Middle East crude rises as Asia ships more oil to US
Oil traders and refiners scrambled yesterday to move prompt crude oil and product supplies from Asia to the US West Coast, anticipating tighter markets with the closure of BPs massive Prudhoe Bay oilfield.
The shipments gave more lift to Middle East sour crude prices and regional jet fuel differentials, traders said.
US refiner Tesoro Corp booked the 80,000-tonne crude oil tanker Cape Avila from Oman to the West Coast in early September, shipbrokers said.
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Asia shipping crude, gasoline, jet to US West Coast
Oil traders and refiners scrambled on Thursday to move prompt crude oil and product supplies from Asia to the U.S. West Coast, anticipating tighter markets with the closure of BPs massive Prudhoe Bay oilfield.
The shipments, including at least one cargo out of South Korean storage that could be in California before the end of the month, gave fresh impetus to Middle East sour crude prices and regional jet fuel differentials, traders said.
Independent U.S. refiner Tesoro Corp. (TSO.N: Quote, Profile, Research) booked the 80,000-tonne crude oil tanker Cape Avila from Oman
Asia rises on lower oil prices
SINGAPORE (Reuters) -- Shares in Asian exporters such as Honda Motor Co. Ltd. and Samsung Electronics Co. rose on Monday, as lower oil prices eased fears of higher energy costs crimping consumer spending in the key U.S. market.
U.S. oil futures steadied above $58 a barrel, after slipping to a three-week low due to forecasts of milder winter weather and high crude stockpiles in the United States.
The dollar recovered from a seven-week low against the yen as investors bet the worst was over for the U.S. currency, which suffered its biggest one-week loss against the yen
Rice in Asia, Addresses Major International Security Issues
U.S. Secretary of State Condoleezza Rice has assured Asias top diplomats that the United States will continue working for a lasting resolution to the Middle East crisis. But the possibility of action on another pressing security issue, North Koreas nuclear weapons, seems to be fading.
The U.S. secretary of state says she is willing to return to the Middle East if her presence will help end the fighting between Israel and Hezbollah militants.
I am willing and ready to go back to the Middle East at any time if I think we can move
Middle East strife puts Rice NE Asia tour in limbo
U.S. Secretary of State Condoleezza Rices planned tour of northeast Asia to discuss North Koreas nuclear ambitions and missiles appears to have been derailed by surging violence in the Middle East.
The State Department announced last week that Rice would visit Japan, China, and South Korea -- key diplomatic players on North Korea -- as well as Vietnam and Malaysia, the host this year of the annual ASEAN Regional Forum.
As Israel battled Hizbollah in Lebanon for an eighth day, Rice said she would travel to the Middle East but did
Treasuries ease in Asia ahead of auction
U.S. Treasuries eased in Asia on Wednesday ahead of an auction of 10-year notes, although analysts said the Federal Reserves decision to keep interest rates unchanged was generally positive for bonds.
The Fed held rates at 5.25 percent after its policy meeting on Tuesday, ending a two-year run of consecutive rate rises.
While the accompanying policy statement left open the possibility of more rate rises, some analysts saw the overall tone as friendly for the bond market. I basically think (Fed) rate rises are over. When you look at yesterdays statement it seems an
