05302016Mon
Last update: Mon, 30 May 2016 10am

Europe

Markets - Energy - Europe

Russia's Gazprom sees record 2016 gas exports to Europe ST PETERSBURG: Russia's Gazprom plans to export a record 165 billion cubic metres (bcm) of gas to Europe this year, the company's deputy chief executive Alexander Medvedev told reporters on Thursday. Gazprom generates more than a half its revenue in Europe and falling gas prices have made its gas more attractive to European consumers.It has also tweaked long-term deals with European clients, who have become more demanding thanks to rival sources of fuel, such as seaborne liquefied natural gas (LNG). "We are going for a record," Medvedev said about expected gas supplies to Europe and Turkey this year. Gazprom supplied about 159 bcm of gas to Europe in 2015, or about a third of the region's needs.Medvedev did not give an explanation for the expected record. Last week, a Gazprom executive said it planned to produce 452.5 bcm of natural gas in 2016, up from 418.5 bcm last year. Despite ...

Markets - Energy - Europe

Oil reaches above $50 for first time this year LONDON: Oil prices jumped Thursday above $50 for the first time this year as a long-lasting global supply glut showed increased signs of easing.In a boost for countries exporting crude, including the likes of crisis-hit Venezuela, prices are once more on the rise having nosedived from above $100 a barrel two years ago to around $27 in early 2016.Futures had slumped owing largely to a global supply glut, fed by rising production of oil extracted ...

Markets - Energy - Europe

Oil above $50 for first time this year LONDON: Oil prices jumped Thursday above $50 for the first time this year as a long-lasting global supply glut shows increased signs of easing.In a boost for countries exporting crude, including the likes of crisis-hit Venezuela, prices are once more on the rise having nosedived from above $100 a barrel two years ago to around $27 in early 2016.Futures had slumped owing largely to a global supply glut, fed by rising production of oil extracted ...

Markets - Energy - Europe

Oil tops $50, lifts commodity stocks but Fed, China weigh LONDON: Brent crude oil topped $50 a barrel for the first time in nearly seven months on Thursday lifting commodity and energy-related shares in Europe and Asia though worries about U.S. interest rates and signs of slowdown in China limited gains.Oil's rise took it to levels more than 80 percent above January's 12-year lows and was fuelled in part by a weaker dollar, which fell against the Japanese yen.European shares edged higher, led by the ...

Markets - Energy - Europe

Brent oil breaks above $50 for first time in 7 months LONDON: Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months as a global supply glut that plagued the market for nearly two years showed signs of easing.Oil prices have rallied in recent weeks as a string of outages, due in part to wildfires in Canada and unrest in Nigeria and Libya, knocked out nearly 4 million barrels per day of production.Above $50 a barrel, oil was ...

Markets - Energy - Europe

Oil prices rise on easing US supplies LONDON: Oil advanced Wednesday, with New York prices reaching 2016 highs, as data revealed falls to US crude inventories owing to wildfires slashing production across the Canadian border.Around 1600 GMT, US benchmark West Texas Intermediate (WTI) for delivery in July was 19 cents higher at $48.81 a barrel. Brent North Sea crude for July won 49 cents to $49.10 a barrel compared with Tuesday's close. Prices had earlier Wednesday risen close to $50, with WTI ...

Markets - Energy - Europe

North Sea Crude-Forties steady; Shell books more Forties for Asia LONDON: Forties differentials were unchanged on Wednesday for a second day, having reached their lowest in more than a week on Monday. Reuters shipping data showed that Shell, not Chevron as reported on Tuesday, has tentatively booked the VLCC Sara to load at Hound Point in mid-June, the first such shipment this month. This adds to other Forties shipments to Asia by Shell such as the Samco Sundarbans in May. A strike at French oil ...