LNG Tankers Divert to China as Winter Demand Spikes
China's LNG demand soars as tankers from the Americas divert to China. Liquefied natural gas (LNG) is being re-exported to China from Japan and tankers are being diverted from as far away as Brazil, with traders rushing to find cargoes in the face of a supply crunch in the world's No.2 economy as winter bites. Following an unprecedented drive to switch millions of households to natural gas from coal for heating, China's imports of LNG have surged as utilities struggle to meet soaring demand as winter gets off to a colder start than usual.
Oil Falls on Doubts Over OPEC, Pipeline Restart
Oil prices dipped on Tuesday, weighed down by uncertainty over the outcome of an OPEC meeting next week at which an extension to its price-supporting oil output cuts will be discussed. Brent crude oil fell 44 cents on the day to $63.40 a barrel by 1406 GMT. U.S. light crude was 26 cents lower at $57.85, after falling 1.4 percent in the last session. Members of the Organization of the Petroleum Exporting Countries and other key producers, including Russia, meet on Nov. 30 to discuss whether to continue to limit production in an effort to drain global inventories to help push up prices.
Asia Tankers-VLCC Rates Supported by Floating Storage
Trafigura hires five VLCCs to store oil; short-term storage a profitable play. Freight rates for very large crude carriers (VLCCs) could creep higher as more ships are chartered for floating storage and crude oil shipments increase ahead of the northern winter, brokers said. "There might be a slow creep up towards 60 (on the Worldscale measure)," said Ashok Sharma, managing director of ship broker BRS Baxi in Singapore on Friday. "W60 is at least on the horizon. Rates from West Africa to China are already at W56," he added. That came as VLCC rates from the Middle East to Asia gained around 3 Worldscale points since last Thursday…
Oil Hovers Above Four-month Lows, Inventories Curb Recovery
Oil prices hovered above four-month lows on Thursday, with a recovery reined in by investor concerns that OPEC-led supply cuts were not yet reducing record U.S. crude inventories. Benchmark Brent crude oil was trading at $50.49 a barrel by 1315 GMT, down 15 cents on the day but still above Wednesday's slide to $49.71, its lowest level since Nov. 30 when OPEC announced plans to cut output. U.S. light crude slipped 18 cents at $47.86. Brent remains well below this year's high above $58, reached shortly after Jan. 1 when the deal between the…
Oil Prices Firm, Stay in Tight Range as Stocks Data Awaited
Oil prices firmed on Tuesday but stayed in a tight range, with investors seeking a clearer direction from inventory data and comments from oil officials as rising U.S. shale output offset OPEC production cuts. Brent crude was up 54 cents at $56.55 a barrel by 1420 GMT. U.S. West Texas Intermediate (WTI) crude was up 53 cents at $53.73. Both benchmarks had traded in negative and positive territory since the start of the day's Asian session. Oil prices have been stuck in a $3 band since February, failing to take off after the Organization of the Petroleum Exporting Countries implemented, to a surprisingly high degree, the first production cut in eight years.
Oil Prices Fall on Doubts over Russian Output Curbs
Oil prices slipped in Asian trade on Monday, wiping out some of the gains of the previous session amid ongoing concern over Russia's compliance with a global deal to cut oil output. Figures released last week showed Russia's February oil output was unchanged from January at 11.11 million barrels per day (bpd), energy ministry data showed, casting doubt on Russia's moves to rein in output as part of a pact with oil producers last year. U.S. crude futures, also known as West Texas Intermediate (WTI), fell 19 cents, or 0.3 percent, to $53.14 a barrel as of 0109 GMT after closing the previous session up 1.4 percent.
Oil Slips as Concerns Over China Demand Outweigh Libya Turmoil
Oil prices softened on Monday as lower economic growth targets in China sparked renewed worries over excess supply, but escalating violence in North Africa underpinned the market. Brent crude futures were down 10 cents at $55.80 a barrel by 1400 GMT after settling 1.5 percent higher in the previous session. U.S. crude futures fell 20 cents to $53.13 a barrel after closing the previous session up 1.4 percent. China lowered its growth target for the year to 6.5 percent, compared with 6.7 percent last year, and tightened regulatory controls in an effort to tackle pollution. Investors are watching the moves carefully for signs they could dampen demand for oil.
