01182017Wed
Last update: Wed, 18 Jan 2017 10am

Europe

Markets - Energy - Europe

Brent curve signals oil tanks will start emptying in second half of 2017: Kemp LONDON: OPEC and non-OPEC oil producers have agreed to reduce their combined output by more than 1.7 million barrels per day for six months from January 2017. But the agreement contains a provision that it can be extended for a further six months, subject to market conditions. Oil traders are betting on an extension, with most of the rebalancing of the oil market expected to occur in the second half of 2017. Storage tanks are expected to remain fairly full throughout the first six months of the year and only start emptying from June. Brent time spreads, the difference between futures prices for different months, provide an insight into how traders expect stocks to behave. Brent futures prices remain in a contango through the first half of 2017, reflecting the need to cover the costs of storing and financing large volumes of crude But the contango starts to narrow significantly ...

Markets - Energy - Europe

Brent crude speculators raise bullish holdings to record high LONDON: Speculators raised their holdings of Brent crude oil futures to a new record high last week, inspired by the first deal in 15 agreed by non-OPEC producers to join output cuts of the Organization of the Petroleum Exporting Countries. Data from the InterContinental Exchange on Monday showed investors increased their net long position by 25,276 contracts to 477,861 lots in the week to Dec 13. That exceeds the previous record of 452,585 lots seen ...

Markets - Energy - Europe

Oil price eases to $55 per barrel on stronger dollar LONDON: Oil prices edged down on Monday due to a renewed dollar rally but were still supported at levels of around $55 per barrel on the back of delays in new Libyan oil exports and expectations of tighter supplies going into 2017. Brent crude futures traded at $54.98 per barrel at 1215 GMT, down 23 cents from their last close and having pared earlier gains as the dollar index rose 0.8 percent on expectations that ...

Markets - Energy - Europe

OPEC convinces hedge fund managers but must now deliver promised cuts: Kemp LONDON: Hedge funds have amassed a record bullish position in crude oil in anticipation OPEC and non-OPEC oil producers will succeed in rebalancing the market and reducing excess stocks next year. Fund managers accumulated a net long position equivalent to 796 million barrels in the three main futures and options contracts linked to Brent and West Texas Intermediate by Dec. 13 The net position has almost doubled from a low of 422 million barrels four ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline margins edge off two-week lows LONDON: Gasoline refining margins edged up from two-week lows on Monday, aided by a softer crude price and a pickup in exports. One trading source said that in spite of Monday's tentative move higher, margins were still suffering from the strength in the dated Brent market. Reuters shipping data showed vessels were booked on Friday to take nearly 130,000 tonnes of clean products out of Europe. Several EU countries, including Italy, France and Spain, have ...

Markets - Energy - Europe

North Sea Crude-Forties bid near three-month highs, more VLCCs booked for Asia LONDON: North Sea crude differentials rose on Monday, as a lingering surplus of barrels appeared to be gradually dissipating and as BP bid Forties up to near three-month highs. Reuters shipping data showed two more VLCCs have been booked to load Forties and sail to Asia in January. BP has tentatively booked the Gener8 Neptune to load around Jan. 10 and Unipec has booked the Athina to load around Jan. 5. Two VLCCs carrying Forties ...

Markets - Energy - Europe

Russia's Gazprom sees 2016 exports at 180bn cubic metres MOSCOW: Russian state gas company Gazprom will export 180 billion cubic metres of gas to countries outside the former Soviet Union in 2016, its chief executive Alexei Miller said on Monday. The company exported around 159 billion cubic metres of gas last year.Copyright Reuters, 2016 ...