OIL PRICES: ABOVE $46 AGAIN
NASDAQ wrote, oil prices were lower in Asia trade on Friday as traders brace for an increase in oil exports from Libya and Nigeria, and the increase in U.S oil product inventories weighs on prices.
On the New York Mercantile Exchange, light, sweet crude futures traded at $43.65 a barrel at 0301 GMT, down 26 cents in the Globex electronic session. Brent crude on London's ICE Futures exchange fell 25 cents to $46.34 a barrel.
Libya's state oil company also lifted curbs on sales from three ports on Wednesday, ANZ Bank said. Libya is now planning to resume exports from its Ras Lanuf port and a tanker is due to be loaded with 600,000 barrels of crude.
"Continued oil price weakness, tepid demand growth in key markets and weak financial results will force major Asian oil companies to continue to abide by tight cost-cutting measures, while seeking to improve operational efficiency and become more flexible," BMI Research said in a report.
It added that oil prices are expected to gradually recover over late 2016 and 2017, but noted that their forecast for Brent to average $45.5 per barrel in 2016 is still 15.1% lower than the average price in 2015.
At 0306 GMT, oil product futures were down.
Nymex reformulated gasoline blendstock for September--the benchmark gasoline contract--fell to 1.4298 cents a gallon from 1.4302 cents.
ICE gasoil for October changed hands at $412.75 a metric ton, down $2.75 from Thursday's settlement.
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BLOOMBERG - While Europe as a whole gets more than a third of its gas from Russia, that share is lower in the U.K., which receives the bulk of its fuel from North Sea fields and Norway. Still, Moscow-based Gazprom PJSC was the second-biggest supplier to major industrial consumers in the U.K. last year, according to Britain’s energy regulator Ofgem.
FT - of the six LNG tankers that have made deliveries into the UK so far in 2018 three have carried cargoes originally from Russia, leading to questions about whether Moscow was gaining a foothold in the UK gas market after starting up the Yamal LNG facility in Siberia late last year.
REUTERS - So far this year, two Yamal cargoes unloaded at British terminals for domestic consumption, accounting for about a third of Britain’s 2018 LNG imports after typical supplier Qatar pre-sold the bulk of its winter output to Asia last year.
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.77 a barrel at 0753 GMT, up 6 cents, or 0.1 percent, from their previous settlement. Brent crude futures LCOc1 were at $64.62 per barrel, down just 2 cents from their last close.