06282016Tue
Last update: Tue, 28 Jun 2016 06am

Markets - Energy

Markets - Energy - Europe

Oil falls towards $61 as rally's sustainability in question LONDON: Oil fell more than $1 towards $61 a barrel on Wednesday, failing to build on gains of over 1 percent in the previous session as analysts said a recent rally was overblown. "The lack of follow-through higher yesterday is a worry and there's plenty of reason to be neutral here and observe carefully," PVM Oil Associates director and technical analyst Robin Bieber said. Oil prices have risen more than 35 percent since hitting an almost six-year low of $45.19 in January, in an ascent fuelled by lower industry spending and falling US rig counts. Benchmark Brent crude futures were down $1.03 at $61.50 by 1114 GMT, having fallen to a low of $61.11 earlier in the session. US crude traded at $52.89 a barrel, down 64 cents."The contracts will look very fragile and accident-prone if one or two more contracts fail to hold key support," Bieber said. Volumes were ...

Markets - Energy - Asia

Middle East Crude: Trade slows before Lunar New Year SINGAPORE: Trade in the Middle East crude market slowed on Wednesday as buyers and sellers wound down for the Lunar New Year holidays.Most of the April-loading Middle East spot grades have traded at improved premiums from the previous month as buyers locked in purchases ahead of the long holiday. Asia's demand has also been robust, supported by firm refining margins, despite peak maintenance season.Trade is expected to resume next week when most markets re-open after ...

Markets - Energy - Europe

Aker Solutions to cut workforce in Norway due to weak oil market OSLO: Norwegian oil service firm Aker Solutions plans to cut its workforce as a drop in oil prices has caused a market slowdown, the firm said on Wednesday. Around 300 employees within the maintenance, modifications and operations (MMO) may be affected by the adjustments out of the total 4,300 employees in MMO. The company has 8,300 employees in Norway. Copyright Reuters, 2015

Markets - Energy - Europe

Oil falls below $62 as analysts doubt recent rally LONDON: Oil dropped below $62 a barrel on Wednesday, failing to build on gains of more than 1 percent in the previous session as analysts said a recent rally in prices was overblown."The lack of follow-through higher yesterday is a worry and there's plenty of reason to be neutral here and observe carefully," PVM Oil Associates director and technical analyst Robin Bieber said.Oil prices have risen more than 35 percent since hitting an almost six-year ...

Markets - Energy - Asia

Asia Distillates-Jet fuel firms on more Unipec buys SINGAPORE: The Asian jet fuel cash premium continued to firm on Wednesday as Unipec continued its buying spree of the aviation fuel in Singapore for a fourth consecutive day, industry sources said.The Chinese trading arm of Sinopec bought 300,000 barrels of jet fuel on Wednesday, making its total purchase of the fuel at 1 million barrels since last Friday, which is an unusually large purchase of jet fuel in Singapore, traders said.It was unclear where ...

Markets - Energy - Middle East & Africa

Tanker loads Libyan oil from Hariga storage, Sarir still disrupted BENGHAZI: A tanker has loaded 600,000 barrels of crude oil from storage at the Libyan port of Hariga, an oil official said on Wednesday.He said that crude supplies from the Sarir oilfield were still disrupted following a pipeline blast.Copyright Reuters, 2015

Markets - Energy - Europe

LONDON: Britain's regulation of electricity and gas supply has shaped competition in the retail energy sector, and several issues will need to be investigated further, the Competition Markets Authority (CMA) said on Wednesday."The supply of electricity and gas is heavily regulated, and the form that regulation takes has a profound effect on the shape of competition in retail energy markets," the CMA said in an update on its continuing investigation into competition in the UK ...