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Last update: Thu, 11 Feb 2016 06pm

Europe

Markets - Energy - Europe

West Africa Crude-Higher demand helps absorb March loadings LONDON: West African crude markets finished the week on a quiet note, but traders said cargoes were starting to sell out for March. Strong European refining margins, good demand in Asia and stronger forecasts for global oil consumption buoyed seller hopes for a strong spring. "It's been a good, perhaps a very good, demand month," one trader said. The world's three main energy agencies are now forecasting higher demand for crude oil this year, in a sign that falling oil prices are starting to spur consumption. Additionally, Brent's premium to Dubai crude hit its lowest since 2010 on Thursday, potentially encouraging flows of Atlantic basin crude to Asia, Reuters data showed. Angolan cargoes for March loading were getting harder to find, though traders said some of the previously purchased cargoes were being resold in an increasingly strong market. No developments surfaced on a tender from India's IOC for April delivery, ...

Markets - Energy - Europe

Statoil makes small oil discovery in the North Sea OSLO: Norwegian energy firm Statoil has made a minor oil discovery near the Ekofisk field in the North Sea, the Norwegian Petroleum Directorate said on Friday.The well was drilled about 20 kilometres north of the Ekofisk field and preliminary estimates of the size of the discovery range between 4.4 million and 12.6 million barrels of oil equivalents, the oil directorate said.Statoil holds 77.8 percent in the license while Total has 22.2 percent.Copyright Reuters, 2015 ...

Markets - Energy - Europe

Enel renegotiates 9.4bn euro loan LONDON: Italian utility Enel has renegotiated a 9.4 billion euro ($10.70 billion) revolving credit facility, extending the maturity of the loan and reducing the cost of the financing, the company said in a statement on Thursday. The maturity of the financing, which can be used by Enel and by its Dutch subsidiary Enel Finance International, for day-to-day cash requirements, has been extended to 2020 from April 2018, previously.Pricing on the loan is now 80 basis ...

Markets - Energy - Europe

Europe Distillates: Diesel steady, ARA stocks at 16-year high LONDON: Diesel barge differentials in northwest Europe held steady on Thursday in a quiet market as IP Week continued, but gasoil stocks, which include diesel, hit a 16-year high following a period of intense stockpiling by traders.Data from Dutch oil consultants PJK International showed gasoil inventories rising to 3.065 million tonnes in independent storage at the Amsterdam-Rotterdam-Antwerp pricing hub, the highest level since March 1999. Traders have been stockpiling to take advantage of a contango ...

Markets - Energy - Europe

Europe Gasoline: Naphtha-Gasoline holds steady as ARA stocks fall LONDON: Gasoline refining margins in northwest Europe held steady on Thursday as independently-held stocks of gasoline in Europe's Antwerp-Rotterdam-Amsterdam hub fell to 811,000 tonnes, according to data from Dutch-based PJK International. Gasoline stocks fell 22 percent in the week to Thursday, consultant Patrick Kulsen said, as cargoes departed for the United States, West Africa and Latin America. There was only one trade outside the afternoon trading window as industry event International Petroleum Week continued. Naphtha ...

Markets - Energy - Europe

Med Crude: Urals rises on strong margins, Venezuela seeks cargoes LONDON: Russian Urals crude rose in the Baltic on Thursday, supported by stronger refining margins, loading delays for rival grades, and Venezuela seeking more cargoes. In the Platts price assessment window, Total bid at dated Brent minus $0.95 a barrel for loading Feb. 26 - March 2, up around 30 cents from the previous assessment.It did not find a seller.No bids, offers or deals were seen in the Mediterranean, leaving differentials just below parity with ...

Markets - Energy - Europe

North Sea Crude: Forties firms as focus shifts to March cargoes LONDON: North Sea Forties crude price differentials rose on Thursday as the focus shifted to March-loading cargoes rather than lingering February shipments.Demand for Forties is still relatively soft, keeping differentials at a discount to dated Brent, while light, sweet North Sea grades are more strongly supported.North Sea supply looks ample in March, loading programmes show. Output from 12 of the main crude streams is set to average 1.865 million barrels per day (bpd) in March, ...