LONDON, Dec 11 (Reuters) – The oil industry has welcomed the
UK Treasury’s draft proposals on tax relief for costs of
shutting down ageing wells and oilfields which, if implemented,
should help unlock more North Sea oil and gas reserves by
The oil and gas industry has been waiting for clarity on the
tax treatment of decommissioning liabilities for ageing assets
in the North Sea since 2011. The hope is that this will help
more late life assets change hands.
LONDON, Nov 23 (Reuters) – Oil dipped towards $110 a barrel
on Friday as the ceasefire in the Gaza Strip held, easing supply
concerns, but better-than-expected German business sentiment
data failed to ease worries about demand in the eurozone
Brent crude futures were down 16 cents at $110.41 a
barrel at 0928 GMT. U.S. crude was down 27 cents against
Wednesday’s settlement to $87.11. The U.S. market, which was
closed on Thursday for the Thanksgiving holiday, will not issue
a formal settlement price until Friday.
LONDON/GENEVA, Nov 19 (Reuters) – Investors say they have no
plans to switch to the new Brent NX contract which was unveiled
over a year ago, leaving futures exchange ICE with tough choices
to make in 2013 over how to terminate the existing benchmark.
The majority of fund managers care little about the
technicalities of cargo delivery dates, the reason why ICE
introduced the new contract, and some are barely aware it is on
the board. The equivalent of just 0.1 percent of total Brent
volumes has switched.
LONDON, Nov 16 (Reuters) – European oil refiners can expect
margins to come back down to earth in 2013 as global capacity
returns, after a rollercoaster this year that saw them soar in
the second and third quarters on low oil products stocks and
The persistent strength of European refining margins since
the middle of the year has surprised traders and refiners, who
had grown used to very tough conditions.
LONDON (Reuters) – Cash-strapped consumers in austerity Britain trying to hold down rising heating bills are rushing out to buy socks designed to be worn in bed, according to UK manufacturer HJ Hall.
HJ Hall said it would normally sell around 3,000 pairs of bedsocks a month between October and February, but this October sold more than 9,000 pairs. 86 percent of the people it polled said they were buying the socks to delay putting on the heating.
Nov 6 (Reuters) – The world’s leading financial index group
sowed hours of confusion in global oil markets late on Monday
when it accidentally reversed the new crude oil weightings of
the top commodity index, the S&P GSCI.
S&P Dow Jones Indices, owned by McGraw Hill unit
Standard & Poor’s, said on Tuesday that it had inadvertently
mislabeled a table showing how investors should allocate an
estimated $80 billion of funds that track the index for 2013.
The new weights were listed under a “2012″ heading, while this
year’s were listed as new figures for “2013.”
LONDON (Reuters) – Oil prices slipped to around $105 a barrel on Monday, weighed down by a strong dollar and demand destruction after Superstorm Sandy, while investors remained cautious ahead of the U.S. presidential election.
Front-month Brent futures were down 65 cents at $105.03 a barrel at 5.46 a.m EDT, while U.S. crude was down 34 cents to $84.52 a barrel.
LONDON, Nov 2 (Reuters) – Superstorm Sandy has ended months
of heavy speculation in gasoil futures on the back of a tight
middle distillates market, with traders now expecting stocks to
build as European refineries return from maintenance and Sandy
crushes U.S. demand.
Middle distillates inventories, which include heating oil,
diesel and jet, had been running at multi-year lows in both the
United States and Europe – threatening to ramp up heating bills
for households in the event of an early cold snap.
LONDON (Reuters) – Does the rise of U.S. shale oil mean fuel buyers can look forward to a multi-year period of crude price decline? Or is oil destined for new record highs above $150 a barrel?
The question is dividing energy analysts who are split on whether or not shale and other predominantly North American “unconventional” supply like Canadian oil sands will be enough to comfortably meet an increase in global fuel demand led by emerging markets to 2020.
LONDON, Oct 19 (Reuters) – Oil prices held steady at above
$112 a barrel on Friday, but analysts and traders said a move to
the downside was likely because the UK’s Buzzard oilfield was
expected to restart this weekend while the demand outlook
At 0836 GMT December Brent crude oil futures were up
32 cents a barrel but were on course for another weekly loss.
U.S. crude was down 9 cents at $92.01 a barrel.