07272016Wed
Last update: Wed, 27 Jul 2016 12am

Americas

Markets - Energy - Americas

US Cash Products-Chicago gasoline rises, as rest of cash markets little-changed NEW YORK: Chicago gasoline gained more than 3 cents per gallon Friday on a sleepy trading day in US cash products markets ahead of a holiday weekend.In the second day of trading for cycle 1 versus the July contract, Chicago CBOB and RBOB gasoline were both seen stronger, traders said. Diesel in the region traded flat.Strength in the Chicago market in the past week has driven the Gulf Coast values higher, with 62-grade gasoline for delivery on Colonial Pipeline Cycle 30 rising a quarter of a cent to trade at 4.35 cents per gallon below the futures contract for ultra-low sulfur diesel.Other Gulf Coast and New York harbor grades were seen relatively flat.While RBOB futures on the Nymex reacted to an upset at Delta Air Lines' Trainer, Pennsylvania, refinery, the cash values were little-moved as the gasoline-producing unit restarted within the day, according to a person familiar with the plant.Ethanol ...

Markets - Energy - Americas

Oil prices slip from $50 level NEW YORK: World oil prices dipped Friday, with traders taking profits after crude rose above the psychological $50 level this week on evidence of a fall in supplies.In the United States, trader caution was high ahead of the long Memorial Day holiday weekend, when markets will be closed Monday."It's a holiday weekend here and a lot of people are already out," said Carl Larry at Frost & Sullivan.US benchmark West Texas Intermediate for delivery in ...

Markets - Energy - Americas

Oil slips for 2nd day as $50 level sparks new output fears NEW YORK: Oil prices dipped for a second day in a row on Friday as some investors took profit on a surge to seven-month highs while others worried about higher production with the market hovering near $50 a barrel.A stronger dollar also weighed on demand for dollar-denominated oil from holders of other currencies.The dollar spiked after Federal Reserve Chair Janet Yellen said a US rate hike was probably appropriate in coming months. A three-day weekend ...

Markets - Energy - Americas

Oil rally faces resistance above $50 a barrel NEW YORK: The strong rally in oil prices that sent Brent and US crude above $50 a barrel for awhile on Thursday faces technical barriers in the next three to five weeks.Unexpected oil supply outages, along with technical buy signals, have helped lift Brent and US crude prices nearly 90 percent above 12-year lows hit earlier this year.Analysts believe the market has now factored in most supply cuts. Two technical analysts on Thursday said oil's ...

Markets - Energy - Americas

Oil dips after hitting $50/bbl; US stocks steady NEW YORK: Oil prices eased on Thursday after topping $50 a barrel for the first time in about seven months, while US stocks ended near flat after two days of strong gains. Concern that robust oil price gains could encourage more output weighed on the energy market. Oil futures have risen nearly 90 percent from 12-year lows hit this winter. "The global surplus still exists and there is still a possibility that oil prices could ...

Markets - Energy - Americas

Argentina to boost crude oil output to 653,000 bpd by 2025 LA JOLLA: Argentina aims to eliminate its need for crude imports while usincreasing domestic oil output to 653,000 barrels per day (bpd) in 2025, a 23 percent increase from 2015, an official from the Energy Ministry said on Thursday.The South American country is working to cover its energy needs after becoming a net importer three years ago due to falling crude and gas output amid a low investment environment. To achieve that, it needs to ...

Markets - Energy - Americas

Oil dips after hitting $50/bbl as glut worries resurface NEW YORK: Oil prices hit $50 a barrel on Thursday for the first time in seven months, then bounced below that level and settled lower on the day as investors worried robust price gains could encourage more output and add to the global glut. Wildfires in Canada's oil sands, unrest in the Nigerian and Libyan energy sectors, and a near economic meltdown in OPEC member Venezuela have knocked out nearly 4 million barrels per day ...