05292016Sun
Last update: Sun, 29 May 2016 07am

Americas

Markets - Energy - Americas

Oil turns lower after bigger-than-forecast US crude build NEW YORK: A bigger-than-expected build in U.S. crude inventories to fresh record highs pushed oil markets lower on Wednesday after an early rally over concerns about production cuts in Canada's oil sands region due to a wildfire.U.S. crude stocks, which have been setting record highs since January, grew 2.8 million barrels last week, government data showed, about a million barrels more than analysts' expectations. Gasoline stocks also posted a surprise increase.The data overshadowed concerns over evacuations in the Canadian province of Alberta, where a wildfire raged unchecked through the Canadian city of Fort McMurray in the heart of the country's oil sands region, prompting some companies, including Suncor Energy and Royal Dutch Shell, to cut back production."It's hard to see how it (the wildfire) wouldn't have a broader impact temporarily on pipeline exports," said John Kilduff, a partner at Again Capital Management in New York. "I think it was a ...

Markets - Energy - Americas

Oil down 2pc as OPEC output hike sparks profit-taking NEW YORK: Oil prices fell about 2 percent on Monday as production from the Organization of the Petroleum Exporting Countries was close to all time peaks and record speculative buying in global benchmark Brent sparked profit-taking on last month's outsized rally. OPEC's crude production climbed in April to 32.64 million barrels per day, close to the highest level in recent history, a Reuters survey showed. Iraq's April exports from southern fields increased, as did seaborne ...

Markets - Energy - Americas

Mexico's Pemex posts narrower first quarter loss MEXICO CITY: Mexican national oil company Pemex on Thursday reported a 62 billion peso ($3.6 billion) loss in the first quarter, hit hard by slumping crude prices and falling oil output. It marked Pemex's 14th consecutive quarterly loss, though it was 38 percent smaller than the 100.5 billion peso loss the company made in the same quarter a year earlier. Revenue in the January-March period was 225 billion pesos, down from nearly 280 billion pesos ...

Markets - Energy - Americas

Oil hits 2016 high after US crude draw report, gasoline rally NEW YORK: Crude oil prices hit 2016 highs on Tuesday on the back of a rally in the gasoline market and after an industry group reported a surprise draw in U.S. crude stockpiles.Brent and U.S. crude's West Texas Intermediate (WTI) futures finished regular trading about 3 percent higher, riding on the coattails of a gasoline rally that hit August highs after a series of refinery hikes.In post-settlement trade, both benchmarks rose more than 4 percent ...

Markets - Energy - Americas

Oil prices jump on report Saudi plans to reduce drilling NEW YORK: Oil prices rose sharply Tuesday, gaining a lift from speculation that Saudi Arabia is planning to cut back drilling as the market worries about excessive global supplies.The market, already heading higher from the start of trade, "seems to have got an extra boost from a report out of Nabor Industries's earnings call," said Bob Yawger of Mizuho Securities.Yawger said the drilling company "claimed the Saudis have plans to reduce their rig counts by ...

Markets - Energy - Americas

Oil crash toll: S&P strips ExxonMobil of triple-A rating NEW YORK: Standard & Poor's stripped ExxonMobil of its triple A rating Tuesday, saying the oil giant's rising debt and weaker earnings outlook meant it no longer qualified for the highest credit grade.The one-notch cut was the latest ripple effect on the oil industry from crashing crude prices, which have forced a number of smaller producers into bankruptcy.ExxonMobil, the largest US oil company and the world's fifth largest, had held the triple-A rating since 1930. ...

Markets - Energy - Americas

Gulf Coast refinery outages beginning to pile up NEW YORK: A flurry of planned and unexpected outages at refineries in Gulf Coast states has cut gasoline production and helped trigger a rise in US gasoline markets on fears of short supplies.The outages have knocked out roughly 292,000 barrels per day, or 3.1 percent, of crude unit capacity on the Gulf Coast.Also, roughly 70,000 bpd, or 2 percent, of the region's catalytic cracking capacity is offline, along with 110,500 bpd, or 7 percent, of ...