07292016Fri
Last update: Fri, 29 Jul 2016 05am

Europe

Markets - Energy - Europe

Nigeria missing 700,000 bpd of oil output from militant attacks LONDON: Nigeria's oil production is now 700,000 barrels per day (bpd) lower as a result of persistent militant attacks on oil pipelines and infrastructure, according to state oil company NNPC.The militant group Niger Delta Avengers has claimed most of the strikes, which continued even during a one-month ceasefire announced by the government in late June. Other groups have also claimed attacks.The groups have primarily targeted pipelines belonging to oil majors Shell, ENI and Chevron, NNPC itself, and Nigerian company Aiteo.The Avengers claimed to have hit an ExxonMobil pipeline connected to the country's largest crude oil stream, Qua Iboe. Exxon denied any attack, but declared force majeure shortly thereafter due to a "system anomaly." The company had yet to issue a revised loading programme."As one terminal comes back online, another goes offline, analysts at Barclays wrote in a note, adding that "with militants wanting a greater share of the country's oil ...

Markets - Energy - Europe

Oil falls towards $44, lowest since May, on glut worries LONDON: Oil on Tuesday hit its lowest since May, falling towards $44 a barrel, pressured by concerns that a long-awaited rebalancing of the market would be delayed due to excess supply.Brent crude is still up more than 60 percent from a 12-year low near $27 in January, but the rally has petered out on signs that the supply glut will persist and as economic jitters raised concern about the strength of oil demand.Global benchmark Brent ...

Markets - Energy - Europe

Med Crude-Urals stable in the north as north-south arbitrage supports MOSCOW: Urals crude differentials were steady in the northwest Europe on Monday, supported by strong demand for the grade due to lower freight rates that opened up the potential for arbitrage shipments to Mediterranean. At least seven vessels of 100,000 tonnes each for loading from the Baltic Sea ports late in July to early in August have been booked over the last three days with a Mediterranean delivery option, Thomson Reuters data showed.In the Platts ...

Markets - Energy - Europe

Oil prices slide on oversupply, economic headwinds LONDON: Oil prices fell to two and a half month lows on Monday amid worries that a global glut of crude and refined products would weigh on markets for some time.Brent crude futures were trading at $44.86 a barrel at 1334 GMT, down 83 cents from their previous close, and at their lowest since May 11. U.S. crude was down 92 cents at $43.28 a barrel, its lowest since May 10.Traders said oversupply and growing ...

Markets - Energy - Europe

Oil prices extend losses on high supplies LONDON: Oil prices fell Monday on a lingering global supply glut that last week sent the market tumbling to 2.5-month low points.Around 1145 GMT, US benchmark West Texas Intermediate for delivery in September was down 32 cents at $43.87 a barrel.Brent North Sea crude for September lost 35 cents to $45.34 a barrel compared with Friday's close."Crude oil markets have been under pressure as oil supplies have started growing with the resumption of output from ...

Markets - Energy - Europe

Oil market recedes with rate calls in view LONDON: Oil prices retreated Thursday as caution prevailed before central bank policy meetings in Europe and Japan.At 1130 GMT, Brent North Sea crude for delivery in September declined 19 cents at $46.98 a barrel.US benchmark West Texas Intermediate (WTI) for the same month nudged nine cents lower to $45.66 compared with Wednesday's close.Crude futures had rebounded Wednesday from two-month lows as markets reacted to a drop in US commercial crude inventories.The government's Department of Energy ...

Markets - Energy - Europe

Oil steadies as US inventories send mixed signals LONDON: Oil prices steadied on Thursday after the US Energy Department reported a ninth consecutive weekly drawdown of crude stocks but an overall build in oil inventories.US West Texas Intermediate crude for September delivery , the new front-month contract from Thursday, was up 12 cents at $45.87 a barrel at 1035 GMT. The August contract expired on Wednesday after rising 29 cents, or 0.7 percent, to settle at $44.94 a barrel.Brent crude was up 10 ...