06252016Sat
Last update: Sat, 25 Jun 2016 02am

Markets - Energy

Markets - Energy - Asia

US crude oil prices stabilise but market sentiment remains bearish SINGAPORE: US crude oil prices stabilised in early Asian trade on Thursday after hitting fresh 2003 lows the session before, but analysts said a persistent global glut would keep pressuring markets.U.S. oil futures crashed below $27 dollars a barrel on Wednesday for the first time since 2003, caught in a broad slump across world financial markets as traders worried that a huge oversupply in oil was coinciding with an economic slowdown, especially in China.In early Thursday trading, oil prices stabilised, with front-month West Texas Intermediate (WTI) crude futures trading at $28.70 per barrel at 0021 GMT.That was over $2 above its last close, although traders said that the jump was misleading due to the roll-over of front-month contracts overnight.Yet broader market sentiment remained bearish as producers around the world pump 1-2 million barrels of crude every day in excess of demand, creating a huge storage overhang."We believe prices are likely ...

Markets - Energy - Asia

Oil prices stabilise but market sentiment remains bearish SINGAPORE: Oil prices stabilised in early trading on Thursday after hitting fresh 2003 lows the session before, but analysts said a persistent global glut would keep pressuring markets.U.S. oil futures crashed below $27 dollars a barrel on Wednesday for the first time since 2003, caught in a broad slump across world financial markets as traders worried that a huge oversupply in crude was coinciding with an economic slowdown, especially in China.On Thursday, oil prices stabilised, ...

Markets - Energy - Asia

Oil prices rebound in Asia but glut woes remain SINGAPORE: Oil rose in Asia Thursday, giving a much-needed breather to the battered crude market, but traders remain on edge as the supply glut and weak demand that has sent prices to more than 12-year lows shows no sign of letting up.The battered commodity has taken a hammering so far in 2016, with both main contracts already down about 25 percent.On Wednesday US benchmark West Texas Intermediate fell below $27 a barrel for the first ...

Markets - Energy - Americas

Natural gas likely overtook coal as top US power source in 2015 NEW YORK: Last year looks like it was an unwelcome watershed for the embattled US coal industry.Power companies in 2015 for the first time may have burned more natural gas than coal to generate electricity, according to analysts who attribute it to the cheapest gas prices in 16 years and a record number of coal-fired plants retired from service because of the high cost of meeting environmental regulations.Data from the US Energy Information Administration showed ...

Markets - Energy - Americas

Crude rout worsens, but bond funds remain confident NEW YORK: Big bond investors who have bet on high-yield oil producers are sticking to losing bets, waiting for a turnaround in the price of crude, even though their performance has suffered and fund assets have shrunk as oil has plunged. "Junk" rated US exploration and production credits are on track to post their worst two-month performance since Barclays records began in early 1993. Energy credits became a bigger slice of the US high-yield market ...

Markets - Energy - Americas

Oil plumbs new lows below $27 in unrelenting rout NEW YORK: US oil prices crashed below $27 dollars a barrel on Wednesday for the first time since 2003, caught in a broad slump across world financial markets with traders also fearful that the crude supply glut could last longer. Oil prices have slid more than 25 percent so far this year, piling more pain on oil drillers and producing nations alike, yet they keep pumping more oil into an oversupplied market. US crude for ...

Markets - Energy - Americas

US oil price sinks 6.7% NEW YORK: Oil prices plunged again on Wednesday, losing 6.7 percent in New York in the absence of any sign of tightening of supplies and amid gloomy global economic forecasts.The US benchmark West Texas Intermediate (WTI) for February delivery dropped $1.91 to $26.55 a barrel, the lowest level since May 2003. The contract traded as low as $26.19 a barrel during the session, the last day for the February contract.Losses also persisted in London trade, ...