05282016Sat
Last update: Sat, 28 May 2016 09am

Markets - Energy

Markets - Energy - Americas

Oil rallies for third day after OPEC sees greater crude demand NEW YORK: Oil rose for a third straight session on Monday as OPEC forecast greater demand for crude this year than previously thought and projected less supply from countries outside the group.Data from last week showing the U.S. oil rig count at a three-year low also bolstered prices, which were attempting to find a floor after a brutal selloff in crude that wiped out over half of the market's value since June.Benchmark Brent oil futures were up 55 cents, over nearly 1 percent, at $58.35 a barrel by 10:05 a.m. ET (1505 GMT), after revisiting Friday's one-week peak of $59.06.U.S. crude futures, or WTI, rose $1.41, or almost 3 percent, to $53.05 after rising to $53.40 earlier.WTI's front-month contract, March, was at its narrowest discount in a week to the second month, April, as strong gains in oil for prompt delivery reduced some of "contango" that made it profitable to ...

Markets - Energy - Europe

Oil prices extend gains LONDON: Oil prices advanced further Monday with buying boosted by a dip in North American crude production, while a robust US jobs report also provided support, analysts said. US benchmark West Texas Intermediate for delivery in March advanced $1 to $52.69 a barrel compared with Friday's close.Brent North Sea crude for March won 63 cents to stand at $58.43 a barrel in London afternoon trade.Last week saw WTI surge seven percent and Brent add 9.4 ...

Markets - Energy - Asia

China hikes retail fuel prices, first in 8 months BEIJING: China will raise retail prices of gasoline by 290 yuan ($46) per tonne and of diesel by 280 yuan from Tuesday, the first increase in eight months, after global oil prices recovered some 20 percent in the past two weeks.The National Development and Reform Commission, or China's top planner, posted the statement of the price adjustment on its website on Monday.The increase followed a string of price cuts since July that had slashed Chinese ...

Markets - Energy - Europe

Oil dips after weak Chinese trade data LONDON: Brent crude prices slipped on Monday as a slump in Chinese imports pointed to lower fuel demand in the world's biggest energy consumer, outweighing falling U.S. oil rig counts and signs of healthy U.S. growth.China's trade performance slumped in January. Exports fell 3.3 percent from a year earlier while imports tumbled 19.9 percent, highlighting a deepening slowdown.Global benchmark Brent crude oil for March was down 25 cents at $57.55 a barrel by 0845 GMT ...

Markets - Energy - Asia

Asia-Pacific Crude-Supported; PTT buys Northwest Shelf SINGAPORE: Excess supply in the Asia-Pacific crude market was reduced after Thailand's PTT bought Australian condensate in its monthly import tender, traders said on Monday.PTT bought a cargo of Northwest Shelf condensate (NWS) in a tender for early-April arrival at its Rayong plant at around $3 a barrel below dated Brent, they said.The seller could not be identified, but traders said PTT may have bought a cargo loading March 20-25 that was purchased by BP ...

Markets - Energy - Asia

Middle East Crude-Dubai weakens; Qatar limits condensate supply  SINGAPORE: Cash Dubai weakened in the Middle East crude market on Monday as selling by Chinaoil continued.Chinaoil sold 13 April partials to Shell and Trafigura at $54.80-$54.83 a barrel on the window, a trader said. That puts cash Dubai at around $2.30 a barrel below Dubai swaps, down from a discount of about $2 in the previous session.Saudi Aramco and other Gulf producers have lowered their official selling prices (OSP) this month in line with ...

Markets - Energy - Europe

UK gas prompt prices ease on warming weather despite undersupply LONDON: Prompt natural gas prices edged lower on Monday on forecasts for warmer weather, despite higher than usual demand and an undersupplied system.Prices for within-day delivery were trading at 48.25 pence per therm at 1020 GMT, down 0.30 pence since their last settlement. Prices for delivery on Tuesday were down 0.80 at 48.25 pence per therm."The cold spell we saw last week is over and consumption is forecast strongly down for (within-day) compared with Friday," ...