01202017Fri
Last update: Fri, 20 Jan 2017 09pm

Asia

Markets - Energy - Asia

Asia Fuel Oil-Contango structure widens as abundant supplies weigh SINGAPORE: Front-month time spreads of Asian 380cst fuel oil widened their contango structure on Wednesday as participants factored in Singapore's brimming inventories of the fuel, traders said."There's a serious ullage issue," said one Singapore-based trader. "We've been hearing most of onshore inventories for fuel oil are still pretty much full."Ullage is the unfilled space in tanks and floaters, or vessels that have been chartered for the purpose of storing oil at sea due to a lack of onshore tanks.Last week, official data showed onshore stocks of Singapore fuel oil had jumped 19.4 percent from a week earlier to an all-time high of 31.002 million barrels. Both the June-July and Aug-Sept spreads contracts for 380cst fuel oil widened their contango structures amid heavy trading activity on the Intercontinental Exchange (ICE), industry sources said."Even before the window opened, June-July traded 140,000 tonnes and Aug-Sept traded 275,000 tonnes and were both down 35 ...

Markets - Energy - Asia

China's end-April commercial crude stocks fall, gasoline surges BEIJING: China's commercial crude oil stocks at the end of April fell 3.7 percent from the previous month and refined fuel stocks eased 2.45 percent on month, the official Xinhua News Agency reported on Tuesday.Diesel recorded a steep fall of 10.6 percent over the previous month, due to a record amount of exports and a rebound in consumptions from the farming and construction sectors, reported China Oil, Gas & Petrochemicals (OGP), a newsletter run by ...

Markets - Energy - Asia

Oil nears $50 as US inventories fall SINGAPORE: Oil prices edged towards $50 a barrel in Asia Wednesday after a larger-than-expected dip in US stockpiles resulting from wildfires that have disrupted oil production in Canada.The American Petroleum Institute on Tuesday reported that crude inventories dropped by 5.14 million barrels last week, Bloomberg News reported. Data from the Energy Information Administration due later Wednesday are likely to confirm the fall in supplies. There have been high expectations of a decline in stockpiles because ...

Markets - Energy - Asia

Oil prices push closer to $50, US crude hits highest in 7 months SINGAPORE: Oil futures pushed closer to $50 a barrel on Wednesday, with U.S. crude hitting its highest in over seven months after industry data suggested a larger-than-expected drawdown in U.S. crude inventories last week.Oil markets were also supported by an overnight surge in U.S. equities and strong home sales that could point to the Federal Reserve raising interest rates as early as June.U.S. crude futures had climbed 71 cents to $49.33 a barrel by 0652 ...

Markets - Energy - Asia

Asia-Pacific Crude-Vietnamese grades steady on Shell's demand  SINGAPORE: More Vietnamese crude cargoes loading in July were sold at steady premiums from the previous month, underpinned by firm demand from Shell, traders said on Tuesday.Shell bought 300,000 barrels of Chim Sao in PV Oil's tender at $1.50 a barrel above dated Brent, they said. The premium for the cargo loading on July 9-13 was at the higher end of the range seen for June cargoes.Shell also bought one of the two Ruby cargoes ...

Markets - Energy - Asia

Thailand's oil demand seen up 4.4pc in 2016 BANGKOK: Thailand's oil demand is expected to rise 4.4 percent in 2016, up from an earlier forecast of 2.6 percent, due to higher consumption of gasoline and diesel and an improving economy, Thai Oil Plc, the country's largest oil refiner said on Tuesday.Thai Oil is the refinery flagship of PTT Pcl, the country's largest energy firm, with a share of 33 percent of domestic refined oil products.Total oil demand rose 7.4 percent in the first ...

Markets - Energy - Asia

China April crude imports from Russia top Saudis, hit record BEIJING/SINGAPORE: Russia was China's largest crude oil supplier for a second month this year, customs data showed on Monday, with shipments in April surpassing imports from Saudi Arabia and hitting a record high as demand from independent refiners remained strong.Crude imports from Russia surged 52.4 percent in April from a year ago to reach 1.17 million barrels per day (bpd), topping the previous record of 1.13 million bpd in December.April imports from Saudi Arabia fell ...