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Oil prices hold near six-year lows LONDON: Oil prices steadied Tuesday near six-year lows, with gains capped by lingering concern about a global supply glut, weak demand and Greece's political future, analysts said.US benchmark West Texas Intermediate (WTI) for March delivery added just one cent to $45.16 a barrel.Brent North Sea crude for March rose ten cents to stand at $48.30 a barrel in midday London deals compared with Monday's close.Crude futures sank Monday to their lowest closing levels since early 2009, as markets largely ignored a warning from the OPEC oil cartel that prices could surge to $200 owing to shrinking investment in exploration.Oil has lost more than half its value since June last year when the commodity was sitting at more than $100 a barrel due to a supply glut that had been boosted largely by robust US shale oil production, and weak global demand.Shailaja Nair, associate editorial director at energy information provider Platts, ...
UK gas prompt prices nudge higher on colder weather forecasts LONDON: British prompt natural gas prices edged higher on Tuesday on expectations cooler weather will return, although solid supplies kept the rise in check.Prices for within-day delivery were trading at 44.68 pence per therm at 0922 GMT, up 0.18 pence since their last settlement. Prices for delivery on Wednesday were up 0.15 pence at 44.75 pence per therm."Prompt prices have again opened stronger, taking direction from the declining temperature forecast for the remainder of January," ...
Norway's Snoehvit LNG plant shut due to gas alarm OSLO: Production at Norway's Snoehvit liquefied natural gas (LNG) plant was stopped on Tuesday due to a gas leak and the duration of the outage was unknown, operator Statoil said."The production at the plant has been stopped and we don't know when it can be restarted again," Statoil's spokesman Oerjan Heradstveit said. The gas alarm has triggered evacuation of workers from the affected areas at Europe's only LNG plant, the Norwegian police said earlier.Copyright Reuters, ...
Oil price recovers as dollar weakens against euro LONDON: Oil prices steadied above $48 a barrel on Tuesday, recovering from earlier losses as the dollar weakened against the euro.Brent crude oil futures rose 22 cents to $48.38 a barrel by 1042 GMT.U.S. West Texas Intermediate (WTI) crude futures rose 10 cents to $45.25 a barrel.The euro rose for a second day against the dollar after an 11-year low on Monday, ahead of a meeting of the Federal Reserve that may push back expectations ...
North Sea Crude: Forties drops sharply, storage plays in focus LONDON: North Sea Forties crude differentials dropped sharply on Monday as refinery sellers slashed prices to offload unwanted barrels as turnaround season approached.Both Petroineos and ENI were offering aggressively in the price assessment window, traders said, a reflection of upcoming refinery maintenance, the large volumes of refined products already in storage and weak underlying consumer demand."Refineries are going down in the region," one trader said.Differentials were unsupported by Trafigura seeking VLCCs for further storage plays, ...