08282016Sun
Last update: Sun, 28 Aug 2016 11am

Europe

Markets - Energy - Europe

Med crude-Urals weaker in Mediterranean, CPC Blend at 2-month low MOSCOW: Urals differentials in the Mediterranean weakened on Thursday along with those in northwest Europe on expected higher supplies in September compared to August. In the Platts window Litasco offered 80,000 tonnes of Urals loading on Aug. 28-Sept. 1 down to a discount of $1.85 a barrel to BFOE. The offer was 10 cents lower than recent estimates. Traders said demand for the Russian grade in the region was sluggish due to the wide availability of alternatives and active Urals arbitrage from Baltic ports due to cheap freight rates. Traders expect the Urals loading plan for the first 10 days of September to be released on Friday. Currently only Urals loading dates for Sept. 1-7 are available. On Thursday Surgutneftegaz awarded a tender to sell 500,000 tonnes of Urals loading from Primorsk and Ust-Luga in early September at discounts of $2.20-2.30 a barrel to BFOE to Litasco, Shell and Total. ...

Markets - Energy - Europe

W. Africa Crude-Sonangol sells Oct cargoes, Nigeria programme emerges LONDON: Nigerian oil minister Emmanuele Ibe Kachikwu said the country is producing just 1.56 million bpd due to consistent attacks by militants. The US Energy Information Administration said the country's May crude oil disruptions were at a seven-year high of 750,000 bpd. Ghana began pumping crude from a second offshore field operated by Britain's Tullow Oil. The TEN field is expected to average around 23,000 barrels per day (bpd). Iraq has resumed pumping oil from ...

Markets - Energy - Europe

Brent crude oil tops $50 LONDON: Oil prices rose on Thursday with Brent briefly topping $50 thanks to a weaker dollar and a drop in US crude stockpiles, traders said.Brent North Sea crude reached $50.05 a barrel -- breaching $50 for the first time since early last month.Later around 1230 GMT, Brent North Sea crude for delivery in October was up two cents at $49.87 a barrel following some profit-taking.US benchmark West Texas Intermediate for September delivery gained 27 cents ...

Markets - Energy - Europe

Oil steady near six-week highs on talk of supply freeze LONDON: Brent crude oil traded above $50 a barrel for the first time in six weeks on Thursday as the world's biggest producers prepared to discuss a possible freeze in output levels.Brent hit a high of $50.05 a barrel, up 20 cents on the day, before easing back to around $49.75, down 10 cents, by 1200 GMT. U.S. light crude oil was up 20 cents at $46.99.Benchmark North Sea Brent has risen 20 percent from ...

Markets - Energy - Europe

W. Africa Crude-Total wins IOC tender, Bonny loading but with delays LONDON: Spot trading in West African crude oil was limited as Angola's Sonangol worked out its term allocations. * US crude stocks fell unexpectedly last week, while gasoline stocks also decreased more than expected, data from the Energy Information Administration showed on Wednesday. Saudi Arabia is sending signals that it could boost its crude oil supplies in August to a new record level, overtaking Russia, the world's top oil producer, as it gets ready for ...

Markets - Energy - Europe

North Sea oil output to hit two-year low in Sept LONDON: North Sea crude output is set to reach a two-year low in September due to field maintenance, tightening a market that has been under pressure from ample supplies.Supply from 12 North Sea crude streams will average 1.796 million barrels per day (bpd), down from August's rate of 1.806 million bpd, according to Reuters calculations based on loading programmes provided by trade sources.This is the lowest since September 2014, when output averaged 1.703 million bpd, ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline cracks ease, big US stockdraw caps losses LONDON: Gasoline refining margins in northwest Europe dipped on Wednesday, weighed by weak export economics, but a larger than expected draw in US inventories of the motor fuel capped losses. US gasoline stocks fell by 2.7 million barrels last week, compared with analysts' expectations in a Reuters poll for a 1.6 million barrels drop, data from the Energy Information Administration showed. The draw is likely to encourage exports from Europe to the US after a ...