01192017Thu
Last update: Thu, 19 Jan 2017 05am

Markets - Energy

Markets - Energy - Europe

Oil steady after recent fall as weaker dollar boosts prices LONDON: Oil prices steadied on Tuesday after a sharp sell-off as a fall in the dollar triggered a bout of short-covering, but analysts said the market looked vulnerable to further declines. Rising oil prices through December encouraged investors to buy large volumes of crude futures contracts and many of these "long" positions are likely to be unwound unless the market stays strong, analysts and brokers say. "I see this as a dead-cat bounce," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. "Oil is unlikely to recover until the longs have been reduced." Tamas Varga, analyst at London broker PVM, agreed: "We are seeing some short-covering on the back of a weaker dollar," Varga said. "We might see stronger prices today after yesterday's big fall, but the market should weaken in coming days. I believe we are going lower." Oil is priced in dollars, so a weaker ...

Markets - Energy - Europe

Statoil stops Sikorsky S-92 helicopter flights, leaving offshore workers stranded OSLO/LONDON: Norway's Statoil has stopped all flights of its Sikorsky S-92 helicopters for safety checks, leaving oil workers stranded on offshore platforms for at least a couple of days, the company said on Tuesday.The Sikorsky Aircraft Corp, which manufactures the helicopters, issued a service notice on Tuesday, saying the tail rotor and bearing assemblies of the S-92 should be checked following an incident in Scotland last December. Sikorsky is a unit of Lockheed Martin Corp. ...

Markets - Energy - Asia

Asia Naphtha/Gasoline-Naphtha goes higher; buyers keep coming SINGAPORE: Asia's naphtha crack rose for the sixth straight session on Tuesday to nearly 9-1/2 month high of $93.45 a tonne supported by strong demand.Taiwanese Formosa Petrochemical Corp, Asia's top naphtha importer, was looking to by naphtha for second-half February delivery to Mailiao through a tender closing on Jan. 11.South Korea's YNCC had bought around 75,000 tonnes of naphtha for second-half February delivery at premiums of at least $1 to Japan quotes on a cost-and-freight ...

Markets - Energy - Europe

Oil prices steady after recent falls on weaker dollar LONDON: Oil prices stabilised on Tuesday after a sharp sell-off as a fall in the dollar triggered a bout of short-covering, but analysts said the market remained vulnerable to further falls. Rising oil prices through December encouraged investors to buy large volumes of crude oil futures contracts and many of these "long" positions are likely to be unwound unless the market stays strong, analysts and brokers say. "I see this as a dead cat bounce," ...

Markets - Energy - Americas

Oil down 3pc on concerns over rising Iraqi exports, US output NEW YORK: Oil prices tumbled by 3 percent on Monday on concern that record Iraqi crude exports and rising US output would undermine OPEC's efforts to curb global oversupply. US crude futures were trading at $52.36 a barrel, down $1.63 at 11:47 a.m. ET (1646 GMT).Brent futures were down $1.68 a barrel at $55.42. In Iraq, OPEC's second-biggest producer, oil exports from the southern Basra ports reached a record high of 3.51 million barrels per ...

Markets - Energy - Europe

W. Africa Crude-BPCL takes Nigerian, China snaps up Angolan LONDON: Chinese demand for Angolan crude continued apace, and another Indian refiner booked Nigerian oil via a tender, but other spot trading was relatively quiet. Outright prices for West African crude slipped along with benchmark dated Brent, which was trading 3 percent lower on word that OPEC member Iraq marked record exports from its southern Basra port in December despite an OPEC commitment to cut overall output. Angolan state oil company Sonangol has cut output ...

Markets - Energy - Middle East & Africa

Iranian oil firm NIOC names new international affairs head DUBAI: State-run National Iranian Oil Company (NIOC) has named Saeid Khoshrou as its new director of international affairs, the Iranian oil ministry's news website SHANA said on Sunday. Ali Kardor, NIOC's managing director, said in a decree that reducing transportation and maintenance costs, and diversification of markets and customers would be among the main goals of the international department under Khoshrou, SHANA reported. Khoshrou has worked more than 20 years in Iran's oil industry and ...