06292016Wed
Last update: Wed, 29 Jun 2016 09pm

Europe

Markets - Energy - Europe

Oil producers keep output freeze revival on standby if prices weaken LONDON/DUBAI: Russian Energy Minister Alexander Novak has a contrarian message for those who question the wisdom of freezing global levels of oil output.Despite the collapse of talks on restraining production among OPEC and non-OPEC members earlier this year, he thinks the discussions were a success that might soon be repeated."It (the build-up to the meeting) paved the way for a reversal of negative trends in the oil markets," Novak told reporters last week after meeting OPEC member Venezuela's oil minister Eulogio del Pino."We have seen a large amount of short positions being closed while long positions have been opened," Novak said in reference to speculative bets - shorts - in the market that prices will fall, and the opposite - longs - that they will rise.The statement is important as oil ministers often talk about oil supply, demand and balance but rarely touch on how market speculators - dominated by ...

Markets - Energy - Europe

Oil rises further above $50 on API report, braced for Brexit volatility LONDON: Oil rose further above $50 a barrel on Wednesday after an industry report showed a large drop in US crude inventories, with analysts expecting volatile trading ahead of Britain's referendum on EU membership. US crude inventories fell by 5.2 million barrels, the American Petroleum Institute (API) said on Tuesday, far more than analysts expected. Official stocks data is due later on Wednesday from the US Department of Energy."What we have is basically the leftovers ...

Markets - Energy - Europe

Oil market dips LONDON: Oil prices fell Tuesday on profit-taking as dealers awaited this week's US crude inventories data and Britain's critical in-out EU membership referendum.At about 1600 GMT, world benchmark contract Brent North Sea crude for delivery in August was down 93 cents to $49.72 a barrel.US benchmark West Texas Intermediate for July delivery shed $1.05 to $48.32 per barrel compared with Monday's close. "Profit-taking ahead of US inventories data is definitely one of the reasons why ...

Markets - Energy - Europe

Oil market dips LONDON: Oil prices hit reverse Tuesday, snapping two days of gains as dealers awaited this week's US crude inventories data and Britain's critical in-out EU membership referendum.At about 1100 GMT, world benchmark contract Brent North Sea crude for delivery in August was down 66 cents to $49.99 a barrel.US benchmark West Texas Intermediate for July delivery shed 60 cents to $48.77 a barrel compared with Monday's close. Crude futures had jumped Monday in volatile trade ...

Markets - Energy - Europe

Oil prices slip after rally as market turns cautious LONDON: Oil prices fell on Tuesday after a strong two-day rally abated amid volatility fed in part by a vote later this week in Britain that will determine whether the country will leave the European Union.Reports from Nigerian media that the government had signed a 30-day ceasefire with militants whose attacks have curtailed the country's crude oil exports also added a bearish signal to a market that firmed on the back of supply disruptions.Brent crude ...

Markets - Energy - Europe

Russia beats Saudis for third straight month as China's top crude supplier BEIJING: Russia beat out Saudi Arabia as China's largest oil supplier in May, customs data showed on Tuesday, marking the third month in a row the world's biggest oil producer has topped the world's biggest oil exporter in feeding China's market.Russia's exports to the world's No. 2 oil consumer hit a fresh record and reflect continuing strong demand from China's independent refiners.China imported 5.245 million tonnes, or around 1.24 million barrels per day (bpd) of ...

Markets - Energy - Europe

Europe Product Swaps-Gasoline swaps fall on high stocks, weak demand LONDON: Gasoline refining margins swaps in northwest Europe weakened in the week to Monday, as high inventories failed to keep up with demand.Gasoline stocks in Europe and the United States are elevated due to months of yield-shifting toward lighter products, according to traders and the US Energy Information Administration.The high stocks have pressured margins even as peak driving season comes into full swing, and arbitrage to the United States was narrowing.But refiners in Europe, Asia ...