01192017Thu
Last update: Thu, 19 Jan 2017 05am

Asia

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 trading at $49.58 per barrel at 0525 GMT, up 68 cents, or 1.4 percent.U.S. West Texas Intermediate (WTI) crude futures were up 69 cents, or 1.4 percent, at $48.93 a barrel.The Organization of the Petroleum Exporting Countries (OPEC) is trying by Nov. 30 to bring its 14 member states and non-OPEC producer Russia to agree on a coordinated production cut to prop up the market by bringing production into line with consumption."With investors becoming more ...

Markets - Energy - Asia

Kashagan oil field starts commercial output ASTANA: The Kashagan oil field has started commercial output, Kazakhstan's energy minister said on Monday, marking a milestone for $55 billion project which is more than a decade behind its original production plan.The offshore field in the Caspian Sea has produced about 0.5 million tonnes (3.8 million barrels) of oil since test pumping began on Sept. 28, Kanat Bozumbayev told parliament, and daily output has exceeded 75,000 barrels since Nov. 1.Kashagan has recoverable oil reserves ...

Markets - Energy - Asia

Oil prices climb on expectation of OPEC-led production cut SINGAPORE: Oil prices rose around 1 percent on Monday as OPEC moved closer to an output cut to rein in oversupply that has pressured prices for over two years.Brent crude futures were trading at $47.31 per barrel at 0743 GMT, up 65 cents, or 0.96 percent, from their last settlement.U.S. West Texas Intermediate (WTI) was up 0.9 percent, or 41 cents, at $46.10 a barrel.Traders said that markets were being supported by advancing plans by ...

Markets - Energy - Asia

Oil may rise to $55 if all producers cooperate DUBAI: Iranian Oil Minister Bijan Zanganeh expressed optimism on Saturday about an upcoming OPEC meeting and said crude prices could jump to $55 a barrel if an agreement is reached and non-OPEC producers cooperate. "We are receiving positive signals that increase the likelihood of agreement at the meeting ... and I'm optimistic about the situation," Zanganeh told state television by telephone, after meeting OPEC Secretary-General Mohammed Barkindo in Tehran ahead of the Nov. 30 meeting."I ...

Markets - Energy - Asia

Asia Fuel Oil-180-cst complex strengthens on ample high-vis supplies SINGAPORE: Asia's benchmark 180-cst fuel oil complex strengthened on Friday after a wave of high viscosity fuel oil arriving in Singapore stoked concerns of cutter stock availability, industry sources said."There's lots of high-vis fuel around which needs to be blended," said a Singapore-based fuel oil trader adding that cutter stocks, including the 180-cst fuel oil, were in relatively narrow supplies.The December visco-spread rose 50 cents a tonne on Friday to $8.50 a tonne. The front ...

Markets - Energy - Asia

Asia Naphtha/Gasoline-Crack spreads widen on firm demand SINGAPORE: Asia's gasoline crack spread hit a two-week high of $9.63 a barrel while naphtha ended the week at a five-session high of $82.83 a tonne, supported by firm demand and low levels of incoming European cargoes.China's Unipec has resumed issuing supply tenders for spot cargoes after a brief absence, traders said, and may have bought a cargo for December delivery after a few attempts but this could not immediately be confirmed.China turned a net ...

Markets - Energy - Asia

Asia Fuel Oil-380-cst complex firms as market shrugs off rising inventories SINGAPORE: Asia's physical and swaps fuel oil markets shrugged off a sharp build in Singapore's onshore inventories of the industrial fuel amid continued concerns about prompt availability of on-specification cargoes and bunker fuels, industry sources said.Onshore inventories of Singapore fuel oil jumped 15 percent in the week to Nov. 16 following five consecutive weeks of declines.Last week's 3.182 million barrel, or 475,000 tonne, inventory build represents the largest weekly volume change since the week of ...