06302016Thu
Last update: Thu, 30 Jun 2016 05pm

Europe

Markets - Energy - Europe

West Africa Crude-Angolan clearing quickly; weaker US grades limit arb opportunity LONDON: Reuters shipping data showed Unipec booked four VLCCs in the last two days to ship West African crude to China in late July, bringing to 19 the total of supertankers set to sail to China next month. A narrower Brent/WTI spread in theory has created an arbitrage opportunity to the United States. But with local grades such as Louisana Light Sweet weakening sharply in the last couple of weeks, the appeal of Atlantic Basin crudes is limited, despite lower freight rates, a trader said. Force majeure was still in place on Nigeria's Brass River, Bonny Light and Forcados exports. Nigeria's distributable revenues to the three tiers of government rose in May to 305 billion naira ($1.07 billion), up from 281.5 billion in April, boosted by higher oil prices and tax revenues, the finance minister said on Wednesday. Angola is running short of foreign reserves to pay for imports because ...

Markets - Energy - Europe

Europe Distillates-Diesel cracks hold, despite stock draw LONDON: Diesel benchmark refining margins in northwest Europe remained steady on Thursday, holding above $10 a barrel, despite a draw in weekly ARA stocks. Gasoil stocks stored independently in the Amsterdam-Rotterdam-Antwerp hub, fell by 2.4 percent in the week to Thursday, as Argentina pulled cargoes from the region, according to Dutch consultancy PJK International. French restocking following a three-week long strike at refineries and terminals was the main source of middle distillate demand, mostly in ...

Markets - Energy - Europe

Med Crude-Urals lower in the Med on low demand, surplus of alternative grades MOSCOW: Urals crude in the Mediterranean was lower for a third day on Thursday as there was only limited demand after the end of the French refinery strikes and an overhang of alternative sour grades also pressured the market, traders said. Urals differentials in the Mediterranean have lost some $0.50 a barrel since last Monday, according to Thomson Reuters data. "The physical crude market is showing increasing signs of weakness," JBC Energy wrote. "Contangos for ...

Markets - Energy - Europe

Oil lifted by other markets ahead of Britain's EU vote LONDON: Oil prices rose by up to 2 percent, shrugging off a smaller-than-expected draw on US crude stocks as money and equity markets firmed after the last pre-vote opinion polls raised expectations that Britain will stay in the European Union. Markets, including commodities, have been on tenterhooks ahead of Thursday's referendum on Britain's EU membership. Most results are expected between 0100 and 0300 GMT, with a YouGov exit poll soon after voting closes at 2100 ...

Markets - Energy - Europe

Oil prices stage slight rebound LONDON: World oil prices rose on Thursday, reversing the previous day's losses that were caused by a smaller-than-expected drop in US crude inventories.Oil traders were meanwhile on tenterhooks as Britons headed to the polls in a high-stakes vote on whether to remain in the European Union.As with other financial markets, oil traders are closely watching the referendum as analysts warn that a British exit could see the country tumble into recession with global spillover effects.Around ...

Markets - Energy - Europe

Oil rises as investors focus on Britain's EU referendum LONDON: Oil prices rose by up to 2 percent on Thursday, shrugging off a smaller than expected draw on U.S. crude stocks as money and equity markets firmed after the last sweep of Brexit opinion polls raised optimism over Britain remaining in the EU.Global markets, including commodities, have been on tenterhooks for weeks ahead of Britain's referendum on European Union membership on Thursday. The majority of results are expected to come in between 0100 and ...

Markets - Energy - Europe

Europe Distillates-Diesel cracks hold, French buying supports LONDON: Diesel benchmark refining margins in northwest Europe were little change on Wednesday, holding above $10 a barrel as demand from France continued to support. French restocking following a three-week long strike at refineries and terminals was the main source of demand, mostly in the western Mediterranean, traders said. Outside France, buying remained particularly low, traders said, with some attributing the slowdown to uncertainty over the outcome of the Brexit vote. Barge traffic along the ...