07232016Sat
Last update: Sat, 23 Jul 2016 02pm

Europe

Markets - Energy - Europe

West Africa Crude-Outages, US demand lend suppport LONDON: West African crude differentials were supported on Tuesday by production outages and demand for medium and heavy crudes in the United States, traders said. While sellers of some grades have raised their offers, there was no evidence of a rise in traded values. The wildfires in Canada's oil sands region have hit production, supporting US crude prices and making arbitrage to the United States more viable, say traders. NIGERIA Qua Iboe was last offered at dated Brent plus $1.60, a trader said, higher than the last Reuters assessment of about dated plus $1.05. There are said to be a number of unsold cargoes for June loading. Forcados crude exports remain under force majeure and this plus other outages have pushed Nigerian output to the lowest since at least 2007, according to Reuters estimates and International Energy Agency data. ANGOLA Some grades were being offered at higher levels, traders said. ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline margins slip below $10 on heavy supply LONDON: Northwest European gasoline barge refining margins fell to their lowest since late March on Tuesday, weighed down by heavy stockpiles and slack demand from Nigeria. An arbitrage from the United States into Europe remained open, traders said, while demand for European exports from the West was limited by rising US stockpiles. Demand from within Europe was also hampered by large stockpiles despite the approach of the summer driving season. Demand from Nigeria has slowed ...

Markets - Energy - Europe

Germany's Jan/March oil import bill down 37pc yr-yr FRANKFURT: Germany spent 5.1 billion euros ($5.8 billion) on crude oil imports in the first three months of this year, 37 percent less than a year earlier due to lower prices, while volumes only declined marginally, BAFA foreign trade office data showed.Russia was the main supplier, shipping 37.2 percent of the total into Germany over the two months, while 23.6 percent came from the British and Norwegian North Sea, and 15.7 percent from OPEC members, ...

Markets - Energy - Europe

Oil rises after Canada fire knocks out production LONDON: Oil rose on Monday after Canada's most destructive wildfire in recent memory knocked out over a million barrels in daily production capacity, but caution among investors prevented a return to late April's 2016 price highs. The lost capacity is equivalent to well over a third of the country's typical daily production, and almost all of Canada's crude from oil sands is exported to the United States. US crude futures rose 65 cents to $45.31 ...

Markets - Energy - Europe

Total to acquire battery maker Saft for $1.1bn PARIS: Total said on Monday it has agreed to buy France based battery manufacturer Saft Groupe for 950 million euros ($1.1 billion), as it seeks to expand its renewable energies business and complement the acquisition in 2011 of a majority stake in US solar power systems maker SunPower."The combination of Saft and Total will enable Saft to become the group's spearhead in electricity storage," Total Chief Executive Patrick Pouyann? said. "The acquisition of Saft is ...

Markets - Energy - Europe

GLOBAL LNG-Pick-up in import demand anticipated after price slip LONDON: Traders anticipate more buying interest for liquefied natural gas (LNG) from importers including Japan and Argentina next week after Asian spot prices eased due to weak demand. LNG for June delivery in Asia traded at $4.55 per million British thermal units (mmBtu), down from $4.75 the previous week. July prices were in line with June. Traders highlighted Polish Oil and Gas Company's (PGNiG) tender to buy five cargoes as a bright spot in an ...

Markets - Energy - Europe

Spain's Repsol posts falling profits but beats expectations MADRID: Spain's oil giant Repsol said Thursday that profits fell at the start of the year but that cost-cutting had helped weather the impact of collapsing crude prices.Investors welcomed the results that beat analysts' forecasts, with Repsol shares surging more than six percent on the Madrid stock exchange in mid-morning trading.Net profit fell 43 percent in the first quarter to 434 million euros ($497 million) as Repsol, like other oil majors, have battled prices that ...