02112016Thu
Last update: Thu, 11 Feb 2016 07am

Europe

Markets - Energy - Europe

Oil slides to lowest since 2003 after Iran sanctions lifted LONDON/SINGAPORE: Oil prices hit their lowest since 2003 on Monday, as the market braced for additional Iranian exports after the lifting of sanctions against the country over the weekend.The United States and European Union on Saturday revoked sanctions that had cut Iran's oil exports by about 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd.Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), said on Sunday that it is ready to increase exports by 500,000 bpd.Worries about Iran's return to an already oversupplied oil market drove down Brent crude to $27.67 a barrel early on Monday, its lowest since 2003. The benchmark was at $28.59 by 0921 GMT, down 38 cents from its settlement on Friday.U.S. crude was down 38 cents at $29.04 a barrel, not far from a 2003 low of $28.36 hit earlier in the session."Iranian ...

Markets - Energy - Europe

Saudi crude exports rise in November to 7.719mn bpd DUBAI: Saudi Arabia's crude oil exports in November rose to 7.719 million barrels per day from 7.364 million bpd in October, official data showed on Monday.Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organisations Data Initiative (JODI), which published them on its website.Copyright Reuters, 2016 ...

Markets - Energy - Europe

Oil prices slump further ahead of Iran return LONDON: Oil prices slumped to 12-year low points this week, as dealers prepared for increased Iranian exports to the market against a backdrop of a global supply glut.In Friday trading, New York prices hit $29.28 a barrel, a level last seen in November 2003, and following a series of new 12-year lows hit throughout the week.Brent meanwhile dropped to $29.11 -- the lowest level since February 2004."The energy sector suffered its worst weekly set-back since ...

Markets - Energy - Europe

German, Austrian power capacity seen slightly up next week FRANKFURT: Power plant operators in Germany and Austria are set to increase available capacity by 0.2 percent over the next week, industry data for the wholesale market showed on Friday.Available capacity is set to rise to 71,255 megawatts (MW in a week's time, from 71,093 MW on Friday, according to operators' current plans, European Energy Exchange (EEX) data showed.Generators predict demand and adjust supply accordingly because power cannot be stored in large quantities. Next week ...

Markets - Energy - Europe

Oil hovers at 12-year lows as Iran supply looms LONDON: Oil prices steadied on Thursday, but remained near 12-year lows on the prospect of Iran unleashing its oil on an oversupplied market and with few signs of improving demand in a fragile global economy.Brent crude, the global benchmark, traded at $30.78 a barrel, up 47 cents day on day, at 1331 GMT. It fell earlier to $29.73, the weakest since February 2004.West Texas Intermediate (WTI) was up 40 cents at $30.88 a barrel."With no ...

Markets - Energy - Europe

German heating oil stocks decline in January LONDON: German consumer heating oil stocks at the start of January dropped to 59 percent of tank capacity from 60 percent a month earlier, according to traders.The January stock levels are significantly lower than last year's 64 percent but higher than the five-year average of 58 percent.Copyright Reuters, 2016 ...

Markets - Energy - Europe

UK gas prices slide, tracking weakness in oil LONDON: British gas prices sank on Tuesday, tracking losses in oil markets.Contracts for delivery in the second and third quarter of 2016 fell more than 4 percent, as crude oil fell 3 percent, heading towards $30 per barrel and levels not seen in over a decade. Prices for week day next week delivery fell 5 percent to 33 pence per therm.Copyright Reuters, 2016 ...