01182017Wed
Last update: Wed, 18 Jan 2017 11am

Markets - Energy

Markets - Energy - Asia

Middle East Crude-Benchmarks soften despite ADNOC cuts SINGAPORE: The Middle East crude benchmarks softened on Tuesday amid ample supplies despite OPEC's pledges to cut production from January.Abu Dhabi National Oil Company (ADNOC) on Tuesday said it would cut crude supplies by 3-5 percent across its three export grades to meet commitments under an OPEC deal to curb production.The move is among the first visible indicators that oil markets could be physically tighter next year as the Organization of the Petroleum Exporting Countries (OPEC) and other producers cut output to ease a supply glut and prop up prices.Still, traders said ADNOC's cut is unlikely to have a large impact on the market as it is within operational tolerance limits and buyers have extra oil from Saudi Arabia and Iraq to replace lost Abu Dhabi supplies."I think it's manageable. Many (refiners) received incremental Arab Extra Light in January to cover," said a North Asian refinery official, who spoke on ...

Markets - Energy - Asia

Asia Fuel Oil-Hedging activity lifts swap values SINGAPORE: Values of near-dated 380-cst fuel oil flat price swaps traded on the Intercontinental Exchange (ICE) were higher on Tuesday amid hedging activity by buyers of the fuel who were looking to take advantage of the dip in prices in the previous session caused by declines in crude oil prices, fuel oil brokers and traders said.Flat price swaps for the 380-cst fuel for the first three months of the new year were 40 cents to ...

Markets - Energy - Europe

Russia's Gazprom Neft, Iran's NIOC agree Iranian oil field studies TEHRAN/MOSCOW/BEIRUT: Russian oil producer Gazprom Neft and National Iranian Oil Company (NIOC) agreed on Tuesday to conduct a study into the possible development of two oil fields in Iran, Russia's energy ministry Alexander Novak said. Iran, OPEC's third largest oil producer, plans to launch next year a new-style contract for helping develop its oil and gas fields with invitations to tender to be the first since the lifting of sanctions. Novak said Gazprom Neft, the ...

Markets - Energy - Europe

UK GAS-Prices rise as outages spur buying LONDON: British wholesale gas prices rebounded on Tuesday afternoon after a series of outages were announced, which raised concerns about supply this week and prompted buying. Gas for day-ahead delivery was up 0.60 pence at 45.00 pence per therm at 1403 GMT, while gas for weekend delivery was 0.75 pence higher at 44.95 p/therm. Prices were in decline early on Tuesday due to oversupply but a series of outages at the Netherlands' Bergermeer storage site, ...

Markets - Energy - Americas

Uruguay's ANCAP seeks gasoil cargo for January HOUSTON: Uruguay's state-run oil company ANCAP has launched a tender to buy 20,000 cubic meters of gasoil for delivery Jan. 25-30 at La Teja terminal, according to a document seen by Reuters on Tuesday. The company earlier this month bought a gasoline cargo on the open market for February delivery. Bids for this tender will be received until Dec. 15, indexed to ultra-low sulfur diesel (ULSD) prices at the US Gulf Coast. Copyright Reuters, 2016 ...

Markets - Energy - Americas

US gasoline margins jump on report of Saint John refinery outage NEW YORK: US gasoline margins jumped by more than 3 percent Tuesday morning on a report that Irving Oil had unexpectedly shut its gasoline-making unit its 300,000 barrel-per-day (bpd) Saint John refinery in New Brunswick, Canada, traders said. Energy intelligence service Genscape reported Tuesday morning that the refinery's 70,000 (bpd) fluid catalytic cracker was shut, just days after it was restarted after planned work. Reuters has not independently confirmed the reported outage. The US gasoline ...

Markets - Energy - Americas

US STOCKS SNAPSHOT-S&P, Dow hit record highs; Fed meeting in focus NEW YORK: Wall Street opened higher on Tuesday, with the Dow and the S&P 500 hitting fresh record highs, as investors focused on the Federal Reserve's two-day meeting where it is widely expected to raise rates for the second time since the financial crisis. The Dow Jones Industrial Average rose 67.56 points, or 0.34 percent, to 19,863.99. The S&P 500 gained 7.82 points, or 0.346484 percent, to 2,264.78. The Nasdaq Composite added 19.80 points, or ...