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Markets - Energy - Americas

Oil up, awaiting US stockpile data; swings seen pre-UK vote NEW YORK: Oil prices rose above $50 a barrel on Wednesday, helped by an industry report showing a large drop in US crude inventories and on expectations that Britain will vote to stay in the European Union in an impending referendum. US crude stockpiles fell by 5.2 million barrels last week, the American Petroleum Institute (API) said on Tuesday, a figure three times more than that projected by industry analysts. Official inventory data is due at 10:30 a.m. from the US Department of Energy (DOE). Some market participants greeted with disbelief the API data, which is based on voluntary reporting by its members. The trade group's numbers have in the past been widely off the mark from those published by the DOE. "I still think we in the middle of 'garbage time' with price moves being driven less by humans with views and more by computers and technical systems," said ...

Markets - Energy - Americas

US natgas futures rally stalls as some generators switch to coal A four-week rally in US natural gas futures fueled by an unusually hot start to the summer stalled on Tuesday despite forecasts for above-normal heat through at least early July as rising prices make it economical for some generators to switch from gas- to coal-fired plants.Out West, California passed its first test on Monday to keep the gas flowing and lights on during an early summer heat wave that pushed next-day gas prices at the ...

Markets - Energy - Americas

Brazil gasoline sales rose 4.7pc in May to 21.57mn barrels RIO DE JANEIRO: Brazilian fuel distributors sold 21.57 million barrels of c-blend gasoline in May, 4.7 percent more than a year earlier, while diesel sales fell 3.1 percent to 28.3 million barrels, the country's petroleum regulator ANP said on Monday.Sales of hydrated ethanol fell 8 percent in the month to 8.3 million barrels compared with a year earlier while total sales of refined products and biofuels in Brazil fell 2.2 percent to 70.4 million barrels ...

Markets - Energy - Americas

With oil price near $50, resilient US shale producers eye new chapter HOUSTON: Two years into the worst oil price rout in a generation, large and mid-sized US independent producers are surviving and eyeing growth again as oil nears $50 a barrel, confounding OPEC and Saudi Arabia with their resiliency. That shale giants Hess Corp, Apache Corp and more than 25 other companies have beaten back OPEC's attempt to sideline them would have been unthinkable just months ago, when oil plumbed $26 a barrel and collapses were ...

Markets - Energy - Americas

With oil price near $50, resilient US shale producers eye new chapter HOUSTON: Two years into the worst oil price rout in a generation, large and mid-sized U.S. independent producers are surviving and eyeing growth again as oil nears $50 a barrel, confounding OPEC and Saudi Arabia with their resiliency.That shale giants Hess Corp, Apache Corp and more than 25 other companies have beaten back OPEC's attempt to sideline them would have been unthinkable just months ago, when oil plumbed $26 a barrel and collapses were feared.To ...

Markets - Energy - Americas

Oil up as Brexit fears ease, still down for week NEW YORK: Oil prices rose on Friday for the first time in a week as the dollar fell and investors in global markets cautiously bought some riskier assets as anxiety eased about Britain's possible exit from the European Union. Crude futures were still on track for a weekly loss after daily declines Monday through Thursday.Brent crude futures' front-month contract were up $1.28, or 2.7 percent, at $48.47 a barrel by 11:14 a.m. (1514 GMT). The ...

Markets - Energy - Americas

Oil slides 3pc, hits one-month low as dollar jumps NEW YORK: Oil prices slumped about 3 percent to hit one-month lows on Thursday, down a sixth straight day, as the dollar's rally on fears of Britain's exit from the European Union hammered commodities priced in the currency. Crude futures bounced slightly off session lows as sterling briefly turned positive against the dollar after campaigning was suspended for next week's EU membership referendum following a deadly attack on a lawmaker for Britain's opposition Labour Party. ...