08252016Thu
Last update: Thu, 25 Aug 2016 04pm

Markets - Energy

Markets - Energy - Europe

UK gas supply worries ease as storage site to open more wells for withdrawals LONDON: Twenty wells at Britain's Rough gas storage site should be available for withdrawals from Nov. 1, Centrica Storage Limited (CSL) said on Monday, above the operator's previous estimate and easing concerns about record low gas stocks this winter. Centrica, which owns British Gas, one of Britain's largest energy suppliers, imposed restrictions in March last year on how much gas could be stored at Rough as a safety precaution after identifying potential issues with well integrity. Following investigations, Centrica shut down the facility for injections and withdrawals of gas in June this year and then said the outage would be extended until March or April next year. However, it also said it hoped to be able to re-open at least four wells for withdrawals only by Nov. 1, 2016. Britain depends on stored reserves to help manage winter demand spikes and to ensure security of supply. The Rough site accounts ...

Markets - Energy - Asia

Asia Naphtha/Gasoline-Gasoline nears 8-week high, China exports ease SINGAPORE: Asia's naphtha crack edged up 55 cents to reach a two-session high of $23.43 a tonne but the crack value remained negative as high supplies dragged.But some traders were hoping that with some crackers returning from maintenance this month and next, demand for feedstock naphtha could improve.However, South Korea's SK Energy and Japan's Idemitsu will start their cracker maintenance next month. Taiwan's CPC will also shut a cracker for maintenance in the fourth quarter.In ...

Markets - Energy - Asia

South Korea's KNOC says drops oil field project in Iraq's Sangaw South SEOUL: State-owned Korea National Oil Corp (KNOC) has decided to drop out of Iraq's Sangaw South oil field project because of uneconomic exploration results, a KNOC spokesman said on Monday. A Korean consortium headed by KNOC holds 60 percent of Sangaw South in the Kurdish region of Iraq, with half of that owned by KNOC. The state-run oil company has invested a total of about $204 million on exploration and acquisition of the stake since ...

Markets - Energy - Asia

Asia Distillates-Jet fuel discount deepest in nearly 11 months SINGAPORE: Asia's jet fuel discount to Singapore quotes widened by 3 cents to $0.95 cents a barrel on Monday, the deepest discount in nearly 11 months as high supplies weighed on prices.The discount for Asia's benchmark 500ppm gasoil, meanwhile, widened by 4 cents to reach a two-session low of 15 cents.Supplies remained high as China continued to pour out fuel on Asian markets. China exported 1.53 million tonnes of diesel in July, surpassing the previous ...

Markets - Energy - Americas

Oil down 2pc as rally snaps on rising crude, China fuel exports NEW YORK: Oil prices fell more than 2 percent on Monday, retreating from last week's two-month highs, on worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising US oil rig count. China's July diesel and gasoline exports soared 181.8 percent and 145.2 percent respectively from the same month last year, putting pressure on refined product margins. US drillers added 10 oil rigs in the week to Aug. 19, the ...

Markets - Energy - Europe

Angola's Sonangol suspends oil refining, terminal projects LONDON: Angolan state oil firm Sonangol has suspended construction works at the Lobito refinery and the Ocean Terminal of Barra do Dande, it said in a statement on Monday. It said works has been suspended for reassessing the strategic vision of the projects. It said the projects were of key importance for the country and the company but the suspension was necessary, "taking into account the new economic reality facing Angola, particularly the oil sector." ...

Markets - Energy - Europe

Oil falls as China fuel exports jump, US rig count rises LONDON: Oil prices fell nearly 3 percent on Monday as China ramped up exports of refined products, US oil producers added rigs for an eighth consecutive week and prospects emerged for increased exports from Iraq and Nigeria.Brent crude futures were down $1.36 at $49.52 a barrel by 1326 GMT, with US West Texas Intermediate (WTI) crude slipping by $1.16 to $47.36.China's July diesel and gasoline exports soared by 181.8 percent and 145.2 percent respectively from ...