05252016Wed
Last update: Wed, 25 May 2016 12am

Asia

Markets - Energy - Asia

Oil prices rise on Nigerian outages, Goldman forecast SINGAPORE/LONDON: Oil prices jumped over 2 percent on Monday to their highest since November 2015 on growing Nigerian oil output disruptions and after long-time bear Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit.Brent crude futures were trading at $48.71 per barrel at 0836 GMT, up 88 cents, or 1.8 percent, having risen earlier by as much as 2 percent.U.S. crude futures were up 85 cents, or 1.8 percent, at $47.06 a barrel.Supply disruptions around the world of as much as 3.75 million barrels per day (bpd) have wiped out a glut that pulled down oil prices by as much as 70 percent between 2014 and early 2016.The disruptions triggered a U-turn in the outlook of Goldman Sachs, which had long warned of global storage hitting capacity and of yet another oil price crash to as low as $20 per barrel."The oil ...

Markets - Energy - Asia

Oil at fresh 2016 highs on hopes of supply glut easing SINGAPORE: Oil rose to fresh 2016 highs in Asia Monday as a slowdown in US drilling and increase in Chinese crude refinery processing bolstered hopes a supply glut would ease sooner than expected.US oilfield services firm Baker Hughes said the number of US drilling rigs fell to its lowest level since October 2009, which is good news for prices as US production is a key contributor to the oversupply.Chinese crude refineries also processed crude at ...

Markets - Energy - Asia

China April power output -1.7pc on year at 444.4bn kWh BEIJING: China generated 444.4 billion kilowatt-hours of power in April, down 1.7 percent compared with the same period of last year, figures from the National Bureau of Statistics showed on Saturday. Over the first four months as a whole, power generation reached 1.799 trillion kWh, up 0.9 percent compared with the same period of last year.Much of the increase has been down to rising hydropower volumes, which rose 10 percent in April and 15.5 percent ...

Markets - Energy - Asia

China April natural gas output up 5.6pc on year BEIJING: China's April natural gas production rose 5.6 percent over the same year-ago level to 10.6 billion cubic metres, according to data released by the National Bureau of Statistics on Saturday.Copyright Reuters, 2016 ...

Markets - Energy - Asia

China April coal output down 11.0pc on year BEIJING: China produced 268 million tonnes of coal in April, down 11 percent on the year, the National Bureau of Statistics said on Saturday, with producers cutting back in a concerted effort to shore up prices. China's coal sector has been struggling with a massive capacity glut and miners have been encouraged to cut production to shore up domestic prices, which plummeted around 30 percent last year. The country has promised to shed 500 million ...

Markets - Energy - Asia

China April crude oil output lowest since July 2013 BEIJING: China, the world's fourth-largest oil producer, pumped 5.6 percent less crude year-on-year in April, official data showed, as oil firms struggled with cost pressures with crude prices hovering around $40 a barrel. Data from the National Bureau of Statistics released on Saturday showed China produced 16.59 million tonnes of crude oil last month, or about 4.04 million barrels per day (bpd), the lowest rate since July 2013 on a daily basis.A global oil supply ...

Markets - Energy - Asia

Middle East Crude-Shell buys Upper Zakum at higher premium SINGAPORE: The Middle East crude benchmarks rose on Friday, ending the week on a strong note after Shell bought an Upper Zakum cargo at a higher premium, traders said.Shell bid for a July-loading cargo during the MoC process and bought it from BP at 40 cents a barrel above its OSP, they added. The crude had traded at premiums of 25-35 cents a barrel prior to Shell's purchase.Cash Dubai and DME Oman both rose to ...