12082016Thu
Last update: Thu, 08 Dec 2016 05am

Asia

Markets - Energy - Asia

Asia Distillates-Vietnam demand, Winson Oil buys support gasoil SINGAPORE: The Asian gasoil differentials remained steady on Monday, while the backwardation widened, supported by spot demand from Vietnam and large purchases by Winson Oil, trade sources said.Backwardation occurs when prices of cargoes loading in the prompt month is higher than those loading in later months.Winson Oil bought 8 cargoes out of 9 deals comprising 150,000 barrels each, or a total of 1.2 million barrels, on Monday, they added. It was not immediately clear where the company plans to ship the cargoes to.Vietnam's top importer Petrolimex bought three cargoes of 35,000 tonnes each of 500ppm sulphur gasoil for December loading at a premium of about 5 to 10 cents a barrel to Singapore quotes, industry sources said.The cargoes were bought on a free-on-board (FOB) Thailand, Malaysia and Singapore basis, and are to load over Dec. 1 to 5, Dec. 11 to 15 and Dec. 21 to 25.This is higher than ...

Markets - Energy - Asia

Oil prices bounce after OPEC reaffirms plan to cut output SINGAPORE: Oil prices rose by over 1 percent on Monday, pushed up by a statement from the producers' club OPEC that it was committed to a deal made in September to cut output in order to prop up the market.Brent crude was at $46.12 per barrel at 0746 GMT, up 54 cents, or 1.18 percent, from their previous close.U.S. West Texas Intermediate (WTI) crude was up 61 cents, or 1.38 percent, at $44.68 a barrel.The ...

Markets - Energy - Asia

Asia Fuel Oil-Robust demand extends 380-cst cash, ex-wharf premiums SINGAPORE: Cash and ex-wharf premiums of Asia's 380-cst fuel oil extended their gains on Friday after eager buyers scrambled to secure cargoes, traders said.Cash premiums for 380-cst fuel oil rose 54 cents to $2.82 a tonne to Singapore quotes, its highest since March 23 during the last week of the so-called March bull play.Over the past week, cash premiums for 380-cst fuel have more than doubled, rising by $1.74 from last Friday's $1.08 a tonne ...

Markets - Energy - Asia

Japan seeks up to 31,000 tonne of LPG for national reserves TOKYO: State-run Japan Oil, Gas and Metals National Corp (JOGMEC) on Friday issued a tender to buy liquefied petroleum gas (LPG) for storage in its national reserves. JOGMEC is seeking 30,000 to 31,000 tonnes of propane for a stockpiling base in Namikata in western Japan for delivery until Dec. 22, the tender document showed. The tender will be held on Nov. 18, with offers to be evaluated the same day.Japan, which has five national LPG ...

Markets - Energy - Asia

Egypt increases fuel prices after devaluation CAIRO: Fuel prices were to rise dramatically in Egypt on Friday after the central bank floated the currency to address a dollar crunch that has threatened to cause some imports to grind to a halt.The oil ministry announced the increases in prices of subsidised petroleum products late Thursday as part of broader financial reforms.The government of President Abdel Fattah al-Sisi is rolling out an austerity programme and seeking billions in support from abroad in order ...

Markets - Energy - Asia

UAE'S ADNOC sets Oct Murban crude OSP at $51.35/bbl SINGAPORE: Abu Dhabi National Oil Company (ADNOC) raised the October retroactive official selling price for its benchmark Murban crude to $51.35 a barrel, up $5.85 from September, ADNOC said on Thursday.That puts October Murban's premium to Dubai quotes at $2.37 a barrel, up 20 cents from a month ago, in line with market expectations.The September Das OSP premium to Dubai quotes rose 25 cents while that for Upper Zakum increased by 35 cents, lower than ...

Markets - Energy - Asia

Asia Fuel Oil-Tight prompt supplies, limited on-spec cargoes boost cash premiums SINGAPORE: Cash premiums of Asia's 380-cst fuel oil jumped on Thursday amid ongoing concerns of limited availability of immediate on-specification supplies prompted by a shortage of cutter stocks and congested loading terminals, traders said.No cash deals were reported in the Platts window on Thursday as buyers continued to heavily outnumber suppliers, industry sources said.A total of 16 bids for 380-cst fuel were left standing by the end of the Platts window trading session on Thursday, ...