07292016Fri
Last update: Fri, 29 Jul 2016 12pm

Markets - Energy

Markets - Energy - Europe

Russia's Rosneft, Venezuela's PDVSA step up cooperation MOSCOW: Russia's largest oil producer Rosneft and Venezuela's state oil company PDVSA have signed deals, including on offshore gas development and oil products trading, Rosneft said on Friday.Rosneft has been active in Venezuela, which is seen as Moscow's political ally. It is working on five upstream projects jointly with PDVSA.Analysts have worried that Rosneft's large-scale projects, including heavy oil development in Venezuela, will challenge Rosneft's finances.The company said on Friday its head Igor Sechin, a long-standing ally of Russian president Vladimir Putin, had signed deals with PDVSA on a feasibility study of three natural gas offshore blocks in Venezuela. Production of gas there could total 9 billion cubic metres per year.Venezuela is chasing investment to meet its ambitious oil production goals and to try to counter a biting economic crisis.The companies have also signed trading deals, which foresee swaps of crude oil and oil product supplies between Rosneft and PDVSA. ...

Markets - Energy - Asia

Oil prices sink further as glut worries return SINGAPORE: Oil prices fell further towards the $40 mark in Asia Friday, extending losses to a seventh-straight day on renewed worries about a global supply glut, increased production.The commodity has slipped nearly 20 percent since its 2016 peak above $50 in early June as the crucial US holiday driving season comes to an end and temporary disruptions to output in Canada and Nigeria ease.At about 0320 GMT, US benchmark West Texas Intermediate was down seven ...

Markets - Energy - Americas

US WCoast Products-Gasoline differentials tumble HOUSTON: Gasoline in Los Angeles and San Francisco extended losses on Thursday as a supply glut weighed on the market.Jet fuel and CARB diesel in Los Angeles also weakened.August CARBOB in Los Angeles fell by 2 cents, trading at an 11.5-cent-a-gallon to 12.5-cent-a-gallon discount to NYMEX RBOB futures.In San Francisco, August CARBOB traded at a 14-cent-a-gallon discount to the NYMEX RBOB futures contract.August Los Angeles CARB diesel edged lower by 0.75 cent, pegged around a ...

Markets - Energy - Americas

Oil down 2pc; July to be worst month in a year for US crude NEW YORK: Oil prices settled down nearly 2 percent on Thursday, hitting April lows and with US crude headed for its biggest monthly loss in a year, on growing worries that the world was pumping more crude than needed.Surplus barrels of gasoline already have made the glut developing in oil this year more worrisome to some than the crude oversupply of the past two years that had halved prices. US Gulf Coast gasoline stocks hit ...

Markets - Energy - Americas

Mexico's Pemex losses narrow slightly in second quarter MEXICO CITY: Mexican national oil company Pemex said on Thursday its losses narrowed in the second quarter, marking its 15th straight quarter in the red. The loss at Pemex shrunk more than 1 percent to 83.5 billion pesos ($4.6 billion) from 84.6 billion pesos in the year-ago quarter, helped by lower costs and taxes. Revenue in the April-June period fell more than 17 percent to 255.7 billion pesos from 308.9 billion pesos a year earlier, ...

Markets - Energy - Americas

US crude hits 3-month low again on reported Cushing build NEW YORK: Oil prices fell again on Thursday, with US crude hitting three-month lows after a fresh stock build at the delivery hub for US crude futures added to concerns that producers were pumping more than needed. Surplus barrels of gasoline have already made the glut developing across oil this year more worrisome to some than the crude oversupply of the past two years that had halved prices. US Gulf Coast gasoline stocks hit record ...

Markets - Energy - Europe

North Sea Crude-Forties weakens, Sept programmes start appearing LONDON: Forties crude differentials fell on Thursday, pressured by lower offers amid ample supplies and a lack of demand. There are substantial volumes of Forties in floating storage off the UK coast, and these barrels are pressuring differentials. Total again offered Forties for sale from the VLCC Orthis, anchored off the British coast, without selling. There are at least three other VLCCs full of Forties - Sara, Gener8 Ulysses and Maran Thetis - anchored off ...