09302016Fri
Last update: Fri, 30 Sep 2016 11pm

Asia

Markets - Energy - Asia

Oil rises on US stockpile drop, weaker dollar SINGAPORE: Oil prices climbed Thursday, building on the previous day's gains following a bigger-than-forecast fall in US stockpiles, and a plunge in the dollar after the Federal Reserve kept interest rates on hold.The commodity rallied Wednesday after the US Department of Energy said inventories had tumbled by more than six million barrels last week, almost twice as much as expected, indicating a pick-up in demand in the world's top economy."This drop is expected to alleviate glut concerns and will further support the crude oil prices," CMC Markets market analyst Margaret Yang wrote in a note. At about 0300 GMT, the US benchmark West Texas Intermediate was up 45 cents to $45.79, while Brent added 48 cents to $47.31. Both contracts climbed more than two percent Wednesday.The gains were given extra momentum by the a weaker dollar, which makes oil cheaper for people holding other currencies.The greenback tumbled after the Fed ...

Markets - Energy - Asia

Asia Fuel Oil-180-cst premiums rise to 15-month highs SINGAPORE: Cash premiums of Asia's benchmark 180-cst fuel oil rose to a 15-month high on Wednesday, boosted by an apparent shortage in supplies and few willing sellers, industry sources said.While no cash deals were reported for the benchmark 180-cst fuel oil in the Platts window, tight supplies and aggressive offers lifted cash premiums to the highest since June 2015 of $2.01 a tonne to Singapore quotes on Wednesday.The last time 180-cst premiums were higher was ...

Markets - Energy - Asia

Indian Oil, Gail to buy 49pc stake in LNG terminal in Odisha NEW DELHI: India's biggest refiner Indian Oil Corp Ltd and gas transporter Gail (India) Ltd will buy a combined 49 percent stake in a liquefied natural gas (LNG) terminal being built in the eastern state of Odisha. The Dhamra LNG terminal, with five million tonnes of natural gas regasification capacity, is being built by a unit of billionaire Gautam Adani's Adani Enterprises Ltd. The terminal is expected to be ready by 2019, B. Ashok, chairman ...

Markets - Energy - Asia

Oil prices rise on reported US crude stock draw, firm Japan imports SINGAPORE: Oil prices climbed on Wednesday, supported by a reported draw in US crude inventories and by firm import data from Japan.US West Texas Intermediate (WTI) crude futures were up 1.8 percent, or 81 cents, at $44.86 a barrel at 0403 GMT. The October contract expired yesterday at $43.44 a barrel and the front-month has now rolled over to November delivery.Traders said that the main WTI price driver had been American Petroleum Institute data showing ...

Markets - Energy - Asia

Oil prices up ahead of US stockpiles data, Fed meeting SINGAPORE: Oil prices rose in Asia Wednesday as traders awaited the release of US energy stockpiles data and a US central bank decision on interest rates.The first crude shipment from Libya in two years had no immediate impact on prices a week before OPEC producers and Russia meet in Algeria to discuss ways to stabilise prices.At around 0240 GMT, the US benchmark West Texas Intermediate for November delivery, a new contract, was 77 cents higher ...

Markets - Energy - Asia

Asia Fuel Oil-Cracks at 8-month highs as inventories dip, demand firm SINGAPORE: Asia's fuel oil crack for benchmark 180-centistoke was at its narrowest discount to Dubai crude in about eight months at $3.19 a barrel on Tuesday, lifted by tightening inventories in key storage hubs as well as steady demand for the industrial fuel, industry sources said."Overall, (fuel oil) inventories in Singapore, ARA (Amsterdam-Rotterdam-Antwerp) and the US are lower now compared to last year and arbitrage opportunities into Singapore have until recently been more or less ...

Markets - Energy - Asia

Asia Naphtha/Gasoline-Naphtha spread gains; oil terminal hit by fire SINGAPORE: An easing of the glut in Asia's naphtha market has driven up front-month prices to parity with contracts for the month after, as cargoes from the Middle East and India have recently shipped to Europe instead of the East.Ongoing and upcoming maintenance in Asia and the Middle East, including a refinery in Ras Tanura which had a fire at its oil terminal this week, were also helping to lift sentiment.In a weak market, the ...