02132016Sat
Last update: Sat, 13 Feb 2016 09am

Markets - Energy

Markets - Energy - Asia

Asia-Pacific Crude-Chinese demand boosts ESPO premiums SINGAPORE: Chinese demand boosted spot premiums for Russia's ESPO grade in the Asia-Pacific crude market on Wednesday, while values for sweet grades in the region were steady to slightly weaker.ChemChina picked up two March-loading cargoes of ESPO crude from Rosneft in a tender at $5.20-$5.30 a barrel above Dubai quotes, according to traders, the highest premium since May 2014.The two cargoes are due to load on March 5-10 and March 13-18.Loading of ESPO crude from the Russian port of Kozmino was suspended on Wednesday due to a storm, the country's oil pipeline operator Transneft said. The storm was expected to last for a day.Malaysia's Petronas may have sold a cargo of March-loading Labuan crude, according to traders, but details remained vague. The state-owned company had initially offered the cargo at around $4 a barrel above dated Brent, one trader said.The price level was likely lower than the previous month, after ...

Markets - Energy - Asia

Middle East Crude-Chinaoil buys 5th al-Shaheen cargo SINGAPORE: The Middle East crude benchmark Dubai bounced higher on Wednesday, buoyed by Chinaoil's purchases.Cash Dubai's discount to swaps narrowed 13 cents from the previous session after the trading arm of PetroChina bought six partials from Reliance, Shell and Totsa during the Platts MoC process, traders said.Following the deals, Shell will deliver an al-Shaheen cargo to Chinaoil, they said. This is the fifth al-Shaheen cargo that Chinaoil has purchased during the MoC process this month.China's ...

Markets - Energy - Europe

Oil falls as inventory build dashes optimism over supply LONDON: Oil futures fell on Wednesday, after a surprise rise in U.S. inventories wiped out the optimism that had built up the day before over the potential for the world's largest exporters to cut output enough to stem a 19-month-long price slide.Another contraction in industrial profits in top commodities consumer China, along with caution before the outcome of the U.S. Federal Reserve's first policy meeting of the year, knocked around $1 off the price of ...

Markets - Energy - Europe

Oil prices resume slide before US data LONDON: Oil prices resumed their slide Wednesday as traders awaited US energy stockpiles data expected to once more shine light on the global crude glut.At about 1100 GMT US benchmark West Texas Intermediate for March delivery was down $1.03 at $30.42 a barrel. Brent North Sea crude for March shed 66 cents to $31.14 compared with Tuesday's close.The US Department of Energy publishes its weekly inventory of commercial crude stockpiles on Wednesday -- data that ...

Markets - Energy - Asia

Oil tumbles as profit-taking kicks in ahead of stocks data SEOUL: Crude oil futures declined on Wednesday, heading back towards $30 a barrel as profit-taking wiped out a chunk of the gains notched up in the previous session on hopes for output cuts.Prices were also dampened by a bigger-than-expected build in U.S. crude inventory and worries about the economy in China, the world's second-largest oil consumer.Brent crude had declined 60 cents to $31.20 a barrel by 0723 GMT, after hitting a session low of $31.05 ...

Markets - Energy - Asia

US oil to approach support at $29.07 again SINGAPORE: US oil may approach support at $29.07 per barrel again, as its correction from the Jan. 25 high of $32.74 looks incomplete.The correction consists of three waves, so far, only two have unfolded.The third wave labeled c is expected to travel to $29.07, the 23.6 percent Fibonacci retracement on the fall from the Jan. 4 high of $38.39 to the Jan. 20 low of $26.19.Only after the completion of the wave c, oil could ...

Markets - Energy - Europe

Angola LNG export project commences recommissioning LONDON/MILAN: The Angola liquefied natural gas (LNG) export project has started recommissioning, a spokesperson for the Chevron-led venture said. The project stalled after a succession of technical faults before a rupture on the flare line forced a shutdown in April 2014.Traders said they expected exports from the plant to resume in April this year. The spokesperson declined to comment on the timing of the first cargo. Chevron has a 36.4 percent share in the plant, ...