Energy Correspondent, London
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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.

Jan 23, 2012

Oil up above $110, Iran embargo supports

LONDON (Reuters) – Oil prices rose above $110 on Monday after EU envoys agreed to embargo Iranian oil from the start of July, but gains were capped by euro zone debt concerns as the wrangling continued over a restructuring of Greek debt.

Brent crude oil futures were up 34 cents at $110.20 a barrel by 5:13 a.m. ET. U.S. crude was up 7 cents to $98.40 after dipping to $97.40, the lowest since December 21.

Jan 17, 2012

PERFORMANCE

LONDON (Reuters) – Tight supply in grains and industrial metals such as copper along with further support for gold offer opportunities in what top commodities managers see as another challenging year in 2012.

“Our general feeling going into 2012 is that the trading environment is still a difficult one, and that markets will continue to be volatile with macro headwinds,” said Colin O’Shea, head of commodities at Hermes.

Jan 17, 2012

Oil up above $112 on China data, weak dollar

LONDON, Jan 17 (Reuters) – Oil prices rose above $112
on Tuesday supported by a weaker dollar and on expectations of
steady demand growth after China, the world’s second-largest oil
consumer, posted stronger-than-expected economic growth.

Brent crude futures were up 77 cents at $112.11 a
barrel by 0857 GMT, gaining for a second day.

Jan 17, 2012

Brent rises above $112 on China demand, weak dollar

LONDON, Jan 17 (Reuters) – Oil prices rose above $112
on Tuesday supported by a weaker dollar and on expectations of
steady demand growth after China, the world’s second-largest oil
consumer, posted stronger-than-expected economic growth.

Brent crude futures were up 77 cents at $112.11 a
barrel by 0857 GMT, gaining for a second day.

Jan 16, 2012

Traders hit as petrol glut builds offshore Nigeria

LONDON, Jan 16 (Reuters) – Oil traders face lower
profits or potential losses as a gasoline glut of around 1
million tonnes builds offshore Nigeria due to a dispute over a
cut in petrol subsidies, which has pitched protesters against
President Goodluck Jonathan.

Around 30 vessels are now waiting to offload their gasoline
cargoes, or just under 1 million tonnes of the refined product,
according to trade sources. The product glut would have a market
value of under $900 million, according to Reuters calculations
based on benchmark European prices.

Jan 16, 2012

Commods funds target pockets of tight supply in 2012

LONDON, Jan 16 (Reuters) – Tight supply in grains and
industrial metals such as copper along with further support for
gold offer opportunities in what top commodities managers see as
another challenging year in 2012.

“Our general feeling going into 2012 is that the trading
environment is still a difficult one, and that markets will
continue to be volatile with macro headwinds,” said Colin
O’Shea, head of commodities at Hermes.

Jan 12, 2012

Petroplus unions witholding stock at Antwerp site

BRUSSELS/LONDON, Jan 12 (Reuters) – Trade unions are
blocking millions of dollars worth of oil products from leaving
Petroplus’s Antwerp refinery to ensure that provision
is made for payments to staff as the company struggles to stay
in business.

“We want to keep this stock on the site to guarantee
whatever happens that there is enough stock to be sold to
generate money,” a spokesman for the BBTK union said on
Thursday.

Jan 5, 2012

Oil steady as dollar gains cap rise on Iran

LONDON (Reuters) – Oil was steady at around $113.80 a barrel on Thursday as geopolitical tensions kept a floor under prices, following a European Union agreement to stop importing Iranian crude, but a stronger dollar capped gains.

Brent crude futures were up 10 cents to $113.80 at 1420 GMT, giving up earlier gains as the dollar strengthened.

    • 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
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