Oil up as OPEC Cuts Outweigh U.S. Supply Build
U.S. stocks rise by larger than expected 6.5 mln barrels; production cuts by OPEC and Russia tighten market. Oil prices rose on Thursday as evidence that OPEC and other big exporters were cutting production outweighed a sharp rise in U.S. crude and gasoline stockpiles. Brent crude was up 50 cents at $57.30 a barrel by 1145 GMT after settling up $1.22 in the previous session. U.S. light crude gained 30 cents to $54.18 after climbing by $1.07 on Wednesday. Both crude oil benchmarks are now near the top of recent price ranges. Brent has spent most of the past two months trading between $53 and $58 a barrel, at a premium of around $2.50 to the U.S. crude futures contract.
Oil Dips Before Holiday Week; Libyan Output Boost Weighs
Oil edged lower on Friday ahead of the Christmas and New Year holiday week as the market waited to see how OPEC would manage its planned output cuts with Libya expecting to boost production. Brent futures for February delivery were down 16 cents, or 0.3 percent, at $54.89 a barrel by 10:29 a.m. EST (1529 GMT). U.S. West Texas Intermediate crude fell 22 cents, or 0.4 percent, to $52.73 per barrel. That put WTI on track for its first daily decline in six sessions. For the week, the U.S. contract was set to rise for a second week in a row, gaining just 2 percent during that time, while Brent looked like it would slip lower for a second week in three.
Oil Prices Edge Up on Softer Dollar, OPEC Cut Expectations
Oil prices edged up in tepid trading on Thursday, supported by strong U.S. data, a pause in the U.S. dollar rally and optimism that crude producers would abide by an agreement to limit output to prop up prices. The gains were curbed by an unexpected rise in U.S. crude inventories last week and moves by Libya to boost output over the next few months. Brent futures for February delivery rose by 34 cents to $54.80 a barrel by 1430 GMT, having finished 89 cents lower on Wednesday. U.S. West Texas Intermediate crude rose 27 cents to $52.76 a barrel.
Oil Dips on U.S. Stock Rise, Libya Output Boost
OPEC, Russia expected to abide by pact to cut output. Oil prices slipped in tepid trading on Thursday, pressured by an unexpected rise in U.S. crude inventories last week and moves by Libya to boost output over the next few months. The decline was curbed by a weaker dollar and optimism that crude producers would abide by an agreement to limit output to prop up prices. Brent futures for February delivery fell by 20 cents to $54.26 a barrel by 1200 GMT, having finished 89 cents lower on Wednesday. U.S. West Texas Intermediate crude dropped 19 cents to $52.30 a barrel.
Oil Prices Fall as Dollar Hits 14-year High
Oil prices fell on Thursday as the dollar rallied in the wake of a rise in U.S. interest rates, despite forecasts of a tighter oil market in 2017 due to planned output cuts. The dollar neared a 14-year high against a basket of other currencies after the U.S. Federal Reserve raised rates for the first time in a year and hinted rates could rise more quickly than investors had anticipated in 2017. A stronger dollar, in which oil is traded, tends to hit demand for crude as it makes fuel purchases more expensive for users of other currencies. Brent futures for February delivery fell 31 cents, or 0.6 percent, to $53.59 a barrel by 10:55 a.m. EST (1555 GMT). U.S.
Traders Charter LR2's fo Temporary Gasoil Storage
About 6-8 LR2s being used to store gasoil; traders likely capitalising on gasoil contango. Traders are temporarily storing gasoil on vessels in the waters off Singapore as they anticipate demand for the fuel to go up in the coming months, industry sources said on Thursday. About six to eight long-range (LR) Aframax-sized vessels which can carry up to 115,000 tonnes, or about 850,000 barrels, each of gasoil are storing the industrial and power generation fuel offshore for about one to three months, multiple trading and shipping sources said.
