Asia
Thursday, 04 April 2013 09:42
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SINGAPORE: Oil prices were mixed in Asia on Thursday as the market recovered after a snap reaction to data showing an unexpected surge in US inventories, a sign of weaker demand, analysts said.New York's main contract, light sweet crude for delivery in May shed four cents to $94.41 a barrel and Brent North Sea crude for May delivery added 26 cents to $107.37 in mid-morning trade."Prices took a tumble after headline inventory numbers came in worse than expected," said David Lennox, resource analyst at Fat Prophets in Sydney."The market is now recovering as dealers digest the fact that stockpiles are still looking quite tight with a robust corporate demand in the United States," he told AFP.A weekly inventory report from the US Energy Information Administration released Wednesday showed that US crude reserves rose 2.7 million barrels to 388.6 million barrels, higher than a predicted increase of 1.5 million barrels.Surging US ...
SINGAPORE: Oil was down in Asia on Wednesday as a pipeline closure in the United States led to fears that inventories could rise and investors waited for the release of US payrolls data.The market is also eyeing a policy meeting on Thursday of the European Central Bank (ECB), which is at the forefront of the fight to tackle the debt crisis in the eurozone, analysts said.New York's main contract, West Texas Intermediate light sweet crude ...
SINGAPORE: Brent crude slipped toward $110 a barrel on Wednesday, dropping for a second straight day, as swelling oil inventories in the United States and recent weak data fuelled worries about demand from the world's top consumer.US oil prices suffered further pressure from concerns about a prolonged pipeline outage in the Midwest leading to a buildup in stockpiles near the delivery point of the benchmark contract in Cushing, Oklahoma.Crude oil stocks in the United States ...
TOKYO: Japan is preparing to create the world's first futures trading contract for liquefied natural gas in a bid to stabilise the commodity's price as demand soars, an industry ministry official said Tuesday.Resource-poor Japan and neighbouring South Korea are the world's two top buyers of LNG with East Asia accounting for about 60 percent of global demand, but the region also tends to pay higher prices with shipping costs expensive and rates varying from place ...
SINGAPORE: China Aviation Oil (CAO), Asia's largest jet fuel trader, said it started commercial operations on Monday of a joint-venture oil storage terminal in South Korea with capacity of 1.3 million cubic metres. The terminal is part of the company's ambitious plan to expand globally. The facility was initially expected to be operational by late 2012, but construction was delayed due to rain and cold weather, a CAO spokeswoman said. She declined to say ...
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