LONDON (Reuters) – Britain’s net imports of petroleum products more than tripled last year after a new wave of refinery closures and capacity cuts left the country unable to meet its demand.
The cuts have been driven by rising overseas competition that put refining margins under heavy pressure. They have left Britain increasingly dependent on fuel imports, raising concerns the country will be vulnerable to supply shocks, price spikes and bottlenecks at strained import terminals.
LONDON (Reuters) – Oil prices slipped on Monday on worries about oversupply in North America, with Brent futures dropping below $60 a barrel and U.S. contracts hovering around $50.30.
After an initial rise on Monday along with global markets on optimism that another euro zone crisis over Greek debt had been averted for now, prices began dipping as analysts said crude markets remained oversupplied, especially in the United States, where inventories are at record highs.
LONDON, Feb 20 (Reuters) – Diesel and heating oil exports
will increase to the United States from Europe, traders said,
reversing the usual flow, as refineries on the U.S. East Coast
struggle against extreme cold that has partly frozen the
On Friday New York heating oil’s premium to European gasoil
spiked to its highest level since the January 2014 ‘polar
vortex’, as temperatures dropped as low as -18 degrees
centigrade (-0.4 Fahrenheit), knocking a number of key
LONDON (Reuters) – Brent oil futures rose to $56 a barrel on Thursday, as a weakened dollar and industry spending cuts offset worries of a supply glut after U.S. crude inventories increased for a fifth consecutive week.
The dollar fell 0.25 percent against a basket of currencies .DXY, making dollar-traded commodities such as oil more attractive.
LONDON, Feb 11 (Reuters) – Oil volatility has jumped to the
highest level since the financial crisis, jolting traders who
had been adjusting to a period of predictable declines following
a near 60 percent crude crash between June and January.
Since the start of February, trading volumes have almost
doubled as prices have risen – and fallen – by as much as 9
percent in a single session, while the number of active
positions in the North Sea Brent contract soared to an all-time
LONDON, Feb 10 (Reuters) – Brent crude fell below $58 a
barrel on Tuesday after the International Energy Agency (IEA)
warned that oil prices may decline as stocks continue to
increase this year.
Oil stocks held by countries in the Organisation for
Economic Cooperation and Development may come close to the
all-time high of 2.83 billion barrels in the middle of 2015,
said the IEA, which advises the West on energy policy.
LONDON, Feb 4 (Reuters) – Oil prices fell on Wednesday after
a new build in U.S. crude stock levels put a global glut back in
focus, cutting short a rally that pushed up prices by about 19
percent over the past four sessions.
The rebound increased speculation that prices may have hit a
bottom, after a seven-month rout slashed oil futures by nearly
60 percent and prompted major energy firms to cut spending on
LONDON (Reuters) – Oil rose more on Tuesday as BP said it will reduce capital expenditure, adding to cuts in investment in the sector and expectations that output will suffer and start to drain a glut.
Oil has gained more than 15 percent since Thursday after data showed the number of U.S. drilling rigs had fallen the most in a week in nearly 30 years. Some investors are betting a floor has formed under the market’s seven-month-long rout.
LONDON (Reuters) – Oil futures rose on Tuesday, adding to gains of more than 11 percent in the prior two sessions as BP announced a cut in capital expenditure for 2015.
BP announced it would cut capital expenditure by 13 percent to $20 billion in 2015. Last week, Chevron announced a 13 percent cut in capital expenditure to $35 billion.
LONDON (Reuters) – Oil prices steadied above $48 a barrel on Tuesday, recovering from earlier losses as the dollar weakened against the euro.
Brent crude oil futures LCOc1 rose 22 cents to $48.38 a barrel by 1042 GMT.
U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 10 cents to $45.25 a barrel.