08302016Tue
Last update: Tue, 30 Aug 2016 04am

Europe

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline cracks slide, exports cap losses LONDON: Gasoline refining margins in northwest Europe fell sharply on Tuesday as crude prices advanced, but stronger export demand to the US and West Africa and refinery outages provided a floor. Declining inventories on both sides of the Atlantic opened the arbitrage out of Europe to the US East Coast, with several winter-grade gasoline cargoes booked in recent days. Around 1.5 million tonnes of gasoline and naphtha have been booked on the transatlantic route to load in August, according to Reuters shipping data. Interest in shipping gasoline from the Mediterranean region to the Middle East has also picked up this month. Arbitrage economics for sending reformate from ARA to China are improving, traders said. Petroineos chartered the MR Aquarius to load a 40,000 tonne cargo at the UK port of Finnart on Sept. 1 to go to China, according to shipping reports. Refinery outages in Europe are also tightening the ...

Markets - Energy - Europe

Med crude-Urals demand seen hit by Romania refinery fire MOSCOW: Urals crude price differentials were under pressure on Tuesday due to poor fundamentals and a fire at a Romanian Petromidia refinery that uses the grade. A rise in Urals exports from Novorossiisk shown in the preliminary loading plan for the first 10 days of September, and muted demand from regional buyers due plentiful alternatives also weighed. A fire broke out on Aug. 22 at the vacuum distillation unit of Petromidia, operated by Rompetrol and ...

Markets - Energy - Europe

Oil prices extend losses LONDON: Oil prices fell on Tuesday, extending the previous session's sharp losses caused by prospects of another increase in supplies. Around 1200 GMT, Brent North Sea crude for delivery in October had lost 36 cents to stand at $48.80 a barrel compared with the close on Monday.US benchmark West Texas Intermediate (WTI) for October delivery gave up 28 cents at $47.13 a barrel.The losses were far less acute however compared with the drop on Monday, ...

Markets - Energy - Europe

Oil slips below $49 as rising supply trumps hopes for producer action LONDON: Oil fell below $49 a barrel on Tuesday, giving up part of August's strong rally, as signs of rising supply outweighed hopes that producing nations will agree steps to support prices.A Nigerian militant group, which has claimed a wave of attacks on oil facilities, said at the weekend it was ready for a ceasefire and Iraq resumed pumping through a northern pipeline halted earlier this year.Brent crude was down 41 cents at $48.75 a ...

Markets - Energy - Europe

UK gas supply worries ease as storage site to open more wells for withdrawals LONDON: Twenty wells at Britain's Rough gas storage site should be available for withdrawals from Nov. 1, Centrica Storage Limited (CSL) said on Monday, above the operator's previous estimate and easing concerns about record low gas stocks this winter. Centrica, which owns British Gas, one of Britain's largest energy suppliers, imposed restrictions in March last year on how much gas could be stored at Rough as a safety precaution after identifying potential issues with well ...

Markets - Energy - Europe

Angola's Sonangol suspends oil refining, terminal projects LONDON: Angolan state oil firm Sonangol has suspended construction works at the Lobito refinery and the Ocean Terminal of Barra do Dande, it said in a statement on Monday. It said works has been suspended for reassessing the strategic vision of the projects. It said the projects were of key importance for the country and the company but the suspension was necessary, "taking into account the new economic reality facing Angola, particularly the oil sector." ...

Markets - Energy - Europe

Oil falls as China fuel exports jump, US rig count rises LONDON: Oil prices fell nearly 3 percent on Monday as China ramped up exports of refined products, US oil producers added rigs for an eighth consecutive week and prospects emerged for increased exports from Iraq and Nigeria.Brent crude futures were down $1.36 at $49.52 a barrel by 1326 GMT, with US West Texas Intermediate (WTI) crude slipping by $1.16 to $47.36.China's July diesel and gasoline exports soared by 181.8 percent and 145.2 percent respectively from ...