10022016Sun
Last update: Sun, 02 Oct 2016 01am

Americas

Markets - Energy - Americas

Oil drops again as Russia casts doubt on supply limits NEW YORK: Oil prices continued to fall on Thursday as investors reacted to rising US inventories and to Russian remarks that a production freeze may be unnecessary.In New York, a barrel of West Texas Intermediate crude for October delivery finished down $1.54 at $43.16.North Sea Brent, also for October delivery, fell $1.44 to settle at $45.45 per barrel on the Intercontinental Exchange in London.Oil markets had rallied last month on hopes that producing countries will limit supply when they meet later this month in Algeria. Russia, which is not a member of the Organization of the Petroleum Exporting Countries, had held out the possibility of joining the informal OPEC meeting in Algiers. But members such as Iran and Iraq show no signs of slowing output and Russia suggested Thursday it may not act either.Energy Minister Alexander Novak was quoted as saying Thursday that talks on a production freeze would not ...

Markets - Energy - Americas

Shell becomes first oil company to join Mexico's hedging program NEW YORK: Royal Dutch Shell Plc participated in Mexico's oil hedging program for 2017, the first time an oil company has taken part in the world's large commodities hedging program, according to Bloomberg, citing four people with knowledge of the matter. Shell's trading unit was one of the seven counterparties to the Mexican government, the report said, adding that their involvement is the first known participation since Mexico started to lock in prices regularly 15 ...

Markets - Energy - Americas

Some Gulf of Mexico oil platforms restart despite storm HOUSTON: Some US oil and gas producers in the eastern parts of the Gulf of Mexico are returning workers to offshore facilities and restarting operations as hurricane Hermine moves towards Florida. Anadarko Petroleum Corp on Thursday said it was returning non-essential personnel to its Marco Polo, Constitution and Heidelberg facilities. Non-essential staff will return to Anadarko's Independence facility on Friday, a company representative said. Hess on Thursday said it was preparing to return personnel to ...

Markets - Energy - Americas

Oil skids on US crude, distillate build; still up on month NEW YORK: Oil prices fell 3 percent on Wednesday, paring their big gains for August, after government data showed a large surprise weekly build in US crude and distillate stockpiles and a smaller-than-expected drawdown in gasoline. Crude futures remained on track for their best monthly return since April, rising as much as 11 percent, after speculation in recent weeks that the Organization of the Petroleum Exporting Countries and other oil producers could agree to curb ...

Markets - Energy - Americas

Brazil expects new Petrobras oil-rights deal by year-end RIO DE JANEIRO: Brazil expects to renegotiate by year-end the price of 5 billion barrels of oil and gas rights purchased by Petrobras in a 2010 stock-for-oil swap, an Energy Ministry official said on Wednesday, removing a complication in the state-led company's plans to finance and develop major new offshore discoveries. Petrobras bought the rights from Brazil's federal government to six areas in September 2010 for about $43 billion, or an average price of $8.51 ...

Markets - Energy - Americas

Oil down 1pc, pressured by glut, dollar, Nigeria outlook NEW YORK: Oil prices settled down more than 1 percent on Monday, snapping two consecutive days of gains, on renewed concerns about an oil glut, a stronger dollar and expectations that Nigerian rebels will stop hampering that country's crude output. US crude stockpiles likely rose for a second straight week last week, building by 1.3 million barrels, a Reuters poll showed. That came on top of Iraq's pledge at the weekend to ship more crude ...

Markets - Energy - Americas

US Cash Crude-Grades flat on thin volumes NEW YORK: US cash crude differentials were little changed on Monday on thin volumes, dealers said.The market was expected to remain quiet ahead of a holiday weekend, traders added.In the Gulf of Mexico, some US oil and gas producers shut production, moved drilling rigs and evacuated non-essential workers as Tropical Depression Nine began to disrupt operations.While some offshore crude grades, including Poseidon and Thunder Horse, saw a rise in differentials, Southern Green Canyon fell to ...