09292016Thu
Last update: Thu, 29 Sep 2016 04am

Markets - Energy

Markets - Energy - Europe

Diesel flows out of Europe, temporarily easing glut LONDON: Traders are rapidly emptying diesel tanks in Europe's storage hub as refinery maintenance lowers global production, offering a brief respite for the heavily oversupplied market. In a rare step, some 12 tankers have been chartered in recent days to carry nearly 400,000 tonnes of diesel out of the Amsterdam-Rotterdam-Antwerp (ARA) hub to Mediterranean ports over the next two weeks, according to shipping data. Northwest Europe is home to the global benchmark for diesel pricing and imports large volumes of diesel as the region's refineries can not meet demand for the road fuel. In a further sign of shifting balances, diesel is also heading from Europe to Latin America and the US East Coast.The 120,000 tonne San Jacinto tanker which was heading from India to Gibraltar via the Cape of Good Hope has been diverted and now heading to New York Harbour, according to Reuters ship tracking. And the world's ...

Markets - Energy - Americas

Biggest weekly US East Coast crude stock draw since 2004 NEW YORK: US East Coast crude oil stocks posted the biggest draw last week since May 2004, according to data released Wednesday from the US Energy Information Administration. Stocks fell 3.3 million barrels to 14.2 million barrels, data showed. Copyright Reuters, 2016

Markets - Energy - Asia

Oil climbs after industry data shows US inventory draw SINGAPORE: Oil prices rose in mixed trading on Wednesday, after sharp losses in the previous session, as industry data showed a surprise draw in US crude stocks, although worries over a lack of agreement among producers to curb output kept a lid on gains.Brent crude rose 24 cents to $46.21 a barrel as of 0502 GMT after settling down $1.38, or 2.9 percent.US West Texas Intermediate (WTI) crude was up 11 cents at $44.79 a ...

Markets - Energy - Asia

Oil stages weak rebound as hopes ease for output deal SINGAPORE: Oil prices posted marginal gains in Asia Wednesday as an industry report showing a decline in US stockpiles was offset by worries about the chances of this week's key producers meeting ending with a deal to limit output.The American Petroleum Institute (API) said Tuesday that US supplies fell by 752,000 barrels last week, fuelling hopes official figures Wednesday will also show lower inventories in the world's top economy and oil consumer.However, there are fears ...

Markets - Energy - Middle East & Africa

India to increase crude purchases from Nigeria, Abuja says ABUJA: India plans to buy more crude oil from Nigeria, Nigeria's presidency on Tuesday quoted India's vice president as saying during a visit to Abuja. "His country, which is the leading buyer of Nigeria's crude oil, will increase its purchase of the commodity in addition to natural gas," India's Vice President Hamid Ansari told Nigerian President Muhammadu Buhari, according to the presidency. Copyright Reuters, 2016

Markets - Energy - Americas

Oil down 3pc as Saudi, Iran dash hopes for an Algiers deal NEW YORK: Oil fell about 3 percent on Tuesday after Saudi Arabia and Iran dashed market hopes that the two major OPEC producers would find a compromise this week at meeting in Algiers to help ease a global glut of crude. Saudi Energy Minister Khalid al-Falih told reporters in the Algerian capital, where OPEC and other oil producers gathered for the Sept. 26-28 International Energy Forum, he did not expect an agreement to come out ...

Markets - Energy - Asia

Asia Naphtha/Gasoline-Naphtha margin dives but spot price gains SINGAPORE: Asia's naphtha crack slumped 10 percent to a five-session low of $54.15 a tonne on Tuesday as firm Brent crude weighed on the differential though spot naphtha prices were buoyed by an easing supply glut.South Korea's Lotte Chemical returned to the market to buy a naphtha cargo for first-half November delivery to Daesan at a discount of about $3 a tonne or even narrower to Japan quotes on a cost-and-freight (C&F) basis.It had previously ...