05062016Fri
Last update: Fri, 06 May 2016 04pm

Asia

Markets - Energy - Asia

Oil trades cautiously ahead of crunch producers' summit SINGAPORE: Oil prices rose slightly in Asia Friday after the International Energy Agency (IEA) said it saw the crude supply glut easing by year's end, but trading was cautious ahead of a crunch producers' summit.The IEA report, released ahead of Sunday's summit in Doha, said the oil surplus would fall to 200,000 barrels per day in the second half of this year from 1.5 million bpd in the first six months.However, the Paris-based agency said any decision by oil producers to freeze output would have "limited" impact compared to trimming production, which would have a more permanent effect in boosting prices.Analysts said trading was cautious before the Doha meeting that will involve both members of the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and non-OPEC producers such as Russia.Trading sentiment was also weighed by a report on Wednesday showing a sharper-than-expected rise in US commercial crude inventories, ...

Markets - Energy - Asia

Oil traders lose faith in recent rally, position for lower prices SINGAPORE: Oil traders have ramped up their bets in the futures and options market that April's rally will run out of steam, as the outlook for demand weakens and with few clear signs of an end in sight to a supply glut. While prices for front-month delivery Brent crude futures rallied by as much as 20 percent this month, sparking hopes of an end to a rout that had previously pulled the market down by ...

Markets - Energy - Asia

US oil to test a support at $40.92 SINGAPORE: US oil is expected to test a support at $40.92 per barrel, a break below which could cause a loss to the next support at $40.47.The support is provided by the 138.2 percent Fibonacci projection level of an upward wave 3, the third wave of a five-wave cycle from the April 5 low of $35.24.This wave was disrupted by a strong resistance at $41.90, the March 22 high. A further consolidation below this level ...

Markets - Energy - Asia

Oil falls after rally fuelled by output freeze hopes SINGAPORE: Oil prices fell on Wednesday, taking a breather after a rally fuelled by reports Saudi Arabia and Russia had agreed to freeze output ahead of a key producers' meeting.Prices climbed to their highest levels this year on Tuesday, as reports the two oil majors had reached a consensus boosted expectations a wider deal will be forged at a meeting in Doha.Sunday's talks will bring together OPEC members led by Saudi Arabia and non-OPEC producers, ...

Markets - Energy - Asia

US oil may retrace to $41.28 before rising SINGAPORE: US oil may retrace a bit further to $41.28 per barrel, before rising again, as suggested by its wave pattern and a Fibonacci projection analysis.The contract is riding on a wave 3, the third wave of a five-wave cycle from the April 5 low of $35.24. It has travelled briefly above a resistance at $42.09, the 176.4 percent level. Chances are it may extend into a range of $43.98-$44.70, formed by the 238.2 percent ...

Markets - Energy - Asia

Oil prices fall on profit-taking, oversupply worries SINGAPORE: Oil futures fell in Asian trade on Wednesday as profit-taking and concern over a larger-than-expected build in US crude stocks outweighed a report that Russia and Saudi Arabia had reached consensus on an oil output cap. Brent crude had dropped 27 cents to $44.42 a barrel as of 0207 GMT, after hitting a four-month high in the previous session, when it settled up $1.86, or 4.3 percent. US crude dropped 37 cents to $41.80 ...

Markets - Energy - Asia

Asia Fuel Oil-380cst cash discounts slip with May-June spreads SINGAPORE: Cash discounts of Asian 380cst fuel oil slipped at the start of the week despite steady activity in the physical market, traders said.The 380cst fuel oil cash discounts widened to minus 28 cents a tonne to Singapore quotes on Monday, down 26 cents from Friday's close at 2 cents below Singapore quotes.Four cash deals were reported, totalling 100,000 tonnes of 380cst fuel oil for delivery across Monday's pricing window between April 26 and May ...