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Last update: Sat, 01 Oct 2016 11pm

Europe

Markets - Energy - Europe

UK GAS-Prices rise on short system and ahead of winter season start LONDON: British wholesale gas prices rose on Thursday as lower Norwegian gas flows resulted in supply shortages, while other energy prices also gained ground. Gas for immediate delivery rose by 5.3 percent to 34/75 pence per therm at 1323 GMT, while the day-ahead contract gained 9 percent to 34.90 pence/therm. Britain's gas system was undersupplied by 17.2 million cubic metres (mcm) per day, with demand forecast at 208 mcm and supply at 187.5 mcm, National Grid data showed.Gas deliveries from Norway through the Langeled and Vesterled pipelines were lower and UK output from its continental shelf decreased.Britain's Dragon liquefied natural gas terminal also ceased flows. Some traders said the gas price was rallying to achieve a premium over European hub prices to prevent exports to Belgium while the system was so undersupplied.There was also increased buying to encourage withdrawal from storage sites and as trading activity stepped up ahead of ...

Markets - Energy - Europe

Oil rises 2pc, underpinned by US inventory drop and dollar LONDON, Oil rose 2 percent on Thursday, heading for its largest weekly gain in a month, after a surprisingly large drop in US crude inventories emboldened investors ahead of next week's meeting between OPEC members and Russia to discuss supply.A fall in the dollar against a basket of currencies to a two-week low further underpinned the market. Brent crude futures rose 95 cents to $47.78 a barrel by 1345 GMT, up 4.3 percent so far ...

Markets - Energy - Europe

Gazprom discovers new gas deposit in Sea of Okhotsk MOSCOW: Gazprom said on Thursday it had discovered a new gas deposit during exploration at the Kirinskoye field in the Sea of Okhotsk near Russia's Sakhalin island. The field is crucial for Gazprom's plans to raise liquefied gas production at its Sakhalin-2 plant on the island. It has not disclosed the reserves of the newly discovered deposit.Shell, which also has a stake in the LNG plant, may also get a share in the Kirinskoye field ...

Markets - Energy - Europe

Total says actively moving towards Uganda FID as early as end-2017 PARIS: French oil and gas company Total is actively moving towards a final investment decision as early as end-2017 for its giant onshore oil project in Uganda, president for exploration and production Arnaud Breuillac told investors on Thursday. Uganda granted Total a 25-year production license for the project in August, clearing a major hurdle as the east African nation aims to move more quickly towards crude production. An agreement on an export pipeline route through ...

Markets - Energy - Europe

Oil market extends gains LONDON: Oil prices climbed Thursday, building on the previous day's gains following a bigger-than-forecast fall in US stockpiles, and a plunge in the dollar after the Federal Reserve kept interest rates on hold.The commodity had already rallied Wednesday after the US Department of Energy said crude inventories had tumbled by more than six million barrels last week.That confounded market expectations for a gain of three million barrels, and indicated a pick-up in demand in the ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Cracks firm as US stocks draw sharply LONDON: Benchmark gasoline refining margins in northwest Europe edged higher on Wednesday after US inventories of the motor fuel fell sharply last week, but the expected restart of a major US pipeline capped gains. US gasoline stocks fell by 3.2 million barrels last week, compared with analysts' expectations in a Reuters poll for a 567,000 barrels drop, according to the US Energy Information Administration. Stocks in PADD1 were down nearly 8.5 million barrels, while PADD3 ...

Markets - Energy - Europe

Europe's refineries run more crude in Aug LONDON: Europe's refineries ran 1.1 percent more crude oil in August versus a month earlier, data from industry monitor Euroilstock showed on Wednesday.Crude oil intake fell by 0.7 percent from a year earlier, but refinery run rates have proven more resilient than some expected at the close of the summer driving season.Production of gasoline rose by 3.6 percent from July, while distillates rose by 0.6 percent, the data showed. Output of fuel oil and naphtha ...