06262016Sun
Last update: Sun, 26 Jun 2016 01pm

Americas

Markets - Energy - Americas

Oil reverses early gains despite weaker dollar as supply woes weigh NEW YORK: Global oil prices weakened on Thursday, with both benchmark Brent and U.S. crude surrendering early gains in volatile trading before the expiry of their respective front-month contracts and fears of a new supply build at the delivery point for U.S. oil.The reopening of the Houston Shipping Channel for oil imports and the potential nearing of a deal to end an U.S. refinery workers strike added to the bearishness of the market, traders said.Oil prices had earlier risen after the dollar's rally stalled on surprisingly weak U.S. February retail sales data. Dollar-denominated commodities, such as oil, become more appealing to holders of other currencies when the greenback depreciates.U.S. crude prices fell after market data provider Genscape estimated a stock build of 2.2 million barrels since Friday in the Cushing, Oklahoma, delivery point for oil, traders said. The estimate came after U.S. government data showing Cushing stocks rose by 2.3 ...

Markets - Energy - Americas

Oil reverses early gains despite weaker dollar as supply weighs NEW YORK: Global oil prices weakened on Thursday, with both benchmark Brent and U.S. crude surrendering early gains in volatile trading before the expiry of their front-month contracts and in fears of a supply build at the delivery point for U.S. oil.The reopening of the Houston Shipping Channel for oil imports and the potential nearing of a deal to end a U.S. refinery workers strike contributed to market bearishness, traders said."The ship channel opening allows ...

Markets - Energy - Americas

US oil products futures fall on ship channel reopen, strike talks NEW YORK: US refined oil products futures fell sharply on Thursday on news that refineries expect a quick resumption of crude oil shipments after the Houston Ship Channel reopened and that a new offer from refiners could end a strike by refinery workers.U.S. April ultra-low sulfur diesel (ULSD) futures were down 4.24 cents, or 2.33 percent, at $1.7780 a gallon at 12:47 p.m. EDT (1647 GMT).U.S. April RBOB gasoline futures were down 2.06 cents, or ...

Markets - Energy - Americas

Oil down as supply offsets dollar, Brent-US spread near week high NEW YORK: Global oil prices fell on Thursday on estimates showing another big supply build at the delivery point for the U.S. crude contract, with trade volatile ahead of the expiry of the front-month in benchmark Brent oil.The reopening of the Houston Shipping Channel for oil imports and the possibility of higher total U.S. oil inventories stemming from a tentative deal to end a U.S. refinery workers strike contributed to market bearishness.Marine traffic in the ...

Markets - Energy - Americas

Petrobras begins six-month output test in Buzios offshore field SAO PAULO: Brazilian state-run oil company Petroleo Brasileiro SA said on Thursday that it began to test output from its Buzios offshore oilfield off Rio de Janeiro in the Santos Basin. Output will be limited to 15,000 barrels a day because systems to produce natural gas are limited, the company said in a statement. Petrobras, as the company is known, said it planned to produce in the area for six months to determine the field's ...

Markets - Energy - Americas

Brent up, US crude down, widening spread after stockpile build NEW YORK: Benchmark Brent oil jumped 2 percent on Wednesday, rebounding from a one-month low and widening its gap to U.S. crude, which closed slightly down after a new record high for oil inventories in the United States.It was the first positive close in Brent after five straight days of losses exacerbated by a surging dollar that made dollar-denominated commodities such as oil costlier for holders of other currencies.While the dollar remained strong at a ...

Markets - Energy - Americas

US crude stockpiles rise to record high for ninth week NEW YORK: US crude stocks rose last week to record highs for the ninth straight week, while gasoline stocks decreased and distillate inventories rose, data from the Energy Information Administration showed on Wednesday. Crude inventories rose 4.5 million barrels in the week to March 6 to 448.9 million, the highest level for this time of year in at least 80 years, the EIA said. Analysts had expected an increase of 4.4 million barrels on average. ...