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.
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
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
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.
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.
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.