02132016Sat
Last update: Sat, 13 Feb 2016 09am

Asia

Markets - Energy - Asia

Middle East Crude-Oman eases after Monday's brief spike SINGAPORE: The Middle East crude benchmarks Dubai and Oman eased on Tuesday after a brief spike in value for the Omani grade's futures in the previous session.Cash Dubai's discount to swaps widened by 50 cents to about $2 a barrel despite purchases by Chinaoil and Totsa during the Platts MoC process, traders said.DME Oman's discount to Dubai swaps also widened by 63 cents, after touching its strongest since August on Monday, traders said.The strong demand for Oman may also have stemmed from traders who were eyeing crude purchases by Chinese independent refiners or planning to store the grade for future sales, sources said.Falling freight rates may have revived some interest among traders to store crude although some sources said economics barely work given that the Dubai contango structure has narrowed.Light crude sellers remained bullish as Totsa offered March-loading Murban at 70 cents a barrel above its OSP, a trader said, ...

Markets - Energy - Asia

Asia-Pacific Crude-Gasoline demand supports light grades SINGAPORE: Spot premiums for Papua New Guinea's Kutubu rose in the Asia-Pacific crude market as refiners soak up light grades to meet strong gasoline demand.Oil Search sold two Kutubu cargoes loading in early- and late-March at around $4 a barrel above dated Brent, according to traders, more than a $1 above last month's level.The identity of the buyers were unknown, and the deals could not be independently verified.Condensate values may also have improved from last ...

Markets - Energy - Asia

Vietnam cuts retail fuel prices for a second time in January HANOI: Vietnam has cut retail fuel prices for the second time this month on Tuesday as international crude oil prices have plunged to their lowest in 12 years. Diesel prices were cut by 8.2 percent to 10,200 dong ($0.46) per litre while kerosene prices were slashed 8.7 percent to 9,380 dong, state-owned fuel importer and distributor Petrolimex said in a statement.Gasoline retail prices were reduced by 3.7 percent to 15,440 dong per litre, while the ...

Markets - Energy - Asia

Oil prices stuck below $30 on worsening glut fears SINGAPORE: Oil prices were stuck near 12-year lows at below $30 in Asia Tuesday as Iran ordered a boost to crude production after the West lifted sanctions, exacerbating an already oversupplied global market.Prices sank to new depths not seen since 2003 on Monday, a day after the United States and Europe lifted the crippling economic sanctions in exchange for Tehran's compliance with a deal to curb the country's nuclear ambitions.Iran immediately announced a major boost ...

Markets - Energy - Asia

Asia-Pacific Crude-Steady; Surgut sells March ESPO SINGAPORE: The Asia-Pacific crude market was steady on Monday with spot premiums for Russia's ESPO Blend unchanged from the previous month.Surgut sold two 730,000-barrel cargoes of ESPO Blend in a spot tender for loading on March 1-6 and 6-11 at premiums of $4.60-$4.70 a barrel to Dubai swaps, traders said. The identity of the buyers remained unknown.The results were in line with recent deals for the Russian grade. Some traders expected values for March-loading ESPO ...

Markets - Energy - Asia

Middle East Crude-DME Oman jumps to highest since Aug  SINGAPORE: DME Oman crude jumped to its strongest differential against Dubai swaps since August on Monday, partly due to robust demand from South Korea and a potential arbitrage flow to the US Gulf Coast on a wide WTI-Brent spread, traders said.DME Oman's discount to Dubai swaps narrowed close to $1 to $0.39 a barrel during the close of Asia market, after swinging in a wide range to as high as a premium of more than ...

Markets - Energy - Asia

Oil prices ease in Asian trade, stuck near 12-year lows SINGAPORE: Oil prices eased in Asia Friday, with the under-pressure commodity sitting around 12-year lows as dealers prepare for the return of Iranian exports on to the market while US stockpiles increase.However, there is talk that crude -- which have plunged by three quarters in the past 18 months on weak demand, a slow global economy and an oversupply crisis -- could be nearing its bottom.US benchmark West Texas Intermediate (WTI) for delivery in February ...