07272016Wed
Last update: Wed, 27 Jul 2016 10pm

Europe

Markets - Energy - Europe

Med Crude-Urals lower in the Med on low demand, surplus of alternative grades MOSCOW: Urals crude in the Mediterranean was lower for a third day on Thursday as there was only limited demand after the end of the French refinery strikes and an overhang of alternative sour grades also pressured the market, traders said. Urals differentials in the Mediterranean have lost some $0.50 a barrel since last Monday, according to Thomson Reuters data. "The physical crude market is showing increasing signs of weakness," JBC Energy wrote. "Contangos for crude futures are beginning to widen again but this is nothing compared to the prompt end of the CFD curve, which is now in steep contango, likely on the back of less buying interest from France as it runs down its floating stocks." A contango market structure is usually a sign of plentiful supplies. "There's a substantial surplus of Basra in the market that has no place to go, and it starts pushing Urals (levels) ...

Markets - Energy - Europe

Oil lifted by other markets ahead of Britain's EU vote LONDON: Oil prices rose by up to 2 percent, shrugging off a smaller-than-expected draw on US crude stocks as money and equity markets firmed after the last pre-vote opinion polls raised expectations that Britain will stay in the European Union. Markets, including commodities, have been on tenterhooks ahead of Thursday's referendum on Britain's EU membership. Most results are expected between 0100 and 0300 GMT, with a YouGov exit poll soon after voting closes at 2100 ...

Markets - Energy - Europe

Oil prices stage slight rebound LONDON: World oil prices rose on Thursday, reversing the previous day's losses that were caused by a smaller-than-expected drop in US crude inventories.Oil traders were meanwhile on tenterhooks as Britons headed to the polls in a high-stakes vote on whether to remain in the European Union.As with other financial markets, oil traders are closely watching the referendum as analysts warn that a British exit could see the country tumble into recession with global spillover effects.Around ...

Markets - Energy - Europe

Oil rises as investors focus on Britain's EU referendum LONDON: Oil prices rose by up to 2 percent on Thursday, shrugging off a smaller than expected draw on U.S. crude stocks as money and equity markets firmed after the last sweep of Brexit opinion polls raised optimism over Britain remaining in the EU.Global markets, including commodities, have been on tenterhooks for weeks ahead of Britain's referendum on European Union membership on Thursday. The majority of results are expected to come in between 0100 and ...

Markets - Energy - Europe

Europe Distillates-Diesel cracks hold, French buying supports LONDON: Diesel benchmark refining margins in northwest Europe were little change on Wednesday, holding above $10 a barrel as demand from France continued to support. French restocking following a three-week long strike at refineries and terminals was the main source of demand, mostly in the western Mediterranean, traders said. Outside France, buying remained particularly low, traders said, with some attributing the slowdown to uncertainty over the outcome of the Brexit vote. Barge traffic along the ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline margins rise despite US stock build LONDON: Gasoline refining margins in northwest Europe firmed again on Wednesday despite rising gasoline stocks in the United States as traders said arbitrage was working west and opportunities opened into north Africa. Data from the US Energy Information Administration showed gasoline stock gains, countering hopes that the glut had disappeared. * Still, the EIA said that US gasoline demand hit a historic high of 9.82 million barrels-per-day (bpd). Refiners in southern California are bracing for ...

Markets - Energy - Europe

West Africa Crude-Traders focus on flurry of tenders LONDON: A Nigerian militant group known as the Niger Delta Avengers which has been attacking oil facilities might agree to a ceasefire on Thursday to allow the government time to meet its demands, a community leader involved in peace efforts said. Force majeure was still in place on Nigeria's Brass River, Bonny Light and Forcados exports. Angola is running short of foreign reserves to pay for imports because its national oil firm has not contributed ...