07262016Tue
Last update: Tue, 26 Jul 2016 03am

Europe

Markets - Energy - Europe

Oil prices dive as Britain votes to leave EU LONDON: Oil prices slumped by more than 6 percent on Friday after Britain voted to leave the European Union, raising fears of a broader economic slowdown that could reduce demand.Financial markets have been worried for months about what Brexit, or a British exit from the European Union, would mean for Europe's future, but were clearly not fully factoring in the risk of a leave vote. British Prime Minister David Cameron, who campaigned to remain in the EU, said he would stand down by October. Brent crude was down $2.45 at $48.46 a barrel at 1004 GMT. US crude was down $2.39 at $47.72 a barrel. Earlier in the day, both contracts were down by more than $3, or over 6 percent, the biggest intra-day declines for both since April 18, when a meeting of top global oil producers failed to agree on an output freeze. Sterling sank 10 percent in ...

Markets - Energy - Europe

North Sea Crude-Forties rises, first time in two weeks LONDON: North Sea Forties crude price differentials rose on Thursday for the first time in two weeks, after higher bids materalised late in an otherwise weak market, traders said. Traders said physical barrels were nonetheless struggling to find buyers as differentials were still perceived to be too high, despite falling to 2016 lows in the case of Ekofisk and near-two month lows for Forties. Reuters shipping data showed Total's shipping arm now has the VLCC ...

Markets - Energy - Europe

West Africa Crude-Angolan clearing quickly; weaker US grades limit arb opportunity LONDON: Reuters shipping data showed Unipec booked four VLCCs in the last two days to ship West African crude to China in late July, bringing to 19 the total of supertankers set to sail to China next month. A narrower Brent/WTI spread in theory has created an arbitrage opportunity to the United States. But with local grades such as Louisana Light Sweet weakening sharply in the last couple of weeks, the appeal of Atlantic Basin ...

Markets - Energy - Europe

Europe Distillates-Diesel cracks hold, despite stock draw LONDON: Diesel benchmark refining margins in northwest Europe remained steady on Thursday, holding above $10 a barrel, despite a draw in weekly ARA stocks. Gasoil stocks stored independently in the Amsterdam-Rotterdam-Antwerp hub, fell by 2.4 percent in the week to Thursday, as Argentina pulled cargoes from the region, according to Dutch consultancy PJK International. French restocking following a three-week long strike at refineries and terminals was the main source of middle distillate demand, mostly in ...

Markets - Energy - Europe

Med Crude-Urals lower in the Med on low demand, surplus of alternative grades MOSCOW: Urals crude in the Mediterranean was lower for a third day on Thursday as there was only limited demand after the end of the French refinery strikes and an overhang of alternative sour grades also pressured the market, traders said. Urals differentials in the Mediterranean have lost some $0.50 a barrel since last Monday, according to Thomson Reuters data. "The physical crude market is showing increasing signs of weakness," JBC Energy wrote. "Contangos for ...

Markets - Energy - Europe

Oil lifted by other markets ahead of Britain's EU vote LONDON: Oil prices rose by up to 2 percent, shrugging off a smaller-than-expected draw on US crude stocks as money and equity markets firmed after the last pre-vote opinion polls raised expectations that Britain will stay in the European Union. Markets, including commodities, have been on tenterhooks ahead of Thursday's referendum on Britain's EU membership. Most results are expected between 0100 and 0300 GMT, with a YouGov exit poll soon after voting closes at 2100 ...

Markets - Energy - Europe

Oil prices stage slight rebound LONDON: World oil prices rose on Thursday, reversing the previous day's losses that were caused by a smaller-than-expected drop in US crude inventories.Oil traders were meanwhile on tenterhooks as Britons headed to the polls in a high-stakes vote on whether to remain in the European Union.As with other financial markets, oil traders are closely watching the referendum as analysts warn that a British exit could see the country tumble into recession with global spillover effects.Around ...