05302016Mon
Last update: Mon, 30 May 2016 05pm

Europe

Markets - Energy - Europe

Europe Distillates-Diesel margins near 2016 high on French strikes LONDON: Northwest European diesel refining margins rose to just above $11 a barrel on Friday, close to their highest level since December, as union workers in France voted to extend their strikes. Workers from the CGT union voted on Friday to extend their strike until June 3 at the Grandpuits refinery and until May 30 at the Feyzin refinery. Workers also voted for an open-ended strike at the Donges refinery Total said only its 153,000 barrels-per-day La Mede refinery was running and at reduced capacity, all four other plants have been forced to shut down as a result of the strikes. European refiners outside France and oil traders are gearing up to cash in on the unexpected demand for diesel created by French strikes. French gasoil stocks have been drawn down by an estimated 1.8 million barrels per day, according to PetroMatrix. This is diverting vessels towards France and away ...

Markets - Energy - Europe

North Sea Crude-Forties offered higher, competing supply lower LONDON: An offer on Forties was higher on Friday than was seen available earlier in the week, supported by lower supply from competing light, sweet West African grades due to a series of outages in Nigeria. Traders said that slower demand from French refineries helped to prevent further strength, and market activity was very slow. However strong gasoline and diesel refining margins helped support demand from refiners not affected by the strikes. Oseberg was offered ...

Markets - Energy - Europe

Russia's Gazprom sees record 2016 gas exports to Europe ST PETERSBURG: Russia's Gazprom plans to export a record 165 billion cubic metres (bcm) of gas to Europe this year, the company's deputy chief executive Alexander Medvedev told reporters on Thursday. Gazprom generates more than a half its revenue in Europe and falling gas prices have made its gas more attractive to European consumers.It has also tweaked long-term deals with European clients, who have become more demanding thanks to rival sources of fuel, such as ...

Markets - Energy - Europe

Europe Distillates-Diesel diffs gain on French strikes LONDON: Northwest European diesel barge diffs gained on Thursday as major disruptions to French refinery operations continued into their second week. Total said all but one of its fuel distribution depots in the country were working. Two of its five refineries in France were at a standstill and two more set to halt in coming days. France has already started using its strategic oil reserves for the first time since 2010 as the strikes cause ...

Markets - Energy - Europe

Oil reaches above $50 for first time this year LONDON: Oil prices jumped Thursday above $50 for the first time this year as a long-lasting global supply glut showed increased signs of easing.In a boost for countries exporting crude, including the likes of crisis-hit Venezuela, prices are once more on the rise having nosedived from above $100 a barrel two years ago to around $27 in early 2016.Futures had slumped owing largely to a global supply glut, fed by rising production of oil extracted ...