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Last update: Sun, 31 Jul 2016 08am

Asia

Markets - Energy - Asia

Oil extends slide on worries about impact of Brexit SINGAPORE: Oil prices suffered fresh losses in Asian trade Monday as the fallout from last week's decision by Britain to leave the European Union batters confidence and ushers in a period of uncertainty.Global markets took a beating Friday, with some $2.1 trillion wiped off valuations and the British pound plunging to 31-year lows against the dollar, while oil prices slumped more than five percent.And on Monday crude fell further. At about 0400 GMT, the US benchmark West Texas Intermediate fell 26 cents, or 0.55 percent, to $47.38 and Brent shed 15 cents, or 0.15 percent, to $48.26. Both contracts have tumbled almost 10 percent from their 2016 highs touched earlier this month."While the oil market fundamentals will ensure no major drop in the price of crude, as the UK accounts for less than two percent of global demand, the oil markets are likely to remain under pressure until the volatility ...

Markets - Energy - Asia

Oil prices fall as Brexit lingers, refined products glut looms SINGAPORE: Oil prices dropped on Monday, extending sharp declines after Britain's vote to leave the European Union sparked a sharp selloff in global markets on Friday.Global financial markets plunged on Friday as results from a referendum defied bookmakers' odds to show a 52 percent to 48 percent victory for the campaign to leave a bloc Britain joined more than 40 years ago.Brent crude futures were down 15 cents at $48.26 a barrel by 0238 GMT ...

Markets - Energy - Asia

ChemChina to take 40pc stake in Rosneft's petrochemical project MOSCOW: Russia's biggest oil producer Rosneft said on Saturday that China National Chemical Corporation (ChemChina) would take a 40 percent stake in its planned petrochemical complex VNHK in Russia's Far East. "The participation of ChemChina will allow Rosneft to optimise the project financing and jointly organise sales of the high-margin products of the future complex on the premium markets of the Asia-Pacific region," Rosneft said in a statement.Rosneft and ChemChina also signed a new one-year ...

Markets - Energy - Asia

China's end-May diesel stocks fall 5.4pc on mth, gasoline supplies rise BEIJING: China's commercial crude oil stocks at the end of May rose 0.9 percent from the previous month and refined fuel stocks eased 1.7 percent from April, the official Xinhua News Agency reported on Friday.Diesel recorded a drop of 5.4 percent from the previous month, reflecting upbeat diesel demand due to harvesting and cultivation of crops, as well as record high exports, reported China Oil, Gas & Petrochemicals (OGP), a newsletter published by Xinhua.Gasoline supply, ...

Markets - Energy - Asia

Middle East Crude-Benchmarks gain for 2nd session despite Brexit SINGAPORE: The Middle East crude benchmarks gained for a second session on Friday, supported by demand from Shell, even as global prices were roiled by Britain's vote to leave the European Union.Oil prices slumped by more than 6 percent as the Brexit vote raised fears of a broader economic slowdown that could reduce demand for oil.Shell purchased four August Dubai partials from Reliance, Chinaoil and SK Energy at $45.35-$45.40 a barrel, traders said. The trades ...

Markets - Energy - Asia

Asia-Pacific Crude-Weak margins depress light grades SINGAPORE: Light sweet grades and condensate in the Asia-Pacific crude market weakened on Friday, dragged down by soft margins for light distillate products.Oil Search has sold two of its Kutubu cargoes loading in August to BP at $1-$1.50 a barrel above dated Brent, a trader said. The deal, which could not be independently verified, would point to a drop in the light sweet crude's value.Woodside was heard to have lowered its offer for August-loading North ...

Markets - Energy - Asia

Asia Naphtha/Gasoline-Naphtha extends losses; discounts widen SINGAPORE: Asia's naphtha crack extended losses to touch its lowest in six sessions at $51.75 a tonne as heavy supplies dragged.South Korea's YNCC bought 50,000 to 75,000 tonnes of naphtha for first-half August delivery to Yeosu at a discount at levels around $3.50 a tonne to Japan quotes on a cost-and-freight (C&F) basis, traders said.The discount was steeper compared to purchases made in South Korea in the week of June 13 at an average of ...