Energy

  Bloomberg The long goodbye for coal in Europe is accelerating as the cost of shifting to green energy plunges. Companies including Drax Group Plc, Steag GmbH to Uniper SE are closing or converting coal-burning generators at a record pace from Austria to the UK, made obsolete by competition from cheaper wind and solar power. After more than 500 years ...

  Bloomberg Oil edged lower after a report showed US gasoline supplies increased for the first time in nine weeks even as crude stockpiles dropped. Gasoline inventories rose 1.54 million barrels last week, surprising analysts surveyed by Bloomberg who projected the Energy Information Administration data would show a 2-million-barrel decline. Crude inventories fell 1.03 million barrels to 532.3 million last ...

  Bloomberg A BP Plc well on Alaska’s North Slope is no longer leaking crude oil or natural gas, a spokeswoman said. Environmentalists, describing the well as “out of control,” called on the state to investigate. The crude spray was discovered on Friday morning, and capped early on Sunday. A second leak that was emitting gas at a reduced rate ...

  Bloomberg Oil is losing momentum after the longest weekly rally in two months, with confidence that US crude stockpiles are beginning to shrink damped by concern that American drilling activity is increasing. Futures were little changed in New York after falling 1 percent Monday, following its third weekly advance. While data on Wednesday may show US inventories probably shrank ...

  SINGAPORE / Reuters China is looking at launching its crude oil futures in Shanghai in the second half of this year, two sources familiar with the matter said, breathing new life into a derivative that was considered shelved only months ago. The contract is aimed at giving China, world’s second-largest oil consumer after the United States, clout in pricing ...

  Bloomberg Iran, holder of the world’s biggest natural gas reserves, boosted output by inaugurating six projects at the giant South Pars offshore field. The country raised total production capacity at South Pars to 570 million cubic meters a day of gas, putting it almost on par with neighboring Qatar, which produces from an adjacent portion of the same deposit, ...

  Bloomberg China’s natural gas production surged to a record last month and coal output rebounded as economic growth accelerated power use in the world’s largest energy user. Natural gas production in March rose 8.2 percent from the average of the first two months of the year to a record 13.6 billion cubic meters, according to data Monday from the ...

  Reuters Iraq plans to build three new plants to process natural gas currently being flared at southern oil fields, and use the fuel for power generation and to increase the nation’s income from energy exports, Oil Minister Jabar al-Luaibi said on Monday. Iraq is forced to flare some of the gas produced alongside crude oil as it lacks the ...

  Bloomberg US Energy Secretary Rick Perry is ordering a study of the US electric grid, with an eye to examining whether policies that favor wind and solar energy are accelerating the retirement of coal and nuclear plants critical to ensuring steady, reliable power supplies. The 60-day review, which Perry set in motion on Friday, comes as regulators increasingly wonder ...

  BAHRAIN / EMIRATE BUSINESS GE Oil & Gas (NYSE: GE) has signed a long-term multi-outage agreement with Gulf Petrochemical Industries Company (GPIC), to drive the operational excellence of GPIC’s plant in Bahrain. The partnership will strengthen the competency of GPIC to supply products including ammonia and methanol that drive the growth of downstream industries and contribute to Bahrain’s national ...