07022016Sat
Last update: Sat, 02 Jul 2016 12pm

Asia

Markets - Energy - Asia

Middle East Crude-ESPO edges up on China demand SINGAPORE: DME Oman fell further into discount in the Middle East crude market on Wednesday, while Russian ESPO crude edged up on strong China demand.Russia's Rosneft sold two cargoes of ESPO loading on Jan. 10-15 and Jan. 21-26 to ChemChina in a tender at $2.80-$2.90 a barrel above Dubai quotes, traders said.Spot differentials for the Russian grade were lower than last month when premiums reached a 16-month high, but higher than deals done earlier this month, Thomson Reuters data showed.Abu Dhabi's Murban grade held steady at 40-50 cents per barrel above its official selling price (OSP) amid limited supply, although a few spot cargoes were still available for January loading, traders said.Indian refiners were seen taking more West African crude for January lifting as an overhang of cargoes had build up.The emergence of more fixtures of supertankers to take North Sea crude to Asia in December could also weigh on ...

Markets - Energy - Asia

Oil prices turn higher as diplomats seek to ease Middle East tensions SINGAPORE: Oil prices turned higher in Asia Wednesday as diplomats tried to ease geopolitical tensions sparked by Turkey's shooting down of a Russian fighter jet on the Syrian border.But the global crude supply glut capped gains ahead of a US Department of Energy report expected to show another build in commercial crude stockpiles, indicating slower demand in the world's top oil consuming nation.Prices had surged Tuesday following the plane shooting which analysts warned could further ...

Markets - Energy - Asia

Oil prices down on diplomatic efforts to ease Middle East tensions SINGAPORE: Oil prices fell in Asia Wednesday as diplomats tried to ease geopolitical tensions sparked by Turkey's shooting down of a Russian fighter jet on the Syrian border.Prices had surged Tuesday following the incident which analysts warned could further heighten tensions among key powers involved in the Syrian conflict and affect crude supplies from the oil-producing Middle East.The rally was cut short amid a flurry of diplomatic effort to appease a furious Russian President Vladimir ...

Markets - Energy - Asia

Asia-Pacific Crude-Strong refining margins support SINGAPORE: Robust refinery demand continued to support the Asia-Pacific crude market while high freight rates curbed supply of crude from other regions.Regional light grades have benefited from strong naphtha cracks this month with complex refining margins in the Singapore hub having hovered above $9 a barrel in the past week, up from an average of below $7 a barrel last month.The spike in refining margins was in part due to higher demand for oil products ...

Markets - Energy - Asia

Middle East Crude-Naphtha cracks underpin refinery demand  SINGAPORE: The Middle East crude market was underpinned by strong demand as refiners benefited from low oil prices and high naphtha cracks to secure cargoes.Bahrain's BAPCO may have sold a cargo of Banoco Arab Medium in a tender to an unknown buyer at between flat and 5 cents a barrel above its official selling price (OSP), traders said.The grade recovered in line with other medium grades after being traded at 5-9 cents a barrel discount ...

Markets - Energy - Asia

China's teapot oil refineries set to export fuel for the first time BEIJING: Beijing will allow independent refineries to export refined fuel next year for the first time, sources said, freeing up 20 percent of China's refining capacity for sales abroad as the government aims to cut a local glut and boost investment.The move will allow independent refineries, also known as "teapots" such as Dongying Yatong Petrochemical and Panjin Beifang Asphalt Fuel, to enter the lucrative international market for the first time, raising concerns about a fresh ...

Markets - Energy - Asia

Oil prices up in Asia ahead of OPEC meeting, US report SINGAPORE: Oil prices climbed in Asia Tuesday ahead of a key meeting of the OPEC oil cartel and a report on US commercial crude inventories to gauge demand in the world's biggest oil consuming nation.Analysts said the impact of comments by the Saudi Arabian oil minister that his country was prepared to work with other oil producers to stabilise prices was muted because there was no firm signal to slash production to ease the glut ...