Indian Oil makes rare offer of jet fuel for March export

SINGAPORE - Indian Oil Corp has offered up to 32,000 tonnes of aviation jet fuel for loading from Paradip in March in an unusual move, a tender document showed on Wednesday.

It has offered two cargoes of 15,000 to 16,000 tonnes each of jet fuel for loading from Paradip's south oil jetty over March 13 to 14 and March 24 to 25.

The tender closes

Analysis - OPEC cuts, weak freight rates help traders profit on Asia crude routes

By Henning Gloystein

SINGAPORE - Oil traders from around the world, including the United States, Britain and Brazil, have tripled their sales to Asia as they take advantage of an emerging supply gap following OPEC-led production cuts announced late last year.

Around 30 supertankers have this month made long-haul trips to ship crude oil from the Americas, the

Exclusive: China state firm in preliminary deal to buy Chevron`s Bangladesh gas fields - oil executives

By Chen Aizhu and Ruma Paul

BEIJING/DHAKA - China's state-run Zhenhua Oil has signed a preliminary deal with Chevron to buy the U.S. oil major's natural gas fields in Bangladesh that are worth about $2 billion, two Beijing-based Chinese oil executives said.

Zhenhua is a subsidiary of China's defence industry conglomerate NORINCO. A completed deal

U.S. oil holds near 7-week high; OPEC upbeat on output curbs

By Aaron Sheldrick

TOKYO - Oil prices held near multi-week highs on Wednesday after OPEC signalled optimism over its deal with other producers to curb output to clear a glut that has weighed on markets since 2014.

The U.S. West Texas Intermediate April crude contract, the new front-month future, was up 17 cents, or 0.3 percent, at $54.50 a barrel at 0740 GMT

Oil rises 1 percent as OPEC sees higher compliance with cuts

By Devika Krishna Kumar

NEW YORK - Oil prices ended about 1 percent higher after touching three-week highs on Tuesday on OPEC's optimism for greater compliance with its deal with other producers including Russia to curb output in an effort to clear a glut that has weighed on the market.

OPEC Secretary General Mohammad Barkindo told an industry confe

Oil and Natural Gas Corp takes profit hit from royalty payments

By Nidhi Verma

NEW DELHI - Oil and Natural Gas Corp will take a 16 billion rupee ($239 million) hit to its quarterly earnings to account for previous royalty payments to two states, the oil exploration company's finance head A. K. Srinivasan said.

ONGC has already made a 25 billion rupee payment to the two states as royalty on crude oil produced fro

OPEC sec gen says `too early` to say if supply deal should be extended

LONDON - While confidence has returned to the oil market due to agreed output curbs, it is too early to say whether the landmark OPEC/non-OPEC supply deal should be extended, the group's secretary general said on Tuesday.

"I think it would be very premature for the fact that the market is so dynamic it is becoming increasing challenging to forecast,"

Oil rises as OPEC aims for deeper output cuts

LONDON - Oil prices rose more than $1 a barrel on Tuesday after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher.

OPEC Secretary General Mohammad Barkindo said January data showed conformity from participating OPEC nations with output curbs had been above 90 percent and oil inventories would decline f

Crude oil futures rise on global cues

Crude oil futures were trading higher during afternoon trade in the domestic market on Tuesday as investors and speculators extended their positions in the energy commodity as hedge funds are betting big across oil markets following OPEC output cuts agreed last year.

Now, participants hold more crude futures and options after members of the Organization of the Petroleum Exporting Coun

Hold Oil India Ltd For Target Rs.335 - Sharekhan

Key points

*Operating profit below estimate on account of higher other expenses:

Oil India’s (OIL) Q3FY2017 operating profit at Rs734 crore (-1.2% YoY; -12.2% QoQ) was 26.6% below our estimate of Rs1,001 crore due to higher other expenses of Rs690 crore (+14.7% YoY; +31.4% QoQ), and lower-than-expected

21/02/2017 2:26:31 PM | Posted in Broking Firm Views - Long Term Report read full news
Crude prices rise as investors bet big on oil strength

TOKYO  -

Crude futures rose for a second day on Tuesday, with data showing hedge funds are betting big across oil markets following OPEC production cuts agreed last year.

U.S. West Texas Intermediate crude was up 34 cents, or 0.6 percent, at $53.74 a barrel at 0733 GMT, after rising about 0.5 percent in a shortened session on Monday due to a U.S. nation

21/02/2017 10:14:27 AM | Posted in Commodity Top News read full news
Exclusive - Petronas considers $1 billion stake sale in offshore gas project: sources

By Anshuman Daga

SINGAPORE - Malaysian state-owned oil and gas firm Petronas is aiming to sell a large minority stake in a prized upstream local gas project for up to $1 billion as it seeks to raise cash and cut development costs, two sources familiar with the matter said.

Petroliam Nasional Bhd (Petronas) is looking to sell a stake of as much as 49 per

Petronet seeks four LNG cargoes over 2017 in tender - trade

MILAN - India's Petronet is seeking to buy four liquefied natural gas (LNG) shipments during 2017 via a tender process, trade sources said on Monday.

The shipments are scheduled for delivery in April, June, September and November, they said.

Bids are due on Wednesday.

