06302016Thu
Last update: Thu, 30 Jun 2016 01pm

Asia

Markets - Energy - Asia

Middle East Crude-Dubai, Oman rebound; Platts adds new grades  SINGAPORE: Cash Dubai and DME Oman in the Middle East crude market recovered on Wednesday from lows seen earlier this week, supported by a rebound in fuel oil margins.Cash Dubai's discount to swaps narrowed by about 20 cents from Monday while the discount for DME tightened by 30 cents from Tuesday.Weakness in the benchmarks had depressed medium grades. Upper Zakum traded at a discount of about 50 cents to its official selling price (OSP), 10 cents wider than the previous deal, a trader said. Mitsui may have sold Qatar Marine at a discount of about 30 cents a barrel to its OSP."Market may have reached bottom if demand is still there," a the trader said, adding that good refining margins may support demand for these grades.Platts said on Wednesday it will add Qatar's al-Shaheen and Abu Dhabi's Murban crude to its Dubai and Oman benchmarks from January 2016 to boost ...

Markets - Energy - Asia

Azeri oil exports down 0.4pc in Jan-Oct: customs BAKU: Azerbaijan's oil exports edged down 0.4 percent in January through October compared with a year earlier, driven by a decline in oil production, a source at the State Customs Committee said on Wednesday.Azerbaijan exported 28.1 million tonnes of oil in the first 10 months of this year.Exports of oil via Russia through the Baku-Novorossiisk pipeline amounted to 1.1 million tonnes in the period, up from 848,519 tonnes a year earlier, the source said.Exports through ...

Markets - Energy - Asia

China cuts wholesale gas prices for second time this year BEIJING: China will cut wholesale prices of natural gas from Friday, the country's top economic planner said in the year's second price reduction, aimed at boosting flagging growth in demand for the cleaner-burning fuel.China's energy giants have been forced to resell or renegotiate long-term global supplies as a cooling economy has hit gas demand in the world's third-largest consumer, while an inflexible pricing policy also curbed consumption.Benchmark city-gate prices for non-residential users will be lowered ...

Markets - Energy - Asia

Asia-Pacific Crude-Refinery demand supports SINGAPORE: The Asia-Pacific crude market was supported by refiners ramping up runs to benefit from strong margins, although Brent's widening premium to Dubai swaps could weigh on sentiment.Complex refining margins in the Singapore hub have averaged close to $9 a barrel over the past week, up around $2 a barrel from last month's average, as benchmark Brent prices hover near their lowest since August.A strong market for naphtha in Asia amid limited supply could buoy ...

Markets - Energy - Asia

Azeri Jan-Oct oil output falls 2pc year on year BAKU: Azerbaijan's crude oil and condensate production for the first 10 months of 2015 fell 2 percent year on year to 35 million tonnes, a source at the State Statistics Committee said on Tuesday.Falling output at the Azeri, Chirag and Guneshli (ACG) oil fields operated by Britain's BP led the overall drop, said the source, who declined to be identified because he is not authorised to talk to the media.Oil output at the ACG oil ...

Markets - Energy - Asia

Iran plans to raise gas output to more than 1 bcm a day in 2.5 years DUBAI: Iran plans to increase its production of natural gas to more than 1 billion cubic metres (bcm) a day in the next two and a half years, Oil Minister Bijan Zanganeh was quoted as saying on Tuesday.Speaking at a news conference ahead of next week's meeting of the Gas Exporting Countries Forum (GECF) in Tehran, Zanganeh also said Iran was ready to export gas to neighbouring Iraq."According to our plans, in the next two ...

Markets - Energy - Asia

Oil prices mixed in Asia ahead of US inventories report SINGAPORE: Oil prices were mixed in Asia Tuesday as investors waited for data on US crude stockpiles expected to further underscore a global supply glut.Prices pushed higher on Monday after US-led coalition jets bombed the Islamic State group's oil operations following the deadly attacks on Paris, but analysts said the impact of geopolitical tensions on the oil market is limited.At around 0600 GMT, US benchmark West Texas Intermediate (WTI) for delivery in December was down ...