06302016Thu
Last update: Thu, 30 Jun 2016 11am

Asia

Markets - Energy - Asia

Oil edges up on weaker dollar as Britain EU vote looms SINGAPORE: Oil climbed in Asia Wednesday after Federal Reserve boss Janet Yellen's cautious remarks on the US economy weakened the dollar and traders nervously await Britain's vote on its future in the European Union.Traders are also waiting for the release later in the day of official US stockpiles data, hoping for an idea about demand in the world's top oil consumer, after an industry group said supplies had tumbled last week.Yellen warned Tuesday the US economy faces "considerable uncertainty" from slower domestic activity and from a possible British vote to exit the EU, signalling that a hike in US interest rates may be some time off.She said she wants the economy to be on a "favourable path" before the central bank raises borrowing costs, which sent the greenback tumbling.A weaker dollar makes oil cheaper for anyone using other currencies.Markets have been particularly volatile in the week leading up to Britain's ...

Markets - Energy - Asia

India's Mahanagar Gas up to $154 mln IPO fully covered on 1st day MUMBAI: India's Mahanagar Gas Ltd's up to $154 million initial public offering was fully subscribed on Tuesday, signaling strong investor appetite in an overall optimistic stock market.Rising optimism about earnings and the domestic economy have pushed shares nearly 18 percent higher since hitting a near two-year low on Feb. 29.Retail and institutional investors placed bids for 17.81 million shares on the first day, or 1.03 times the 17.35 million shares on sale by the nation's ...

Markets - Energy - Asia

Oil prices fall for first time in three days TOKYO: Oil prices fell in Asian trade after a strong two-day rally that was fed by easing concerns Britain would leave the European Union after a referendum this week, allowing market participants to focus on supply issues. US crude's expiring July front-month contract was down 41 cents at $48.96 a barrel at 0650 GMT. The more actively traded August contract, the new front-month from Wednesday, was down 41 cents at $49.55. That contract settled up ...

Markets - Energy - Asia

China plans energy-sector technology capacity boost over next decade BEIJING: China wants to boost its domestic capacity to produce cutting-edge energy technologies in the next decade to challenge international energy majors in areas like offshore oil and gas exploration and building state-of-the-art thermal power plants. China lags behind competitors like Anglo-American oil majors or Japanese and German power turbine makers in the most advanced technologies for deepwater oil and gas production and the most efficient electric generation. But, as the world's biggest energy consumer, ...

Markets - Energy - Asia

Oil prices dip ahead of British EU vote, US stockpiles SINGAPORE: Oil prices fell in Asia Tuesday, snapping two days of gains, ahead of a report on US crude inventories and the British referendum on whether to stay in the European Union.Worries that Britons will vote to leave the EU on Thursday has frayed nerves, and global investment titans Li Ka-shing and George Soros warned of economic doom if the country exits."Uncertainty around the outcome of the EU referendum is... likely to have resulted in ...

Markets - Energy - Asia

Middle East Crude-Dubai falls for 7th session; Murban's discount widens SINGAPORE: The Middle East crude market weakened further on Monday with cash Dubai down for the seventh session, while ample supplies of light grades depressed Murban's value.Cash Dubai slipped into a deeper discount of 14 cents a barrel to swaps after Chinaoil sold two August partials to Shell at $46.50, traders said.Murban stayed under pressure from a rise in Saudi light crude supplies and as Russian ESPO became cheaper. Several cargoes of the Abu Dhabi ...

Markets - Energy - Asia

Asia Naphtha/Gasoline-Naphtha and gasoline cracks weighed by supply concerns SINGAPORE: Asia's naphtha crack slipped $1.43 to $52.40 a tonne on Monday, as ample supplies weighed on market sentiment, traders said. Naphtha cracks have lost more than 60 percent of their value since their 2016 highs of $148.28 in the beginning of January, and margins remain pressured by weak fundamentals and excess supplies despite a contraction in eastbound arbitrage arrivals in recent months. About 1 million tonnes of naphtha were placed on provisional bookings for ...