05042016Wed
Last update: Wed, 04 May 2016 06am

Markets - Energy

Markets - Energy - Europe

Oil prices fall on rising US supplies LONDON: Oil prices fell Thursday after official data revealed a larger-than-expected increase in stockpiles of US commercial crude, while the market was hit also by a stronger dollar, analysts said.US benchmark West Texas Intermediate (WTI) for delivery in March slid one dollar to $46.78 a barrel.Brent North Sea crude for March edged down eight cents to stand at $48.95 a barrel in late London deals. "WTI tumbles as excessive oversupply causes oil stocks to surge," Fawad Razaqzada, technical analyst at trading group Forex.com, said in a note to clients.The US Department of Energy reported that crude stockpiles jumped by 10.1 million barrels last week, far above analyst estimates.Oil prices have lost more than half their value since June, when they sat at more than $100 a barrel, mainly as a result of strong US supplies of crude.The fall was exacerbated at the end of November when the Organization of the ...

Markets - Energy - Europe

Poland plans big cross-border gas pipeline programme WARSAW: Poland plans to build more gas pipelines to link with its neighbours to offload excess from liquefied natural gas (LNG)imports and connect with other grids to the south. "The projects we are working on have a wider, European context," Jan Chadam, the head of Poland's gas grid, said. "The investment in assets on our side is significant, but it is in the interest of all to offer services to a bigger number of market ...

Markets - Energy - Europe

Oil drops to $48 after ECB launches QE, US crude stocks jump LONDON: Brent crude oil fell towards $48 a barrel on Thursday after the European Central Bank said it would start buying government bonds, a move which could push the dollar to new highs against the euro and put downward pressure on commodities. Exceeding market expectations, ECB President Mario Draghi said the bank would buy 60 billion euros ($69 billion) of government bonds a month until the end of September 2016 to support the flagging euro ...

Markets - Energy - Americas

Oil price drop leaves Union Pacific cautiously upbeat on economy CHICAGO: The recent drop in oil prices has left No. 1 US railroad Union Pacific Corp cautiously optimistic about US economic prospects for 2015, anticipating a good year for auto sales and consumer spending, with an eye on oil output in North Dakota. Chief Executive Jack Koraleski said the steep drop in the price of oil has so far not affected rail shipments out of the Bakken shale formation in North Dakota. Oil prices have ...

Markets - Energy - Europe

North Sea Crude-Under pressure, refinery buyers stay away LONDON: North Sea crude differentials remained under pressure on Thursday as refinery buyers stayed away and no new VLCC fixtures to take oil out of the region emerged. Demand from European refiners has been weak so far this year, despite strong refining margins.A Rotterdam-based refiner cracking Brent was at about $8.46 a barrel on Thursday, according to Reuters' models, up from an average of $5.39 a barrel in December. Data from industry monitor Euroilstock showed ...

Markets - Energy - Europe

West Africa Crude-Nigeria cuts prices, March programmes start to be issued LONDON: Nigeria cut the official selling price (OSP) of its largest crude stream Qua Iboe and other grades, reflecting poor demand for light, sweet crude amid a global glut. The February OSP for Qua was cut to dated Brent plus 33 cents. That would be the lowest traded premium since 2005 according to Reuters data, although dealers said they had not seen cargoes trade at as low as the OSP.Nigerian crude is in ample supply. ...

Markets - Energy - Europe

Med Crude: Urals swaps point lower, CPC bid higher LONDON: Russia's Urals crude held firm in light physical trade on Thursday but swaps continued to point to a weakening of differentials in February, with a larger loading programme for that month applying pressure, especially in the Baltic. No deals were done in the Platts price assessment window, leaving differentials around -$1.65 a barrel versus dated Brent in the Baltic for spot cargoes and -$1.30 in the Mediterranean. Swaps in the Baltic for February are ...