08262016Fri
Last update: Fri, 26 Aug 2016 06pm

Markets - Energy

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline cracks gain amid stock draw hopes LONDON: Gasoline refining margins in northwest Europe rose to $7.50 a barrel on Tuesday amid limited trading activity as recent stock draws eased concerns over recent months' glut. The arbitrage to the US East Coast has slowed down significantly in recent days. Exports to West Africa have similarly dwindled as congestion outside Nigeria limited new buying, traders said. Inventories in ARA continued to decline as tankers were loading volumes booked in recent weeks. The gasoline market remained in backwardation into October and storage economics going into the summer of 2017 no longer worked, traders said. The nearing seasonal refinery maintenance further boosted expectations that stocks, which remain above five-year average levels, would decline in the coming months. The naphtha market remained under heavy pressure due to little buying from Asian petrochemical plants. GASOLINE There were no Eurobob trades during the afternoon trading window. There were no bids or offers. Some ...

Markets - Energy - Europe

Med crude-Urals weak in the north, Azeri light premiums shrink MOSCOW: Urals differentials eased again on Tuesday in northwest Europe due to lower demand for Urals in the region and expectations of ample supplies in September.A preliminary loading plan for early September was released with minor changes to the August plan. Urals exports from Baltic ports on Sept. 1-7 are planned at 1.3 million tonnes, 100,000 tonnes lower than in August, and from Novorossiisk at 0.54 million tonnes, unchanged from August. Traders expect Urals exports ...

Markets - Energy - Europe

North Sea Crude-Forties gains on tighter supplies LONDON: Forties differentials rose due to the highest since early June on stronger demand and signs of tighter September supplies. One cargo of Forties loading in September, F0911, has been dropped from the loading programme after issues with the Kinneil processing plant limited flows, trade sources said. That reduces September loadings to 17 cargoes. There are signs that a build-up of Forties held on VLCCs off the UK coast is easing, potentially helping to support ...

Markets - Energy - Europe

W. Africa Crude-Angola's Oct exports to drop, IOC tenders to buy LONDON: Angola's oil exports are set to hit a 10-year low of 1.43 million barrels per day (bpd) in October, according to a provisional loading programme and Reuters data, as Dalia cargoes were missing due to planned maintenance. Nigeria's Energy Minister Emmanuel Ibe Kachikwu said in an interview published on his Twitter account that oil production had averaged at around 1.5 million barrels per day (bpd) in 2016, the government was putting "a lot of ...

Markets - Energy - Americas

Oil at 5-week high as OPEC sources, Russia, talk of cooperation NEW YORK: Crude futures hit five-week highs for a second straight day on Tuesday as sources at OPEC spoke of Saudi Arabia's apparent desire for higher oil prices while Russia met the producer group to discuss the market. Focus on production losses in Nigeria, where more than 700,000 barrels per day (bpd) have been lost to militant attacks and pipeline problems, also supported crude prices. The Organization of the Petroleum Exporting Countries will probably revive ...

Markets - Energy - Middle East & Africa

Ghana's GNPC says prepared to sell oil from new field to local refinery ACCRA: State-owned Ghana National Petroleum Corporation (GNPC) is prepared to sell crude from the new TEN field to the country's sole oil refinery in a bid to boost national supply, its chief executive Alex Mould told Reuters on Tuesday. Ghana holds a 20 percent stake in the Tweneboa, Enyenra and Ntomme offshore field, which is due to produce its first oil on Thursday and aims for average production of 80,000 barrels per day. Copyright Reuters, ...

Markets - Energy - Europe

Oil prices extend gains LONDON: Oil prices rose Tuesday extending the previous session's gains, as markets assess the likelihood of producers reaching a deal to limit output.Around 1230 GMT, Brent North Sea crude for delivery in October was up 33 cents at $48.68 a barrel.US benchmark West Texas Intermediate for September delivery gained 28 cents to $46.02 compared with Monday's close.Traders are speculating on whether Saudi Arabia and other major oil producing nations will reach an agreement at a ...