05292016Sun
Last update: Sun, 29 May 2016 01am

Markets - Energy

Markets - Energy - Europe

Oil tops $50, lifts commodity stocks but Fed, China weigh LONDON: Brent crude oil topped $50 a barrel for the first time in nearly seven months on Thursday lifting commodity and energy-related shares in Europe and Asia though worries about U.S. interest rates and signs of slowdown in China limited gains.Oil's rise took it to levels more than 80 percent above January's 12-year lows and was fuelled in part by a weaker dollar, which fell against the Japanese yen.European shares edged higher, led by the basic resources and oil and gas sectors. The pan-European FTSEurofirst 300 index rose 0.2 percent, pushing on from a four-week high hit on Wednesday. The STOXX 600 basic resources index rose 2.4 percent. Oil and gas added 0.8 percent.Energy shares also outperformed in Asia but a slide in Chinese shares to 2 1/2-month lows after weaker-than-expected corporate profit data, meant Asian equities struggled to build on positive momentum from Wall Street."Oil inventory data has been ...

Markets - Energy - Europe

Brent oil breaks above $50 for first time in 7 months LONDON: Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months as a global supply glut that plagued the market for nearly two years showed signs of easing.Oil prices have rallied in recent weeks as a string of outages, due in part to wildfires in Canada and unrest in Nigeria and Libya, knocked out nearly 4 million barrels per day of production.Above $50 a barrel, oil was ...

Markets - Energy - Asia

Japan's Jera to sell up to 1.5mn tonne LNG to EDF Trading TOKYO: Japan's Jera Co, a joint venture of Tokyo Electric Power and Chubu Electric Power , said on Thursday it signed a contract to sell up to 1.5 million tonnes of liquefied natural gas (LNG) to London-based EDF Trading Ltd, a wholly-owned subsidiary of French power utility EDF. Jera said prices would be linked to European gas prices and shipment volumes to Europe during the contract period between June 2018 and December 2020 and adjusted ...

Markets - Energy - Europe

Oil prices rise on easing US supplies LONDON: Oil advanced Wednesday, with New York prices reaching 2016 highs, as data revealed falls to US crude inventories owing to wildfires slashing production across the Canadian border.Around 1600 GMT, US benchmark West Texas Intermediate (WTI) for delivery in July was 19 cents higher at $48.81 a barrel. Brent North Sea crude for July won 49 cents to $49.10 a barrel compared with Tuesday's close. Prices had earlier Wednesday risen close to $50, with WTI ...

Markets - Energy - Americas

Exxon shareholders pass measure that may put climate expert on board DALLAS/SAN RAMON: Voters at Exxon Mobil Corp's annual meeting on Wednesday approved a measure to let minority shareholders nominate outsiders for seats on the board, meaning a climate activist could eventually become a director at the world's largest publicly traded oil company.The so-called proxy access measure was the first Exxon shareholder proposal since 2006 to be approved, and it was the only one of 11 proposals related to climate change to pass at meetings held ...

Markets - Energy - Europe

North Sea Crude-Forties steady; Shell books more Forties for Asia LONDON: Forties differentials were unchanged on Wednesday for a second day, having reached their lowest in more than a week on Monday. Reuters shipping data showed that Shell, not Chevron as reported on Tuesday, has tentatively booked the VLCC Sara to load at Hound Point in mid-June, the first such shipment this month. This adds to other Forties shipments to Asia by Shell such as the Samco Sundarbans in May. A strike at French oil ...

Markets - Energy - Asia

Asia-Pacific Crude-Prices hold steady; traders eye tenders SINGAPORE: Asia-Pacific crude market held steady on Wednesday as traders looked ahead to tenders from Vietnam and Malaysia for further price direction.PV Oil and Petronas will close several tenders on Thursday.PV Oil offered two 300,000-barrel Bach Ho crude cargoes loading July 6-12 and 20-26. Bids will remain valid till June 2.Petronas offered 350,000 barrels of Cakerawala condensate loading on July 19-28 and 250,000 barrels of Muda condensate for July 20-26 in separate tenders.Regional crude cargoes ...