(Reporting by Oleg Vukmanovic, editing by Louise Heavens)

Neutral Mangalore Refinery and Petrochemicals Limited For Target Rs.114.00 - Motilal Oswal

EBITDA below est.; forex loss lowers PAT further

MRPL reported 3QFY17 EBITDA of INR13.1b (excl. forex loss of INR1.6b; est. of
INR15.7b; +46% QoQ, +157% YoY), led by lower-than-estimated GRM of
USD7.43/bbl (est. of USD9.3/bbl). Interest cost came in at INR1.4b (est. of
INR1.1b, +25% QoQ, -10% YoY). Other income of INR636m (-31% QoQ

20/02/2017 3:44:02 PM | Posted in Broking Firm Views - Long Term Report read full news
Crude oil futures higher despite US drilling

Crude oil futures were trading higher during afternoon trade in the domestic market on Monday as investors and speculators widening their positions in the energy commodity amid optimism on efforts by OPEC and other producers to cut output and bring the market into balance.

However, gains were limited as investors gauged whether an increase in the US drilling rigs and record stockpiles

Bharat Petroleum plans to raise Rs 2,000 cr

State-run oil marketing company Bharat Petroleum Corporation Ltd (BPCL) said that it plans to raise up to Rs 2,000 crore through private placement of secured non-convertible debentures during the current financial year.

The company informed the Bombay Stock Exchange (BSE) that last year its shareholders had approved "private placement of non-convertible bonds/debentures and/or ot

Buy Petronet LNG Ltd For Target Rs.430.00- Religare Sec

Religare Super Ideas

Petronet LNG Limited (PETRONET)

PETRONET managed fresh breakout on 17th February, from trend line resistance barrier placed on the daily chart. The breakout was supported by decent volume, indicating buyers interest at current levels. Hence we suggest traders to go for long position in th

20/02/2017 12:04:47 PM | Posted in Broking Firm Views - Short Term Report read full news
Natural gas prices may be hiked by 8% from April: Reports

As per a report, natural gas price in India is likely to be hiked by 8 per cent from April 1 driven by an increase in rates in reference markets including US Henry Hub.

As per sources, price of natural gas, used for generating power and making fertiliser and petrochemicals as well as CNG for automobiles, is likely to rise to USD 2.7 per million British thermal unit for the period from

Oil rises, but swelling U.S. output caps rally

NEW YORK - Oil prices inched higher on Monday, as investor optimism over the effectiveness of producer cuts encouraged record bets on a sustained rally, although growing U.S. output and stubbornly high stockpiles kept price gains in check.

Top OPEC exporter Saudi Arabia's crude oil shipments fell in December to 8.014 million barrels per day (bpd) from 8.258 millio

Iran finds 2 billion barrels shale oil reserves in western province - agency

DUBAI- Iran has found shale oil reserves of 2 billion barrels of light crude in its western Lorestan province, a senior official at the state-run National Iranian Oil Company (NIOC) was quoted as saying on Saturday.

"Based on studies, it is estimated that the shale oil reserves in Ghali Koh in Lorestan amount to 2 billion barrels of oil in place,” Bahman So

Oil Marketing Companies Decent show; Maintain BUY - Emkay

* OMCs reported decent results in Q3 driven by strong volume growth and inventory gains. Core earnings of OMCs adjusted for inventory gains/losses came in at Rs12.7/12.1/7.6/share for BPCL/HPCL/IOCL versus reported EPS of Rs15.7/15.7/8.4.

* Marketing margin of BPCL/IOCL improved by 2.3%/2% qoq to Rs4,143/3,860/mt. However, HPCL’s margin contracted qoq by 13.1% to Rs4,058/mt. Tot

18/02/2017 5:16:14 PM | Posted in Special Event Reports read full news
BPCL plans to raise Rs 2,000 crore

State-run oil marketing company Bharat Petroleum Corporation Ltd (BPCL) on Friday said that it plans to raise up to Rs 2,000 crore through private placement of secured non-convertible debentures during the current financial year.

The company informed the Bombay Stock Exchange (BSE) that last year its shareholders had approved "private placement of non-convertible bonds/debentures

Oil prices drop as oversupply concerns overshadow OPEC cuts

NEW YORK  - Oil prices slipped on Friday, retreating from the previous day's gains under pressure from a stronger dollar and rising U.S. shale oil output, but losses were limited by expectations that producing countries will eventually cut enough output to reduce a global glut.

Rising U.S. output has helped boost domestic crude and fuel inventories to record

18/02/2017 10:20:13 AM | Posted in Commodity Top News read full news
Essar's Iran oil imports fell 1.5 percent in January from December - trade

NEW DELHI - Essar Oil, a key Indian buyer of Iranian crude, imported 1.5 percent less oil from Tehran in January compared with the previous month, according to tanker arrival data obtained from sources and assessed by Thomson Reuters Oil Analytics.

Essar Oil's overall shipments from Tehran rose 56 percent at about 175,600 barrels per day (bpd) in the first ten mon

Europe's refiners cash in despite OPEC oil cuts

LONDON  - A global deal to cut oil production has had the unintended consequence of aiding Europe's older refineries by bolstering supplies of light crude while curbing shipments of the heavier grades favoured by more advanced plants in other continents.

These European units, long thought doomed by competition from state-of-the-art refineries in the Middle Ea