05062016Fri
Last update: Fri, 06 May 2016 12am

Asia

Markets - Energy - Asia

Oil prices rise on weaker dollar ahead of Fed rate decision SINGAPORE: Oil prices extended gains in Asia Wednesday as traders await a report on US stockpiles, and some analysts said the market was set for a rebalancing after touching bottom.The two main contracts -- West Texas Intermediate (WTI) and Brent crude -- had risen sharply in European trading Tuesday on speculation that Saudi Arabia plans to reduce drilling, fuelling hopes of an easing of the global supply glut.A weak dollar has also provided support as it makes crude cheaper for customers using other currencies.At around 0640 GMT Wednesday WTI for delivery in June was up 53 cents, or 1.20 percent, at $44.57 and Brent crude for June had risen 58 cents, or 1.27 percent, to $46.32."Market sentiment continues to improve," said Tim Evans, an energy analyst at Citi Futures Perspective in New York. "A lot of people are convinced that the bottom has been reached and the market will rebalance ...

Markets - Energy - Asia

Asia-Pacific Crude-Weak, eyes China demand  SINGAPORE: The Asia-Pacific crude market remained weak on Tuesday with Malaysian and Australian grades yet to move for June.A drop in demand from Chinese teapot refineries, and a potential release of oil from storage after Brent's contango narrowed, have depressed regional grades.Still, China raised retail fuel prices on Tuesday which may lift its demand for crude again.Traders looked to Petroleum Brunei's monthly Kimanis crude tender for price direction although a rise in supply in June ...

Markets - Energy - Asia

Thailand's PTT signs LNG cooperation deal with Korea Gas BANGKOK: Thailand's largest energy firm PTT Pcl said on Tuesday it has signed an agreement with South Korea's Korea Gas Corp to cooperate in their liquefied natural gas (LNG) business. The cooperation will include seeking investment opportunity in LNG supply chain and securing LNG supply, Noppadol Pinsupa, senior executive vice-president for PTT's gas business unit, told reporters.Korea Gas and PTT are among top LNG buyers in Asia.State-controlled PTT has considered to buy LNG from spot ...

Markets - Energy - Asia

Oil prices fall after news of possible Saudi oilfield expansion SINGAPORE: Crude prices fell in Asia Monday following a report saying Saudi Arabia could maintain its total production capacity with the expansion of an oilfield, fuelling fresh concerns about the global supply glut.The losses come after a week of strong gains in the commodity that came on the back of hopes for the outlook of China's economy and speculation about the resumption of talks on limiting output.Saudi Arabian Oil Co. will complete an expansion of ...

Markets - Energy - Asia

Asia Naphtha/Gasoline-Naphtha recovers; ADNOC offers term SINGAPORE: Asia's naphtha crack recovered from a five-week low to reach a three-session high of $70.95 a tonne on Friday, with demand from South Korea seen.YNCC bought a naphtha cargo for second-half May delivery to Yeosu at a discount of $1 a tonne to Japan quotes on a cost-and-freight (C&F) basis.Ample supplies remained a concern and kept prices for the May cargo at a discount, traders said.On term talks, Abu Dhabi National Oil Company (ADNOC) ...

Markets - Energy - Asia

Asia-Pacific Crude-June Thang Long premium down from May  SINGAPORE: Asia-Pacific crude stayed under pressure on Thursday as strong Brent prices depressed spot differentials for June-loading cargoes, traders said.Brent's premium to Dubai swaps, or Brent-Dubai Exchange of Futures for Swaps (EFS), hovered near their highest in more than three months.Vietnamese crude kicked off June trade weaker after PV Oil awarded a cargo of Thang Long to Unipec at parity to 50 cents a barrel above dated Brent, down from a premium of about $1 ...

Markets - Energy - Asia

Brent oil may retest resistance at $46.06 SINGAPORE: Brent oil may retest a resistance at $46.06 per barrel, a break above which could lead to a gain to the next resistance at $46.98.These resistances are identified respectively as the 176.4 percent and the 186.4 percent Fibonacci projection levels of an upward wave 3, the third wave of a five-wave cycle from the Jan. 20 low of $27.10.The projection analysis indicates this wave could eventually extend into the range of $51.72-$53.87, formed by ...