12042016Sun
Last update: Sun, 04 Dec 2016 02am

Markets - Energy

Markets - Energy - Europe

BP wisely chooses growth over control in Norway MADRID: BP is wisely choosing growth over control in Norway. The UK oil major is teaming with Det norske and its main investor Aker to create the largest Norwegian independent oil firm in a $1.3 billion share deal. BP will have only a 30 percent stake in the Oslo-listed company, but matching its mature assets with Det norske's growing and efficient operations makes sense. Norway is a plum destination in the oil world because it has a relatively stable regulatory regime that encourages exploration. BP has been there for over 50 years, but its relatively small asset base is maturing and will eventually face decommissioning costs. BP's chief Bob Dudley said on June 10 the company has been offered cash to exit Norway, which it could simply have handed back to shareholders. But oil companies are also in the business of finding oil, and it's not easy to redeploy that ...

Markets - Energy - Europe

Argentina launches tender to buy 5 LNG cargoes MILAN: Argentina has launched a tender to purchase five liquefied natural gas (LNG) cargoes for delivery between June and August, trade sources said. Three of the cargoes are for delivery to Argentina's Bahia Blanca terminal and two are for the Escobar terminal located on the Parana River, one of the sources said. Copyright Reuters, 2016

Markets - Energy - Asia

Asia Naphtha/Gasoline-Cracks up; westbound gasoline shipment seen SINGAPORE: Asia's naphtha crack extended gains to reach a three-session high of $45.68 a tonne after hitting a 17-month low on June 7 as heavy supplies dragged.Demand for naphtha from South Korea, however, has been healthy, with Lotte Chemical buying naphtha for arrival in the second half of July at a discount of about $4 a tonne to Japan quotes on a cost-and-freight (C&F) basis.This was mostly in keeping with levels since early June as ...

Markets - Energy - Asia

Asia Fuel Oil-Spreads diverge amid uncertainty on oil price direction SINGAPORE: Asian fuel oil spreads diverged on Friday on muted buying activity amid wider uncertainty among traders on which way prices are heading,traders said on Friday.That came as oil prices fell on Friday from 2016 highs hit earlier this week after a rebound in the dollar.While the number of bids and offers were evenly balanced, there was a difference of up to $7 between some of the potential trades, while only one trade was concluded ...

Markets - Energy - Europe

Russia's Gazprom says exports to Austria up 20pc MOSCOW: Russian natural gas producer Gazprom said on Friday its export volumes to Austria had increased by almost 20 percent on year-to-year from January 1 to June 9.Copyright Reuters, 2016

Markets - Energy - Americas

Oil down after 3-day rally; dollar rise sparks profit-taking NEW YORK: Oil prices settled down on Thursday, snapping a three-day rally after notching another 2016 high, as a strong dollar sparked profit-taking in crude futures by investors. Continuous threats by militants against Nigeria's oil industry and fear of more security incidents that could hit supplies worldwide, however, limited losses in crude. Brent crude oil futures settled down 56 cents at $51.95 a barrel, after falling nearly $1 earlier. It hit a 2016 high of ...

Markets - Energy - Europe

Oil hits 2016 highs before turning lower on profit taking LONDON: Oil prices fell on Thursday as traders took profits after three sessions of gains and after reaching 2016 highs thanks to a fall in US crude inventories and supply disruptions. Brent crude oil futures were down 90 cents a barrel at $51.61 a barrel at 1316 GMT, after setting a 2016 high of $52.86. US crude was down by 91 cents at $50.32 after hitting a 2016 high at $51.67. A rebounding US dollar ...