05062016Fri
Last update: Fri, 06 May 2016 04pm

Markets - Energy

Markets - Energy - Europe

Oil prices rebound sharply LONDON: Oil prices rose Tuesday, rebounding from heavy losses that were sparked by a report that Saudi Arabia was close to completing an oilfield expansion.Analysts said the gains, partly prompted by a slightly weaker dollar, would likely be short-lived due to lingering worries about a global supply glut. At 1700 GMT, New York's benchmark West Texas Intermediate (WTI) for delivery in June was up $1.28 at $43.92 per barrel.Brent North Sea crude for June delivery gained $1.25 to $45.73 a barrel compared with Monday's closing level.Both contracts had dived on Monday after Bloomberg News said Saudi state oil company Aramco would complete the expansion of its Shaybah oilfield by the end of May, allowing the world's largest exporter to maintain total capacity at 12 million barrels a day. Those losses broke a week of gains on the back of upbeat data from China, the world's biggest energy user, and speculation ...

Markets - Energy - Europe

W. Africa Crude-Quiet spot trading, but India buys via tender LONDON: There was limited trading as Nigeria's NNPC allocated its June cargoes and traders vied for Indian tenders to buy oil. There was also little trading in Angolan crude for June loading, though demand from Chinese refineries was relatively stable. Nigeria's initial loading programmes showed exports falling to around 1.7 million barrels per day (bpd) including Akpo - the lowest level all year. NIGERIA A cargo of Agbami and one of Qua Iboe will sail ...

Markets - Energy - Americas

Gulf Coast refinery outages beginning to pile up NEW YORK: A flurry of planned and unexpected outages at refineries in Gulf Coast states has cut gasoline production and helped trigger a rise in US gasoline markets on fears of short supplies.The outages have knocked out roughly 292,000 barrels per day, or 3.1 percent, of crude unit capacity on the Gulf Coast.Also, roughly 70,000 bpd, or 2 percent, of the region's catalytic cracking capacity is offline, along with 110,500 bpd, or 7 percent, of ...

Markets - Energy - Americas

Refinery outages, stock draw boost US gasoline futures, margins HOUSTON: US gasoline futures rallied to their highest since August on Tuesday and boosted refinery margins after a flurry of Gulf Coast refinery unit outages, buying from Venezuela and a reported drop in New York inventories. The US gasoline crack spread rose as high as $22.55 early in the day before retreating later to $22.32, up about 3 percent from Monday's finish. The May RBOB contract, which expires on Friday, also rose more than 3.5 ...

Markets - Energy - Americas

Oil up 2pc on weak dollar; threat of supply hikes linger NEW YORK: Oil prices rose 2 percent on Tuesday, resuming their rally after a one-day pause, as a weaker dollar boosted commodities denominated in the greenback.BP Chief Executive Officer Bob Dudley said oil demand could grow enough this year to match supply, remarks that boosted sentiment. Still, analysts warned of possible price wars and excessive supply as Saudi Arabia and Iran tussle for market share.Brent crude futures' front-month contract was up 90 cents, or 2 ...

Markets - Energy - Middle East & Africa

Qatar says to liberalise fuel prices DOHA: OPEC member Qatar announced Tuesday that it will liberalise petrol and diesel prices amid concerns over the state budget with the fall of global oil prices.The change will come into force from May and prices will fluctuate each month, Mishal Al-Thani, chairman of a commission to study fuel prices, said in a statement on the official Qatar News Agency.The overhaul of the domestic market will see future prices determined by global and regional factors ...

Markets - Energy - Asia

Asia-Pacific Crude-Weak, eyes China demand  SINGAPORE: The Asia-Pacific crude market remained weak on Tuesday with Malaysian and Australian grades yet to move for June.A drop in demand from Chinese teapot refineries, and a potential release of oil from storage after Brent's contango narrowed, have depressed regional grades.Still, China raised retail fuel prices on Tuesday which may lift its demand for crude again.Traders looked to Petroleum Brunei's monthly Kimanis crude tender for price direction although a rise in supply in June ...