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

Asia

Markets - Energy - Asia

OPEC output cut may hasten oil market rebalance: IEA SINGAPORE: The oversupplied oil market will be rebalanced earlier than expected if major crude producers implement a deal to cap output when they meet next month, the International Energy Agency chief said Tuesday.Under current conditions, the IEA expects global output to exceed demand until the second half of 2017, Fatih Birol told journalists on the sidelines of an energy conference in Singapore."But we know that the producers are thinking of intervening in the markets. The OPEC and non-OPEC producers, if they intervene in the markets, this rebalance can be earlier than the second half of 2017," he said.In a surprise move, OPEC (Organization of the Petroleum Exporting Countries) members led by oil kingpin Saudi Arabia last month agreed on a deal to trim production, sending crude prices surging.The OPEC deal which aims to stabilise prices is the first to limit production since 2008 but details will only be determined during ...

Markets - Energy - Asia

Oil prices dip on OPEC squabbles ahead of planned production cut SINGAPORE: Oil prices dipped on Tuesday as disagreement flared within producer cartel OPEC on who should cut how much production in a planned coordinated reduction to prop up prices.The dollar, which held near nine-month highs against a basket of major currencies, also weighed on prices. A strong dollar makes greenback-denominated commodities including oil more expensive for holders of other currencies.International Brent crude oil futures fell 8 cents to $51.38 per barrel as of 0528 GMT ...

Markets - Energy - Asia

Asia Distillates-Gasoil liquidity picks up SINGAPORE: Liquidity picked up for gasoil in Singapore on Monday with 1.69 million barrels changing hands, the highest volume of deals in the past few months, trade sources said.They said Petrodiamond sold a 10ppm sulphur diesel cargo for Nov. 8 to 12 loading to Trafigura in a rare move for the oil trading company, which does not often do deals in the Platts' window.The company has oil storage at the Vopak terminal in Singapore and ...

Markets - Energy - Asia

Asia Fuel Oil-East-West spreads trade actively in cargo hedging SINGAPORE: The 380-cst fuel oil East-West spreads were actively traded in the Intercontinental Exchange (ICE) on Monday as suppliers sought to hedge incoming cargoes and take positions on the visco spread, industry sources said."Volumes in general (on ICE) were very thin today but the visco was more active and about 100,000 tonnes worth of EW spreads traded on December before the (Platts) window," said a Singapore-based paper trader.The December 380-cst EW spread edged 5 cents ...

Markets - Energy - Asia

Asia-Pacific Crude-Market awaits tender award results SINGAPORE: Trade on the Asia-Pacific crude market was thin on Monday as traders awaited various tender results.Indonesia state-controlled Pertamina closed its re-tender seeking December-delivery condensate for the Tuban-based TPPI condensate splitter on Monday. Offers will be held valid to Oct. 26. The Indonesian oil firm bought a cargo of Australian Northwest Shelf condensate for delivery in early-December at a premium in the low-$1.00 per barrel to dated Brent via tender last week.Petroleum Brunei is due ...

Markets - Energy - Asia

Asia-Pacific Crude-Pertamina buys NWS condensate, Vietnam offers more Dec crude SINGAPORE: Indonesian state-controlled Pertamina partially awarded its condensate import tender on Friday, taking a cargo of Australian North West Shelf (NWS) condensate from BP.Pertamina, which issued the tender on behalf of the Tuban-based TPPI condensate splitter, bought a 650,000 barrel cargo of NWS condensate from BP for Dec. 3-4 delivery at a premium slightly higher than $1 to dated Brent on a delivered basis.The Indonesian oil firm did not buy any cargoes for its Dec. ...

Markets - Energy - Asia

Asia Fuel Oil-Cracks rise on firm demand and refinery maintenance SINGAPORE: Asia's fuel oil crack for benchmark 180-centistoke was at its narrowest discount to Dubai crude in almost four weeks at $3.46 a barrel on Friday, lifted by refinery turnarounds, an overall decline in crude oil prices and firm demand for the industrial fuel, industry sources said.Following five consecutive sessions of gains, 180-cst fuel oil cracks to Dubai crude are now near an eight-month high of $3.22 a barrel seen on Sept. 20.Since the start ...