Europe Power: Spot Prices Down as Wind Supply Rises
European prompt power prices fell further on Wednesday from high levels, as the prospect of higher wind power supply overrode some thermal plant losses.German baseload power for Thursday delivery dropped by 12.3 percent to 62.3 euros ($72.03) per megawatt hour (MWh). Monday's day-ahead price had been at an 11-month high, driven by high demand and tight nuclear supply.German wind power production is expected…
Oil Climbs on Saudi Ambitions, U.S. Stock Draw
Saudi Arabia seen seeking oil price of $80-$100 a barrel as U.S. commercial crude stocks decline towards five-year average. Oil prices kept rising to their highest since late 2014 as U.S. crude inventories declined, moving closer to five-year averages, and after sources told Reuters that top exporter Saudi Arabia aims to push prices even higher. Brent crude futures reached $74.73 a barrel, the highest since Nov.
Oil Rally Fades, but Weak Dollar Underpins
Rising U.S. output undermines OPEC/Russia supply cuts. The oil rally paused for breath on Friday after hitting fresh three-year highs in the previous session, but weakness in the dollar continued to underpin prices. Brent crude futures stood at $70.22 per barrel at 1250 GMT, 20 cents below their last close. On Thursday, the contract climbed to as high as $71.28 per barrel, its highest since 2014. U.S. West Texas Intermediate (WTI) crude futures were steady at $65.51 a barrel.
Oil Falls on U.S. Stocks, Global Demand Doubts
U.S. gasoline, distillate stocks increase but OPEC/Russia-led supply cuts lend market support. Oil prices fell on Wednesday after a surprise rise in U.S. inventories of refined products in what the market interpreted as a sign of flagging demand. Brent crude futures were down 48 cents at $62.38 a barrel by 1002 GMT, down 2 percent since last Wednesday, while U.S. crude futures were off 46 cents at $57.16 a barrel. With global equities under pressure from sliding technology stocks and the U.S.
OTC Snaps up Rival Oil Brokerage as Consolidation Heats Up
Commodities broker OTC Europe has agreed to purchase rival Oil Brokerage in the latest consolidation in a sector squeezed by rising competition and smaller margins. OTC Europe, a subsidiary of OTC Global Holdings, said it concluded its purchase of Oil Brokerage, a 29-year-old, London-based firm with some 70 staff, on Tuesday in an effort to expand its global footprint. "They're very big in areas we simply just weren't in yet…
Oil on Course for Strongest Q3 since 2004
Brent crude set for Q3 rise of nearly 16 pct. Oil rose was on course for its largest third-quarter gain in 13 years as prices rose on Wednesday after the Iraqi oil minister said that OPEC and its partners are considering extending or deepening output cuts aimed at reducing a global supply glut. Brent crude futures were up 48 cents at $55.62 a barrel by 1020 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 54 cents to $50.02.
Oil Breaks Losing Streak ahead of US Inventory Data
Oil prices edged up in volatile trading on Tuesday, rebounding from six days of losses, ahead of U.S. crude inventory data forecast to show a drawdown. U.S. crude futures settled up 33 cents to $49.56 a barrel, breaking a streak that saw the benchmark lose 7.4 percent. Brent crude settled up 50 cents at $52.10 a barrel. Analysts forecast U.S. crude oil stocks to fall by 1.6 million barrels in the most recent week.
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 Below $49 as Glut Outweighs Production Reduction Hopes
Brent's August rally fizzles outas U.S. crude inventories seen lower in weekly report. Oil fell below $49 a barrel on Tuesday, giving up part of August's strong rally, as signs of rising supply outweighed hopes that producing nations will agree steps to support prices. A Nigerian militant group, which has claimed a wave of attacks on oil facilities, said at the weekend it was ready for a ceasefire and Iraq resumed pumping through a northern pipeline halted earlier this year.
Coal Surges Past $50 as Crude Prices Sag
Both coal and oil rallied from over 10-year lows in early 2016, but coal, oil have diverged since June. Coal prices in 2016 have regained their footing above the psychological threshold of $50, leaving the oil industry wondering when crude prices will return to form. Both thermal coal and crude oil prices plunged to more than 10-year lows earlier this year as both industries grappled with oversupply and slowing demand, but prices recovered as production outages tightened the market.
