OIL PRICES UP
Crude oil prices on the New York market bounced up $2/bbl to settle slightly above $50/bbl Feb. 5. The positive momentum continued during early Jan. 6 trading in what has proved to be a turbulent week for oil prices.
Brent prices also jumped $2/bbl higher on Jan. 5, which analysts attributed to reports of continuing unrest in Libya. The entrance to Mabruk oil field in central Libya was attacked and four people were reported to have been killed. Total SA jointly operates Mabruk field with Libya National Oil Co.
Meanwhile, Saudi Arabia increased its oil prices for US buyers late Feb. 5 while reducing its prices for Asian buyers.
US light, sweet oil prices showed early gains after the US Department of Labor said US nonfarm payrolls increased by a seasonally adjusted 257,000 jobs in January, which was more than the 237,000 that analysts had expected.
The New York Mercantile Exchange crude oil contract for March delivery gained $2.03 on Feb. 5, closing at $50.48/bbl. The April contract increased $2.01 to $51.31/bbl.
The natural gas contract for March was down 6.2¢ to $2.60/MMbtu on NYMEX. The Henry Hub, La., gas price was down 10¢ to $2.63/MMbtu on Feb. 5.
Heating oil for March climbed 3.9¢ to a rounded $1.81/gal. Reformulated gasoline stock for oxygenate blending for March was up 4.3¢ to a rounded $1.52/gal.
The March ICE contract for Brent crude oil climbed $2.41 to settle at $56.57/bbl. Meanwhile, the April Brent contract was up $2.35 to $57.51/bbl. The ICE gas oil contract for February gained $8 to $543.75/tonne.
The average price for OPEC's basket of 12 benchmark crudes on Feb. 5 was $50.81/bbl, down $1.41 from the previous day.
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PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.
AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.
WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.
REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.