08302016Tue
Last update: Tue, 30 Aug 2016 06pm

Europe

Markets - Energy - Europe

Oil slips on high inventories, record Saudi output LONDON: Oil prices fell on Thursday as a build in U.S. crude inventories and record Saudi Arabian production reinforced fears of a large global supply overhang.But markets found some support from forecasts of a tighter market later this year as the International Energy Agency (IEA) predicted a gradual draw in stocks through the third quarter.U.S. light crude traded around $41.15 a barrel by 0830 GMT, down 56 cents. North Sea Brent crude was down 50 cents at $43.55."The market is clearly concerned about oversupply," said Tamas Varga, analyst at London brokerage PVM Oil Associates. "That's driving prices lower."Oil prices fell sharply on Wednesday after data from the U.S. Energy Information Administration showed crude inventories rose 1.1 million barrels in the week ended Aug. 5. Analysts polled by Reuters had expected a 1.0 million barrel crude draw.World oil output has been well above consumption over the last two years, pushing up ...

Markets - Energy - Europe

IEA sees oil markets slowly tightening after months of oversupply MOSCOW: Oil markets will begin to tighten in the second half of 2016 but at a slow pace as global demand growth declines and non-OPEC supplies rebound, the International Energy Agency said on Thursday.The IEA, in its monthly report, forecast a healthy draw in global oil stocks in the next few months that would help ease a glut that has persisted since 2014 on the back of rising OPEC and non-OPEC supply.Oversupply helped send oil ...

Markets - Energy - Europe

Russia's Gazprom says may export more gas to Europe than f'cast MOSCOW: Gazprom said higher gas sales to Europe boosted its first-quarter revenue and it may export more to the region than expected this year because of lower Dutch gas output and limited shipments of liquefied natural gas from the United States.Russia's Gazprom, the world's top gas producer, covers around a third of Europe's gas needs and planned to ship between 165-170 billion cubic metres (bcm) to Europe this year, up from about 159 bcm in ...

Markets - Energy - Europe

Diesel leak after oil rig grounded off Scottish island LONDON: A salvage operation on an oil rig which ran aground off a remote Scottish island was halted on Wednesday due to bad weather.It was still not clear how much diesel spilled from the rig's ruptured fuel tanks when the 17,000 tonne Transocean Winner broke away from its tug early on Monday and was blown ashore on the Isle of Lewis in northwest Scotland.An initial visit by salvage teams to the rig, which was carrying ...

Markets - Energy - Europe

Med Crude-Urals differentials unchanged, Azeri light offered lower MOSCOW: Urals crude oil price differentials were stable on Wednesday, while Azeri light was offered lower amid weak refinery margins and ample supply, as unplaced cargoes for loading in August have put the grade under pressure, traders said. Socar was offering in the Platts window 600,000 barrels of Azeri light on August 27-31 at a premium of $2.00 a barrel to dated Brent, but found no buyer. That was down by some 25 cents a ...

Markets - Energy - Europe

Europe Distillates-Diesel, gasoil barge diffs steady, US surplus reduces LONDON: The spread between US heating oil futures and ICE Gasoil futures fell to its narrowest point since June after renewable fuel credits, known as RINs, fell to a low of 76 cents each on Wednesday. The spread narrowed to $0.0745, the smallest difference since June 30. Hellenic Petroleum said it will shut its 93,000 barrel per day Thessaloniki refinery in Greece for one month of maintenance in November. Distillate stockpiles, which include diesel and ...

Markets - Energy - Europe

West Africa Crude-India buys cargoes, but global excess remains LONDON: Benchmark oil prices fell on Wednesday as US crude stocks registered a surprise build and OPEC pointed to a 2017 supply surplus. Top oil exporter Saudi Arabia boosted its oil output to a record high in July, it told OPEC, in a sign key members remain focused on market share rather than tackling a supply glut by curbing production. US crude stocks rose last week, but stocks of gasoline and distillates fell, the US ...