Americas
Thursday, 28 March 2013 03:20
268
NEW YORK: Most US cash crude differentials strengthened on Wednesday as the transatlantic spread between Brent and US oil futures prices widened, with Brent's premium to its US counterpart up more than 90 cents during the session.Brent's premium to US crude rose to $13.11 a barrel based on May contract settlements, widening the spread after it ended at $13.02 on Tuesday and after reaching $13.94 during Wednesday's session. The premium fell during Tuesday's session as low as $12.52, the lowest since July 2012, and having retreated after pushing to the 2013 peak of $23.45 on Feb. 8.Usually the wider the arbitrage, currently Brent's premium to US crude, the more supportive for US cash crude differentials. This holds especially for sweet grades that are priced in line with other global waterborne crudes like Brent.Crude oil prices rose on Wednesday in choppy trading as US heating oil rallied on falling distillate inventories, ...
NEW YORK: Brent crude rallied late on Tuesday to settle up more than $1 above $109 a barrel, after US crude had surged to a five-week high above $96 a barrel, lifted by stronger manufacturing and housing data in the United States.Brent's premium to US crude narrowed to as little as $12.52 a barrel at one point, the smallest in eight months. Brent's late rally moved the spread back to around $13 a barrel.The spread ...
NEW YORK: Most US cash crude differentials weakened on Tuesday as the transatlantic spread between Brent and US oil futures prices narrowed.Crude futures rallied more than 1 percent as supportive US economic data provided the lift for oil prices and countered the caution over efforts to address the financial problems of Cyprus, which had helped hem in Brent prices during the session.Brent's premium to US crude fell to $13.02 a barrel based on May contract ...
NEW YORK: Global oil prices tumbled Thursday as Cyprus teetered toward a debt default and glum eurozone business data fueled concerns about demand for crude.The main US contract, West Texas Intermediate (WTI) for May delivery, closed at $92.45 a barrel on the New York Mercantile Exchange, down $1.05 from Wednesday.The European benchmark, Brent North Sea crude for May, sank $1.25 to settle at $107.47 a barrel on London's Intercontinental Exchange."We have a lot of pressure ...
BRASILIA: A Federal Supreme Court judge has temporarily suspended a controversial law that gives a greater share of the country's oil royalties to non-oil producing states. In a preliminary injunction, Judge Carmen Lucia on Monday accepted an appeal filed by Rio de Janeiro state, one of three oil-producing states which stand to lose from the new oil royalty share-out plan. The new scheme, approved by Congress and which went into force last Friday, provides for ...
BRASILIA: Brazil's state-run energy giant Petrobras expects more than half of its crude oil output in 2020 to come from huge deepwater fields, according to its president Graca Foster. In an interview aired Sunday, Foster said Petrobras was currently extracting 300,000 barrels a day (bpd) from the so-called pre-salt reserves, located at a depth of 6,000 meters (19,000 feet) under a thick layer of salt. She told TV Brazil that in 2020, production will reach ...
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