Oil Rises Above $50 on Renewed Hopes for Output Cuts
Oil rebounded from the week's lows and hovered above $50 a barrel on Thursday as market watchers focused on an upcoming weekend meeting between OPEC and non-OPEC producers that may result in an agreement to cut crude output further. Brent and U.S. oil prices gained support early from a slightly weaker dollar, but the U.S. currency turned positive as the euro fell on the European Central Bank's decision to extend but reduce its bond-buying program. Oil producers will meet in Vienna on Saturday to see whether those outside the Organization of…
Oil Rallies Despite OPEC Output Cut Doubts
U.S. crude inventories down 2.4 mln barrels last week; jury out on proposed OPEC oil production cuts. Oil prices recovered above $50 a barrel on Thursday, bouncing back from the week's lows as the dollar weakened against major currencies. The U.S. dollar index fell as Treasury bond yields eased and investors eyed next week's Federal Reserve meeting. A weak dollar makes dollar-denominated oil less expensive for importing countries. "A slightly weaker U.S. dollar is supportive of oil prices," said Michael McCarthy, chief market strategist at CMC Markets. Brent crude was up 50 cents at $53.50 a barrel by 1200 GMT. U.S. light crude was up 50 cents at $50.27 per barrel.
Oil Prices Soar After OPEC Output Deal, Brent Hits 16-mnth High
Oil prices rose more than 4 percent on Thursday, with Brent crude at its highest in about 16 months, extending gains after OPEC and Russia agreed to restrict output to speed up the rebalancing of a long-oversupplied market. The Organization of the Petroleum Exporting Countries agreed on Wednesday its first oil output reduction since 2008 after de-facto leader Saudi Arabia accepted "a big hit" and dropped a demand that arch-rival Iran also slash output. The deal also included the group's first coordinated action with non-OPEC member Russia in 15 years. On Thursday, Azerbaijan said it was also willing to engage in talks on cuts.
Oil Nudges Down Ahead of U.S. Data; OPEC Jostling Weighs
Oil prices nudged down in late European trade on Tuesday, retreating from positive territory as traders digested a flurry of comments from OPEC states about the prospects of an output cut and ahead of U.S. crude inventory data. Brent crude oil futures were down 20 cents at $51.26 a barrel by 1400 GMT. U.S. West Texas Intermediate (WTI) crude futures fell by 4 cents to $50.48 a barrel. Analysts said that oil would trade in a range ahead of crude oil inventory data from the American Petroleum Institute, due at 2030 GMT, followed by official Energy Information Administration data on Wednesday.
VLCC Rates to Hold Firm as Owners Await MidEast Cargoes
Freight rates for very large crude carriers (VLCCs), which rose to multi-month highs this week, are likely to hold firm as owners tread water before the release of further Middle-East and West Africa cargoes, ship brokers said on Friday. "The market is taking a bit of a breather. The market is waiting for Saudi Arabian cargoes," said Captain Ashok Sharma, managing director of broking house BRS Baxi Far East in Singapore. These are expected to be released early next week, followed by cargoes from Kuwait and the United Arab Emirates. Iraq started…
South Korean Yards Eyed for $3.8 Bln LNG Shipbuilding Deal
A little-known investment company said it intends to order up to 20 liquefied natural gas (LNG) carriers, probably from South Korean shipbuilders. The contracts would be worth as much as $3.8 billion, two people with direct knowledge of the matter told Reuters. CBI Energy and Chemical, which is controlled by Australian and Canadian investors and has offices in Hong Kong, also said in a statement to Reuters that it would be seeking to buy floating LNG production and import facilities as part of an ambitious plan for Africa and Asia. The orders would be a major shot in the arm for South Korea's ailing shipbuilding industry…
Oil Soars 6% as OPEC Reaches Deal to Limit Output
Oil prices jumped as much as 6 percent on Wednesday after OPEC sources said the group has reached a deal to limit crude output at its policy meeting in November, a source for the producer group said. Brent crude was up $2.76, or 6 percent, at $48.73 a barrel by 2:28 p.m. EDT (1820 GMT), after reaching a more than two-week high of $48.96. U.S. West Texas Intermediate (WTI) crude rose by $2.35, or 5.4 percent, to $47.02, peaking at $47.45, its highest since Sept 8. The Organization of the Petroleum Exporting Countries has agreed to limit production to 32.5 million barrels per day, OPEC sources said after talks held by the group on the sidelines of the Sept.
