05292016Sun
Last update: Sun, 29 May 2016 10pm

Markets - Energy

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 policy meeting in April that were released Wednesday showed that policymakers kept open the door to raising interest rates in June.Higher interest rates typically encourage investors to move to the dollar for higher yields, lifting the currency.At about 1200 GMT, US benchmark West Texas Intermediate (WTI) for June delivery was down 84 cents at $47.35 per barrel. Brent for July dipped $1.08 to $47.85 a barrel."The main factor weighing on prices is the much appreciated ...

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 ...

Markets - Energy - Americas

Oil falls as Fed rate hike speculation sends dollar surging NEW YORK: Oil prices retreated from 2016 highs and snapped a two-day rally on Wednesday, hurt by a surge in the dollar after the US Federal Reserve signalled it could raise interest rates next month.Brent and US crude's West Texas Intermediate (WTI) futures had advanced closer to $50 a barrel on Wednesday after large gasoline and distillate drawdowns were announced by the US Energy Information Administration (EIA). But minutes from the Fed's April 26-27 policy ...

Markets - Energy - Europe

Argentina starts alternative energy push with 1,000 megawatt tender BUENOS AIRES: Argentina invited bids for projects aimed at creating 1,000 megawatts of alternative energy on Wednesday in the country's first push toward wind and solar power production needed to help narrow its energy deficit. Argentine President Mauricio Macri said the projects would be the initial stage of a plan that calls for 10,000 megawatts, or 20 percent of Argentine energy consumption, to come from renewable sources by 2025.For years Argentina, home to one of ...