05252016Wed
Last update: Wed, 25 May 2016 09pm

Asia

Markets - Energy - Asia

Middle East Crude-Saudi raises prices to Asia for 2nd month  SINGAPORE: The Middle East crude market strengthened on Monday after Saudi Arabia raised the prices of all the grades it will sell to Asia in May for a second straight month and as Chinaoil continued its buying spree.Three more cargoes were declared for delivery to Chinaoil on Monday, bringing its total purchase in the first three sessions this month to 3 million barrels, traders said.Unipec will deliver one Upper Zakum and one Oman while Shell will deliver an Upper Zakum, they said.Saudi Arabia's ability to raise prices for April and May suggested its strategy to fight for market share was working, although stiff competition kept its flagship Arab Light at a discount to Oman/Dubai quotes, analysts said."There is still competition for the Asia market, even though it is also a sign that some of the production elsewhere is less able to compete in the market right now," said Shunling Yap, ...

Markets - Energy - Asia

Oil prices rebound in Asia SINGAPORE: Oil prices rebounded in Asia on Monday on news that a labour strike at a US refinery would end soon, tempering recent losses fuelled by an agreement to curb Iran's nuclear programme.US benchmark West Texas Intermediate (WTI) gained 90 cents to $50.04 while Brent rose 69 cents to $55.64 in afternoon trade.Prices fell sharply after six world powers and Iran agreed Thursday on a framework to rein in Tehran's nuclear ambitions. Markets were closed ...

Markets - Energy - Asia

Middle East Crude-Chinaoil buys 3 Upper Zakum in 2 days SINGAPORE: Chinaoil continued its purchases in the Middle East crude market for a second day, a sign that it could embark on a buying spree this month, traders said on Thursday.The trading arm of PetroChina took delivery of a third Upper Zakum crude cargo on Thursday from Unipec, the trading arm of Asia's largest refiner Sinopec, in deals revealed during pricing agency Platts' market assessment process, traders said.A day ago, Chinaoil bought one cargo each ...

Markets - Energy - Asia

Asia-Pacific Crude-ESPO rebounds but oversupply persists SINGAPORE: Spot premium for Russian ESPO Blend rebounded in the Asia-Pacific crude market on Thursday amid robust demand from refiners.Rosneft sold two ESPO cargoes loading May 25-28 and May 29-June 1 to trading firms at $2.25-$2.50 a barrel above Dubai quotes, with the cross-month cargo fetching the higher premium, traders said.The price level was at the higher end of the range of previous May-loading cargoes. The deals could not be independently verified.Crude differentials continue to ...

Markets - Energy - Asia

Oil retreats from large jump as focus returns to Iran talks SINGAPORE: Oil futures fell on Thursday, retreating from big gains in the previous session, as the prospect that any deal in nuclear talks with Tehran and a possible increase in its crude exports helped to keep pressure on prices.Major powers and Iran have stretched talks on Tehran's nuclear programme into a second day past an end-March deadline, with diplomats saying the chances for a preliminary deal were balanced between success and collapse.Both Brent and U.S ...

Markets - Energy - Asia

Oil prices down in thin Asian trade SINGAPORE: Oil prices fell in thin pre-holiday trade in Asia on Thursday after a mixed US stockpiles report, while talks over crude producer Iran's nuclear programme dragged on, analysts said.US benchmark West Texas Intermediate fell 40 cents to $49.69 while Brent slipped 32 cents to $56.78 in afternoon trade."Prices have come off with thin volumes ahead of the holiday tomorrow," Michael McCarthy, chief market strategist at CMC Markets in Sydney, told AFP.Financial markets in major ...

Markets - Energy - Asia

Asia-Pacific Crude-ESPO weakens amid ample supply SINGAPORE: Spot differentials for Russia's ESPO Blend weakened in the Asia-Pacific crude market amid increasing supply of the grade.Rosneft sold a cargo of ESPO crude loading May 8-11 to Glencore at $1.90-$2 a barrel above Dubai quotes, traders said. The price was near the bottom of the range of previous May-loading cargoes.Surgut earlier sold two cargoes of the grade for loading in the second half of May at a premium of $2.30-$2.50 a barrel, according ...