07242016Sun
Last update: Sun, 24 Jul 2016 04am

Markets - Energy

Markets - Energy - Asia

Asia Naphtha/Gasoline-Naphtha recovers but prices stay depressed SINGAPORE: Asia's naphtha crack snapped seven straight sessions of losses on Friday, recovering from a 1-1/2 year low to a three-session high of $39.58 a tonne, tracking Brent oil's gains.Heavy supplies however persisted and traders expect the weak outlook to last through third quarter and could even extend into fourth quarter.Traders said the weak fundamentals could have prompted South Korea's Hanwha Total to withdraw an offer for naphtha scheduled for first-half August lifting although this could not be directly confirmed.India's Reliance Industries went ahead with a sale of a 55,000-tonne naphtha cargo for Aug. 3-7 loading from Sikka but at flat to a premium of $1 a tonne to Middle East quotes on a free-on-board (FOB) basis.Not only was the price level at least four times lower than a 55,000-tonne cargo sold for mid-July loading, it was also the lowest Reliance has achieved since late 2008 when the financial crisis ...

Markets - Energy - Europe

ExxonMobil declares force majeure on Nigeria's Qua Iboe crude oil LONDON: ExxonMobil subsidiary Mobil Producing Nigeria has declared force majeure on exports of Nigeria's Qua Iboe crude oil, the country's largest export stream, a spokesman said on Friday.The declaration came after the company observed a "system anomaly" during a routine check of its loading facility on July 14. "We are working to ensure loading activities at the facility return to normal. We cannot speculate on any timeline for repairs," the spokesman said. "Qua Iboe Terminal ...

Markets - Energy - Asia

Oil prices down on resurgent supply glut worries SINGAPORE: Oil tumbled in Asia Friday, bucking an equities rally as worries over a supply glut and weak demand returned, with some analysts forecasting crude prices could fall to $40 a barrel.Prices had recovered from two-month lows on the back of expectations of more stimulus measures in major economies. But surging output from crude producers reignited concern that the oversupply might not ease as quickly as expected.US benchmark West Texas Intermediate for delivery in August ...

Markets - Energy - Americas

Oil climbs after big losses on Wednesday; glut fears linger NEW YORK: Oil prices rose as much as 2 percent on Thursday, extending early gains as traders covered short positions a day after crude futures were hammered by weak US demand for fuel during the traditionally busy summer driving season. Key crude benchmarks Brent and US West Texas Intermediate (WTI) lost about 4 percent on Wednesday as a raft of bearish US inventory data heightened concerns about a global glut. Oil was also helped higher ...

Markets - Energy - Europe

Med crude-Poor refining margins may end Azeri, CPC price rally MOSCOW: Premiums for sweet Caspian grades in the Mediterranean remained firm on Thursday on eager buying interest for sweet grades due to lower supplies planned for August, but traders said the rally may soon be ended by low refining margins for light distillates.Premiums for Azeri light continued to rise, some traders said that sellers tried to offer the grade around a premium of $2.50 a barrel to BFOE, but no deals at this level were ...

Markets - Energy - Americas

Ecuador boosts oil reserves in ITT field to 1.7bn barrels QUITO: Ecuador's government said on Thursday that the oil bloc known as ITT holds 750 million barrels more than originally estimated, boosting the field's reserves to 1.67 billion barrels. The increase followed the drilling of an exploratory well in the Ishpingo, Tambococha and Tiputini (ITT) field located in a national park in the Amazon.The government of President Rafael Correa in 2013 opened ITT to oilfield development despite criticism by environmentalists. "This means that national oil ...

Markets - Energy - Europe

North Sea Crude-Forties differential firms as overhang starts to clear LONDON: The Forties differential firmed on Thursday as an overhang of cargoes began to clear with some demand coming from a tightening Mediterranean market. A counter-seasonal glut of light end refined products, particularly gasoline, have been dampening demand for light sweet North Sea grades as margins have sunk with little respite in view. US gasoline and distillate stocks surged unexpectedly last week, data showed on Wednesday, crimping margins for refiners at the height of summer ...