Correspondent, London
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Nov 6, 2015

Iran’s oil return to boost SUMED volumes – Egypt oil min

LONDON, Nov 6 (Reuters) – Egypt anticipates a ramp-up in oil
volumes through the SUMED pipeline once Iran re-enters the world
market – a move that is welcomed by Cairo, the country’s
petroleum minister Tarek El Molla told Reuters on Friday.

SUMED, which owns and operates Egypt’s Mediterranean port of
Sidi Kerir, is half owned by state-run oil company Egyptian
General Petroleum Corp. A group of four other Gulf Arab
countries – Iran’s arch rival Saudi Arabia, as well as Kuwait,
the United Arab Emirates and Qatar – owns the other half.

Nov 3, 2015

Supply glut pushes oil lower

LONDON, Nov 3 (Reuters) – Oil fell on Tuesday weighed by a
glut in supply and worries about a fragile demand outlook.

Brent crude futures were down 21 cents to $48.58 by
0913 GMT, under pressure from Russian production hitting a
post-Soviet peak while China’s demand outlook weakened.

Oct 22, 2015

Top oil traders wary of tapping their war chests

LONDON (Reuters) – The world’s biggest oil traders are sitting on a war chest worth billions of dollars, but are reluctant to embark on a spending spree, because the pool of available assets is either too pricey or simply not for sale.

Vitol, Mercuria, Trafigura and Gunvor, the four privately-owned houses that traded nearly a billion tonnes of raw materials last year, have all said they are open to opportunities, but not at any price.

Oct 22, 2015

Oil edges up back over $48 after drop

LONDON (Reuters) – Oil prices rose on Thursday, creeping over $48 a barrel, after dropping around a dollar in the previous session on higher inventories.

Brent for December delivery rose 20 cents to $48.05 a barrel by 0802 GMT. The global crude benchmark finished down 86 cents, or 1.8 percent, on Wednesday, after hitting $47.50, its lowest since early October.

Oct 15, 2015

Oil slips under $49 on inventory rise

LONDON (Reuters) – Oil fell under $49 per barrel on Thursday, as selling continued after a jump in U.S. stockpiles shown in industry data the day before.

Brent eased 21 cents to $48.94 a barrel by 0942 GMT. On Wednesday it hit a low of $48.71, the weakest since Oct. 5.

Oct 15, 2015

Oil slips more to brush $49 on inventory rise

LONDON, Oct 15 (Reuters) – Oil slipped more, nearing $49 per
barrel on Thursday, staying weak after a jump in U.S. stockpiles
shown in industry data the day before.

Brent eased 6 cents to $49.09 a barrel by 0753 GMT.
On Wednesday it hit a low of $48.71, the weakest since Oct. 5.

Oct 13, 2015

Oil steady on IEA report, U.S. output forecast

LONDON (Reuters) – Brent crude oil steadied near $50 a barrel on Tuesday after the west’s energy watchdog forecast a global supply glut would last through 2016 thanks to slowing demand growth and a supply glut.

The International Energy Agency (IEA) said the world oil market would remain oversupplied for at least another year despite falls in output from non-OPEC producers.

Oct 9, 2015

Shell asks shippers exporting Nigerian oil to sign guarantee

LONDON, Oct 9 (Reuters) – Royal Dutch Shell has
asked ship owners exporting its Nigerian oil to sign a “letter
of comfort” (LoC) to guarantee it is not stolen, according to an
email from the company seen by Reuters.

In July, the state-run Nigerian National Petroleum
Corporation (NNPC) banned more than 100 tankers from Nigeria’s
waters, citing a directive from President Muhammadu Buhari who
wants to trace and recover what he calls “mind-boggling” sums
stolen from the oil sector.

Oct 2, 2015

Oil turns negative after weak U.S. jobs data

LONDON (Reuters) – Oil fell on Friday, reversing earlier gains after non-farm payrolls data came in weaker than expected which clouded the demand outlook from the world’s largest oil consumer.

U.S. employers slowed hiring over the last two months and wages fell in September, raising new doubts the economy is strong enough for the Federal Reserve to raise interest rates by the end of this year.

Oct 2, 2015

Oil rises on U.S. economic optimism, Syria fears

LONDON (Reuters) – Oil rose on Friday, pushed higher by fears about escalating violence in Syria and on expectations that data would show economic strength in the United States, the world’s largest oil consumer.

Global benchmark Brent LCOc1 gained 47 cents to $48.16 a barrel by 0324 EDT. The contract had closed the previous session down 68 cents. U.S. crude CLc1 added 74 cents at $45.48 a barrel, after settling 35 cents lower in the previous session.

    • About Simon

      "I am a senior correspondent at Reuters in London, working on the energy desk covering the oil market, both physical and futures, with a particular focus on oil products. I have been at Reuters since January 2007, and did stints on the foreign exchange and stockmarkets desk before moving to commodities. I sometimes write lifestyle pieces, and have a particular interest in food and literature."
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