08262016Fri
Last update: Fri, 26 Aug 2016 06pm

Markets - Energy

Markets - Energy - Europe

Oil holds as Mideast turmoil offsets ample supply outlook LONDON: Oil prices firmed on Monday after a major advance by Islamic State militants in Iraq.Islamic State overran the western city of Ramadi in the biggest defeat for the Baghdad government since last summer.Front-month Brent futures were up 7 cents at $66.88 a barrel by 1050 GMT after earlier climbing earlier to $67.88 a barrel. U.S. crude rose 42 cents to $60.11 a barrel."The fact that Islamic State can still carry out major operations even after nearly a year of air strikes confirms that Iraq will remain unstable for a long period," said Richard Mallinson, geopolitical analyst at London-based Energy Aspects."However, in the short term, supply risks don't look higher than before. The market is still oversupplied and if prices go much higher in the U.S. we could start to see some drilling returning, which would slow down the rebalancing process."Goldman Sachs lowed their Brent crude price assumption from 2016 ...

Markets - Energy - Europe

Oil falls below $66 as global glut builds LONDON: Brent crude oil fell below $66 a barrel on Friday after reports that a growing supply glut was boosting inventories worldwide. Oil futures have rallied strongly since January after collapsing last year but analysts say the rebound may have overshot and could be about to correct. Although the US oil market is becoming more balanced, production elsewhere is still running well ahead of consumption. "A mood change is in the air," Eugen Weinberg, global ...

Markets - Energy - Europe

Argentina buys 7 LNG cargoes from Trafigura, Spain's Gas Natural MILAN: Argentina's YPF has purchased seven liquefied natural gas (LNG) cargoes on behalf of state-run energy firm Enarsa following its recent tender, to be supplied by Trafigura and Spain's Gas Natural Fenosa, traders said. Enarsa launched a tender in early May to buy seven LNG cargoes for delivery from June through August. Awarding the tender falls under YPF's remit. Swiss trading house Trafigura will deliver six cargoes and Spanish utility Gas Natural Fenosa will deliver ...

Markets - Energy - Asia

Tokyo stocks up 0.51pc by break after Wall St record TOKYO: Tokyo stocks rose 0.51 percent Friday morning, picking up a strong lead from Wall Street where the S&P 500 surged to another record close.The Nikkei 225 index at the Tokyo Stock Exchange added 99.67 points to 19,669.91 by the break, while the Topix index of all first-section shares climbed 0.40 percent, or 6.38 points, to 1,597.87.In New York the broad-based S&P 500 bolted to a fresh record-high close Thursday, led by strong gains in ...

Markets - Energy - Americas

Oil prices fall on oversupply concerns NEW YORK: Oil prices retreated Thursday on concerns the market has risen too much given lofty supplies.US benchmark West Texas Intermediate for June delivery shed 62 cents at $59.88 a barrel on the New York Mercantile Exchange.European benchmark Brent crude oil for delivery in June lost 22 cents at $66.59 a barrel in London.Data showing modestly lower US crude inventories amid drilling industry cutbacks have helped push oil prices up about 40 percent since the ...

Markets - Energy - Americas

Oil down with eyes on ample supply, dollar's bounce NEW YORK: Oil futures pulled back on Thursday as an ample global supply picture weighed on prices while Brent's front-month June contract headed to expiration.Trading was choppy as market participants tried to square bullish factors including U.S. inventory data, spot demand for crude in Asia and Middle East unrest with basic supply fundamentals."The market is really in a pause," said Harry Tchillgurian, analyst at BNP Paribas. "The longer the price stays up, the more you ...

Markets - Energy - Americas

Expiring Brent up in choppy trade, US crude down on supply glut NEW YORK: Brent crude futures edged up in choppy trading as the June contract headed to expiration on Thursday, while U.S. crude prices pulled back as an ample global supply picture weighed on sentiment.Prices, especially Brent's, received support from news that Iran's Revolutionary Guard fired warning shorts over a Singapore-flagged oil products tanker in international waters in the Gulf.Trading was choppy as market participants tried to square bullish factors including U.S. inventory data, spot demand ...