01192017Thu
Last update: Thu, 19 Jan 2017 01pm

Markets - Energy

Markets - Energy - Europe

Global oil, gas discoveries drop to 70-year low LONDON: Oil and gas discoveries around the world dropped last year to their lowest since the 1940s after companies sharply cut back in their search for new resources amid falling oil prices.The decline in discoveries means companies such as Exxon Mobil and Royal Dutch Shell will struggle to offset the natural depletion of existing fields, reinforcing forecasts of a supply shortage by the end of the decade. Total oil and gas resources found in 2016 reached just more than 6 billion barrels of oil equivalent (boe), said Sona Mlada, senior analyst at Oslo-based consultancy Rystad Energy.The numbers do not include North American shale resources which have been a key driver in supply growth in recent years. Offshore liquid discoveries, where most major new fields have been found in recent decades, reached 2.3 billion boe last year, 90 percent below 2010 levels. As a result, companies were able on average to ...

Markets - Energy - Asia

Asia Fuel Oil-Market steady as cost of resupply limits downside SINGAPORE: Asia's high sulphur fuel oil market complex was little changed on Wednesday after two sessions of declines, supported by higher-cost replacement barrels stemming from structurally tighter global supplies.While arbitrage flows from the West and the Arabian Gulf into Asia are rising, traders said the market complex was expected to seesaw around current levels due to the relatively high costs of resupply."I don't think we'll dive to big discounts (over the near term) maybe flat ...

Markets - Energy - Europe

Oil price slides on prospect of rising US production LONDON: Oil prices fell on Wednesday on expectations that US producers would boost output, just as OPEC signalled that a global supply-reduction deal will shrink the oil glut this year. Brent crude futures, the international benchmark for oil prices, were down 75 cents $54.72 a barrel at 1230 GMT. US West Texas Intermediate (WTI) crude oil futures were trading down 81 cents at $51.67 per barrel. US shale production is set to snap a three-month ...

Markets - Energy - Europe

OPEC sees smaller oil glut in 2017 but flags US shale recovery LONDON: OPEC signalled a falling oil supply surplus in 2017 on Wednesday as the exporter group's output slips from a record high ahead of a deal to cut supply and outside producers show positive initial signs of complying with the accord. However, the Organization of the Petroleum Exporting Countries, in a monthly report, also pointed to the possibly of a rebound in US output, as higher oil prices following supply cuts by other producers support ...

Markets - Energy - Americas

Oil edges up on weak U.S. dollar, Saudi OPEC compliance talk NEW YORK: Oil prices edged higher on Tuesday propped up by a decline in the U.S. dollar and comments by Saudi Arabia that it would adhere to OPEC's commitment to cut output.The dollar fell to a near six-week low against a basket of currencies after U.S. President-elect Donald Trump said that the strong greenback was hurting U.S. competitiveness.A weaker greenback makes dollar-denominated crude less expensive for users of other currencies."The oil market is actually weaker ...

Markets - Energy - Americas

U.S. shale output set to rise in February as prices rise NEW YORK: U.S. shale oil production is expected to rise by 41,000 barrels per day in February to 4.748 million bpd as energy firms boost drilling with crude prices near 18-month highs, according to data from the U.S. Energy Information Administration on Tuesday.Permian output in West Texas and eastern New Mexico is set to rise by 53,000 bpd to 2.180 million bpd, according to the EIA's drilling productivity report.North Dakota's Bakken oil production was set ...

Markets - Energy - Americas

Oil steady; record high Russian output forecast offsets weak dollar NEW YORK: Oil prices were little changed on Tuesday as forecasts for record production out of Russia in 2017 helped offset earlier gains related to a decline in the U.S. dollar and Saudi Arabia saying it would adhere to OPEC's commitment to cut output.Brent futures were up 5 cents, or 0.1 percent, at $55.91 a barrel by 11:26 a.m. EST (1626 GMT), while U.S. West Texas Intermediate crude rose 32 cents, or 0.6 percent, to ...