09282016Wed
Last update: Wed, 28 Sep 2016 03pm

Asia

Markets - Energy - Asia

Brent oil to fall to $45.88 SINGAPORE: Brent oil is expected to drop more to $45.88 per barrel, driven by a wave 5.This is the fifth wave of a powerful wave (3) that started at the Dec. 23, 2014 high of $62.14. Given that the third wave labelled 3 is slightly longer than the first wave, the wave 1, the wave 5 may extend a lot.A Fibonacci projection analysis based on the length of the wave 1 reveals an immediate target at $45.88, the 200 percent projection level. A trendline passing through the bottoms of the wave 1 and the wave 3 points a lower level at $44.39, the 223.6 percent level.Resistance is at $47.37, the 176.4 percent level, a break above which could trigger a further gain to $48.30, the 161.8 percent level. oil may reach a key support at $41.99 very soon..Each reader should consult his or her own professional or other advisers for ...

Markets - Energy - Asia

Egypt seeks up to 285,000 T gasoil for Feb SINGAPORE: Egyptian General Petroleum Corp (EGPC) is seeking up to 285,000 tonnes of gasoil for delivery in February, more spot volumes than it sought in January, traders said on Tuesday. The state-owned company is seeking five cargoes of 34,000 to 36,000 tonnes each of 0.1 percent sulphur gasoil for delivery into Suez port over Feb. 1 to 3, Feb. 8 to 10, Feb. 14 to 16, Feb. 16 to 18 and Feb. 25 to 27. ...

Markets - Energy - Asia

China Dec crude imports top 7mn bpd to hit record BEIJING: China imported a record 7.15 million barrels of crude oil a day (bpd) in December, customs data showed on Tuesday, as the world's second largest oil consumer took advantage of low oil prices to fill its strategic reserves. China imported 30.37 million tonnes of crude oil for the month, the data showed, just shy of earlier estimates by Thomson Reuters Oil Research and Forecasts. An import surge that began in September has been sustained ...

Markets - Energy - Asia

Oil prices extend fall despite record China imports SINGAPORE: Global oil prices continued the week's rout with benchmark Brent crude falling for a fourth consecutive session on Tuesday to its lowest in more than five years, despite China reporting record crude imports. Both Brent and US crude are at their weakest since April 2009 and have fallen for seven straight weeks as oversupply clashes with slowing demand. February Brent crude fell to a low of $46.39 a barrel before edging back to $46.55 ...

Markets - Energy - Asia

Middle East Crude-Murban price cut lifts demand SINGAPORE: ADNOC's price cut for flagship Murban has given the grade a boost in Asia as a cargo may have been sold to Thailand early in the trading cycle for March-loading Middle East crude, traders said on Monday.The cargo was likely sold by a Japanese trader on Dubai basis, they said. Price details remained sketchy although most traders expect the grade to be priced at a premium to its official selling price (OSP).A trader expects ...

Markets - Energy - Asia

Asia-Pacific Crude-PTT buys regional grades in tender SINGAPORE: Asia-Pacific crude prices held steady on Monday as Thailand bought regional grades in a tender, reducing surplus in the market.PTT bought 1.2 million barrels of light sweet crude for March 1-5 arrival. The purchase includes a 600,000-barrel North West Shelf (NWS) condensate cargo and other grades from Vietnam and Malaysia. Prices were not immediately available.The market is under pressure from a rise in Malaysian crude supply and lacklustre demand from China, although high freight ...

Markets - Energy - Asia

US oil to drop to $46.71 SINGAPORE: US oil is expected to drop to $46.71 per barrel as it has broken a support at $48.38.The support was at the 150 percent Fibonacci projection level of a downtrend that developed from the Dec. 1, 2014 high of $69.54. The next support will be at $46.71, the 161.8 percent level, a break below which will lead to a further loss to $44.65, the 176.4 percent level.A sudden surge above $48.38, now a resistance, ...