05272016Fri
Last update: Fri, 27 May 2016 09pm

Markets - Energy

Markets - Energy - Europe

Rosneft's Sechin says Indonesia's rising oil demand draws interest SOCHI: Igor Sechin, the head of Russia's largest oil producer Rosneft, said on Thursday that Indonesia's rising oil demand and falling production were the reasons for his company's interest in the country's projects. "The country produced, say 10 years ago, 71 million tonnes of oil, now it is 38 million, while by 2030 it will be 11 million tonnes, while consumption is rising," Sechin said. "Of course, it creates conditions for our interest, when it comes to supplies, as well as participation in downstream and trading," Sechin said. Rosneft and Indonesia's Pertamina are expected to sign a framework deal this week on an oil refinery in Indonesia. Last month, Rosneft said it had discussed Pertamina's possible participation as a shareholder in its upstream projects in Russia. Both companies have also considered Rosneft's possible participation in downstream projects in Indonesia.Copyright Reuters, 2016

Markets - Energy - Americas

Oil down over 2pc as dollar soars on US rate hike fears NEW YORK: Crude oil prices fell more than 2 percent on Thursday as the dollar's surge on U.S. rate hike expectations drove players from the oil market.Fear that the U.S. Federal Reserve may raise rates by next month prompted investors to cash out of long positions in Brent and U.S. crude's West Texas Intermediate (WTI) futures that rallied earlier in the week on oil supply outages."Petroleum prices are under selling pressure as part of a ...

Markets - Energy - Europe

Oil market extends pullback as dollar rises LONDON: Oil prices extended their retreat Thursday after hawkish US Federal Reserve meeting minutes strengthened the dollar and a weekly report showed rising US crude stockpiles.Prices hit 2016 highs Wednesday due in part to production outages resulting from wildfires around the Canadian oil sands hub of Fort McMurray but pulled back to settle lower after the dollar climbed.A stronger greenback makes dollar-priced oil more expensive, denting demand and hurting prices.Minutes from the US Federal Reserve's ...

Markets - Energy - Asia

Asia-Pacific Crude-July Vietnamese grades, NWS hold steady  SINGAPORE: Vietnamese grades held steady in the Asia-Pacific crude market on Thursday as ample supplies and strong Brent prices versus Dubai continued to weigh down spot differentials for regional grades.State oil marketer PV Oil sold Hai Thach loading between July and December to Gunvor at $2.10 a barrel above dated Brent, traders said, steady from the previous six months.Gunvor was also the buyer for January-June supplies, a trader said.Separately, PV Oil sold a 200,000-barrel Hai ...

Markets - Energy - Europe

Oil drops below $48 on Fed hike speculation, fading support from outages LONDON: Oil fell below $48 a barrel on Thursday, pressured by a stronger dollar and as a surprise increase in US crude inventories served as a reminder that supply remains ample despite output problems. Supply losses in Canada and Nigeria have lent support, but cooler weather was expected to help firefighters battling Canadian wildfires. Traders said Exxon Mobil is boosting output at Nigeria's largest crude stream.Brent crude was down $1.29 at $47.64 at 0951 GMT. ...

Markets - Energy - Asia

Technip, FMC to merge into $13bn oil services firm PARIS: Oil and gas services companies Technip of France and the American FMC Technologies said Thursday they have agreed to merge, creating one of the world's top companies in a sector which has been battered by low oil prices."The companies will combine to create a global leader that will drive change by redefining the production and transformation of oil and gas," they said.The new company, called TechnipFMC, will be worth $13 billion (11.6 billion euros) ...

Markets - Energy - Americas

Canadian oil exports drop, supply hunt on amid wildfires NEW YORK: In a sign the massive Alberta wildfire is taking a toll on oil transport, Canadian crude exports to the United States dropped 12 percent last week, while another blend of Canadian sweet crude oil rallied as concerns grow about supply.Overall, trading in Canadian crude was quiet, as the second half of the month is generally inactive.Hot and dry weather and strong winds were expected to push the wildfire burning near Fort McMurray, Alberta ...