07252016Mon
Last update: Mon, 25 Jul 2016 07pm

Markets - Energy

Markets - Energy - Europe

Oil prices rise after Brexit shock; Norway strike threat supports LONDON: Oil rose on Wednesday as traders poured money back into markets hit by the initial shock of Britain's vote to leave the European Union while a potential oil workers strike in Norway and a crisis in Venezuela also provided support.Brent crude futures were up 49 cents at $49.07 per barrel at 1017 GMT. U.S. crude was had climbed 57 cents to $48.42 a barrel.Both benchmarks gained on Tuesday after markets shook off some of the shock from the referendum in Britain."Right now, post Brexit, different asset classes are highly correlated and the bounce back in oil price reflects the broader move we seen in equities and FX markets," said Harry Tchilinguirian, global head of commodity strategy at BNP Paribas.Standard Chartered said that it expected oil prices to return to $50 per barrel rapidly as the Brexit referendum's impact on demand was limited.Despite that, some bankers said that the knock-on ...

Markets - Energy - Asia

Oil prices rise on Norway strike threat; Brexit shock fades SINGAPORE: Oil rose on Wednesday as financial traders poured money back into commodities following the initial shock of Britain's vote to leave the European Union, and as a potential strike in Norway and crisis in Venezuela threatened to cut supply.Brent crude futures were trading at $48.84 per barrel at 0422 GMT, up 26 cents from their last settlement. U.S. crude was up 35 cents at $48.20 a barrel.Both oil benchmarks had climbed on Tuesday after ...

Markets - Energy - Asia

Gas Malaysia raises non-power gas tariff by 5.95pc from July 15 KUALA LUMPUR: Gas Malaysia Bhd , the country's sole supplier of natural gas except to the power sector, announced a 5.95 percent rise in gas tariffs for the commercial and industrial sectors beginning July 15. Residential customers, however, will not be affected by the tariff hike, said Gas Malaysia in a stock exchange filing on Wednesday.The average gas tariff will be raised to 27.05 per million British thermal units (mmBtu) from 25.53 ringgit per mmBtu.Copyright ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline crack weakens as glut lingers LONDON: Gasoline margins continued to decline on the back of firming crude prices and an on-going glut. The recent sharp fall in Venezuela's refining output is also unlikely to mop up the oversupply in Europe as additional demand is expected to be met by products from the US Gulf. Processing at the 955,000-barrel-per-day Paraguana Refining Center (CRP) dropped to some 260,000 bpd, union leader and PDVSA critic Ivan Freites said on Monday, contributing to a ...

Markets - Energy - Europe

Med crude-Urals stable in the north of Europe, higher in south MOSCOW: Urals differentials strengthened further in the Mediterranean as buyers showed interest in the grade amid lower supplies in July compared to June. In the Platts window, Litasco bid for 80,000 tonnes of Urals loading on July 17-21 up to a discount of $1.70 a barrel to BFOE, traders said, but found no sellers. They also said Litasco had recently bought 80,000 tonnes of Urals at a discount of $1.70-1.80 a barrel to BFOE, but ...

Markets - Energy - Europe

North Sea Crude-Forties stays weak, August programmes start to emerge LONDON: Forties differentials stayed at a discount to dated Brent on Tuesday, pressured by ample supply for July loading and a lack of buying interest. The weakening market structure and widening contango are making storing crude more viable, and some cargoes are heading straight into storage, a trader said. * The first of the August loading programmes for benchmark grades was issued on Tuesday, showing steady Oseberg loadings. WINDOW SUMMARY Forties: BP offered a cargo ...

Markets - Energy - Asia

Asia Fuel Oil-Fuel oil crack strengthens as July supplies narrow SINGAPORE: Asia's fuel oil crack for benchmark 180-centistoke was at its narrowest discount to Dubai crude in more than four months at $6.02 a barrel on Tuesday, lifted by fewer Western cargoes arriving into East Asia next month and tightening producer exports.Fewer cargoes are expected to arrive into East Asia in July from the West as a result of a tightly shut arbitrage window throughout the second half of May and the first half of ...