04302016Sat
Last update: Sat, 30 Apr 2016 11pm

Americas

Markets - Energy - Americas

Mexico's Pemex posts narrower first quarter loss MEXICO CITY: Mexican national oil company Pemex on Thursday reported a 62 billion peso ($3.6 billion) loss in the first quarter, hit hard by slumping crude prices and falling oil output. It marked Pemex's 14th consecutive quarterly loss, though it was 38 percent smaller than the 100.5 billion peso loss the company made in the same quarter a year earlier. Revenue in the January-March period was 225 billion pesos, down from nearly 280 billion pesos a year earlier, the company said in a filing with the Mexican stock exchange. Copyright Reuters, 2016 ...

Markets - Energy - Americas

Oil hits 2016 high after US crude draw report, gasoline rally NEW YORK: Crude oil prices hit 2016 highs on Tuesday on the back of a rally in the gasoline market and after an industry group reported a surprise draw in U.S. crude stockpiles.Brent and U.S. crude's West Texas Intermediate (WTI) futures finished regular trading about 3 percent higher, riding on the coattails of a gasoline rally that hit August highs after a series of refinery hikes.In post-settlement trade, both benchmarks rose more than 4 percent ...

Markets - Energy - Americas

Oil prices jump on report Saudi plans to reduce drilling NEW YORK: Oil prices rose sharply Tuesday, gaining a lift from speculation that Saudi Arabia is planning to cut back drilling as the market worries about excessive global supplies.The market, already heading higher from the start of trade, "seems to have got an extra boost from a report out of Nabor Industries's earnings call," said Bob Yawger of Mizuho Securities.Yawger said the drilling company "claimed the Saudis have plans to reduce their rig counts by ...

Markets - Energy - Americas

Oil crash toll: S&P strips ExxonMobil of triple-A rating NEW YORK: Standard & Poor's stripped ExxonMobil of its triple A rating Tuesday, saying the oil giant's rising debt and weaker earnings outlook meant it no longer qualified for the highest credit grade.The one-notch cut was the latest ripple effect on the oil industry from crashing crude prices, which have forced a number of smaller producers into bankruptcy.ExxonMobil, the largest US oil company and the world's fifth largest, had held the triple-A rating since 1930. ...

Markets - Energy - Americas

Gulf Coast refinery outages beginning to pile up NEW YORK: A flurry of planned and unexpected outages at refineries in Gulf Coast states has cut gasoline production and helped trigger a rise in US gasoline markets on fears of short supplies.The outages have knocked out roughly 292,000 barrels per day, or 3.1 percent, of crude unit capacity on the Gulf Coast.Also, roughly 70,000 bpd, or 2 percent, of the region's catalytic cracking capacity is offline, along with 110,500 bpd, or 7 percent, of ...

Markets - Energy - Americas

Refinery outages, stock draw boost US gasoline futures, margins HOUSTON: US gasoline futures rallied to their highest since August on Tuesday and boosted refinery margins after a flurry of Gulf Coast refinery unit outages, buying from Venezuela and a reported drop in New York inventories. The US gasoline crack spread rose as high as $22.55 early in the day before retreating later to $22.32, up about 3 percent from Monday's finish. The May RBOB contract, which expires on Friday, also rose more than 3.5 ...

Markets - Energy - Americas

Oil up 2pc on weak dollar; threat of supply hikes linger NEW YORK: Oil prices rose 2 percent on Tuesday, resuming their rally after a one-day pause, as a weaker dollar boosted commodities denominated in the greenback.BP Chief Executive Officer Bob Dudley said oil demand could grow enough this year to match supply, remarks that boosted sentiment. Still, analysts warned of possible price wars and excessive supply as Saudi Arabia and Iran tussle for market share.Brent crude futures' front-month contract was up 90 cents, or 2 ...