07302016Sat
Last update: Sat, 30 Jul 2016 11pm

Markets - Energy

Markets - Energy - Asia

Oil prices rise up but supply worries temper gains SINGAPORE: Oil prices recovered Tuesday but stayed near two-month lows as increased US drilling, a strong dollar and hints of higher production by Iran and Libya brought worries about a global glut back into focus.The commodity has retreated since last month hitting above $52 a barrel as supply disruptions in Nigeria and Canada eased and the fall in US output slowed.The US dollar strengthened after Britain voted in late June to leave the European Union, hitting demand in countries with weaker currencies.At about 0315 GMT, US benchmark West Texas Intermediate was 10 cents higher at $44.86 while Brent was 13 cents up at $46.38.Tehran plans to double crude exports so long as the rise in shipments is absorbed by global markets, according to a senior official at state-run National Iranian Oil Co., Bloomberg News reported. Iran is now exporting about two million barrels of its daily output of 3.8 million, ...

Markets - Energy - Europe

French carbon pricing committee proposes tax on coal-fired power plants PARIS: A French government advisory committee has recommended that France increase taxation on coal-fired power plants, or set stiffer carbon emissions standards, to encourage a shift to gas-fired plants to reduce carbon emissions.The proposal was included in a report handed to French Environment Minister Segolene Royal on Monday by the committee, which was appointed in March to review European carbon pricing and make recommendations to the French government.France currently chairs the United Nations climate negotiations ...

Markets - Energy - Americas

Oil slips to 2-month low; Canada output, more US rigs weigh NEW YORK: Oil prices fell on Monday, hitting two-month lows, pressured by rising Canadian supplies, a higher US oil rig count and cuts in bullish hedge fund bets on crude. Hundreds of thousands of new barrels of crude have begun arriving in Alberta's oil sands region, crowding pipelines as producers recover from wildfires that crippled output two months ago.The rising Canadian output pressured prices even though traders said data from market intelligence firm Genscape showed ...

Markets - Energy - Asia

Asia-Pacific Crude-Narrow Brent-Dubai spread supports  SINGAPORE: The Asia-Pacific crude market was supported on Monday after Brent's premium to Dubai shrank to the narrowest since March.The Brent-Dubai Exchange of Futures for Swaps (EFS) for September fell 25 cents to $2.81 a barrel at Monday's close.A narrower spread between the two benchmarks underpins differentials for Brent-linked grades produced in Asia-Pacific and the Atlantic Basin.Still, demand for September-loading crude may come under pressure from an upcoming maintenance season that peaks in October. About ...

Markets - Energy - Europe

Oil falls further under $50 on Asia demand concern LONDON: Oil fell on Monday over signs that U.S. shale drillers have adapted to lower prices and on renewed indications of economic weakness in Asia where refiners are already trimming crude runs.Brent crude was trading at $46.26 per barrel at 0942 GMT, down 50 cents from its last settlement. U.S. West Texas Intermediate (WTI) crude was down 57 cents at $44.84 a barrel on the futures market.Physical markets were also under pressure. Rising Canadian oil ...

Markets - Energy - Europe

Oil falls further under $50 on Asia demand concern LONDON: Oil fell on Monday over signs that U.S. shale drillers have adapted to lower prices and on renewed indications of economic weakness in Asia where refiners are already trimming crude runs.Brent crude was trading at $46.26 per barrel at 0942 GMT, down 50 cents from its last settlement. U.S. West Texas Intermediate (WTI) crude was down 57 cents at $44.84 a barrel on the futures market.Physical markets were also under pressure. Rising Canadian oil ...

Markets - Energy - Asia

Iran cuts Aug crude prices for Asia, Med to gain market share SINGAPORE: OPEC producer Iran cut prices for August crude sales to Asia, the Mediterranean and from the port of Sidi Kerir in Egypt, in a continuing effort to regain market share in these regions post-sanctions.Tehran's oil sales hit 4-1/2 year high in June, nearly doubling since December as sanctions were lifted on its oil exports in January. By discounting prices for its crude against Saudi Arabia and Iraq, Iran has attracted new customers in countries ...