12082016Thu
Last update: Thu, 08 Dec 2016 05am

Asia

Markets - Energy - Asia

Oil prices fall on renewed doubts over OPEC-led production cut SINGAPORE: Oil prices fell in Asian trade on Wednesday, reversing earlier gains, as doubts re-emerged over whether OPEC would agree to a crude oil production cut at a ministerial meeting next week.A strong dollar, which traded near the 13 1/2-year peak hit last week, also weighed on prices amid thin trading ahead of the U.S. Thanksgiving holiday on Thursday.International Brent crude oil futures fell 13 cents to $48.99 a barrel at 0657 GMT after climbing to $49.42 a barrel earlier in Wednesday's session on optimism OPEC would agree to an output cut.Reuters commodities analyst Wang Tao said that Brent could rise to $49.85 per barrel, a level marked by several technical resistance factors.U.S. West Texas Intermediate (WTI) crude oil futures dropped 13 cents to $47.90 a barrel after rising to $48.30 earlier on Wednesday."The reason prices fell is renewed concern by traders in the ability of producers to reach agreement ...

Markets - Energy - Asia

Asia Naphtha/Gasoline-Naphtha down despite buying interest SINGAPORE: Asia's naphtha crack for first-half January was at a four-session low of $79.70 a tonne on Tuesday, as higher Brent crude prices weighed on the market.South Korea's LG Chem emerged to buy naphtha from the spot market for first-half January delivery at a $2 a tonne premium to Japan quotes on a cost-and-freight (C&F) basis, traders said.They added that the petrochemical maker could have bought two cargoes of the fuel, but this could not ...

Markets - Energy - Asia

Asia-Pacific Crude-Australian condensate premium edges higher SINGAPORE: Premiums for January-loading Australian North West Shelf (NWS) condensate edged higher on Tuesday, underpinned by Indonesian demand and firm naphtha and gasoline refining margins.BHP Billiton sold its Jan. 4-8 650,000-barrel NWS condensate cargo at a premium in the low-$1.00 per barrel to dated Brent, although details on the buyer remain unclear.The January deal level is steady to slightly higher than the most recent deal for December-loading supplies when South Korean petrochemical producer Hanwha Total ...

Markets - Energy - Asia

Oil prices hit highest since October on hopes of OPEC-led output cut SINGAPORE: Oil prices rose to their highest level since late October on Tuesday as the market priced in an expected output cut led by producer cartel OPEC, but analysts warned that a failure to agree a cut could lead to a depening supply glut by early 2017.International Brent crude oil futures rose as high as $49.63 a barrel on Tuesday, up 1.5 percent from the last settlement and the highest since Oct. 31. Brent was ...

Markets - Energy - Asia

Kashagan oil field starts commercial output ASTANA: The Kashagan oil field has started commercial output, Kazakhstan's energy minister said on Monday, marking a milestone for $55 billion project which is more than a decade behind its original production plan.The offshore field in the Caspian Sea has produced about 0.5 million tonnes (3.8 million barrels) of oil since test pumping began on Sept. 28, Kanat Bozumbayev told parliament, and daily output has exceeded 75,000 barrels since Nov. 1.Kashagan has recoverable oil reserves ...

Markets - Energy - Asia

Oil prices climb on expectation of OPEC-led production cut SINGAPORE: Oil prices rose around 1 percent on Monday as OPEC moved closer to an output cut to rein in oversupply that has pressured prices for over two years.Brent crude futures were trading at $47.31 per barrel at 0743 GMT, up 65 cents, or 0.96 percent, from their last settlement.U.S. West Texas Intermediate (WTI) was up 0.9 percent, or 41 cents, at $46.10 a barrel.Traders said that markets were being supported by advancing plans by ...

Markets - Energy - Asia

Oil may rise to $55 if all producers cooperate DUBAI: Iranian Oil Minister Bijan Zanganeh expressed optimism on Saturday about an upcoming OPEC meeting and said crude prices could jump to $55 a barrel if an agreement is reached and non-OPEC producers cooperate. "We are receiving positive signals that increase the likelihood of agreement at the meeting ... and I'm optimistic about the situation," Zanganeh told state television by telephone, after meeting OPEC Secretary-General Mohammed Barkindo in Tehran ahead of the Nov. 30 meeting."I ...