05302016Mon
Last update: Mon, 30 May 2016 05pm

Markets - Energy

Markets - Energy - Asia

Asia Fuel Oil-Contango structure widens as abundant supplies weigh SINGAPORE: Front-month time spreads of Asian 380cst fuel oil widened their contango structure on Wednesday as participants factored in Singapore's brimming inventories of the fuel, traders said."There's a serious ullage issue," said one Singapore-based trader. "We've been hearing most of onshore inventories for fuel oil are still pretty much full."Ullage is the unfilled space in tanks and floaters, or vessels that have been chartered for the purpose of storing oil at sea due to a lack of onshore tanks.Last week, official data showed onshore stocks of Singapore fuel oil had jumped 19.4 percent from a week earlier to an all-time high of 31.002 million barrels. Both the June-July and Aug-Sept spreads contracts for 380cst fuel oil widened their contango structures amid heavy trading activity on the Intercontinental Exchange (ICE), industry sources said."Even before the window opened, June-July traded 140,000 tonnes and Aug-Sept traded 275,000 tonnes and were both down 35 ...

Markets - Energy - Middle East & Africa

Nigerian stocks near 5-month high after central bank FX shift LAGOS: Nigerian stocks soared to near a 5-month high on Wednesday with banks leading the charge, driven by hopes that a more flexible foreign exchange policy will boost dollar supply and lure back foreign investors. On Tuesday, the central bank said it would adopt a flexible exchange rate policy, a shift from a peg for the naira seen as overvalued, which had hampered growth and investment.The main stock index was up 3.36 pct at 28,143 ...

Markets - Energy - Europe

Russian oil exports from Baltic and Black Sea ports seen rising in June MOSCOW: Russian oil exports and transit from the Baltic Sea ports and Novorossiisk expected to rise in June on a daily basis to reach 9.1 million tonnes compared a preliminary loading plan obtained by Reuters showed. This is compared to to 9.35 tonnes in May, which is a day longer than June. Oil loadings from Primorsk were seen at 3.9 million tonnes, down from 4.8 million tonnes in a revised loading plan for May, while ...

Markets - Energy - Europe

Oil nudges $50 a barrel as investors bet on shrinking overhang LONDON: Oil rose towards $50 a barrel on Wednesday for the first time in seven months, driven by expectations that shrinking supply will help erode any overhang of unwanted crude, particularly after industry data showed a sharp fall in U.S. inventories.A series of outages around the world, such as wildfires in Canada and a spate of violence in Nigeria's oil-producing region, has helped cut global oil supply by nearly 4 million barrels per day this ...

Markets - Energy - Asia

China's end-April commercial crude stocks fall, gasoline surges BEIJING: China's commercial crude oil stocks at the end of April fell 3.7 percent from the previous month and refined fuel stocks eased 2.45 percent on month, the official Xinhua News Agency reported on Tuesday.Diesel recorded a steep fall of 10.6 percent over the previous month, due to a record amount of exports and a rebound in consumptions from the farming and construction sectors, reported China Oil, Gas & Petrochemicals (OGP), a newsletter run by ...

Markets - Energy - Asia

Oil nears $50 as US inventories fall SINGAPORE: Oil prices edged towards $50 a barrel in Asia Wednesday after a larger-than-expected dip in US stockpiles resulting from wildfires that have disrupted oil production in Canada.The American Petroleum Institute on Tuesday reported that crude inventories dropped by 5.14 million barrels last week, Bloomberg News reported. Data from the Energy Information Administration due later Wednesday are likely to confirm the fall in supplies. There have been high expectations of a decline in stockpiles because ...

Markets - Energy - Asia

Oil prices push closer to $50, US crude hits highest in 7 months SINGAPORE: Oil futures pushed closer to $50 a barrel on Wednesday, with U.S. crude hitting its highest in over seven months after industry data suggested a larger-than-expected drawdown in U.S. crude inventories last week.Oil markets were also supported by an overnight surge in U.S. equities and strong home sales that could point to the Federal Reserve raising interest rates as early as June.U.S. crude futures had climbed 71 cents to $49.33 a barrel by 0652 ...