07252016Mon
Last update: Mon, 25 Jul 2016 05am

Europe

Markets - Energy - Europe

Europe Distillates-Diesel cracks slid on subdued demand LONDON: European diesel margins edged lower on Friday as limp demand and full tanks offset an expected decline in cargo arrivals from the United States during July. While European economic turmoil could knock demand on the continent, traders said it would not significantly impact global balances, particularly with a diesel supply excess. Buying in northwest Europe was subdued, particularly in Germany, where high stocks weighed on buying interest. Traders said it could pick up once the agriculture season comes into swing later in July. Inland refineries in Germany and Switzerland were offering barges of diesel and 50 ppm heating oil at large discounts to ARA prices, shutting out imports to the region. German heating oil stocks were six percentage points above the five-year average at the start of June, according to a trade source. But spiking costs for biofuel compliance credits in the United States, along with unseasonably strong diesel ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline cracks sink on ample supply LONDON: Ample supply and weakening overseas demand pushed northwest European gasoline cracks to their lowest in more than seven weeks on Friday. US gasoline consumption was significantly lower in April than reported at the time, according to new data published by the the US Energy Information Administration. The downward revision in estimated consumption encouraged analysts to reassess the strength of gasoline demand in the world's largest consumer of gasoline in automobiles. Gasoline stocks in the ...

Markets - Energy - Europe

Oil falls as oversupply concerns return to centre stage LONDON: Oil prices eased on Friday as the market's focus returned to oversupply as production from Nigeria and Canada revived, and OPEC output reached a record high in June.Despite Friday's losses, oil prices were on track for the first weekly gain in three weeks after a bullish run this week on strong buying following Britain's vote in favour of leaving the European Union. Global benchmark Brent crude futures were down 17 cents at $49.54 a ...

Markets - Energy - Europe

North Sea BFOE crude oil supply to fall in July LONDON: Supply of the four North Sea crude oil grades that underpin the Brent oil benchmark will fall in August, loading programmes provided by trade sources showed on Friday.Output of Brent itself, Forties, Ekofisk and Oseberg (BFOE)will average about 832,000 barrels a day in August based on newly released loading schedules, down from an originally-planned 890,000 bpd in July. Supply of the largest stream, Forties, is expected to average 387,000 bpd based on the programme, ...

Markets - Energy - Europe

Med Crude-Urals hits 6-month highs in Mediterranean, Iran sends crude to Poland MOSCOW: Urals crude differentials in the Mediterranean have scaled to a six-month high on limited supply from Novorossiisk in July, while the gap between prices in Europe's north and south made arbitrage feasible, traders said on Thursday. "North-south arbitrage has opened, and it can provide support for Urals in the Baltic," one trader said, while another trader said that the arbitrage was feasible only on paper. Belarus is looking for crude grades other than Russian ...

Markets - Energy - Europe

Norway oil wage talks begin as workers threaten strike OSLO: Energy companies and trade unions in Norway began two-day wage talks on Thursday in a bid to avert a strike that would cut output from Europe's largest oil producer by six percent, the Norwegian Oil and Gas Association (NOG) said. Unions are seeking pay increases in line with other industries while producers want workers to refrain from seeking such increases and to accept more flexible work practices citing still weak oil prices. Brent crude ...

Markets - Energy - Europe

Norway oil and gas output to fall by 6pc in case of strike OSLO; Norwegian oil companies and trade unions began two-day wage talks on Thursday in a bid to avert a strike that would initially cut the country's output by 229,000 barrels of oil equivalents, the Norwegian Oil and Gas Association (NOG) said. Oil and gas production at five offshore fields operated by ExxonMobil, Engie and BASF's Wintershall unit will shut on July 2 if no compromise is found, it added.The initial cut represents about 6 percent ...