06262016Sun
Last update: Sun, 26 Jun 2016 12am

Markets - Energy

Markets - Energy - Europe

North Sea BFOE oil loadings to rise in April LONDON: The supply of North Sea crude that underpins the Brent benchmark will average 960,000 barrels per day (bpd) in April, according to loading programmes, up from a revised 948,000 bpd in March.Brent is based on four crude streams: Brent itself, Forties, Oseberg and Ekofisk (BFOE). March's Oseberg and Ekofisk loadings have been boosted by the addition of one cargo apiece from February.Brent, the last of the four April BFOE cargoes to be issued, will load 120,000 bpd, trade sources said on Friday.The Brent schedule shows that the first cargo will load on April 7, which may partly account for the later issuance of the programme in comparison with Forties and Ekofisk, which came out on Monday.Copyright Reuters, 2015

Markets - Energy - Europe

BP announces $12bn investment in Egypt gas fields LONDON: UK-based energy giant BP on Friday announced a total investment of $12 billion (11 billion euros) in developing gas fields in Egypt, calling it a "vote of confidence" in the country."The WND (West Nile Delta) project investment is the largest foreign direct investment in Egypt," BP chief executive Bob Dudley said in a statement after final agreements were signed.Copyright AFP (Agence France-Presse), 2015

Markets - Energy - Americas

Oil falls in volatile trade on supply worries, dollar and Iran NEW YORK: Oil closed lower on Thursday in volatile trade, as a soaring dollar and the U.S. pursuit of an Iranian nuclear deal offset earlier gains from supply concerns in Libya and Iraq.Libya's declaration of force majeure on nearly a dozen of its oilfields due to security concerns and arson attacks by Islamic State militants on Iraqi oil wells helped prices climb during the European session.In New York trade, the market came off its highs ...

Markets - Energy - Americas

Global supply glut weighs on oil prices NEW YORK: Persistent worries about a global oversupply of crude oil weighed on the oil market Thursday after US inventories leaped to another record high this week.US benchmark West Texas Intermediate for delivery in April fell 77 cents to $50.76 a barrel on the New York Mercantile Exchange at the end of a volatile session in which WTI spent some time in positive territory.In London, Brent North Sea crude for April, the international benchmark, dipped ...

Markets - Energy - Americas

Oil up despite strong dollar, US stance on Iran NEW YORK: Oil rose in volatile trade on Thursday but analysts said the gains may not hold in the face of a strong dollar and the U.S. commitment to forge a nuclear deal with Iran.Concerns about deteriorating oil supplies from Libya and Iraq boosted crude prices even before the New York session.Without new bullish factors apparent in U.S. trading hours, the market stayed afloat on buying from those convinced it had hit bottom since the ...

Markets - Energy - Europe

Russia's Gazprom gets $15mn gas prepayment from Ukraine MOSCOW: Russian natural gas exporter Gazprom said on Thursday that it had received a $15 million prepayment from Ukrainian state energy firm Naftogaz following warnings supply could be cut off if no payment was made. The payment is enough for 45.6 million cubic metres of gas, or about five days' supply at current rates of delivery, Gazprom said by e-mail.Gazprom had warned supply to Kiev could be cut off as soon as Friday if no ...

Markets - Energy - Europe

Brent tops $61 as Iraq, Libya offset US stockpile jump LONDON: Brent crude future prices rose above $61 a barrel on Thursday, as investors brushed aside bearish US inventories data to focus on tensions in Iraq and Libya. A deteriorating security situation led Libya's state oil company to declare force majeure on 11 of its oilfields on Wednesday. In Iraq, Islamic State militants have set fire to oil wells in the Ajil field east of the city of Tikrit to try to hinder aerial attacks ...