01172017Tue
Last update: Tue, 17 Jan 2017 10pm

Asia

Markets - Energy - Asia

Asia Fuel Oil-Fresh arrivals ease premiums but quality still a concern SINGAPORE: Cash premiums for Asia's fuel oils eased as vessels offloaded fresh arbitrage cargoes and other vessels queued up outside Singapore's terminals, but traders remained concerned about the quality of fuel oil aboard the ships."There's a good amount of fuel oil out there but a lot of the stuff that's been coming in is off-spec that needs blending which takes time," said a Singapore-based trader adding that the shortage of on-specification fuels could last until the end of the year.In the Platts window, industry participants said buyers were less aggressive in their bidding on Wednesday with bids at a no premium to Singapore quotes. This compares to buyers bids as high as $2 to $3 a tonne to Singapore quotes on Tuesday, sources said.Cargoes of the 380-cst fuel oil were also offered by suppliers in the window at lower premiums compared to Tuesday, sources said.Two cash deals were reported in ...

Markets - Energy - Asia

Indian Oil plans $5.5bn expansion of refinery co-owned by Iran NEW DELHI: An Indian Oil Corp unit plans to invest $5.5 billion to gradually raise the capacity of its smallest refinery co-owned by Iran to 300,000 barrels per day (bpd), its chairman said, to help meet a surge in demand for refined products in the world's fastest growing major economy.The Nagapattinam plant operated by IOC's subsidiary Chennai Petroleum Corp requires a complete overhaul to produce the cleaner, higher grade fuels needed to meet rising demand ...

Markets - Energy - Asia

Thailand ups long-term LNG imports due to coal plant delays BANGKOK: Thailand is increasing its planned long-term imports of liquefied natural gas (LNG) to meet rising demand after delays to the construction of coal-fired power plants, a senior official at energy ministry said on Wednesday. Energy policy makers have revised their target of LNG imports to 17.4 million tonnes in 2022 and reaching 34 million tonnes a year by 2036, up from earlier planned 23 million tonnes, Twarath Sutabutr, Director-General of the ministry's Energy Policy ...

Markets - Energy - Asia

Oil prices fall on renewed doubts over OPEC-led production cut SINGAPORE: Oil prices fell in Asian trade on Wednesday, reversing earlier gains, as doubts re-emerged over whether OPEC would agree to a crude oil production cut at a ministerial meeting next week.A strong dollar, which traded near the 13 1/2-year peak hit last week, also weighed on prices amid thin trading ahead of the U.S. Thanksgiving holiday on Thursday.International Brent crude oil futures fell 13 cents to $48.99 a barrel at 0657 GMT after climbing ...

Markets - Energy - Asia

Asia Naphtha/Gasoline-Naphtha down despite buying interest SINGAPORE: Asia's naphtha crack for first-half January was at a four-session low of $79.70 a tonne on Tuesday, as higher Brent crude prices weighed on the market.South Korea's LG Chem emerged to buy naphtha from the spot market for first-half January delivery at a $2 a tonne premium to Japan quotes on a cost-and-freight (C&F) basis, traders said.They added that the petrochemical maker could have bought two cargoes of the fuel, but this could not ...

Markets - Energy - Asia

Asia-Pacific Crude-Australian condensate premium edges higher SINGAPORE: Premiums for January-loading Australian North West Shelf (NWS) condensate edged higher on Tuesday, underpinned by Indonesian demand and firm naphtha and gasoline refining margins.BHP Billiton sold its Jan. 4-8 650,000-barrel NWS condensate cargo at a premium in the low-$1.00 per barrel to dated Brent, although details on the buyer remain unclear.The January deal level is steady to slightly higher than the most recent deal for December-loading supplies when South Korean petrochemical producer Hanwha Total ...

Markets - Energy - Asia

Oil prices hit highest since October on hopes of OPEC-led output cut SINGAPORE: Oil prices rose to their highest level since late October on Tuesday as the market priced in an expected output cut led by producer cartel OPEC, but analysts warned that a failure to agree a cut could lead to a depening supply glut by early 2017.International Brent crude oil futures rose as high as $49.63 a barrel on Tuesday, up 1.5 percent from the last settlement and the highest since Oct. 31. Brent was ...