09262016Mon
Last update: Mon, 26 Sep 2016 01pm

Europe

Markets - Energy - Europe

Oil rises 2pc, underpinned by US inventory drop and dollar LONDON, Oil rose 2 percent on Thursday, heading for its largest weekly gain in a month, after a surprisingly large drop in US crude inventories emboldened investors ahead of next week's meeting between OPEC members and Russia to discuss supply.A fall in the dollar against a basket of currencies to a two-week low further underpinned the market. Brent crude futures rose 95 cents to $47.78 a barrel by 1345 GMT, up 4.3 percent so far this week and set for the largest one-week rise since mid-August.US oil futures rose $1.09 to $46.43 a barrel. The US Energy Information Administration on Wednesday reported a 6.2-million-barrel drop in crude oil inventories last week, the second-biggest fall in a year. The drawdown, along with a more benign outlook for US monetary policy, overshadowed news that Russian oil output hit a new record above 11 million barrels per day this week and that Libya ...

Markets - Energy - Europe

Gazprom discovers new gas deposit in Sea of Okhotsk MOSCOW: Gazprom said on Thursday it had discovered a new gas deposit during exploration at the Kirinskoye field in the Sea of Okhotsk near Russia's Sakhalin island. The field is crucial for Gazprom's plans to raise liquefied gas production at its Sakhalin-2 plant on the island. It has not disclosed the reserves of the newly discovered deposit.Shell, which also has a stake in the LNG plant, may also get a share in the Kirinskoye field ...

Markets - Energy - Europe

Oil market extends gains LONDON: Oil prices climbed Thursday, building on the previous day's gains following a bigger-than-forecast fall in US stockpiles, and a plunge in the dollar after the Federal Reserve kept interest rates on hold.The commodity had already rallied Wednesday after the US Department of Energy said crude inventories had tumbled by more than six million barrels last week.That confounded market expectations for a gain of three million barrels, and indicated a pick-up in demand in the ...

Markets - Energy - Europe

Total says actively moving towards Uganda FID as early as end-2017 PARIS: French oil and gas company Total is actively moving towards a final investment decision as early as end-2017 for its giant onshore oil project in Uganda, president for exploration and production Arnaud Breuillac told investors on Thursday. Uganda granted Total a 25-year production license for the project in August, clearing a major hurdle as the east African nation aims to move more quickly towards crude production. An agreement on an export pipeline route through ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Cracks firm as US stocks draw sharply LONDON: Benchmark gasoline refining margins in northwest Europe edged higher on Wednesday after US inventories of the motor fuel fell sharply last week, but the expected restart of a major US pipeline capped gains. US gasoline stocks fell by 3.2 million barrels last week, compared with analysts' expectations in a Reuters poll for a 567,000 barrels drop, according to the US Energy Information Administration. Stocks in PADD1 were down nearly 8.5 million barrels, while PADD3 ...