Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  




Subscribe to our free daily newsletters



OIL AND GAS
Energy firms hit by oil dive, N.Korea crisis fuels uncertainty
by Staff Writers
Hong Kong (AFP) July 6, 2017


Asian energy firms sank Thursday following a plunge in oil prices while equity traders remained on edge after North Korea's latest missile test and warnings from the US it would use force to deal with the nuclear-armed state.

Crude fell around four percent Wednesday on renewed concerns about a global supply glut that overshadowed data pointing to a drop in US stockpiles.

Investors are worried that an output cut agreed by OPEC and Russia will not be enough to offset rising production from the US and other nations including Libya and Nigeria.

"Gasoline demand has increased because of the US driving season and that's a good sign for the market," Barnabas Gan, an economist at Oversea-Chinese Banking Corp. in Singapore, told Bloomberg News.

But he added: "The rally is still extremely fragile and any signs which point to a higher supply environment into the second half could be a factor for oil prices to fall further."

Oil had surged around 10 percent since mid-June on bargain-buying -- having dived about a fifth over the previous four weeks on supply worries.

While the commodity rose more than one percent Thursday in Asia, Hong Kong-listed PetroChina and CNOOC were each down sharply down. Santos and Rio Tinto gave up more than one percent in Sydney and Inpex was down a similar amount in Tokyo.

Broader equity markets swung back into negative territory on lingering worries about the North Korea crisis after it tested its first missile able to reach the United States.

- 'Sharp military escalation' -

At the United Nations, the US led a push for tougher sanctions on the hermit state, with Ambassador Nikki Haley saying it was working on a draft resolution imposing sanctions on Kim Jong-Un's regime.

She called the launch a "sharp military escalation" that made "the world a more dangerous place", adding President Donald Trump was ready to use military force if all diplomatic avenues are exhausted.

The escalation comes days before Trump heads to Germany for his first G20 summit, which was already expected to be testy for the new president following his recent outbursts over global trade and NATO.

Tokyo ended 0.4 percent lower while Hong Kong slipped 0.1 percent.

Sydney lost 0.1 percent and Seoul was marginally lower while Singapore and Taipei each gave up 0.4 pecent.

But Shanghai ended up 0.2 percent while Wellington, Manila and Jakarta were also slightly higher.

In early European trade London and Paris each dipped 0.1 percent but Frankfurt rose 0.2 percent.

The dollar was little moved after minutes of the Federal Reserve's June meeting indicated interest rates would rise again this year as expected but provided no clarity on the bank's plan to wind down its multi-trillion-dollar investment holdings.

"The ... minutes were perceived hawkish with US yields moving higher and the dollar-yen following suit," said Stephen Innes, senior trader at forex firm OANDA.

"But with no consensus on the balance sheet runoff timing, investors's dollar appetite dwindled a touch heading into Asia trade. However, the Fed's acknowledgement to elevated asset prices will likely keep the dollar bears at bay as this view provides more fodder to the rate hike narrative."

Traders are now awaiting the release of key US jobs data on Friday for a better handle on the state of the world's top economy.

- Key figures around 0720 GMT -

Tokyo - Nikkei 225: DOWN 0.4 percent at 19,994.06 (close)

Hong Kong - Hang Seng: DOWN 0.1 percent at 25,508.53

Shanghai - Composite: UP 0.2 percent at 3,212.44 (close)

London - FTSE 100: DOWN 0.1 percent at 7,365.09

Euro/dollar: DOWN at $1.1336 from $1.1343 at 2050 GMT

Pound/dollar: UP at $1.2939 from $1.2927

Dollar/yen: DOWN at 113.20 yen from 113.21 yen

Oil - West Texas Intermediate: UP 49 cents at $45.62 per barrel

Oil - Brent North Sea: UP 51 cents at $48.30

New York - DOW: FLAT at 21,478.17 (close)

dan/rb

J.P. MORGAN CHASE & CO

VANTIV

WORLDPAY

OIL AND GAS
China taps 'combustible ice' for growing energy needs
Beijing (AFP) July 2, 2017
China is drilling deep into the ocean floor in the hope of tapping vast deposits of a frozen fossil fuel known as "combustible ice" but it will be years before it is part of the global energy mix. Gas hydrates are found in the seabed as well as beneath permafrost but experts say extracting methane from the ice crystals is technologically challenging and expensive. Energy-guzzling China, ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Solving a sweet problem for renewable biofuels and chemicals

Cellulosic biofuels can benefit the environment if managed correctly

Biofuel from waste

Cheap, energy-efficient and clean reaction to make chemical feedstock

OIL AND GAS
Environmental groups say G20 paying lip service to clean energy

The Last Day of Net-Metering Brings Memories of Fighting for Every Solar Watt

Air pollution casts shadow over solar energy production

ABB microgrid to power Aruba and support transition to renewable energy

OIL AND GAS
Thrive Renewables delivers mezzanine funded wind farms in Scotland

It's a breeze: How to harness the power of the wind

ADB: Asia-Pacific growth tied to renewables

GE Energy Financial Services Surpasses $15 Billion in Renewable Energy Investments

OIL AND GAS
Sixth MOX nuclear shipment leaves France for Japan

UK nuclear plant to cost consumers billions more

Toshiba delays results again citing US nuclear unit

AREVA obtains transport license for its new cask in France and Belgium

OIL AND GAS
EU girds for stormy G20, climate battle with Trump

Trump 'proud' of leaving Paris climate deal

EU 'more determined' than ever to fight climate change: Merkel

Global companies pledge transparency on climate risk

OIL AND GAS
Baidu CEO's self-driving car stunt stumps police: media

Volvo to phase out petrol-only cars from 2019

China starts regulating bike-sharing as complaints soar

China police probe funding of 'traffic-straddling' bus

OIL AND GAS
Iraq battles last few hundred jihadists in Old Mosul

Tougher fighting, more suicide attacks as IS hits back in Mosul

Mosul victory in 'days' as IS falls back in Syria

Gunfire cuts short celebrations at recaptured Mosul mosque

OIL AND GAS
South Korean president lobbies US leaders on North Korea policy

S. Korea to offer North treaty for denuclearisation: minister

Poland to transfer Soviet relics to nuclear weapons bunker

US sanctions Chinese bank for laundering N.Korean cash




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement