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China's deep-sea oil rig drilling off Myanmar BEIJING: China's flagship deep-sea oil rig Haiyang Shiyou No.981 is drilling offshore Myanmar in the Andaman Sea, tackling the deepest exploration well it has undertaken so far, according to a report by the rig's owner, state energy group CNOOC.The $1-billion, semi-submersible giant drilling rig started drilling on February 7 in a water depth of 1,721 metres, in its first overseas deep-sea exploration well.The same drilling rig had previously drilled in waters claimed by both China and Vietnam in the South China Sea. "Haying Shiloh" literally means "offshore oil".The well offshore Myanmar is targeting a depth of 5,000 metres from the surface of the sea, CNOOC said, without saying where the rig is drilling or who is chartering it.Oil industry sources have said earlier that China National Petroleum Company (CNPC) is chartering the rig and is the operator of the offshore oil block in the Andaman Sea.Myanmar authorities awarded to CNPC ...

Pacific Crude-Refinery appetite wanes; Ruby slightly stronger SINGAPORE: The Asia-Pacific crude market came under pressure on Monday from waning refinery appetite after Taiwan's CPC failed to award an import tender.CPC had sought to buy two cargoes of sweet crude for May-arrival on the spot market, but did not award the tender, traders said. Last month, the company bought three cargoes of West African crude on the spot market.Instead, CPC would take delivery of a cargo each of Angolan Cabinda and Girassol under ...
Brent spread to widen to negative $16.98 in three months SINGAPORE: The spread between US oil first month and Brent oil first month may widen to negative $16.98 per barrel over the next three months, as the nearest support at negative $13.54 may not hold.Support is provided by the 50 percent Fibonacci retracement on the uptrend from the Oct. 14, 2011 low of negative $28.10 to the Jan. 15, 2015 high of $1.02.The uptrend consists of five waves respectively labeled a, b, c, d, e. ...
Brent oil may hover below resistance at $63.40 SINGAPORE: Brent oil faces a resistance at $63.40 per barrel and may continue to hover below this level or retrace towards a support at $59.10.The resistance and the support are identified respectively as the 50 percent and the 38.2 percent Fibonacci retracements on the fall from the Nov. 21, 2014 high of $81.61 to the Jan. 13 low of $45.19.Oil failed to break the resistance at its first attempt on February 17; it may fail ...
Oil falls 1pc on weak China outlook, higher Libya production SINGAPORE: Oil fell about 1 percent on Monday after posting its first monthly rise since June, pressured by continued weakness in China's vast manufacturing sector and higher Libyan crude output.The Chinese central bank cut benchmark lending and deposit rates a day before it released official data that showed a second consecutive month of shrinking manufacturing activity for February."While the Chinese New Year is impacting the numbers, the second consecutive sub-50 reading for the Chinese manufacturing ...
Oil prices stabilise in Asian trade SINGAPORE: Oil prices stabilised in Asia Monday following sharp gains in the previous session as dealers predicted the end of volatile trading and the beaten-down commodity bottoming out, analysts said. US benchmark West Texas Intermediate (WTI) for April delivery fell 37 cents to $49.39 while Brent crude eased 28 cents to $62.30 in late-morning trade. WTI advanced $1.59 while Brent gained a hefty $2.53 on Friday.WTI, after having fallen in early 2015 to a six-year ...
China to cut city-gate non-residential natural gas prices BEIJING: China will cut city-gate non-residential natural gas prices by 440 yuan per thousand cubic meters, starting from April 1, the country's top planning body said on Saturday.City-gate residential natural gas prices will remain unchanged, the National Development and Reform Commission said on its websit.Copyright Reuters, 2015 ...


Index Closing Chg%
Arrow DJIA 18,288.63 0.86
Arrow Nasdaq 5,008.10 0.90
Arrow S&P 2,117.39 0.61
Arrow FTSE 6,940.64 0.09
Arrow DAX 11,410.36 0.08
Arrow CAC-40 4,917.32 0.69
Arrow Nikkei 18,826.88 0.15
Arrow H.Seng 24,887.44 0.15
Arrow Sensex 29,459.14 0.33

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln