05272016Fri
Last update: Fri, 27 May 2016 05pm

Asia

Markets - Energy - Asia

Oil nears $50 as US inventories fall SINGAPORE: Oil prices edged towards $50 a barrel in Asia Wednesday after a larger-than-expected dip in US stockpiles resulting from wildfires that have disrupted oil production in Canada.The American Petroleum Institute on Tuesday reported that crude inventories dropped by 5.14 million barrels last week, Bloomberg News reported. Data from the Energy Information Administration due later Wednesday are likely to confirm the fall in supplies. There have been high expectations of a decline in stockpiles because of wildfires in western provinces of Canada, the biggest supplier of crude to the US market. "Estimates suggested that output was reduced by over a million barrels per day. This is expected to be reflected when the US Department of Energy releases crude inventories tonight as the market eyes US$50 per barrel," CMC Markets client services executive Alex Furber wrote in a note. At about 0645 GMT, US benchmark West Texas Intermediate (WTI) for July ...

Markets - Energy - Asia

Oil prices push closer to $50, US crude hits highest in 7 months SINGAPORE: Oil futures pushed closer to $50 a barrel on Wednesday, with U.S. crude hitting its highest in over seven months after industry data suggested a larger-than-expected drawdown in U.S. crude inventories last week.Oil markets were also supported by an overnight surge in U.S. equities and strong home sales that could point to the Federal Reserve raising interest rates as early as June.U.S. crude futures had climbed 71 cents to $49.33 a barrel by 0652 ...

Markets - Energy - Asia

Asia-Pacific Crude-Vietnamese grades steady on Shell's demand  SINGAPORE: More Vietnamese crude cargoes loading in July were sold at steady premiums from the previous month, underpinned by firm demand from Shell, traders said on Tuesday.Shell bought 300,000 barrels of Chim Sao in PV Oil's tender at $1.50 a barrel above dated Brent, they said. The premium for the cargo loading on July 9-13 was at the higher end of the range seen for June cargoes.Shell also bought one of the two Ruby cargoes ...

Markets - Energy - Asia

Thailand's oil demand seen up 4.4pc in 2016 BANGKOK: Thailand's oil demand is expected to rise 4.4 percent in 2016, up from an earlier forecast of 2.6 percent, due to higher consumption of gasoline and diesel and an improving economy, Thai Oil Plc, the country's largest oil refiner said on Tuesday.Thai Oil is the refinery flagship of PTT Pcl, the country's largest energy firm, with a share of 33 percent of domestic refined oil products.Total oil demand rose 7.4 percent in the first ...

Markets - Energy - Asia

China April crude imports from Russia top Saudis, hit record BEIJING/SINGAPORE: Russia was China's largest crude oil supplier for a second month this year, customs data showed on Monday, with shipments in April surpassing imports from Saudi Arabia and hitting a record high as demand from independent refiners remained strong.Crude imports from Russia surged 52.4 percent in April from a year ago to reach 1.17 million barrels per day (bpd), topping the previous record of 1.13 million bpd in December.April imports from Saudi Arabia fell ...

Markets - Energy - Asia

Asia-Pacific Crude-Pertamina offers prompt Banyu Urip  SINGAPORE: Asia-Pacific crude market softened on Monday after Pertamina offered a prompt cargo of Banyu Urip, adding to ample supplies.Pertamina will close on Tuesday a tender to sell 650,000 barrels of the crude for June loading, traders said, even as the market is trading July cargoes this month.Sweet crude supplies elsewhere remained abundant.Supply disruptions in Nigeria did not help ease the West African oil glut as June-loading cargoes are still unsold.Libya's crude production has also ...

Markets - Energy - Asia

Boss of China solar firm Hanergy steps down after losing billions SHANGHAI: The controversial boss of Chinese solar energy firm Hanergy Thin Film Power Group -- once listed as China's richest man -- has stepped down as chairman and executive director, the company said, almost a year after its shares imploded.Li Hejun stepped down from Friday "for the reason of strengthening corporate governance", Hanergy said in a statement to the Hong Kong stock exchange, where its shares have been suspended since May last year after plunging ...