01202017Fri
Last update: Fri, 20 Jan 2017 12pm

Markets - Energy

Markets - Energy - Europe

West African oil loading for Asia to slip in January LONDON: West African crude loading for Asia is expected to slide more than 10 percent in January as some buyers opt for regional grades or cargoes in floating storage, a Reuters survey of traders and shipping data showed on Thursday.Some 1.808 million barrels per day (bpd) are scheduled to load from Nigeria, Angola, Ghana and other West African producers over the coming month, down from December's 17-month high of 2.1 million bpd.Demand was still good, with buyers in China underpinning price differentials for Angolan oil in particular, but the slip highlighted the fierce competition for Eastern buyers in an oversupplied oil market.Buying in Indonesia accounted for the largest portion of the drop, falling to just one cargo from seven in December. Stateoil company Pertamina had purchased most of its cargoes via tenders awarded to traders including Chevron and Trafigura, who could supply it from oil loaded in other months or ...

Markets - Energy - Americas

Oil prices fall on big build in US gasoline, distillate stocks NEW YORK: Oil prices slipped on Thursday after a surprisingly large increase in US inventories of gasoline and distillates, slamming the brakes on an early rally on news that Saudi Arabia had started talks with customers about reducing crude sales.US crude stocks fell sharply to end the year, the Energy Information Administration said, with a draw of 7 million barrels, but stocks of gasoline and distillates surged as refiners ramped up production to reduce crude ...

Markets - Energy - Middle East & Africa

Iraq cuts oil production per OPEC deal: ministry BAGHDAD: Iraq has cut crude production by some 200,000 barrels per day as part of an OPEC oil cartel agreement aimed at boosting flagging prices, the oil ministry's spokesman said Thursday."Iraq reduced its production to around 4.6 million barrels (per day)" from more than 4.8 million, Assem Jihad told AFP.The Organization of the Petroleum Exporting Countries agreed last year to cut production to reduce a global supply glut that had kept prices painfully low.The accord ...

Markets - Energy - Middle East & Africa

Libya's oil output close to 700,000 bpd TRIPOLI: Libya's oil production is close to 700,000 barrels per day after the restart of two major oil fields, an official from the NOC state energy company said on Wednesday. Copyright Reuters, 2017

Markets - Energy - Americas

Oil turns negative on strong dollar after hitting 18-mth highs NEW YORK: Oil prices turned negative after earlier hitting 18-month highs on Tuesday, the first trading day of 2017, as the U.S. dollar rallied to its highest since 2002.Traders said crude prices were buoyed earlier in the day by hopes that a deal between OPEC and other big oil exporters to cut production, which kicked in on Sunday, will drain a global supply glut.Brent futures were down 95 cents, or 1.7 percent, at $55.87 a ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline margins jump as crude prices dive LONDON: European gasoline margins rose sharply above $10 a barrel on Tuesday as ICE Brent crude futures sank by over 2 percent on a strong dollar.An open transatlantic arbitrage from Europe has also supported gasoline margins.Philadelphia Energy Solutions will run the 90,000 barrel-per-day gasoline-making unit in the Girard Point section of its Philadelphia refinery at reduced rates as repairs are made to a related boiler, according to a source familiar with the plant's operations.Mediterranean exports ...

Markets - Energy - Middle East & Africa

Libya's oil production rises to 685,000 bpd - National Oil Corp TRIPOLI: Libya was producing 685,000 barrels of oil per day (bpd) on Sunday, up from around 600,000 a day last month, an official from the National Oil Corporation (NOC) said.Output has risen after a two-year blockade was lifted two weeks ago on major pipelines leading from the western fields of Sharara and El Feel.Production has been resuming gradually at Sharara, which has a capacity of 330,000 bpd. But there has been no announcement of a ...