06012016Wed
Last update: Wed, 01 Jun 2016 12am

Americas

Markets - Energy - Americas

Oil falls as Fed rate hike speculation sends dollar surging NEW YORK: Oil prices retreated from 2016 highs and snapped a two-day rally on Wednesday, hurt by a surge in the dollar after the US Federal Reserve signalled it could raise interest rates next month.Brent and US crude's West Texas Intermediate (WTI) futures had advanced closer to $50 a barrel on Wednesday after large gasoline and distillate drawdowns were announced by the US Energy Information Administration (EIA). But minutes from the Fed's April 26-27 policy meeting, released in late afternoon trading of oil, sent the dollar rallying against a basket of currencies and the crude benchmarks into negative territory. The minutes showed the central bank was likely to raise rates in June if economic data pointed to stronger second-quarter growth and firmer inflation and employment. "We think people really had a June rate hike off the table," said Tariq Zahir, crude trader and managing partner at Tyche Capital Advisors in ...

Markets - Energy - Americas

Exxon ramped up output of Nigeria's Qua Iboe crude after pipeline damage NEW YORK: Exxon Mobil has ramped up production of Nigeria's Qua Iboe crude oil just over a week after pipeline damage forced it to slow output, traders said on Wednesday. The company cut production, and declared force majeure on exports, after a drilling rig, experiencing mechanical difficulties, damaged the pipeline it jointly owns with the state-owned Nigerian National Petroleum Corporation (NNPC).Traders said the company began increasing output of Nigeria's largest crude oil stream earlier this ...

Markets - Energy - Americas

US crude inventories rise unexpectedly; product stocks slump NEW YORK: US crude oil stockpiles rose unexpectedly last week even as gasoline and distillate inventories fell more than expected, data from the Energy Information Administration showed on Wednesday. Crude inventories rose 1.3 million barrels in the week to May 13, compared with analysts' expectations for a decrease of 2.8 million barrels and a 1.1 million-barrel drawdown reported on Tuesday by a trade group, the American Petroleum Institute."On the crude oil front, the EIA report ...

Markets - Energy - Americas

Angola's planned July oil exports revised down to 55 cargoes NEW YORK: Angola's state oil company Sonangol has reduced its planned exports for July to 55 cargoes, or 1.71 million barrels per day (bpd), from the 56 cargoes planned previously, according to a copy of the loading programme seen by Reuters on Tuesday.The revised schedule cut planned cargoes of Plutonio from five to three and added a cargo of Palanca. The total is still higher than June's planned exports of 1.7 million bpd on 53 ...

Markets - Energy - Americas

Peru's Petroperu seeks Latam, US or African crude cargo HOUSTON: Peruvian state-run oil company Petroperu has launched a tender to buy two 380,000-barrel cargoes of crude for delivery from June 20 to July 7 at its Talara and Conchan terminals, according to a document seen by Reuters on Tuesday. The firm, which tenders every month to buy Latin American and West African crudes on the open market, this time included US crude in its purchase offer, according to the tender's terms. Bids will be ...

Markets - Energy - Americas

US oil hits 7-month high as inventory drop seen; caution over Libya NEW YORK: US crude prices hit seven-month highs on Tuesday on expectations of lower U.S. stockpiles and after wildfires threatened anew Canadian oil supplies, but pared some gains due to the potential for higher Libyan output.U.S. crude inventories likely fell a second straight week last week, declining by around 3.2 million barrels, a Reuters poll of analysts said.In Canada, energy producers were hit with fresh disruptions after a massive wildfire burning around the oil sands ...

Markets - Energy - Americas

Oil hits 6-month highs on supply outages, Goldman forecast NEW YORK/LONDON: Oil prices hit six-month highs on Monday on worries about supply outages in Nigeria and Venezuela and as long-time bear Goldman Sachs sounded more positive on the market, although a stockpile build at the U.S. storage hub for crude futures pared gains.Crude futures have rallied for most of the past two weeks from a combination of non-OPEC supply outages, declining U.S. production and virtually frozen inflows of Canadian crude after wildfires in Alberta's ...