12082016Thu
Last update: Thu, 08 Dec 2016 05am

Americas

Markets - Energy - Americas

Crude market takes US Seaway pipeline outage in stride HOUSTON: An outage on a major pipeline from the largest oil hub in the United States would normally send shockwaves through crude markets, but that has not happened this week as Enterprise Products Partners' 400,000-barrel-per-day (bpd) Seaway pipeline enters its second day offline. That is because shipping capacity on the route from Cushing, Oklahoma to the US Gulf Coast has roughly tripled over the last three years as midstream companies raced to expand for the North American shale oil boom only to see it disappear. Even with no clear timeline for a restart of the pipeline or scope of the damage, the response from both physical and futures markets has been muted. On Tuesday, the discount for prompt futures relative to the second month rebounded slightly from Monday's lows, trading at 62 cents per barrel. Enterprise took the 850,000 bpd Seaway Crude system out of service after one of the ...

Markets - Energy - Americas

Mexico's Pemex says crude oil exports up more than 20pc in Sept MEXICO CITY: Mexico's state-owned oil company Pemex said on Monday that crude oil exports rose nearly 22 percent in September compared to the same month last year, the highest level of shipments in more than five years.The Mexican oil giant exported an average of 1.425 million barrels per day (bpd) during the month, the highest volume since August 2011, according to Energy Ministry data. The company's crude production, however, slipped 7 percent in September to ...

Markets - Energy - Americas

Oil dips on Buzzard restart, Iraq; US crude tests below $50 NEW YORK: Oil prices dipped on Monday, with US crude briefly falling below $50 per barrel, on news of the impending restart of Britain's Buzzard oilfield and Iraq's wish to be exempted from OPEC production cuts. Buzzard, the North Sea field that contributes to the Forties crude stream and which pumps about 180,000 barrels per day (bpd), will restart on Tuesday or Wednesday, from a month-long planned maintenance, an industry source said. Iraq's oil minister ...

Markets - Energy - Americas

Oil slides, US crude below $50; Buzzard field to restart NEW YORK: Oil prices fell as much as 2 percent on Monday on news of the impending restart of Britain's Buzzard oilfield, and US crude slid below $50 per barrel, which triggered technical selling. Earlier, oil was pressured by news that Iraq wanted to be exempt from a production cut by the Organization of the Petroleum Exporting Countries (OPEC). Buzzard, the North Sea field that contributes to the Forties crude stream and which pumps about ...

Markets - Energy - Americas

Oil up in anticipation of possible US crude draw NEW YORK: Oil prices rose more than 1 percent on Wednesday in anticipation of a possible drawdown in US crude stocks last week and on Russian remarks about market coordination with Saudi Arabia. The American Petroleum Institute (API), a trade group, reported on Tuesday that US crude stockpiles fell 3.8 million barrels in the week to Oct. 14. Analysts polled by Reuters had forecast a 2.7-million barrel build. The US government's Energy Information Administration (EIA) ...

Markets - Energy - Americas

Oil up 2pc after big draw in US crude inventories NEW YORK: Oil prices rose about 2 percent on Wednesday after the US government reported a surprising drop in domestic crude stockpiles, versus analysts expectations for a build. Brent crude was up $1.12, or 2 percent, at $52.80 per barrel by 10:33 a.m. EDT (1533 GMT). US West Texas Intermediate (WTI) crude rose $1.16, or 2.3 percent, to $51.45. The Energy Information Administration (EIA) said US crude stocks fell by 5.2 million barrels in the ...

Markets - Energy - Americas

Rising gasoline, rents push US inflation higher in September WASHINGTON: US consumer prices recorded their biggest gain in five months in September as the cost of gasoline and rents surged, pointing to a steady pickup of inflation that could keep the Federal Reserve on track to raise interest rates in December. The Labor Department said on Tuesday its Consumer Price Index increased 0.3 percent last month after rising 0.2 percent in August. In the 12 months through September, the CPI accelerated 1.5 percent, the ...