07312016Sun
Last update: Sun, 31 Jul 2016 01am

Americas

Markets - Energy - Americas

Oil tumbles 2pc after unexpected US crude, gasoline stock build NEW YORK: Oil prices tumbled more than 2 percent on Wednesday, hitting a two-month low, after the U.S. government reported a surprise build in crude and gasoline inventories during the peak summer driving season.The U.S. Energy Information Administration said domestic crude stockpiles rose 1.7 million barrels, against analysts' forecasts for a drawdown of 2.3 million barrels. Brent was down $1.03, or 2.4 percent, at $43.83 a barrel by 11:04 a.m. EDT (1504 GMT) after hitting $43.62 earlier, its lowest since May 10.WTI crude fell 90 cents, or 2 percent, to $42.02 a barrel. It slid earlier to $41.93, its lowest since April 20."A drop in refinery runs at the peak of summer driving season indicate refiners are dialing back amid faltering profit margins," said Matt Smith, analyst at New York-based oil cargoes tracker Clipperdata.Refinery crude runs fell 277,000 barrels per day last week as utilization rates fell 0.8 percentage point ...

Markets - Energy - Americas

US crude oil stockpiles rise unexpectedly: EIA NEW YORK: US crude oil stocks rose for the first time since mid-May in the latest week as refinery utilization declined and imports increased, the US Department of Energy said on Wednesday.Gasoline inventories also increased, even as refinery production slowed, the Energy Information Administration said.Gasoline futures, US crude and Brent all swung to a loss after the bearish data was released.Crude inventories rose by 1.7 million barrels in the week ended Friday, July 22, compared ...

Markets - Energy - Americas

US Cash Crude-Gulf grades rise on wider Brent/WTI arb NEW YORK: US Gulf Coast differentials rose on Tuesday, the first official day of September trading, after Brent's premium widened over US crude futures.Trading was fairly thin, with volumes more active in the Permian.The move comes as US crude stocks fell last week, dropping 827,000 barrels, according to data released late in the day from the American Petroleum Institute. Cushing, Oklahoma, stocks rose by 1.4 million barrels.The August/September cash roll traded at negative 65 cents, ...

Markets - Energy - Americas

Gasoline glut worries hit US oil prices NEW YORK: Oil prices in New York dipped Tuesday but edged up in London as lofty levels of product supplies again pressured the market.Crude prices have been mostly in decline over the last month as gasoline supplies have stayed high despite the arrival of peak summer driving season in the US.Gasoline supplies stand 11.4 percent above the year-ago level in the United States, according to Department of Energy. "After hovering above $50 a barrel in ...

Markets - Energy - Americas

Oil dips on oversupply worries; US crude hits April lows NEW YORK: Oil prices dipped on Tuesday, with U.S. crude hitting three-month lows, as oversupply concerns weighed on the petroleum complex ahead of data likely to show unseasonably high gasoline stocks despite the peak U.S. summer driving period.Oil prices are still up more than 60 percent from 12-year lows of around $27 a barrel hit by Brent and about $26 struck by U.S. crude in the first quarter. But the rally has faded since the ...

Markets - Energy - Americas

Mexico's Pemex says crude output flat in June, exports down MEXICO CITY: Crude oil production at Mexican state-owned Pemex was flat in June compared with the prior month, while exports fell slightly, the company said on Monday. According to Pemex's website, crude oil production averaged 2.18 million barrels per day (bpd) in June, slightly up from 2.17 million in May. In contrast, exports fell almost 9 percent to 1.10 million bpd in June, down from 1.20 million in the prior month. Pemex has been struggling ...

Markets - Energy - Americas

Oil falls on oversupply, demand concerns; US crude hits 3-month low NEW YORK: Oil prices fell more than 2 percent on Monday, with US crude hitting a three-month low, on rising concerns that a global glut of crude and refined products would pressure markets, delaying a long-anticipated rebalance in the market. Data from market intelligence firm Genscape pointing to an inventory rise of 1.1 million barrels at the Cushing, Oklahoma delivery point for US crude futures in the week to July 22 weighed on crude prices, ...