Vietnam will halt term exports of its flagship Bach Ho crude next quarter as it diverts supplies to its first major refinery, further tightening the Asia-Pacific market. For full story, click here
Oil prices surged in Asian trade Thursday, getting a lift from a bigger-than-expected dip in US crude reserves. For full story, click here
OPEC-member Kuwait has notified at least two customers in Asia that it will keep curbs on term crude oil supplies in July-September steady from April-June. For full story, click here
Indian Oil Corp. bought a total 5.0 million barrels of sweet crude in its tenders for July and August loading, including its first purchase of the new Nigerian Agbami grade. For full story, click here
Asia’s leading oil and gas producer, PetroChina declared that it would purchase a 45.5 percent stake in Singapore Petroleum Company for $1.02 billion, its first overseas acquisition of a public company. For full story, click here
Crude oil futures dipped this Friday in Asia as traders opted to take profit ahead of the weekend, with regional share markets largely directionless and fundamentals staying weak. David Moore, commodity strategist at Commonwealth Bank of Australia, stated: Oil consumption is likely to remain weak, a consequence of the global recession, limiting the upside to [...]
Recent dismal economic data and growing U.S. inventories kept oil prices below $50 a barrel Friday despite hopes of a possible second-half recovery in crude demand. Benchmark crude for May delivery fell 40 cents to $49.58 a barrel by Noon in European electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 73 cents to settle at $49.98.
European traders are moving more North Sea crude oil cargoes to the U.S. and Asia as European demand remains sluggish, traders and shipping brokers said Wednesday. For full story, click here
It was a stock that people loved to hate. During the first half of 2008, investors cringed when they saw rallies in the price of oil. As crude surged to $150 a barrel last year, equity investors bemoaned the hit, and worried and gossiped about the outlook for consumer-oriented firms which would need to spend more on gas. Then the tide turned.
Asia’s largest oil and gas producer, PetroChina, surged 2.1 percent to HK$5.94, tracking a 4 percent hike in crude oil prices overnight, but gains were capped by a slight pullback in oil prices on Wednesday after data showed U.S. crude inventories rose much more-than-expected last week. For full story, click here
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