Energy

Bloomberg Fuel consumption in India is showing signs of rebounding after witnessing the worst monthly sales in more than 12 years. Demand in May will be as much as 25% higher than April as planting season begins, requiring tractors and water pumps to burn more diesel, and the easing of the world’s biggest lockdown brings more trucks back to the ...

Bloomberg The great oil glut of 2020 may have already peaked in the world’s biggest crude importer. Crude inventories in China have shrunk in recent weeks after rising to record levels, according to analysts and satellite observations. Supplies have been drawn out of storage as refineries ramp up operations to meet rising demand from an economy emerging from lockdown. Inventories ...

Bloomberg An indicator of China’s coal demand surged almost one-third above last year as hotter-than-usual weather and factories rushing to make up for lost orders boosted power demand. Coal use by coastal power plants at five major utilities rose for an eighth straight day to 577,100 tons as of Monday, more than 30% higher than the same period last year ...

Bloomberg India’s Jindal Power Ltd is counting on favourable government policies and new investors to complete the country’s largest hydropower project, as a generation glut makes the estimated $3.3 billion facility a risky bet for the company to handle, Chief Executive Officer Bharat Rohra said. New Delhi-based Jindal Power, a unit of Jindal Steel & Power Ltd, will consider reaching ...

Bloomberg Vedanta Ltd’s plans to sell a minority stake in its Indian oil unit have stalled after a collapse in crude prices, according to people familiar with the matter. The Mumbai-listed company, backed by tycoon Anil Agarwal, was seeking to raise more than $1 billion by selling at least 20% of its Cairn Oil & Gas business, the people said. ...

Bloomberg Petroleos Mexicanos’s trading arm PMI has declared a force majeure on some fuel cargoes, deferring other cargoes until later in the year, after measures to contain the coronavirus outbreak pummeled demand. Some fuel deliveries are being postponed until the second half of the year, according to people familiar with the situation. More than 70 tankers were waiting to unload ...

Bloomberg Ghana’s government directed Eni SpA to start talks on combining its deposit at an offshore field with a neighbouring explorer, according to a letter seen by Bloomberg. The Italian major, which operates the Sankofa Oil and Gas fields in a venture with Vitol Holding, has 120 days to conclude a draft so-called unitisation and operating agreement with Springfield Exploration ...

Bloomberg West Texas Intermediate has been gaining since its history-making crash in the US last month, trading at around $25. Brent crude has been practically soaring, touching $30 in London. They can’t match the criollo barrel in Argentina, though — $45 guaranteed, no matter what. That dream price doesn’t actually exist, but it could soon. The administration of President Alberto ...

Bloomberg Oil and natural gas exploration plunged to an all-time low as the economic and industrial dislocations from the Covid-19 pandemic snuffed out the remnants of the American shale boom. Drilling in US oil and gas fields retreated by 34 rigs this week to 374, led by a precipitous drop in crude exploration that sank to levels not seen since ...

Bloomberg Italy’s electricity demand jumped as lockdown restrictions were loosened, signaling that an economic recovery may be on its way. While consumption rose in France and Britain and held steady in Germany and Spain from the previous week, it’s not clear how quickly demand will recover or if it’ll ever reach pre-crisis levels as the threat of a deep recession ...