08302016Tue
Last update: Tue, 30 Aug 2016 12am

Markets - Energy

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 from Latin America and refinery outages. Benchmark diesel refining margins stood at $9.40 a barrel, up from $9.12 a barrel on Friday, and the highest since July 13. A blaze that broke out last Thursday at Motiva Enterprises 235,000 barrel per day (bpd) Convent, Louisiana refinery heavily damaged the structure of the heavy oil hydrocracker before being extinguished in the afternoon, sources familiar with plant operations said. The fire-damaged hydrocracking unit at the refinery was ...

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 ...

Markets - Energy - Europe

Oil extends gains on output freeze hopes LONDON: Oil rose further Monday on hopes that OPEC producers would agree to freeze output next month and ease the global supply glut.At 1130 GMT, US benchmark West Texas Intermediate for September delivery added 24 cents to $44.73 a barrel.Brent North Sea crude for October won 25 cents to $47.22 per barrel.Saudi Arabian oil minister Khalid al-Falih hinted last week that OPEC could discuss action to stabilise markets at an informal gathering in September.That helped ...

Markets - Energy - Europe

Oil rises on talk of producer action, but excess looms LONDON: Oil prices rose on Monday to their highest in nearly a month, with benchmark Brent crude trading more than 10 percent above the start of August, as speculation intensified about potential producer action to support prices in an oversupplied market.Brent crude oil futures rose to a high for the month of $47.67 a barrel on Monday before dipping back to $47.10 per barrel at 0943 GMT, up 13 cents from their last settlement, and ...