05272016Fri
Last update: Fri, 27 May 2016 03am

Europe

Markets - Energy - Europe

Europe Distillates-Diesel diffs weaken on rising supplies LONDON: Diesel barge differentials in northwest Europe weakened on Thursday amid rising imports into the region while French refinery strikes offered some support to prices. Total's five French refineries are running at "minimum output level" due to a nationwide strike against a French government labour law reform, a CGT Union official said on Thursday. Traders however did not expect the strikes to have severe impact on supplies at this stage as imports were set to gain momentum in the coming weeks. Gasoil stocks held independently in the Amsterdam-Rotterdam-Antwerp hub dropped by nearly 4 percent in the week to Thursday, according to Dutch consultancy PJK International. Total's 270,000 tonne diesel cargo on board the tanker Alice was heading to Rotterdam where it was expected to discharge on Sunday, according to Reuters shipping data and traders. Several more cargoes were booked to ship diesel to Europe from Asia, the Middle East and ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline cracks ease as ARA inventories rise LONDON: Gasoline refining margins in northwest Europe eased on Thursday, after ARA inventories rose, but French refinery strikes capped losses. Stocks of gasoline held in independent storage in the Amsterdam-Rotterdam-Antwerp hub rose by nearly 8 percent in the week to Thursday, according to data from Dutch consultancy PJK International. Total's five French refineries are running at "minimum output level" due to a nationwide strike against a French government labour law reform, a CGT Union official ...

Markets - Energy - Europe

North Sea Crude-Forties offers drop as French refineries cut demand LONDON: Forties differentials fell on Thursday, with lower offers failing to tempt buyers. Total's five French refineries are running at "minimum output level" due to a nationwide strike against a French labour law reform, a CGT Union official said. This has increased the incentive for Total to offer more barrels from floating storage. This countered the impact of tighter June supply and Nigerian outages. A lower contango has reduced the incentive for owners of cargoes ...

Markets - Energy - Europe

Rosneft's Sechin says Indonesia's rising oil demand draws interest SOCHI: Igor Sechin, the head of Russia's largest oil producer Rosneft, said on Thursday that Indonesia's rising oil demand and falling production were the reasons for his company's interest in the country's projects. "The country produced, say 10 years ago, 71 million tonnes of oil, now it is 38 million, while by 2030 it will be 11 million tonnes, while consumption is rising," Sechin said. "Of course, it creates conditions for our interest, when it ...

Markets - Energy - Europe

Oil market extends pullback as dollar rises LONDON: Oil prices extended their retreat Thursday after hawkish US Federal Reserve meeting minutes strengthened the dollar and a weekly report showed rising US crude stockpiles.Prices hit 2016 highs Wednesday due in part to production outages resulting from wildfires around the Canadian oil sands hub of Fort McMurray but pulled back to settle lower after the dollar climbed.A stronger greenback makes dollar-priced oil more expensive, denting demand and hurting prices.Minutes from the US Federal Reserve's ...

Markets - Energy - Europe

Oil drops below $48 on Fed hike speculation, fading support from outages LONDON: Oil fell below $48 a barrel on Thursday, pressured by a stronger dollar and as a surprise increase in US crude inventories served as a reminder that supply remains ample despite output problems. Supply losses in Canada and Nigeria have lent support, but cooler weather was expected to help firefighters battling Canadian wildfires. Traders said Exxon Mobil is boosting output at Nigeria's largest crude stream.Brent crude was down $1.29 at $47.64 at 0951 GMT. ...

Markets - Energy - Europe

Argentina starts alternative energy push with 1,000 megawatt tender BUENOS AIRES: Argentina invited bids for projects aimed at creating 1,000 megawatts of alternative energy on Wednesday in the country's first push toward wind and solar power production needed to help narrow its energy deficit. Argentine President Mauricio Macri said the projects would be the initial stage of a plan that calls for 10,000 megawatts, or 20 percent of Argentine energy consumption, to come from renewable sources by 2025.For years Argentina, home to one of ...