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Tuesday, 13 September 2016
Today's ENERGY News - 13 September 2016
How Did Alberta’s Oil Future End Up With Pipeline Companies? How did the value of your house and your future employment opportunities end up in the hands of owners/operators of buried steel tubes and a single federal regulator? Why does the fate of Canada’s largest and most valuable resource industry – and the millions of Canadians who depend upon it – rest with commercial pipeline companies and the National Energy Board (NEB)? What about all the other stakeholders? Why are the governments which own these resources on behalf of the people and all the elected politicians not more actively involved? What about the voters? Who’s representing the consumers who need the product to survive in this large cold country and the Canadians whose jobs depend on oil and gas development? When will we hear from the companies that actually find and produce oil? Welcome to Canadian pipeline paralysis 2016. […]
Oil prices extended declines on Monday amid projections that U.S. data is set to show a big rebound in crude inventories to offset an unexpected slump due to the impact of a tropical storm. London Brent crude for November delivery LCOc1 was down 49 cents, or 1.0 percent, at $47.52 a barrel by 2246 GMT (6.46 p.m. ET) on Sunday after settling down 4 percent on Friday. NYMEX crude for October delivery CLc1 was down 60 cents, or 1.3 percent, at $45.28 a barrel, after closing down 3.7 percent on Friday. Oil’s decline over the past two days erased gains of more than 4 percent on Thursday, which were triggered after U.S. government data showed the biggest weekly drop in […]
Speculators boost bets on lower WTI crude prices by 37%: CFTC OPEC, Russia, other producers meet in Algiers on Sept. 26-28 The longer OPEC and other producers talk about a ceiling on crude output, the more doubts grow in the market. Money managers increased wagers on falling prices by the most in three months as a meeting between Russia and Saudi Arabia ended without specific measures to support prices. Producers have pledged to discuss action in Algiers later this month. “The more they talk, the less people listen,” said Michael D. Cohen, an analyst at Barclays Plc in New York. “If you look at the actual statements from the Saudis, there’s not a lot of enthusiasm. They’re saying that either they don’t believe a substantial intervention is needed right now or that if other producers want a freeze, they’ll go along.” Saudi Arabia’s Energy Minister Khalid Al-Falih said on […]
OPEC says a price near $60 will avoid added shale production Recently renewed talks of a production freeze among OPEC and some non-OPEC producers including Russia have helped to bolster the price of oil in recent weeks, but the organization may not try to raiseoil prices beyond $60 per barrel for fear of a renewed glut. On Monday, Russian Energy Minister Alexander Novak and his Saudi Arabian counterpart, Khalid al-Falih, met on the sidelines of the Group of 20 summit in China. A joint statement released by the ministers said “there is an imperative to mitigate excessive volatility harmful to global economic stability and growth.” To that end, the ministers agreed to “act jointly or with other producers,” to help stabilize the price, and have agreed to a Russian-Saudi task force onoil and gas, which will meet in October. Novak mentioned a production freeze was one possible […]
Passersby walk past in front of electronic boards showing Japan’s Nikkei share average (L), the Japanese yen’s exchange rate against the U.S. dollar (C), British pound (R) and Euro (2nd R) outside a brokerage in Tokyo, Japan, July 6, 2016. Asian shares looked set to skid on Monday with investors rattled by rising bond yields and talk the Federal Reserve might be serious about lifting U.S. interest rates as early as next week. Nikkei futures pointed toward a starting loss of at least 2 percent, while EMini futures for the S&P 500 were off 0.2 percent after the index suffered its sharpest daily loss since the Brexit vote on Friday. Reports the Bank of Japan was considering ways to steepen the Japanese yield curve, along with speculation that central banks more generally were running short on fresh stimulus measures, slugged sovereign debt and risk appetite globally. Some Fed members […]
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