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Europe Distillates: Diesel cracks rise on limited imports LONDON: European diesel premiums versus crude oil rose to a two-month high on Monday as import cargoes tapered off and traders held onto cargoes rather than offering them on the spot market. Despite this, traders said the immediate buying demand had cooled as the front end of the market flipped into backwardation, meaning the current price is higher than the expected price in the coming months.This has taken some of the upward pressure off premiums. "There still is good contango, but not at the front," one trader said, in reference to the market structure when future prices are above the current levels."There is less prompt demand, as people can hold off putting into their tanks more without losing the contango structure," one trader said. Some traders, who had locked in the contango structure from recent weeks, continued to funnel imports and production into storage tanks across the region, keeping some ...

Oil prices rise as OPEC sees rebound LONDON: Oil prices rose Monday, reversing earlier losses, after OPEC Secretary General Abdullah El-Badri reportedly warned that the market could surge higher owing to a climate of low investment.Prices had fallen in early trading as the dollar rallied against the euro after the anti-austerity party Syriza swept to victory in Greece's general elections.The dollar jumped to an 11-year high against the European single currency, making dollar-denominated crude more expensive for holders of the euro, dampening ...

Oil prices turn positive as OPEC sec gen calls bottom to market LONDON: Oil prices turned positive on Monday, erasing early losses after the Secretary-General of the OPEC producer group said he expected the market to bottom out around current levels.March Brent crude was trading at $49.13 per barrel by 1317 GMT, up 34 cents, bouncing from an early low of $47.57."Now the prices are around $45-$55 and I think maybe they reached the bottom and will see some rebound very soon," Abdullah al-Badri, Secretary-General of the ...

Global gas prices to sink further in coming months MILAN/LONDON: Asian liquefied natural gas prices, already at four-year lows, face further steep losses in the first half of 2015 as the full force of a weak crude market works through into gas contracts and new supply comes on stream.Global gas prices are seeing their biggest drop on record as slowing Asian demand, new supply from mega-projects and a streak of abnormally mild temperatures worldwide mark the end of a five-year bull run.Asian gas should ...

Oil prices slip after smooth Saudi transition LONDON: Oil prices slipped on Monday after Saudi Arabia's new King Salman moved to assuage fears of an unstable transition and any policy change in the world's largest oil exporter.March Brent crude was trading at $48.55 per barrel by 1509 GMT, down 24 cents, above an early low of $47.57.West Texas Intermediate (WTI) crude for March delivery was at $45.57 a barrel, down 2 cents. The WTI front month had earlier touched a low of ...

UK gas prices rise on Norway gas field outage LONDON: British wholesale gas prices rose on Monday morning due to an outage at Norwegian gas field Troll which could mean fewer supplies of gas reach Britain.Prices for day-ahead delivery were up 1.30 pence at 45.25 pence per therm at 0815 GMT, while gas for immediate delivery was 0.75 pence higher at 45.20 pence per therm.British gas traders said an outage at Norway's biggest natural gas field Troll would likely reduce flows to Britain on ...

Middle East Crude-Oman-Dubai spread widens on trades SINGAPORE: The spread between Oman and Dubai widened in the Middle East crude market on Monday after several trades were concluded on the window.Chinaoil sold three March Oman partials to Shell at $45.40-$45.45 a barrel, while Shell bought a partial from Vitol at $45.50. Dubai, on the other hand, was traded at $44, with Mercuria buying three partials from Unipec at that level.Trade in the physical market slowed as most refiners have completed their purchases ...


Index Closing Chg%
Arrow DJIA 17,409.00 1.31
Arrow Nasdaq 4,683.41 0.98
Arrow S&P 2,017.30 0.95
Arrow FTSE 6,810.60 0.22
Arrow DAX 10,737.87 0.25
Arrow CAC-40 4,631.43 0.44
Arrow Nikkei 17,606.22 1.06
Arrow H.Seng 24,595.85 1.07
Arrow Sensex 29,681.77 0.41

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln