Energy Correspondent, London
Claire's Feed
Feb 14, 2012

Oil dips near $117 on EU demand fears

LONDON (Reuters) – Oil prices slipped on Tuesday after ratings agency Moody’s downgraded six countries in Europe prompting renewed investor concerns about demand in the region, but prices were underpinned by fears of supply disruption in the Middle East.

Brent crude futures were down 53 cents to $117.40 a barrel at 0908 GMT. U.S. crude was stronger, up 4 cents to $100.95 a barrel, narrowing the difference between the two grades to less than $17 a barrel.

Feb 10, 2012

IEA cuts 2012 oil demand growth forecast yet again

LONDON (Reuters) – Global oil demand will grow by less than 1 percent in 2012, the International Energy Agency (IEA) said on Friday, cutting its oil growth demand forecast for a sixth consecutive month due to a weak global economy.

The agency, which provides energy advice to the world’s most industrialized nations, cut its global oil demand growth forecast for this year by 250,000 barrels per day (bpd) to 800,000 bpd.

Feb 6, 2012

Oil dips below $114; Greek debt, Iran in focus

LONDON (Reuters) – Oil slipped under $114 a barrel on Monday as traders and investors worried that a failure to agree a deal with Greece for a second bailout would suppress demand in the eurozone, but renewed tensions with Iran kept a floor under prices.

“There’s still not much confidence over the eurozone economies, and that is limiting upside from strong U.S. data and the tensions in Iran,” said Ken Hasegawa, a commodity derivatives manager with Newedge Brokerage in Tokyo.

Feb 6, 2012

Oil down near $114; Greek debt, Iran in focus

LONDON, Feb 6 (Reuters) – Oil slipped to around $114 a
barrel on Monday as traders and investors worried that a failure
to agree a deal with Greece for a second bailout would suppress
demand in the eurozone, but renewed tensions with Iran kept a
floor under prices.

“There’s still not much confidence over the eurozone
economies, and that is limiting upside from strong U.S. data and
the tensions in Iran,” said Ken Hasegawa, a commodity
derivatives manager with Newedge Brokerage in Tokyo.

Feb 2, 2012

U.S. gasoline heads for “epic summer”-Citi’s Kleinman

LONDON, Feb 2 (Reuters) – Refinery outages in the U.S.
and Europe and lower U.S. crude prices will support U.S.
gasoline refining margins and enable traders to profit from
rising U.S. gasoline futures, said Seth Kleinman, global head of
energy strategy at Citi.

“U.S. gasoline looks fantastic – it is heading for an epic
summer,” said Kleinman, speaking at the ETF Securities
Investment Conference in London on Thursday. “Structurally it
will be very supportive for the entire oil market.”

Jan 31, 2012

Coryton refinery attracts interest -Howitt

LONDON (Reuters) – The UK’s Coryton refinery, owned by troubled Swiss refiner Petroplus (PPHN.S: Quote, Profile, Research), has attracted dozens of enquiries from interested parties, Richard Howitt, regional member of the European parliament (MEP), said on Tuesday.

Petroplus, Europe’s largest independent refinery by capacity, is filing for insolvency after battling with high debt and poor refining margins.

Jan 30, 2012

Oil dips to $111, focus on EU and Iran

LONDON (Reuters) – Oil prices dipped to near $111 a barrel on Monday as fears over an immediate cessation of Iranian crude exports to Europe eased, and markets awaited a deal on Greek debt.

Brent crude futures were down 35 cents to $111.11 a barrel by 1455 GMT and U.S. crude was down 83 cents at $98.73 a barrel. Both contracts gained more than 1 percent last week.

Jan 30, 2012

Oil dips below $111, EU and Iran eyed

LONDON, Jan 30 (Reuters) – Oil prices retreated on
Monday, dipping below $111 a barrel after an expected Iranian
vote to suspend crude exports to Europe was postponed and
markets continued to wait for a deal on Greek debt.

Brent crude futures were down 55 cents to $110.91 a
barrel by 0919 GMT and U.S. crude was down 75 cents at
$98.81 a barrel. Both contracts gained more than 1 percent last
week.

Jan 24, 2012

Petrol price to rise as UK refinery shut, no spike

LONDON, Jan 24 (Reuters) – Gasoline prices may rise
from already record levels in Europe after the closure of
Britain’s Petroplus-owned Coryton refinery, but a sharp spike is
unlikely because of slack demand and ample alternative sources
of supply.

The closure, meanwhile, will provide a significant boost to
the margins of refiners that remain in the market, giving some
support to a shaky industry.

Jan 24, 2012

Banks call time on debt-laden Petroplus

ZURICH/LONDON, Jan 24 (Reuters) – Swiss-based oil
refiner Petroplus is filing for insolvency, putting
over 2,000 jobs across Europe at risk, after banks called in
debts, triggering a $1.75 billion default.

Europe’s largest independent refiner by capacity has been
teetering since its lenders restricted credit late last year, a
victim of thin refining margins and high debt that was a result
of its private equity-backed, acquisition-based business model.

    • About Claire

      "At Reuters I am an energy correspondent covering the oil markets and investment trends in commodities. Prior to this I focused on the asset management industry. Before joining Reuters I edited Global Investor, a monthly magazine for the institutional investment industry, and Portfolio International, a magazine for the offshore funds industry."
      Joined Reuters:
      2006
      Languages:
      English
    • More from Claire

    • Contact Claire

    • Follow Claire