09282016Wed
Last update: Wed, 28 Sep 2016 06am

Markets - Energy

Markets - Energy - Americas

Oil slumps 3pc on report Saudis do not see output deal NEW YORK: Oil prices fell about 3 percent on Friday, paring weekly gains, on a report that Saudi Arabia did not expect an agreement at talks next week among major crude exporters aimed at freezing production. Crude futures slumped after Bloomberg reported that Saudi Arabia did not expect a decision at Algiers, the capital of Algeria where the biggest oil producers are expected to convene next week for talks, traders said. Bloomberg cited a "delegate" as source, said traders who saw the report. Brent crude oil was down $1.33, or 2.8 percent, at $46.32 a barrel by 11:56 a.m. EDT (1556 GMT). For the week, it was up 1.6 percent. US West Texas Intermediate (WTI) crude was down $1.40, or 2.9 percent, at $44.92. On the week, WTI showed a gain of less than 5 percent. Earlier in the session, Brent and WTI were headed for their largest weekly gain ...

Markets - Energy - Asia

Middle East Crude-Condensate prices under pressure SINGAPORE: Condensate prices came under pressure on Friday after Qatar sold prompt cargoes as the start-up of its new splitter was delayed, traders said on Friday.Qatari state oil marketer Tasweeq has sold 1 million barrels, or two cargoes, of deodorised field condensate (DFC) at $1.90 a barrel above Dubai quotes that will load in October, they said. The buyers were not immediately known."Most of the buyers would have covered their demand," a trader said, adding ...

Markets - Energy - Europe

Oil prices slip after two days of strong increases LONDON: Oil prices fell on Friday in a sell-off following two sessions of strong rises and on caution ahead of a gathering of OPEC ministers next week in Algeria to discuss possible production cooperation to rein in global oversupply. Brent crude oil futures were down 60 cents, or 1.26 percent, at $47.05 a barrel, at 0903 GMT.US West Texas Intermediate (WTI) crude oil futures were trading at $45.55 per barrel, down 77 cents, or 1.66 ...

Markets - Energy - Asia

Oil prices ease as focus shifts to producers' meeting SINGAPORE: Oil prices eased on profit-taking in Asian trade Friday following two days of solid gains as traders turned their attention to next week's planned meeting of key producers.Russia and members of the OPEC oil cartel led by Saudi Arabia will gather in Algeria for three days from Monday and are expected to discuss a stubborn supply glut that has depressed prices since 2014.Traders are uncertain that a deal can be reached on freezing or ...

Markets - Energy - Europe

UK GAS-Prices rise on short system and ahead of winter season start LONDON: British wholesale gas prices rose on Thursday as lower Norwegian gas flows resulted in supply shortages, while other energy prices also gained ground. Gas for immediate delivery rose by 5.3 percent to 34/75 pence per therm at 1323 GMT, while the day-ahead contract gained 9 percent to 34.90 pence/therm. Britain's gas system was undersupplied by 17.2 million cubic metres (mcm) per day, with demand forecast at 208 mcm and supply at 187.5 mcm, National ...

Markets - Energy - Europe

Oil rises 2pc, underpinned by US inventory drop and dollar LONDON, Oil rose 2 percent on Thursday, heading for its largest weekly gain in a month, after a surprisingly large drop in US crude inventories emboldened investors ahead of next week's meeting between OPEC members and Russia to discuss supply.A fall in the dollar against a basket of currencies to a two-week low further underpinned the market. Brent crude futures rose 95 cents to $47.78 a barrel by 1345 GMT, up 4.3 percent so far ...

Markets - Energy - Europe

Gazprom discovers new gas deposit in Sea of Okhotsk MOSCOW: Gazprom said on Thursday it had discovered a new gas deposit during exploration at the Kirinskoye field in the Sea of Okhotsk near Russia's Sakhalin island. The field is crucial for Gazprom's plans to raise liquefied gas production at its Sakhalin-2 plant on the island. It has not disclosed the reserves of the newly discovered deposit.Shell, which also has a stake in the LNG plant, may also get a share in the Kirinskoye field ...