Markets - Energy
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LONDON: Hellenic Petroleum, Greece's largest refiner, has issued a tender to buy an 80,000 tonne cargo of Russian Urals crude oil for early June delivery, a trading source said, the first in months as its finances improve.The tender was issued on Friday and closes today. The payment will be on open credit terms, which means that the seller will cover the trade financing for the deal.Traders said it has been a long time since the refiner last issued a tender. Hellenic held a similar tender in June of last year.The refiner has been struggling to buy crude and products as the financial crisis in Greece has led international banks to stop dealing with many Greek institutions and accepting their letters of credit, fearing defaults.Hellenic was forced to rely on an open credit line mainly with Glencore, a major trading company with enough liquidity to take on the risk of non-payment.The ...
LONDON: Brent crude oil slipped towards $104 per barrel on Monday, weighed by ample supplies, weaker demand for fuel and a strong dollar, despite gains in equity markets.The dollar was within 0.2 percent of its highest level since July 2010 against a basket of currencies, keeping a lid on a range of commodities prices.A strong dollar tends to depress oil and other commodities that are priced in the US currency on international markets.The fundamental outlook ...
OSLO: Norway's Statoil said its gas output will be reduced by 11.5 million cubic metres (mcm) per day on Monday due to an unexpected outage.Its gas output was reduced by 10 mcm the previous day after power supply interruption shut down compressors at Statoil-operated Troll A platform in the North Sea.Copyright Reuters, 2013 
NEW YORK: US natural gas futures rose more than 2 percent early on Monday as the return of weekday industrial demand brought with it warmer weather forecasts for the rest of the month.Futures extended Friday's big gains, which came after the Obama administration approved unrestricted natural gas exports from Freeport LNG's Texas terminal, the first liquefied natural gas project to be approved since the start of a heated debate over how best to benefit from ...
KUWAIT CITY: Kuwait's vital oil sector has undergone a major reshuffle, with new executives appointed for the subsidiaries of Kuwait Petroleum Corp, after a new KPC chief was named, the national oil firm said Monday.The decisions were taken at a meeting late Sunday by KPC board of directors headed by Oil Minister Hani Hussein, replacing all the top executives of the eight subsidiaries and other departments in the KPC.KPC insisted in a statement that the ...
LONDON: Brent crude oil held above $104 per barrel on Monday, supported by strong equity markets and a slightly lower dollar, despite a weaker outlook for fuel demand and ample supplies.World stock markets rose to five-year highs, boosted by optimism over the outlook for global growth, while the dollar slipped 0.2 percent against a basket of currencies, easing from its highest since July 2010.Brent crude futures for July were down 30 cents at $104.34 per ...
SINGAPORE: Oil prices were down in Asian trade Monday as investors locked in profits from last week's gains after US stocks blazed to new record levels.The US benchmark contract, West Texas Intermediate for June delivery, was down 19 cents at $95.83 a barrel and Brent North Sea crude for delivery in July dropped five cents to $104.59 in the afternoon.Prices had surged last week after a better-than-expected reading on US consumer confidence boosted hopes for ...More Articles...
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