Last update: Wed, 31 Aug 2016 05am

Fuel and Energy: World


Oil prices fell Tuesday, with Brent losing nearly 2 percent, as the dollar rallied and glut worries grew amid forecasts for higher US crude stockpiles and Iran's remark that it was on target to reach peak production.
Indian refiner Essar Oil's fuel exports will sharply drop in 2018/19 as it ramps up local sales by doubling its retail network and turns some of its naphtha into profitable gasoline, its managing director said. Rising fuel demand, driven by India's thirst for gasoline, is expected to help push the growth rate in the country's fuel consumption ahead of China's.
Japan's Jera, the world's biggest importer of liquefied natural gas (LNG), is raising the pressure on exporters to allow it to resell gas it has to take under long-term supply contracts. Most LNG contracts forbid importers from reselling their cargoes under so-called destination clauses. But, soaring supply, especially from Australia and North America, and slumping demand has importers unable to absorb their contracted volumes. As a result, they are seeking more flexibility.
US natural gas futures ended slightly lower on Monday as traders took profits after five sessions of gains, the market's strongest run since March. After gaining about 11 percent last week, front-month gas futures for September delivery on the New York Mercantile Exchange fell 1.8 cents, or 0.6 percent, to settle at $2.853 per million British thermal units.
It is said to be the world's first weather station, to date back more than 2,000 years, and to have been used by merchants to tell the time - even in darkness. The Tower of the Winds, still standing on a slope on Athens's ancient Acropolis hill despite attempts by Lord Elgin to move it to Britain, has been restored and re-opened to the public for the first time in nearly 200 years.
Oil prices settled down more than 1 percent on Monday, snapping two consecutive days of gains, on caution over galloping Middle East crude output and a firmer dollar boosted by speculation of a US rate hike by year-end.
French oil major Total said a recovery in crude prices, cost cutting, and increased output helped it limit a fall in its profits for the second quarter. Net earnings fell by 30 percent to $2.1 billion (1.9 billion euros) in April through June compared to the same period last year. Sales slumped by 17 percent to $37.2 billion.