06272016Mon
Last update: Mon, 27 Jun 2016 01am

Asia

Markets - Energy - Asia

Asia-Pacific Crude-Tight supply supports heavy sweets SINGAPORE: The Asia-Pacific crude market was supported by strong refinery demand on Monday even as Brent's premium to Dubai swaps widened to its highest since July last year.Brent's premium to Dubai swaps, or Brent-Dubai Exchange of Futures for Swaps (EFS), widened 12 cents to $2.72 a barrel, the highest since July last year.While a widening spread makes regional Brent-linked grades less attractive compared to Middle East grades, it also helps curb supply of cargoes from the Atlantic basin to Asia, thus tightening supply.A large backlog of unsold cargoes has build up in West Africa, putting further pressure on already weak differentials in the region.Tighter supply helped boost spot values for heavy sweet Australian grades, of which all January cargoes had been sold, traders said. Woodside sold a cargo of Vincent to an unknown buyer at around 60 cents a barrel above dated Brent, they said.BHP Billiton sold a cargo of ...

Markets - Energy - Asia

Asia Fuel Oil-Crack gains, spreads tighten on arbitrage volumes  SINGAPORE: Asia's fuel oil crack for benchmark 180-centistoke rose on Monday, snapping three straight sessions of declines, amid uncertainty over the volume of arbitrage cargoes from the West next month and a drop in oil prices.The crack rose to a discount of $6.75 a barrel on Monday after reaching its highest in more than three months on Nov. 17.Between 3 million-4 million tonnes of oil is estimated to be on tankers heading East for arrival ...

Markets - Energy - Asia

Oil down in Asia on oversupply fears SINGAPORE: Oil prices fell in Asia on Monday, extending their slide as a stronger dollar and news that world stockpiles have reached a record high put pressure on futures.Crude dived to two-month lows on Friday after the International Energy Agency, the world's forecaster, said global commercial stocks had reached three billion barrels.Mounting expectations the US will raise interest rates for the first time in almost a decade next month also drove the dollar higher on ...

Markets - Energy - Asia

Asia Fuel Oil: Crack falls again; Dec build in arbitrage volumes seen SINGAPORE: Asia's fuel oil crack for benchmark 180-centistoke fell on Friday for a third straight session on firm oil prices and a possible larger than expected volume of arbitrage cargoes from the West.The crack dropped a discount of $6.84 a barrel on Friday after reaching its highest in more than three months on Nov. 17.That came after some traders revised estimates of how much arbitrage cargo would arrive in the East in December."We are seeing ...

Markets - Energy - Asia

Oil prices slightly up in Asia but gains limited SINGAPORE: Oil prices were higher in Asia Friday, but gains were limited in a market burdened by a persistent oversupply.A continued rise in US commercial crude inventories further confirmed predictions the glut will last well into next year, with Iran also expected ramp up production when Western sanctions are lifted under a deal with major powers to curb its nuclear programme.At around 0150 GMT, US benchmark West Texas Intermediate (WTI) for delivery in December was ...

Markets - Energy - Asia

Oil traders prepare for next big price drop in March 2016 SINGAPORE: Oil traders are preparing for another downward turn in prices by March 2016, market data suggests, as what is expected to be an unusually warm winter dents demand just as Iran's resurgent crude exports hit global markets after sanctions are ended.Crude futures have already lost around 60 percent of their value since mid-2014 as supply exceeds demand by roughly 0.7 million to 2.5 million barrels per day to create a glut that analysts say ...

Markets - Energy - Asia

Middle East Crude-Lighter grades supported SINGAPORE: Robust refinery demand for lighter grades supported the Middle East crude market, while DME Oman continued to recover, traders said on Thursday.India's Reliance will deliver one Upper Zakum cargo to Shell after selling two January Dubai partials to the oil major at around $39.70 a barrel, a trader said. The refiner also sold one January Dubai partial to Trafigura.Demand for condensate was supported by strong naphtha cracks. Qatar's Tasweeq may have sold at least ...