05252016Wed
Last update: Wed, 25 May 2016 04am

Markets - Energy

Markets - Energy - Middle East & Africa

Oil slump slashes Saudi Basic Industries Q4 profit 29pc DUBAI: Saudi Basic Industries Corp (SABIC), one of the world's largest petrochemicals groups, reported a 29 percent plunge in fourth-quarter net income on Sunday, widely missing analysts' forecasts because of the tumble of global oil prices.Chief executive Mohamed al-Mady told reporters his company's outlook for 2015 depended on oil prices and was therefore unpredictable, but that SABIC faced challenges early in the year. Oil, which is closely tied to petrochemical product prices, has tumbled more than 50 percent since last June.The Gulf's largest listed company earned 4.36 billion riyals ($1.16 billion) in the three months to Dec. 31 compared to 6.16 billion riyals a year earlier, SABIC said in a bourse statement, as sales sank 10 percent from a year ago to 43.4 billion riyals.Profit was well below the average forecast of analysts polled by Reuters, who had predicted earnings of 5.50 billion riyals. It was also below the company's ...

Markets - Energy - Middle East & Africa

Oil price slump could cripple clean energy push: experts    ABU DHABI: Falling oil prices could have a negative impact on global efforts to develop renewable energy sources, experts warned Saturday at a conference in Abu Dhabi.Oil prices have fallen by almost 60 percent since June, crashing on worries over global oversupply and weak demand in a faltering world economy.Participants at the International Renewable Energy Agency (IRENA) conference that opened Saturday in the United Arab Emirates said the trend could spell doom for plans to ...

Markets - Energy - Americas

Oil market rebounds, lifted by IEA report NEW YORK: World oil prices rebounded Friday after the International Energy Agency declared there were signs "the tide will turn" in the battered market following recent multi-year lows.The US benchmark futures contract, West Texas Intermediate for February, advanced $2.44 to close at $48.69 a barrel on the New York Stock Exchange.Brent North Sea crude for delivery in March, the European benchmark, settled at $50.17 a barrel in London trade, up $2.50 from Thursday's closing level."The ...

Markets - Energy - Europe

Gazprom trading unit moving to Russia from London MOSCOW/MILAN: Gazprom's energy trading unit Gazprom Marketing and Trading is moving to St Petersburg from London, Russian news agency Interfax cited sources as saying on Friday. Sources at the Gazprom unit could not immediately confirm the move to Reuters, while a spokesman for the trading venture declined to comment. One source briefed by a member of the Gazprom trading team said sanctions placed on Russia by the West over the course of the past year ...

Markets - Energy - Americas

US Cash Products: Gulf gasoline stronger on pipeline scheduling NEW YORK: US Gulf Coast gasoline strengthened on Friday on scheduling day for the latest cycle on the Colonial pipeline, brokers said.A4 CBOB, or conventional regular gasoline blendstock formulated for blending with 10 percent ethanol, traded at a 7.50-cent per gallon discount to February RBOB futures, a penny stronger from Thursday's late trades.Conventional M4 gasoline also strengthened a penny, trading at 5.50 cents under the futures benchmark.A4 and M4 have gained around 7 cents a ...

Markets - Energy - Americas

US crude rallies before contract expires after three-day weekend NEW YORK: US crude rallied to a session high above $49 on Friday as traders balanced their positions before the contract expires on Tuesday. The gains may have been due to short covering, said John Kilduff of Again Capital LLC. The market was especially volatile due to the Monday holiday in the US, he said. "There's always some nervousness ahead of a three-day weekend," he said. US front-month crude futures rose by $2.32 to $49.02 ...

Markets - Energy - Europe

Gazprom trading unit moving to Russia from London MOSCOW: Gazprom's energy trading unit Gazprom Marketing and Trading is moving to St Petersburg from London, Russian news agency Interfax cited sources as saying on Friday. Sources at the Gazprom unit could not immediately confirm the move to Reuters. Copyright Reuters, 2015