12032016Sat
Last update: Sat, 03 Dec 2016 12am

Asia

Markets - Energy - Asia

Middle East Crude-March Basra Lt premium hits one-year high  SINGAPORE: Basra Light crude's premium for March hit the highest in just over a year on expectations of a cut in the grade's price marker, trade sources said on Tuesday.The grade's official selling price (OSP) for March is expected to drop by $1 per barrel in line with market changes and this allows buyers to increase the premiums they pay on top of the OSP.Traders are also more bullish in a contango market as they can store unsold oil and sell it later at higher prices."The fact that the contango gives sellers a backstop to store definitely helps," said a trader.Phillips66 sold 2 million barrels of March-loading Basra Light at a premium of about 60 cents a barrel above its OSP to an unknown buyer, traders said.Petco, the trading arm of Malaysia's state oil firm Petronas , sold 2 million barrels each to Vitol and Unipec in a tender at ...

Markets - Energy - Asia

China 2014 natural gas demand up 5.6pc at 178.6 bcm BEIJING: China's apparent demand for natural gas grew by 5.6 percent last year to 178.6 billion cubic metres (bcm), less than half the speed of the growth rate in 2013, China's top economic planner said on Tuesday.That also compares with an average annual growth rate of 11.7 percent between 1995 and 2009, according to the Energy Research Institute at the central planner, the National Development and Reform Commission (NDRC).Apparent demand rose 12.9 percent in 2013 ...

Markets - Energy - Asia

Back-loaded benefits of oil price fall on the way NEW YORK: Economies and investors, having suffered the pain of the tumble in energy prices, may soon start to see more of the benefits.While markets were quick to price in the negative effects of falling oil prices on producing countries and companies alike, the benefits, both to consumers and economies as a whole, take longer to arrive.Brent crude oil prices have tumbled nearly 60 percent since June to below $50 per barrel, claiming several high-profile ...

Markets - Energy - Asia

Oil prices rebound in Asian trade SINGAPORE: Oil prices on Tuesday edged up slightly after nearing six-year lows but gains were capped owing to lingering concern about a global supply glut, weak demand and Greece's political future, analysts said. US benchmark West Texas Intermediate (WTI) for March delivery gained 10 cents to $45.25 while Brent crude for March rose 14 cents to $48.30 in late-morning trade. WTI on Monday fell 44 cents to $45.15 and Brent slipped 63 cents to $48.16 ...

Markets - Energy - Asia

Middle East Crude-Oman-Dubai spread widens on trades SINGAPORE: The spread between Oman and Dubai widened in the Middle East crude market on Monday after several trades were concluded on the window.Chinaoil sold three March Oman partials to Shell at $45.40-$45.45 a barrel, while Shell bought a partial from Vitol at $45.50. Dubai, on the other hand, was traded at $44, with Mercuria buying three partials from Unipec at that level.Trade in the physical market slowed as most refiners have completed their purchases ...

Markets - Energy - Asia

Oil surges after Saudi King's death SINGAPORE: Oil prices surged Friday following the death of Saudi Arabia's King Abdullah, with investors watching to see if his successor will maintain output in the face of a global supply glut that had sent crude to six-year lows.US benchmark West Texas Intermediate (WTI) for March delivery soared as much as 3.1 percent in New York after the Saudi royal court announced the death.Oil prices have more than halved since the middle of last year, ...

Markets - Energy - Asia

Oil surges after Saudi King's death SINGAPORE: Oil prices surged Friday following the death of Saudi Arabia's King Abdullah, with investors watching to see if the country will change its policy of maintaining high production in the face of plunging prices and a global supply glut.US benchmark West Texas Intermediate (WTI) for March delivery soared as much as 3.1 percent in New York after the Saudi royal court announced the death.In early morning Asian trade, the contract was up $73 cents, ...