers squared positions after the previous day's bumper gains which were stoked by indications the OPEC cartel will cut its production target next year.The market also awaited the latest energy stockpiles report and an interest rate decision in the United States, traders said.In early afternoon deals, Brent North Sea crude for delivery in November firmed seven cents to $99.12 a barrel from Tuesday's closing level.US benchmark West Texas ...

 





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