08262016Fri
Last update: Fri, 26 Aug 2016 03pm

Asia

Markets - Energy - Asia

Oil drops over 2 pct as China slowdown weighs: market loses faith in rebound SINGAPORE: Crude oil prices fell over 2 percent on Monday as China's economic slowdown dented the outlook for demand and traders are placing record bets on even lower prices as they increasingly lose faith in a significant market recovery. Global benchmark Brent was down around a dollar, or almost 3 percent, at $32.62 per barrel at 0711 GMT, and US West Texas Intermediate (WTI) crude was down almost 2.5 percent at $32.36. The falls come as oil market speculators have increased their net-short positions, which would profit from prices falling lower, to a record high in the week to last Tuesday, in a sign that they are losing faith in a price rise anytime soon.At the same time speculators have cut their net-long positions to fewer than 50,000 contracts, or the equivalent of 50 million barrels, according to a weekly report from a US government agency on Friday . Longs ...

Markets - Energy - Asia

THERMAL COAL-Markets start 2016 warily as demand outlook remains bleak SINGAPORE: Thermal coal prices started the new year warily with physical cargo values around $50 per tonne and futures testing $40 a tonne for the first time since 2003, as last year's commodity rout spills into 2016. Physical coal cargoes for prompt shipment from Australia's Newcastle terminal last settled at $50.35 a tonne, below levels seen during the global credit crisis of 2008/2009.But prices for cargoes from South Africa's Richards Bay terminal jumped almost 7 ...

Markets - Energy - Asia

Oil prices up in Asia ahead of US cude inventories report SINGAPORE: Oil prices edged higher in Asia Wednesday, ahead of the release of a US stockpiles report, with investors also keeping an eye on a worsening diplomatic row between Iran and Saudi Arabia.The US Department of Energy will release later Wednesday its weekly inventory of commercial crude, with analysts surveyed by Bloomberg News expecting an increase of 500,000 barrels.At around 0320 GMT, US benchmark West Texas Intermediate for delivery in February was up six cents ...

Markets - Energy - Asia

Oil prices rebound in Asia as Saudi-Iran row deepens SINGAPORE: Oil prices rebounded in Asia Tuesday as a diplomatic row between Saudi Arabia and Iran deepened, but a global crude supply glut and economic weakness in China are keeping any increases in check.Tensions between the two major oil producers over Saudi Arabia's execution of a prominent Shiite cleric have erupted into a full-blown diplomatic crisis after Riyadh and its Sunni Arab allies cut or reduced ties with Iran, sparking global concern.US Secretary of State ...

Markets - Energy - Asia

Oil prices rise after Saudi Arabia cuts ties with Iran SINGAPORE: Oil prices rose in Asia Monday after crude kingpin producer Saudi Arabia cut diplomatic ties with Iran following a row over the Saudi execution of a Shiite cleric.Saudi Arabia announced the decision Sunday, a day after protesters ransacked its embassy in Tehran over the execution of the cleric, Sheikh Nimr al-Nimr.Saudi Foreign Minister Adel al-Jubeir said Iranian diplomats had 48 hours to leave. Iran's supreme leader warned Saudi Arabia it would face "quick consequences" ...

Markets - Energy - Asia

Oil prices edge up in Asia after another sell-off SINGAPORE: Oil prices rebounded in Asia Thursday on bargain-hunting on the last trading day of 2015 following a sharp decline fuelled by an unexpected rise in US commercial stockpiles.The commodity headed for another annual loss caused by a stubborn global supply glut and weak demand.Data from the US Department of Energy showed inventories climbed 2.6 million barrels to 487.4 million in the week ending December 25, confounding forecasts for a drop.The inventories, a gauge of ...

Markets - Energy - Asia

Middle East Crude-March Sokol spot premium falls SINGAPORE: March spot premiums for Russian Sokol crude dropped on Tuesday in a sign that demand is expected to ease going into the spring as Asian refiners prepare for maintenance at their plants.ONGC sold 700,000 barrels of Sokol crude loading March 1-7 in a tender to Vitol at around $4.90 a barrel above Oman/Dubai quotes, which translates roughly to the same price level against Dubai quotes, traders said.The price was about $1 per barrel lower ...