01252017Wed
Last update: Wed, 25 Jan 2017 12am

Europe

Markets - Energy - Europe

North Sea Crude-Forties offers drop as French refineries cut demand LONDON: Forties differentials fell on Thursday, with lower offers failing to tempt buyers. Total's five French refineries are running at "minimum output level" due to a nationwide strike against a French labour law reform, a CGT Union official said. This has increased the incentive for Total to offer more barrels from floating storage. This countered the impact of tighter June supply and Nigerian outages. A lower contango has reduced the incentive for owners of cargoes to keep them as floating cargoes, traders said. Operations at ConocoPhillips' Seal Sands terminal on Teesside in northeast England, which loads Ekofisk, may face disruption if a strike goes ahead, according to a statement from the Unite labour union. WINDOW SUMMARY Petroineos bid for Forties loading on 29 May-June 7 at dated Brent plus 15 cents. This compared to an offer for May 28-June 5 at dated Brent plus 55 cents the day before. Total ...

Markets - Energy - Europe

Rosneft's Sechin says Indonesia's rising oil demand draws interest SOCHI: Igor Sechin, the head of Russia's largest oil producer Rosneft, said on Thursday that Indonesia's rising oil demand and falling production were the reasons for his company's interest in the country's projects. "The country produced, say 10 years ago, 71 million tonnes of oil, now it is 38 million, while by 2030 it will be 11 million tonnes, while consumption is rising," Sechin said. "Of course, it creates conditions for our interest, when it ...

Markets - Energy - Europe

Oil market extends pullback as dollar rises LONDON: Oil prices extended their retreat Thursday after hawkish US Federal Reserve meeting minutes strengthened the dollar and a weekly report showed rising US crude stockpiles.Prices hit 2016 highs Wednesday due in part to production outages resulting from wildfires around the Canadian oil sands hub of Fort McMurray but pulled back to settle lower after the dollar climbed.A stronger greenback makes dollar-priced oil more expensive, denting demand and hurting prices.Minutes from the US Federal Reserve's ...

Markets - Energy - Europe

Oil drops below $48 on Fed hike speculation, fading support from outages LONDON: Oil fell below $48 a barrel on Thursday, pressured by a stronger dollar and as a surprise increase in US crude inventories served as a reminder that supply remains ample despite output problems. Supply losses in Canada and Nigeria have lent support, but cooler weather was expected to help firefighters battling Canadian wildfires. Traders said Exxon Mobil is boosting output at Nigeria's largest crude stream.Brent crude was down $1.29 at $47.64 at 0951 GMT. ...

Markets - Energy - Europe

Argentina starts alternative energy push with 1,000 megawatt tender BUENOS AIRES: Argentina invited bids for projects aimed at creating 1,000 megawatts of alternative energy on Wednesday in the country's first push toward wind and solar power production needed to help narrow its energy deficit. Argentine President Mauricio Macri said the projects would be the initial stage of a plan that calls for 10,000 megawatts, or 20 percent of Argentine energy consumption, to come from renewable sources by 2025.For years Argentina, home to one of ...

Markets - Energy - Europe

North Sea oil output in June to extend drop from four-year high LONDON: North Sea crude output is set to fall for a fourth month in June from a four-year high, loading programmes indicated, tightening supplies in the home of the Brent benchmark.Supply from 12 North Sea crude streams will average 1.82 million barrels per day (bpd), down from May's rate of 1.94 million bpd, according to Reuters calculations based on loading programmes provided by trade sources.The drop is mainly a result of maintenance on the Ekofisk ...

Markets - Energy - Europe

Oil approaches $50 on Canadian wildfires LONDON: Crude prices approached $50 Wednesday as escalating wildfires in Canada's oil sands region helped to reduce a global supply glut, while traders awaited key US energy inventory data. Shortly after 1100 GMT, US benchmark West Texas Intermediate (WTI) for delivery in June was 14 cents higher at $48.45 a barrel. Brent North Sea crude for July delivery rose 12 cents compared with Tuesday's close to $49.40 a barrel.Crude futures had zoomed Tuesday to their ...