01172017Tue
Last update: Tue, 17 Jan 2017 11am

Asia

Markets - Energy - Asia

China April crude oil output lowest since July 2013 BEIJING: China, the world's fourth-largest oil producer, pumped 5.6 percent less crude year-on-year in April, official data showed, as oil firms struggled with cost pressures with crude prices hovering around $40 a barrel. Data from the National Bureau of Statistics released on Saturday showed China produced 16.59 million tonnes of crude oil last month, or about 4.04 million barrels per day (bpd), the lowest rate since July 2013 on a daily basis.A global oil supply overhang has eased this month thanks to unplanned outages caused by wildfires in Canada and further losses in Nigeria and Libya.Deeper production cuts in China may give the market another boost.Production in the first four months was down 2.7 percent over the same year-ago period to 68.14 million tonnes, or about 4.11 million bpd.PetroChina, the country's top producer, recorded a 0.2 percent drop in oil and gas production in the first quarter and Sinopec scaled ...

Markets - Energy - Asia

Middle East Crude-Shell buys Upper Zakum at higher premium SINGAPORE: The Middle East crude benchmarks rose on Friday, ending the week on a strong note after Shell bought an Upper Zakum cargo at a higher premium, traders said.Shell bid for a July-loading cargo during the MoC process and bought it from BP at 40 cents a barrel above its OSP, they added. The crude had traded at premiums of 25-35 cents a barrel prior to Shell's purchase.Cash Dubai and DME Oman both rose to ...

Markets - Energy - Asia

Asia Distillates-Gasoil extends premiums to 2016 high SINGAPORE: Cash differentials of benchmark 500ppm gasoil extended gains on Friday, climbing to a 2016 high, boosted by pockets of renewed regional demand and tightening supply over the near term, industry sources said.Cash premiums of the 500ppm gasoil rose 2 cents a barrel on Friday to 24 cents above Singapore quotes, its highest since Dec. 11. Since the start of the week gasoil premiums have risen from a discount of 4 cents below Singapore quotes. ...

Markets - Energy - Asia

Asia-Pacific Crude-Minas strengthens further SINGAPORE: Indonesian benchmark Minas crude strengthened further on Thursday as Glencore continued to bid for the grade, traders said.Minas' premium to dated Brent likely rose by about $1 a barrel from the previous session to about $3 following Glencore's bids that went as high as $50.80, they said.Brent's premium to Dubai swaps, or Brent-Dubai Exchange of Futures for Swaps (EFS), strengthened after traders hedged arbitrage cargoes from North Sea, traders said.The July EFS rose 20 ...

Markets - Energy - Asia

Azeri oil output down to 13.98mn T in Jan-April BAKU: Azerbaijan's oil output fell to 13.98 million tonnes in January-April, a source in Azerbaijan's government told Reuters on Thursday. Copyright Reuters, 2016 ...

Markets - Energy - Asia

Asia Distillates-Gasoil cash premiums jump to 2016 highs on Hin Leong trades SINGAPORE: Asia's gasoil cash differential for benchmark 500ppm grade rose to its highest level this year on Tuesday as deals in the Singapore market traded at firm premiums despite persistent concerns of ample supplies, traders said.Singapore-based trader Hin Leong picked up the only two offers for 500ppm gasoil made in the Platts window by Vitol and Unipec each at a premium of 40 cents a barrel above Singapore quotes, industry sources said. Together, both cargoes ...

Markets - Energy - Asia

Oil prices dip after latest surge SINGAPORE: Oil prices dipped in Asia Wednesday after the previous day's rally as Canadian oil companies prepare to restart production after being closed by huge wildfires.The commodity has seen strong swings this week as traders weigh up the effects of the blazes that have torn across the vast oil sands region of Alberta as well as disruptions elsewhere.Tuesday saw both main contracts rally as data showed output in oil major Nigeria had slumped to a ...