02102016Wed
Last update: Wed, 10 Feb 2016 01pm

Markets - Energy

Markets - Energy - Asia

Middle East Crude-Dubai weakens despite Chinaoil buys SINGAPORE: Cash Dubai weakened in the Middle East crude market on Tuesday despite Chinaoil's purchases on the window.The trading arm of PetroChina took delivery of another four cargoes on Tuesday, bringing its total haul this month to 10 cargoes, traders said.Unipec will deliver three Oman while Shell has declared the delivery of one Upper Zakum, they said.Cash Dubai's discount to Dubai swaps stayed at around $1 a barrel, weaker versus a discount of about 70 cents on Monday, but steady when compared with last week's levels.Gulf producers have raised their OSPs following a strong May market. A trader with a North Asian firm expects the strength to continue when June-loading cargoes start trading as refining margins stayed firm while Gulf prices remained competitive.But traders remain wary on the supply front as more Iranian oil could emerge after Iran and world powers reached a framework nuclear deal.An Iranian delegation is in ...

Markets - Energy - Europe

Oil falls as Iran, China discuss more supply LONDON: Brent crude oil fell below $58 a barrel on Tuesday on signs of growing oversupply as Iranian officials visited Beijing to seek more oil sales after a framework nuclear deal that could lead to the lifting of sanctions.China is Iran's largest trade partner and has bought roughly half of its crude exports since 2012, when sanctions against the Islamic Republic were tightened.Oil markets were also pressured by a Goldman Sachs report saying prices needed ...

Markets - Energy - Europe

Oil prices slip after Iran-fuelled rally LONDON: Oil prices fell Tuesday, with profit-taking in evidence a day after the market rallied on doubts over an agreement with Iran over the crude producer's nuclear programme, traders said. US benchmark West Texas Intermediate (WTI) for delivery in May dropped 64 cents to $51.50 a barrel compared with Monday's close. Brent North Sea crude for May lost 46 cents to $57.66 in midday trade.The contracts had surged by three dollars each on Monday."The current ...

Markets - Energy - Europe

Russia's Gazprom plans to sell stake in German gas group VNG MOSCOW: Gazprom said on Monday it plans to sell its 10.52 percent stake in Germany's natural gas supplier Verbundnetz Gas (VNG), in line with the Russian company's strategy to pull back from operations in Europe. Gazprom said the decision to sell the stake was made after Wintershall Holding sold its stake in VNG. Gazprom and Wintershall jointly held a blocking stake of 26.31 percent in VNG. "Now, Gazprom is unable to take real participation in ...

Markets - Energy - Americas

Oil jumps 5pc on tempered Iran view, slower US inventory rise NEW YORK: Oil prices jumped more than 5 percent on Monday as traders reassessed how quickly Iran might increase exports after a preliminary nuclear deal and anticipated that a months-long rise in US crude inventories may be slowing. Brent crude's rally followed Thursday's nearly 4 percent tumble after Iran and six world powers announced a framework agreement on the OPEC member's nuclear program. But initial expectations of a quick recovery in oil exports were tempered ...

Markets - Energy - Americas

Sete Brasil signs memorandum suspending debt for 90 days SAO PAULO: Brazilian oil rig producer Sete Brasil Participa??es SA said on Monday it signed a memorandum of understanding with its main creditors on March 31 that will suspend debt collection rights for 90 days. Earlier on Monday, Luiz Carlos Trabuco, chief executive officer of Brazilian private-sector lender Banco Bradesco SA, said the rig maker and commercial banks were in advanced talks over the size, maturity and scope of a new bridge loan. Sete Brasil ...

Markets - Energy - Americas

Greenpeace boards oil rig, Shell slams 'stunt' LOS ANGELES: Greenpeace activists have boarded an Arctic-bound Shell oil rig in the middle of the Pacific Ocean, the environmental group and oil giant said Monday.Shell denounced the action as a "stunt" and said it would not deflect it from its Arctic oil exploration plans.The six activists planned to camp on the 38,000-tonne Polar Pioneer platform, which they boarded 750 miles northwest of Hawaii using inflatable boats from the Greenpeace vessel "Esperanza."The six -- from ...