05252016Wed
Last update: Wed, 25 May 2016 04am

Markets - Energy

Markets - Energy - Europe

Oil prices near six-month peaks LONDON: Oil prices held near six-month peaks on Thursday as the IEA forecast a sharp drop in the supply glut, and following a surprise fall in US crude reserves.Around 1130 GMT, European benchmark Brent North Sea crude for July gained 26 cents to $47.86 a barrel compared with Wednesday's close.New York's West Texas Intermediate for delivery in June won 42 cents to stand at $46.65 a barrel, after soaring the previous day to its highest closing level since November 2015.The International Energy Agency (IEA) forecast that the stubborn oil glut will "shrink dramatically" later this year, following wildfires that have disrupted Canada's output and on buoyant Indian demand.The IEA's monthly report was published one day after news of a drawdown in US oil inventories that signalled strong demand in the world's top oil consumer -- and sent prices racing.The "surprise draw (fall) in US crude oil inventories was very supportive ...

Markets - Energy - Asia

Asia-Pacific Crude-Minas strengthens further SINGAPORE: Indonesian benchmark Minas crude strengthened further on Thursday as Glencore continued to bid for the grade, traders said.Minas' premium to dated Brent likely rose by about $1 a barrel from the previous session to about $3 following Glencore's bids that went as high as $50.80, they said.Brent's premium to Dubai swaps, or Brent-Dubai Exchange of Futures for Swaps (EFS), strengthened after traders hedged arbitrage cargoes from North Sea, traders said.The July EFS rose 20 ...

Markets - Energy - Asia

Azeri oil output down to 13.98mn T in Jan-April BAKU: Azerbaijan's oil output fell to 13.98 million tonnes in January-April, a source in Azerbaijan's government told Reuters on Thursday. Copyright Reuters, 2016

Markets - Energy - Europe

Oil rises towards six-month high after IEA sees tighter supply LONDON: Oil prices rose towards six-month highs on Thursday, supported by data from the International Energy Agency (IEA) showing tightening supply in addition to a surprise drop in US crude inventories.Brent crude futures were trading at $47.87 per barrel at 1101 GMT, up 27 cents from their last settlement and near a six-month high of $48.50 hit at the end of April.West Texas Intermediate (WTI) US crude futures were 35 cents higher at $46.58."We could ...

Markets - Energy - Middle East & Africa

South Africa's Eskom sees no power cuts this year, to have excess capacity by 2021 CAPE TOWN: South Africa's power utility Eskom does not expect to implement electricity cuts for the rest of the 2016/2017 financial year which started in April, its chief executive said on Thursday. Eskom, which is battling an electricity shortage, was forced to implement electricity blackouts during the first half of last year, affecting economic activity but CEO Brian Molefe told a media briefing that power supply had improved."There will never be load shedding because to ...

Markets - Energy - Americas

Oil jumps on first US drawdown since March; Brent up 4pc NEW YORK: Oil jumped on Wednesday, with Brent up more than 4 percent for a second day in a row, after the U.S. government unexpectedly said crude inventories fell the first time since March, adding to concerns over supply outages in Canada and Nigeria.The U.S. Energy Information Administration (EIA) said crude inventories fell 3.4 million barrels last week, compared with analysts' expectations for an increase of 714,000 barrels and the American Petroleum Institute's (API) build ...

Markets - Energy - Europe

Oil prices jump on US data LONDON: Oil prices rallied further Wednesday after data revealed an unexpected drop in US crude inventories, with analyst blaming the fall on Canada's wildfires causing disruption to exports across the border.At around 1600 GMT, US benchmark West Texas Intermediate for delivery in June was up $1.24 at $45.90 a barrel.Brent North Sea crude for July surged $1.50 to $47.02 a barrel compared with Tuesday's close.The US Department of Energy (DoE) on Wednesday said the country's ...