LONDON, Feb 22 (Reuters) – Crude oil market players
expect a slow but steady migration of open interest from the ICE
Brent contract to the exchange’s new NX contract in 2012
against the backdrop of a changing physical market.
The new NX contract is being introduced as part of a broader
change in the underlying physical crude oil market by price
assessment agency Platts, designed to make a larger number of
cargoes count in the process of setting Brent prices.
LONDON (Reuters) – Coryton refinery will continue to operate for at least three more months after Marcel Van Poecke, a co-founder of insolvent owner Petroplus, teamed up with Morgan Stanley and investor KKR to provide fresh crude supplies.
Coryton is the most coveted asset of the five refineries owned by Petroplus around Europe, traders and analysts say. It has been running at half capacity since banks stopped financing Petroplus in late December.
LONDON, Feb 14 (Reuters) – Brent crude oil fell
slightly on Tuesday, weighed by disappointing U.S. retail sales
data and euro zone debt worries after Moody’s warned it may cut
its triple-A credit ratings of France, Britain and Austria.
However, it remained close to six-month highs with
stronger-than-expected German data and tension in Iran helping
keep a floor under prices.
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.
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.
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.
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.
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.”
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.
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.