08282016Sun
Last update: Sun, 28 Aug 2016 07pm

Markets - Energy

Markets - Energy - Asia

Oil halts rally as market weighs chance of output freeze SINGAPORE: Oil prices eased in Asia trade Tuesday but held above $45 a barrel as the market weighed the possibility of major producers reaching an agreement to freeze output during a meeting next month.Members of the Organization of Petroleum Exporting Countries (OPEC) as well as non-members are scheduled to meet informally in Algeria in September, and Saudi Arabia's oil minister Khalid al-Falih has hinted that discussions could include actions to stabilise prices.His remarks last week sparked a price rally as they were widely seen as a suggestion that OPEC could revive talks on trimming high output levels.Prices continued their rise overnight after Russian Energy Minister Alexander Novak said his country was working with Saudi Arabia to achieve oil market stability -- hinting at a possible production freeze in cooperation with OPEC.In New York, US crude jumped $1.25 to close at $45.74, but halted its incline in Asian trade.Analysts said there ...

Markets - Energy - Americas

Oil extends rally to 5-week highs on talk of producer action NEW YORK: Oil prices hit five-week highs on Monday, gaining about 10 percent in a three-day rally as speculation intensified over potential producer action to support prices amid a crude glut. Data from market intelligence firm Genscape estimating a draw of more than 350,000 barrels at the Cushing, Oklahoma delivery point for US crude futures last week added to the bullish sentiment, said traders who saw the data. Brent crude rose $1.08, or 2.3 percent, ...

Markets - Energy - Europe

Europe Distillates-Diesel cracks surge on concerns over US supplies LONDON: Benchmark diesel refining margins in northwest Europe rose on Monday to a one-month high after floods that hit southern United States and unplanned refinery outages there tightened the supply outlook. Traders said that concerns that heavy rains and flooding that has battered the southern US state of Louisiana could impact diesel production. The arbitrage from the major US Gulf Coast refining hub to Europe has significantly slowed in recent weeks due to strong demand ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline slides as crude hits 5-week high LONDON: Gasoline refining margins in northwest Europe fell sharply to below $7 a barrel on Monday as crude prices jumped, while steady exports to the US and west Africa capped losses. Oil rallied to a five-week high as speculation intensified over potential producer action to support prices amid a crude glut. Overseas demand, particularly from West Africa, in recent days has helped give cracks in Europe a floor. Philadelphia Energy Solutions was planning to restart ...

Markets - Energy - Europe

North Sea Crude-Diffs edge up to highest since mid July LONDON: North Sea crude oil differentials rose on Monday, climbing for a second day, after a couple of trades materialised that provided the market with a boost ahead of upstream maintenance in September. Brent changed hands at its highest level since mid-July, as did Forties. According to Genscape data, the VLCC Marbat, currently chartered by Vitol, loaded at Hound Point late last week and is scheduled to sail to South Korea later this month, according ...

Markets - Energy - Europe

Med crude-Urals weaker in northwest Europe, ample supply expected MOSCOW: Urals price differentials weakened in northwest Europe on Monday as unsold volumes in the region and an expected rise in exports in September weighed on prices for the Russian grade. A preliminary loading plan for Urals in the first days of September did not emerge on Monday as most traders expected and was said to appear on Tuesday. Traders expected Russian crude exports to rise in September compared to August due to start of ...

Markets - Energy - Americas

US shale output set to drop 85,000 bpd in Sept NEW YORK: US shale oil production is expected to fall 85,000 barrels per day in September to 4.47 million bpd, according to the US Energy Information Administration's (EIA) drilling productivity report released on Monday. Bakken production from North Dakota is expected to fall 26,000 bpd, while production from the Eagle Ford formation is expected to drop 53,000 bpd. Production from the Permian Basin in West Texas is expected to rise 3,000 bpd, according to the ...