09282016Wed
Last update: Wed, 28 Sep 2016 11am

Americas

Markets - Energy - Americas

Oil at 5-week high as OPEC sources, Russia, talk of cooperation NEW YORK: Crude futures hit five-week highs for a second straight day on Tuesday as sources at OPEC spoke of Saudi Arabia's apparent desire for higher oil prices while Russia met the producer group to discuss the market. Focus on production losses in Nigeria, where more than 700,000 barrels per day (bpd) have been lost to militant attacks and pipeline problems, also supported crude prices. The Organization of the Petroleum Exporting Countries will probably revive talks on freezing oil output levels when it meets non-OPEC nations next month, OPEC sources told Reuters.Top exporter Saudi Arabia appears to want higher prices although Iran, Iraq and Russia present obstacles to a deal, the sources said. Russian energy officials discussed with their OPEC counterparts the situation on global oil markets and other questions affecting their mutual relationship at a meeting in Vienna, the Russian Energy Ministry said in a statement.Another regular meeting in ...

Markets - Energy - Americas

Oil extends rally to 5-week highs on talk of producer action NEW YORK: Oil prices hit five-week highs on Monday, gaining about 10 percent in a three-day rally as speculation intensified over potential producer action to support prices amid a crude glut. Data from market intelligence firm Genscape estimating a draw of more than 350,000 barrels at the Cushing, Oklahoma delivery point for US crude futures last week added to the bullish sentiment, said traders who saw the data. Brent crude rose $1.08, or 2.3 percent, ...

Markets - Energy - Americas

US shale output set to drop 85,000 bpd in Sept NEW YORK: US shale oil production is expected to fall 85,000 barrels per day in September to 4.47 million bpd, according to the US Energy Information Administration's (EIA) drilling productivity report released on Monday. Bakken production from North Dakota is expected to fall 26,000 bpd, while production from the Eagle Ford formation is expected to drop 53,000 bpd. Production from the Permian Basin in West Texas is expected to rise 3,000 bpd, according to the ...

Markets - Energy - Americas

Venezuela minister to visit oil-producing nations in effort on oil prices CARACAS: Venezuelan Oil Minister Eulogio Del Pino on Saturday will begin a tour of OPEC and non-OPEC countries as part of an effort to reach consensus among oil-producing countries on a strategy for boosting crude prices, President Nicolas Maduro said on Friday. Cash-strapped Venezuela has for months sought to rally producers toward an agreement to limit production as a way of controlling a global supply glut, but major oil exporters appear more focused on preserving ...

Markets - Energy - Americas

Oil up 5pc as Saudis mull meeting, tighter market forecast NEW YORK: Oil prices rose about 5 percent on Thursday after comments from the Saudi oil minister about possible action to stabilize prices triggered a round of buying and the International Energy Agency forecast crude markets would tighten in the second half of 2016. Saudi Energy Minister Khalid al-Falih said OPEC members and nonmembers would discuss the market situation, including any action that may be required to stabilize prices, during an informal meeting on Sept. ...

Markets - Energy - Americas

Heavy grades firm as BP's Whiting refinery recovers CALGARY: Canadian heavy crude differentials tightened on Wednesday as BP Plc's Whiting, Indiana, refinery hiked production following a malfunction last week, increasing demand for oil sands crude.The 413,500 barrel per day (bpd) Whiting refinery was operating at about 75 percent of capacity, sources familiar with plant operations had told Reuters.Western Canada Select heavy blend crude for September delivery last traded at $14.40 per barrel below the West Texas Intermediate benchmark, according to Shorcan Energy brokers. ...

Markets - Energy - Americas

Oil down 2pc as US crude build offsets gasoline draw NEW YORK: Oil prices fell 2 percent on Wednesday after the second-biggest weekly draw in US gasoline this summer was countered by an unseasonal growth in crude stockpiles. Data showing Saudi Arabia pumping oil at record high volumes in July added to worries about a global crude glut.US crude inventories gained 1.1 million barrels in the week ended Aug. 5, the US Energy Information Administration (EIA) reported, in a third straight week of builds that ...