07292016Fri
Last update: Fri, 29 Jul 2016 09am

Europe

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 barrel at 1203 GMT. US West Texas Intermediate (WTI) crude was trading at $48.18, down 15 cents day on day. "Oil has settled down after the initial short covering squeeze earlier in the week," said Ole Hansen, commodity strategist at Saxo Bank in Copenhagen."A rising contango indicates that the market is getting ready to absorb returning supply from Nigeria and Canada." Militant attacks in Nigeria had brought production to the lowest in 30 years but ...

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 ...

Markets - Energy - Europe

Oil falls towards $50 on higher supply outlook, economic worries LONDON: Oil fell towards $50 a barrel on Thursday, pressured by higher Nigerian output and concern about the economic outlook following Britain's vote to leave the European Union last week. Returning Nigerian supply will put pressure on prices, Goldman Sachs said, adding that outages caused by Canadian wildfires would virtually end by September.Norwegian supply could be hit by a threatened workers' strike, however.Brent crude was down 48 cents a barrel at $50.13 as of 0856 ...

Markets - Energy - Europe

Russia's Gazprom to announce gas supply auction for Europe in July MOSCOW: Russia's Gazprom plans to announce a gas auction for autumn-winter gas deliveries to North-Western Europe next month, Gazprom's Deputy Chief Executive Alexander Medvedev told reporters on Thursday. Medvedev also said that he planned to meet the European Commision on Gazprom's anti-monopoly case before August. He was speaking on the sidelines of Gazprom's annual shareholders meeting in Moscow.Copyright Reuters, 2016 ...