06252016Sat
Last update: Sat, 25 Jun 2016 03am

Markets - Energy

Markets - Energy - Asia

India's Mahanagar Gas up to $154 mln IPO fully covered on 1st day MUMBAI: India's Mahanagar Gas Ltd's up to $154 million initial public offering was fully subscribed on Tuesday, signaling strong investor appetite in an overall optimistic stock market.Rising optimism about earnings and the domestic economy have pushed shares nearly 18 percent higher since hitting a near two-year low on Feb. 29.Retail and institutional investors placed bids for 17.81 million shares on the first day, or 1.03 times the 17.35 million shares on sale by the nation's third-biggest distributor of piped natural gas to vehicles and homes, according to stock exchange data.The sale of the shares being offered in a price range of 380 rupees to 421 rupees apiece is scheduled to close on Thursday.Royal Dutch Shell's BG Asia unit and Indian state-run Gail - which owned about 45 percent each of Mahanagar Gas before the IPO - are selling 12.5 percent of their holdings each and will receive all the proceeds ...

Markets - Energy - Americas

US natgas futures rally stalls as some generators switch to coal A four-week rally in US natural gas futures fueled by an unusually hot start to the summer stalled on Tuesday despite forecasts for above-normal heat through at least early July as rising prices make it economical for some generators to switch from gas- to coal-fired plants.Out West, California passed its first test on Monday to keep the gas flowing and lights on during an early summer heat wave that pushed next-day gas prices at the ...

Markets - Energy - Europe

Oil market dips LONDON: Oil prices hit reverse Tuesday, snapping two days of gains as dealers awaited this week's US crude inventories data and Britain's critical in-out EU membership referendum.At about 1100 GMT, world benchmark contract Brent North Sea crude for delivery in August was down 66 cents to $49.99 a barrel.US benchmark West Texas Intermediate for July delivery shed 60 cents to $48.77 a barrel compared with Monday's close. Crude futures had jumped Monday in volatile trade ...

Markets - Energy - Europe

Oil prices slip after rally as market turns cautious LONDON: Oil prices fell on Tuesday after a strong two-day rally abated amid volatility fed in part by a vote later this week in Britain that will determine whether the country will leave the European Union.Reports from Nigerian media that the government had signed a 30-day ceasefire with militants whose attacks have curtailed the country's crude oil exports also added a bearish signal to a market that firmed on the back of supply disruptions.Brent crude ...

Markets - Energy - Europe

Russia beats Saudis for third straight month as China's top crude supplier BEIJING: Russia beat out Saudi Arabia as China's largest oil supplier in May, customs data showed on Tuesday, marking the third month in a row the world's biggest oil producer has topped the world's biggest oil exporter in feeding China's market.Russia's exports to the world's No. 2 oil consumer hit a fresh record and reflect continuing strong demand from China's independent refiners.China imported 5.245 million tonnes, or around 1.24 million barrels per day (bpd) of ...

Markets - Energy - Middle East & Africa

Iraq southern oil exports average 3.14 million bpd so far in June BASRA: Oil exports from Iraq's southern ports are averaging 3.144 million barrels per day (bpd) so far in June, down from May due to maintenance work and weather, a South Oil Co. official said on Tuesday. State-run South Oil oversees Iraq's operations in the southern provinces that produce most of the OPEC's nation's crude.Iraq exported 3.2 million bpd in May and 3.364 million bpd in April from its southern ports, according to official figures."There are ...

Markets - Energy - Asia

Oil prices fall for first time in three days TOKYO: Oil prices fell in Asian trade after a strong two-day rally that was fed by easing concerns Britain would leave the European Union after a referendum this week, allowing market participants to focus on supply issues. US crude's expiring July front-month contract was down 41 cents at $48.96 a barrel at 0650 GMT. The more actively traded August contract, the new front-month from Wednesday, was down 41 cents at $49.55. That contract settled up ...