08242016Wed
Last update: Wed, 24 Aug 2016 09pm

Europe

Markets - Energy - Europe

Shell unit declares force majeure on gas supplies to Nigeria LNG MILAN: Shell Petroleum Development Company has declared force majeure (FM) on gas supplies to the Nigeria Liquefied Natural Gas (LNG) export facility on Bonny Island, a spokeswoman said. "The Shell Petroleum Development Company of Nigeria Ltd (SPDC) declared force majeure on gas supply to NLNG on 8 August 2016, following a leak on the Eastern Gas Gathering System (EGGS-1) pipeline through which it supplies the bulk of its gas to NLNG," a spokesman said in an emailed statement.SPDC, Royal Dutch Shell's Nigerian unit, is a joint venture with state oil company Nigerian National Petroleum Corp. They supply gas to the LNG plant.The declaration may impact exports from the facility.Copyright Reuters, 2016 ...

Markets - Energy - Europe

Russia's Gazprom Q1 net profit at 362.3bn roubles, slightly ahead of forecast MOSCOW: Russia's Gazprom, the world's top gas producer, posted on Wednesday 362.3 billion roubles ($5.6 billion) in the first-quarter net profit, slightly beating an average forecast in a Reuters poll of analysts. Analysts expected Gazprom to report a 361.2 billion rouble net profit, compared to 382 billion roubles in the first quarter of last year.Gazprom's revenue rose to 1.737 trillion roubles from 1.648 trillion roubles a year ago, while analysts had forecast 1.644 trillion roubles.Copyright ...

Markets - Energy - Europe

Oil slips to $45 as glut overshadows hope for producer action LONDON: Oil fell below $45 a barrel on Tuesday after rallying to a two-week high the previous day, as concern about a supply glut outweighed hopes of producer action to prop up prices.In the latest sign of ample supplies, market intelligence firm Genscape reported a rise of more than 307,000 barrels at the Cushing, Oklahoma delivery hub for U.S. crude, traders said. U.S. inventory reports are due on Tuesday and Wednesday.Brent crude for October was ...

Markets - Energy - Europe

Russia's Gazprom Q1 profit seen down 5.5pc y/y on weaker prices MOSCOW: Russia's Gazprom, the world's top gas producer, is expected to post 361.2 billion roubles ($5.60 billion) in the first quarter net profit, down 5.5 percent from the same period of last year, a Reuters poll of analysts showed on Monday.Gazprom, which usually reports with a lag to other Russian energy companies, saw net profit of 382 billion roubles in the first quarter of last year.Analysts at VTB Capital expect Gazprom's first-quarter results to be ...

Markets - Energy - Europe

Oil prices extend gains, but traders warn of weakness ahead LONDON: Oil rose further on Monday after a report of renewed calls by some OPEC members to restrain output, but analysts warned the bearish fundamentals that brought prices to four-month lows last week still lurked. International benchmark Brent futures were trading at $45.17 per barrel at 1404 GMT, up 90 cents, or 2.03 percent, from their last close. US West Texas Intermediate (WTI) crude futures were at $42.78 per barrel, up 98 cents, or 2.34 ...

Markets - Energy - Europe

Europe Distillates-Cracks rise for third day, glut persists LONDON: Benchmark diesel refining margins in northwest Europe rose for a third straight session on Monday amid a recovery in oil prices despite a persistent product overhang. The arbitrage from Europe to the United States briefly opened on Friday, with at least one 44,000 tanker booked on the route, according to traders and shipping data. Demand in the northwest European market was limited as price idea gaps between buyers and sellers remained wide, traders and ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline cracks dip amid overhang concerns LONDON: Gasoline refining margins in northwest Europe declined on Monday to below $10 a barrel amid concerns over a stock overhang in the Atlantic basin amid a strong crude oil price rally. Gasoline tanker bookings to West Africa and the United States East Coast have picked up in recent days, supporting the market. Gasoline production at BP's 413,500 barrel per day (bpd) Whiting, Indiana refinery increased on Monday as the company was working to return ...