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Seng Li Peng

Oil kicks off week with gains on fresh hopes for U.S.-China trade talks

25 Nov 2019

SINGAPORE, Nov 25 Oil prices began the week on a brighter note on Monday, posting early gains as positive noises from Washington over the weekend rekindled optimism in global markets that the United States and China could soon sign a deal to end their bitter trade war.

Oil prices steady after two-day drop as growth concerns weigh

20 Nov 2019

SINGAPORE, Nov 20 Oil prices were steady on Wednesday, after falling the past two days, as a surge in U.S. stockpiles reinforced concerns about lacklustre global economic growth amid the trade war between the United States and China, the world's two biggest oil consumers.

Oil slips as lack of U.S.-China trade talk progress frays investor nerves

19 Nov 2019

SINGAPORE, Nov 19 U.S. oil prices fell for the second straight day on Tuesday amid market jitters over limited progress between China and the United States on rolling back trade tariffs, exacerbated by a rise in U.S. inventories.

Brent price seen within $60 to $65 next year - IEEJ

30 Oct 2019

SINGAPORE Brent crude prices are expected to be around $60 to $65 a barrel next year as any possible price hikes from geopolitical risks would be countered by ongoing trade war, according to a top executive of the Institute of Energy Economics, Japan (IEEJ).

Oil prices extend losses as weak China data compounds U.S.-China trade deal doubts

15 Oct 2019

SINGAPORE, Oct 15 Oil prices dropped again on Tuesday after falling heavily in the previous session, as weak Chinese economic data for September added to lingering concerns about the feasibility of the U.S.-China trade deal announced by President Trump late last week.

Asia gets more European naphtha but Saudi factor supports prices

08 Oct 2019

SINGAPORE Naphtha arrivals in Asia this month from the West including Europe and the Mediterranean are seen recovering from a three-month low in September to a two-month high of about 1.3 million tonnes, industry sources said on Tuesday.

Taiwan's Formosa to operate refinery at near 70% due to maintenance

03 Oct 2019

SINGAPORE, Oct 3 Taiwan's Formosa Petrochemical Corp aims to lower its October average run rate at the 540,000-barrel-per-day (bpd) Mailiao refinery to about 70% from more than 87% last month due to maintenance, its spokesman said on Thursday.

Oil product shipping rates in Asia hit near two-week high after U.S. sanctions

27 Sep 2019

SINGAPORE Freight rates for shipping naphtha and other clean oil products from the Middle East to Japan have jumped 13% to their highest levels in nearly two weeks after Washington imposed sanctions on tanker subsidiaries of China's COSCO, according to industry sources and Refinitiv data.

Oil product shipping rates in Asia hit near two-week high after U.S. sanctions

27 Sep 2019

SINGAPORE Freight rates for shipping naphtha and other clean oil products from the Middle East to Japan have jumped 13% to their highest levels in nearly two weeks after Washington imposed sanctions on tanker subsidiaries of China's COSCO, according to industry sources and Refinitiv data.

UPDATE 1-Kuwait Petroleum raises Dec to Nov 2020 naphtha offers by 19% from year ago

27 Sep 2019

(Adds details, comments) By Seng Li Peng SINGAPORE, Sept 27 Kuwait Petroleum Corp (KPC) offered its full-range naphtha for December 2019 to November 2020 loading at $16 a tonne premium to Middle East quotes on a free-on-board basis, four industry sources said on Friday. That is $2.50 a tonne, or 18.5%, higher that the contract for December 2018 to November 2019, which sold at $13.50 a tonne, Reuters data showed. State-owned KPC is also offering its light grade naphtha at a premium of $17.50 a tonne for the December 2019 to November 2020 period, also $2.50 a tonne higher than the prior year, the sources said. At least one buyer has accepted KPC's offers for full range and light naphtha, some of the sources said. This will set the stage for others to either follow the premiums or decline the term contract. Buyers in the negotiation, which started on Monday in Singapore, include Japanese and South Korean companies. "This is still high," said one of the four sources, who tracks naphtha deals. "Most traders think that the market could be bearish next year." For most of this year, naphtha has had the lowest profit margins for refiners among diesel, gasoline, jet fuel and fuel oil because of persistent over supply. However, the Sept. 14 attacks on Saudi Arabia's oil production facilities caused most spot naphtha premiums to rise to their highest since the first-half of 2018. "This is bad timing for a negotiation (for buyers)," said a fifth source. KPC has three 12-month naphtha contracts with Asian buyers starting in April, August and December. Previous prices for KPC's December to November naphtha contracts (Premiums are in $ per tonne) Year Full Light range Premiums Premiums Dec 2018-Nov 2019 13.5 15 Dec 2017-Nov 2018 9.5 11 Dec 2016-Nov 2017 4 NA Dec 2015-Nov 2016 10 11 Dec 2014-Nov 2015 15 NA Dec 2013-Nov 2014 24.25 25.25 Dec 2012-Nov 2013 27 28 Dec 2011-Nov 2012 18.5 NA Dec 2010-Nov 2011 12 13 Dec 2009-Nov 2010 13 NA Dec 2008-Nov 2009 2 NA Dec 2007-Nov 2008 14.5 NA Dec 2006-Nov 2007 6.75 NA Dec 2005-Nov 2006 14.5 NA (Reporting by Seng Li Peng; editing by Christian Schmollinger)

World News

U.S. House committee postpones votes on articles of impeachment

U.S. lawmakers will vote Friday on whether to move forward with impeaching Republican President Donald Trump, as the Democratic head of the Judiciary Committee shocked Republicans by declining to hold a late-night vote after a hearing that lasted more than 14 hours.