Oil Below $50 on Supplies, Economy Concerns
Oil worker wage talks begin in Norway; return of Nigerian supply could hit prices -Goldman. Oil fell below $50 a barrel on Thursday, pressured by higher Nigerian output and concern about the economic outlook following Britain's vote to leave the European Union last week. Returning Nigerian supply will put pressure on prices, Goldman Sachs said, adding that outages caused by Canadian wildfires would virtually end by September. Norwegian supply could be hit by a threatened workers' strike, however.
2016 Thermal Coal Markets Sluggish on Weak Demand
Physical coal prices loiter around $50 per tonne on mild winter. Thermal coal prices started the new year warily with physical cargo values around $50 per tonne and futures testing $40 a tonne for the first time since 2003, as last year's commodity rout spills into 2016. Physical coal cargoes for prompt shipment from Australia's Newcastle terminal last settled at $50.35 a tonne, below levels seen during the global credit crisis of 2008/2009.
Global Coal Benchmarks Below 2009 Levels
Thermal coal prices down 75 pct since 2008, 60 pct since 2011. Three leading global thermal coal price benchmarks have fallen below levels last seen during the global financial crisis of 2008-2009, knocked by a sharp slowdown in demand, especially in Asia, and with mining output remaining stubbornly high. Europe's Amsterdam-Rotterdam-Antwerp, Australia's Newcastle and South Africa's Richards Bay benchmarks have dropped to between $51 and $58 per tonne…
China Crude Tanks Operational from End-August
Vopak storage site in Hainan due for start-up next month. State-owned and private companies will start up about 26 million barrels of new oil tanks in southern China in coming months, amid strong demand for storage from traders who expect prices to recover enough to pay for the cost of holding crude. Benchmark crudes recovered from recent losses on Thursday following a large U.S. stock draw, but concerns over…
Coal Prices Fall Amid Weak Chinese Demand
Physical coal prices in Australia and Europe continued to fall over the past week, pushed lower by concerns over demand in China after a massive rout in the country's stock market. Cargoes for delivery into Europe's main ports at Amsterdam, Rotterdam and Antwerp in August last closed at $57.40 a tonne, down nearly $1 on the week and more than 5 percent so far this month. Coal for delivery in August from Australia's Newcastle terminal edged lower to $60.25 a tonne over the past week.
Marex Spectron Reportedly for Sale
Marex Spectron Group Ltd is up for sale, four years after the global energy and metals broker was formed from two different entities, four sources close to the company said. The firm, which is majority-owned by private equity investment firm JRJ Group, emerged in 2011 from the merger of metals dealer Marex Financial and energy broker Spectron Group. Sources said JRJ Group has considered selling Marex Spectron for some time.
Tankers Booked to Store Oil at Sea
Oil traders have booked up to 20 tankers to store an estimated 40 million barrels of crude at sea, rising from 25 million barrels last week, as they soak up a stocks glut in anticipation of future profits, shipping and oil market sources said. The more than 50 percent fall in spot prices since June enables traders to make money by storing the crude for delivery months down the line, when prices are expected to recover.
Prices Under Pressure From Oversupply
Thermal coal prices hovered just above five-year lows on Wednesday as a global supply glut and weak demand from leading consumer China weighed. European API2 2015 coal futures prices were trading at $73.45 a tonne on Wednesday afternoon, down $0.25 since their last close. Chinese coal demand has fallen in 2014 with the latest data showing August coal imports fell 27.3 percent from the same period a year ago.
French Premium Narrows on Warmer Weather
The French premium over German spot prices narrowed on Tuesday, following forecasts of warmer weather in France and a drop in German wind power output. German baseload (24 hours) power for delivery on Wednesday was up 3.60 euros at 35.60 euros ($44.9) per megawatt hour (MWh). The French spot contract for day-ahead baseload power delivery dropped 6 euros to 43 euros/MWh. Temperatures were expected to rise by 1.7 degrees Celsius in France on Wednesday…
Med Tanker Market Pins Freight Rate Hopes on Libya Oil Export Push
Rising oil exports from Libya after months of disruption helped push Mediterranean tanker rates to the highest levels in nearly six months on Wednesday, and shipping players expected more gains in earnings as shipments from the OPEC member step up. Aframax tankers on the Mediterranean route, which transport the majority of Libya's crude oil, normally carry loads of up to 600,000-700,000 barrels. Rates have been depressed in recent months due in part to slower exports from Libya.
