07292016Fri
Last update: Fri, 29 Jul 2016 10am

Europe

Markets - Energy - Europe

Oil market extends losses LONDON: World oil prices pulled back Monday as the global glut returned to focus as worries eased about the effects of Turkey's failed coup on shipments.At about 1030 GMT, Brent North Sea crude for delivery in September was down 24 cents at $46.72 a barrel.US benchmark West Texas Intermediate for August shed 24 cents to $45.71 a barrel compared with Monday's close."The withdrawal of financial investors and an oversupply of oil products are putting prices under pressure," said Commerzbank analyst Carsten Fritsch.Crude futures had declined Monday on fading market jitters following the failed coup in Turkey over the weekend.Turkey is a strategic conduit for exports from Russia and Iraq to the Mediterranean and there had been fears that the bid to grab power by a military faction at the weekend would disrupt flows.The coup, however, was quickly crushed.The Turkish Straits, including the Bosphorus and Dardanelles, are among the world's major ...

Markets - Energy - Europe

Europe Distillates-Diesel cracks sink to two-month low LONDON: Benchmark diesel refining margins in northwest Europe dropped to their lowest levels in over two months as swelling supplies and weak demand weighed. The diesel refining margin was at around $8.25 a barrel, its lowest since May 13. A deeper contango and brimming land storage have increased expectations for diesel to be stored on tankers in the coming days, traders said. Demand in northwest Europe remained weak, with little activity reported in the barge ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline crack firms on west African demand LONDON: Gasoline margins firmed slightly on the back of some west African demand but market oversupplied continued in the United States and Asia, with traders expecting European refiners to start cutting runs. "The situation in the Atlantic basin is dire, but in Asia, it is far worse. Lower octane gasoline has slumped to near parity with Brent crude in Singapore amid a glut of exports from China, and a slowdown in imports by Indonesia. Refiners ...

Markets - Energy - Europe

Russia's Gazprom says easier to deal with Britain outside EU MOSCOW: Russian gas giant Gazprom will find it easier to do business with Britain if the nation leaves the European Union, its chairman, Viktor Zubkov, said on Monday. "The EU standards, the Third Energy Package ... I think it just would be easier for us to work with Great Britain," he told Russia-24 TV channel answering a question on Brexit. Copyright Reuters, 2016 ...

Markets - Energy - Europe

Oil market drifts lower LONDON: World oil prices dampened Monday on fading supply concerns following a failed coup in Turkey over the weekend.At about 1200 GMT, Brent North Sea crude for September delivery was down 21 cents at $47.40 a barrel.US benchmark West Texas Intermediate for delivery in August shed 24 cents to $45.71 a barrel compared with Friday's close."Brent climbed... late on Friday following the military coup in Turkey," said Commerzbank analyst Carsten Fritsch."Prices shed their gains again ...

Markets - Energy - Europe

Oil prices largely unchanged as market shrugs off Turkey coup bid LONDON: Oil prices were largely unchanged on Monday as traders shrugged off the impact of the attempted coup in Turkey, while disruptions to crude exports in Libya and upbeat U.S. economic data lent prices some support.Brent crude futures rose 2 cents to $47.63 a barrel by 0924 GMT, while U.S. crude futures eased by 4 cents to $45.91 a barrel."The market is looking past the coup," said Ric Spooner, chief market analyst at Sydney's CMC ...

Markets - Energy - Europe

Oil falls on persistent glut fears, China data supports LONDON: Crude futures dipped towards $47 a barrel on Friday on concerns that a persistent global glut of crude oil and refined products will impede any price recovery. Losses were capped by slightly better-than-expected Chinese economic data reflecting government efforts to stabilise growth as well as a drop in Chinese domestic production.Brent crude futures were down 16 cents at $47.21 a barrel at 1140 GMT, trimming earlier sharper losses. US West Texas Intermediate (WTI) futures ...