02102016Wed
Last update: Wed, 10 Feb 2016 01am

Markets - Energy

Markets - Energy - Europe

Oil prices cast shadow over eurozone inflation outlook: ECB survey FRANKFURT: Falling oil prices are weighing on the outlook for inflation in the euro area this year, but the European Central Bank's stimulus measures and the gradual economic recovery will drive inflation higher again next year, an ECB survey showed on Friday. According to the ECB's regular quarterly survey of professional forecasters, eurozone inflation is expected to average 0.7 percent this year, but then pick up to 1.4 percent in 2017 and 1.6 percent in 2018, moving closer to the central bank's target of just under two percent.In a previous survey in the fourth quarter of last year, forecasters had been pencilling in an inflation rate of 1.0 percent for 2016 and 1.5 percent for 2017. "In the short term, respondents expect a strong dampening impact on inflation from the latest oil price developments," the ECB wrote. "However, most respondents continue to envisage a strong pick-up in inflation in 2016 ...

Markets - Energy - Americas

For crashing oil market, tardy winter is cold comfort NEW YORK: Winter has finally arrived in large swathes of the northern hemisphere after the warmest December on record took a big bite out of seasonal heating fuel demand, swelling stockpiles and pressuring oil prices as they spiraled below $30 a barrel.January's cooler temperatures may be less supportive than heating oil providers and bloodied oil bulls had hoped. Many homes still have full tanks."Everybody filled up in the warm weather when the price was lower," ...

Markets - Energy - Asia

China's opening up of oil market under scrutiny after deals sour BEIJING/SINGAPORE: A Chinese industry body said it could review rules covering the import of crude by new entrants after a private refinery failed to secure financing for 1.5 million barrels of crude it bought, in a blow to Beijing's moves to open up its oil market.Baota Petrochemical Group Co Ltd could not get letters of credit for two crude cargoes worth more than $50 million it bought from commodity merchants Vitol and Mercuria, two traders ...

Markets - Energy - Asia

Oil prices extend gains in Asia on stimulus pledge SINGAPORE: Oil prices rose in Asia Friday after the European Central Bank (ECB) signalled further stimulus measures to help the struggling eurozone economy, but analysts expect oversupply woes to limit gains.Remarks by ECB chief Mario Draghi that possible additional monetary stimulus measures could come as soon as March lifted global markets and brought a measure of joy after weeks of painful losses.At around 0320 GMT, US benchmark West Texas Intermediate (WTI) for March delivery was ...

Markets - Energy - Americas

US crude stocks rise; gasoline inventories at highest since 1990 NEW YORK: US crude and gasoline stockpiles rose more than expected last week, while distillate inventories fell, data from the Energy Information Administration showed on Thursday. Crude inventories rose by 4 million barrels in the last week, compared with analysts' expectations for an increase of 2.8 million barrels. Crude inventories climbed to the highest level since 1990. The increase came as refiners cut runs, although crude imports fell. Crude stocks at the Cushing, Oklahoma, delivery ...

Markets - Energy - Americas

Petrobras oil, natgas platform halt is second in 8 days RIO DE JANEIRO: Petrobras stopped output from its P-31 oil and natural gas production ship in the Albacora Field northeast of Rio de Janeiro for the second time in eight days on Tuesday as a result of gas and oil leaks, union officials told Reuters on Thursday. It remained closed late Thursday, two days after it was shut down for safety reasons, Petrobras said in a statement. Albacora produced an average of 18,378 barrels of ...

Markets - Energy - Europe

Oil prices rally, but hold under $30 LONDON: Oil rebounded Thursday from recent 12-year lows but held below $30 per barrel, as traders digested news of a stronger-than-expected increase in US crude inventories.In late afternoon deals in London, Brent North Sea crude for delivery in March advanced $1.92 to $29.80 a barrel compared with the close on Wednesday.US benchmark West Texas Intermediate (WTI) for March rallied $1.55 to $29.90.The US government's Energy Information Administration (EIA) reported that American crude inventories jumped 4.0 ...