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Fuel and Energy: World


Oil prices suffered their biggest selloff in five months on Monday, falling as much as 8 percent as Greece's rejection of debt bailout terms and China's stock market woes set off a deepening spiral of losses. Adding to the pressure on oil, Iran and global powers were trying to meet a July 7 deadline on a nuclear deal, which could bring more supply to the market if sanctions on Tehran are eased. The self-imposed deadline could be extended again, officials at the negotiations said.

Iraq's state oil marketing company (SOMO) is seeking more than 340,000 tonnes of gasoil and gasoline for July to September delivery, two separate tender documents showed on Friday. The company is seeking two cargoes of 67,500 tonnes each of 95-octane gasoline for delivery into Khor Al-Zubair Terminal over August 1 to September 30, according to one of the documents.
US natural gas futures fell over 2.5 percent Monday after an extended US Fourth of July holiday weekend on forecasts for steady, near-normal temperatures, keeping cooling demand moderate while production trends mostly higher. Front-month gas futures on the New York Mercantile Exchange fell 7.2 cents to $2.75 per million British thermal units at 8:40 am EDT (1240 GMT).
Asia's naphtha crack slipped to a two-session low of $79.95 a barrel as heavy supplies persisted, with the outlook looking bleak for sellers, traders said. South Korea's LG Chem was heard to have bought at least one naphtha cargo for second-half August delivery at a discount of $2 a tonne to Japan quotes on a cost-and-freight (C&F) basis.
Egypt's debts to foreign oil companies stood at $3.5 billion dollars at the end of June, a 6.1 percent increase from March, an official at state-owned Egyptian General Petroleum Corporation (EGPC) said on Sunday.
Saudi Arabia has cut the official selling price (OSP) for its benchmark Arab Light crude to Asia in August, as expected, while raising the price to European customers. State oil company Aramco has lowered the August price for its Arab Light grade for Asian customers by 10 cents a barrel versus July, setting it at minus $0.10 to the Oman/Dubai average, it said on Sunday.
US solar energy company Sunrun Inc on Thursday filed with US regulators for an initial public offering of its common stock. Credit Suisse, Goldman Sachs & Co and Morgan Stanley were among the underwriters for the IPO, the company told the U.S Securities and Exchange Commission in a preliminary prospectus.


Index Closing Chg%
Arrow DJIA 17,683.58 0.26
Arrow Nasdaq 4,991.94 0.34
Arrow S&P 2,068.76 0.39
Arrow FTSE 6,535.68 0.76
Arrow DAX 10,890.63 1.52
Arrow CAC-40 4,711.54 2.01
Arrow Nikkei 20,112.12 2.08
Arrow H.Seng 25,236.28 3.18
Arrow Sensex 28,208.76 0.41

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 06, 2015
Reserves $18.201 bln