05042016Wed
Last update: Wed, 04 May 2016 02pm

Markets - Energy

Markets - Energy - Asia

Oil prices rise on weaker dollar ahead of Fed rate decision SINGAPORE: Oil prices extended gains in Asia Wednesday as traders await a report on US stockpiles, and some analysts said the market was set for a rebalancing after touching bottom.The two main contracts -- West Texas Intermediate (WTI) and Brent crude -- had risen sharply in European trading Tuesday on speculation that Saudi Arabia plans to reduce drilling, fuelling hopes of an easing of the global supply glut.A weak dollar has also provided support as it makes crude cheaper for customers using other currencies.At around 0640 GMT Wednesday WTI for delivery in June was up 53 cents, or 1.20 percent, at $44.57 and Brent crude for June had risen 58 cents, or 1.27 percent, to $46.32."Market sentiment continues to improve," said Tim Evans, an energy analyst at Citi Futures Perspective in New York. "A lot of people are convinced that the bottom has been reached and the market will rebalance ...

Markets - Energy - Europe

First shipment of US natural gas to EU arrives SINES: In a move which could lead to continental price wars and reduce Russian market domination, the first shipment of US natural gas to the European Union arrived overnight Tuesday in the Portuguese port of Sines overnight, an AFP journalist reported.The first consignment of US gas for European distribution comes amid the shale gas revolution which Washington hopes will see it become a player in an EU market where Russia is currently the main supplier.The ...

Markets - Energy - Americas

Oil prices jump on report Saudi plans to reduce drilling NEW YORK: Oil prices rose sharply Tuesday, gaining a lift from speculation that Saudi Arabia is planning to cut back drilling as the market worries about excessive global supplies.The market, already heading higher from the start of trade, "seems to have got an extra boost from a report out of Nabor Industries's earnings call," said Bob Yawger of Mizuho Securities.Yawger said the drilling company "claimed the Saudis have plans to reduce their rig counts by ...

Markets - Energy - Americas

Oil crash toll: S&P strips ExxonMobil of triple-A rating NEW YORK: Standard & Poor's stripped ExxonMobil of its triple A rating Tuesday, saying the oil giant's rising debt and weaker earnings outlook meant it no longer qualified for the highest credit grade.The one-notch cut was the latest ripple effect on the oil industry from crashing crude prices, which have forced a number of smaller producers into bankruptcy.ExxonMobil, the largest US oil company and the world's fifth largest, had held the triple-A rating since 1930. ...

Markets - Energy - Europe

Oil prices rebound sharply LONDON: Oil prices rose Tuesday, rebounding from heavy losses that were sparked by a report that Saudi Arabia was close to completing an oilfield expansion.Analysts said the gains, partly prompted by a slightly weaker dollar, would likely be short-lived due to lingering worries about a global supply glut. At 1700 GMT, New York's benchmark West Texas Intermediate (WTI) for delivery in June was up $1.28 at $43.92 per barrel.Brent North Sea crude for June delivery ...

Markets - Energy - Europe

W. Africa Crude-Quiet spot trading, but India buys via tender LONDON: There was limited trading as Nigeria's NNPC allocated its June cargoes and traders vied for Indian tenders to buy oil. There was also little trading in Angolan crude for June loading, though demand from Chinese refineries was relatively stable. Nigeria's initial loading programmes showed exports falling to around 1.7 million barrels per day (bpd) including Akpo - the lowest level all year. NIGERIA A cargo of Agbami and one of Qua Iboe will sail ...

Markets - Energy - Americas

Gulf Coast refinery outages beginning to pile up NEW YORK: A flurry of planned and unexpected outages at refineries in Gulf Coast states has cut gasoline production and helped trigger a rise in US gasoline markets on fears of short supplies.The outages have knocked out roughly 292,000 barrels per day, or 3.1 percent, of crude unit capacity on the Gulf Coast.Also, roughly 70,000 bpd, or 2 percent, of the region's catalytic cracking capacity is offline, along with 110,500 bpd, or 7 percent, of ...