09282016Wed
Last update: Wed, 28 Sep 2016 04pm

Markets - Energy

Markets - Energy - Asia

China Jan-Feb gasoline imports may be trading play not demand BEIJING: An abrupt surge in Chinese gasoline imports in the first two months of the year is most likely the result of traders storing the fuel as a trading play rather than a legitimate uptick in China's need for automotive fuel, traders said. China's customs data recorded imports of 114,292 tonnes of gasoline in February that followed January imports of 84,485 tonnes, or about 1.7 million barrels combined for both months.The February imports were the largest intake of the motor fuel into China since 2008, when the country was ramping up supply for the Olympic Games that summer. China typically does not import gasoline. The country, the world's second-largest oil user, took in the fuel in only seven months from 2010 to the end of 2015. China traditionally has been self-sufficient in gasoline, used almost exclusively in automobiles, due to its low demand relative to diesel fuel, crucial for transporting ...

Markets - Energy - Americas

US crude stockpiles rise, distillates post surprise drawdown: EIA NEW YORK: US crude oil inventories rose slightly less than expected last week, while distillate stockpiles posted an unexpected and huge drawdown, data from the Energy Information Administration showed on Wednesday.Crude inventories rose 2.1 million barrels in the week to April 15, compared with analysts' expectations for an increase of 2.4 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures fell 248,000 barrels, EIA said.Brent and U.S. crude futures both rose ...

Markets - Energy - Americas

Oil up as smaller US crude build offsets end of Kuwait strike NEW YORK: Oil prices rebounded on Wednesday after a smaller-than-expected U.S. crude build offset glut worries stirred by the end of a Kuwaiti oil workers strike.The U.S. government's Energy Information Administration said crude stockpiles rose 2.1 million barrels last week.Analysts polled by Reuters had expected a 2.4 million-barrel build for the period, while industry group American Petroleum Institute had called for a 3.1 million-barrel rise."It's overall mixed and slightly supportive, with total stocks of refined ...

Markets - Energy - Americas

US oil output continues to fall WASHINGTON: US oil production continued to fall last week as weak prices and brimming stockpiles hit domestic producers, government data showed Wednesday.The Department of Energy's report for the week to April 15 showed a 24,000-barrel fall in production to 8.95 million barrels a day. It was the second straight week below the nine million barrel a day threshold and more than 600,000 barrels below the mid-2015 peak of just over 9.6 million barrels a day.The ...

Markets - Energy - Asia

Asia-Pacific Crude-Russian grades remain under pressure  SINGAPORE: Russian oil in Asia remained under pressure on Wednesday with June-loading Sokol and Sakhalin Blend sold at lower premiums than previous deals.Unsold supply of another Russian crude ESPO from May and lower demand from Chinese teapots weighed on Russian oil premiums, traders said.ONGC sold a June 13-19 Sokol cargo to Mitsui at about $3.50 a barrel above Oman/Dubai quotes, traders said, down from a premium of $3.68 a barrel fetched for a previous tender ...

Markets - Energy - Europe

Oil falls on end to Kuwaiti strike, supply outlook LONDON: Oil prices fell on Wednesday as investor focus returned to worries about oversupply after Kuwaiti workers ended a three-day strike that had halved the nation's crude output.Industry data showed U.S. crude stockpiles rose last week, reinforcing concerns about the global surplus. Brent futures were down 60 cents at $43.43 a barrel at 1138 GMT.U.S. crude was down 73 cents at $40.35, after dipping below $40.Six supertankers have lined up at Kuwait's crude export terminal ...

Markets - Energy - Asia

India's March oil imports fall 1.7pc y/y: trade  NEW DELHI: India's oil imports in March fell 1.7 percent from a year ago while shipments in the fiscal year to March rose 5.6 percent as the country expanded its refining capacity, tanker arrival data obtained from trade sources and compiled by Thomson Reuters Analytics showed.India shipped in about 4.07 million barrels per day (bpd) of oil in March, a decline of about 12 percent from the previous month, the data showed.India, Iran's biggest oil ...