Energy

Bloomberg When the coronavirus hit China late last year, America’s solar industry immediately started worrying about manufacturing. Asia is the main source of panels and other equipment, and with residential installers anticipating a bumper year, a bottleneck in the supply chain could be a major hindrance. Turns out the industry’s biggest 2020 quandary is very different: dwindling demand. Many homeowners …

Bloomberg In just a matter of weeks, Ryan Sitton went from being a lame-duck commissioner of an obscure Texas agency to one of the key figures in a global effort to save the oil market from plummeting prices. Sitton, a Republican who lost the primary election for his own seat on the Texas Railroad Commission just one month ago, said …

Bloomberg Norway, the biggest oil producer in western Europe, said it would consider cutting its output if there was a broad international agreement to curb supply. The Nordic nation, whose oil output is set to grow over the next few years, hasn’t been a part of coordinated international cuts to support prices since 2002. Opec and other producing nations are …

Bloomberg California regulators want to use money from the state’s climate change cap-and-trade programme to offset rising utility bills, as the coronavirus forces many residents to stay home. Some of the proceeds from the system — which makes power plants, factories and many businesses pay for the greenhouse gases they emit — go to California residents twice each year as …

Bloomberg Alberta Energy Minister Sonya Savage will participate in an Opec+ call next week aimed at resolving the global oil price war and will “keep an open mind” on how the province can participate in a solution, Premier Jason Kenney said. “We cannot have a meaningful impact on global prices because of our landlocked status,” Kenney said in response to …

Bloomberg Liquefied natural gas (LNG) traders are following the latest trend in the oil market by storing huge amounts of the commodity on tankers, hoping prices will rise before the ship docks. But while crude can sit for months or even years in a tank, super-chilled LNG tends to evaporate even in the specialised vessels that handle it. That limits …

Bloomberg Energy secretary Dan Brouillette told oil industry representatives that he expected a Saudi-Russia deal on crude production cuts within days. Brouillette’s comments came during a conference call with a broad swath of oil industry representatives, after President Donald Trump met with top executives from Exxon Mobil Corp, Chevron Corp, Phillips 66 and other companies. The discussion was described by …

Bloomberg Some of the biggest mining and energy companies are scrambling to respond to tightening controls on movement inside Australia — the biggest exporter of iron ore and liquefied natural gas — by temporarily rehousing employees and their families thousands of miles from home. About 800 so-called fly-in fly-out (FIFO) mining workers have been relocated to Western Australia for potentially …

Bloomberg TC Energy Corp sold US dollar-denominated bonds just as the company’s new loonie notes rally in their trading debut. The pipeline operator’s C$2 billion ($1.4 billion) 3.8% debt due 2027 is quoted at a spread of about 300 basis points over Canadian government bonds after pricing on April 1 at 325 basis points, according to Bloomberg Valuation bid prices. …

Bloomberg Athabasca Oil Corp fully suspended its Hangingstone oil sands operation to combat low oil prices and uncertainty surrounding coronavirus. The move comes shortly after Athabasca said in March it would curtail production at Hangingstone by about 50% to maximise corporate funds flow and liquidity. Calls have been mounting for Canadian producers to cut production in light of rock-bottom domestic …