Bloomberg In the heart of Canada’s biggest oil province, life is slowly returning to normal in Fort McMurray, Alberta. After a fire last year destroyed entire neighborhoods in the town and halted about a million barrels of daily production, green leaves are beginning to bud on charred trees and new construction is replacing homes that were burned to the ground. ...
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Japan anti-monopoly regulator ends LNG resale restrictions
TOKYO / Reuters Japan’s anti-monopoly regulator ruled on Wednesday that all new contracts for liquefied natural gas (LNG) should not contain restrictions on reselling cargoes of the fuel, adding momentum to a push to liberalise the LNG market. The decision, which was in line with growing market practice, is likely to lead to more trading of LNG cargoes by buyers ...
Read More »Shell seeks gas converts among India textile, cement plants
Bloomberg Royal Dutch Shell Plc is turning to India’s textile, cement and steel factories as it seeks to expand demand for its natural gas. The Hague-based energy giant has set up a team of about six executives to identify small businesses that use dirtier fuels like coal and convince them to switch, according to Ajay Shah, a vice president with ...
Read More »Gabon seeks to reduce reliance on oil as IMF approves $642 million loan
Bloomberg Gabon, OPEC’s smallest member by production, will try to reduce its reliance on oil by increasing investments in agriculture and mining as part of pledges made to win a $642 million International Monetary Fund facility, Economy Minister Regis Immongault said. Oil’s proportion of state revenue will decline to about 25 percent by mid-2020, from 30 percent currently, he said ...
Read More »Oil’s record bearish bets prompt warning of violent rally
Bloomberg On the surface, the oil market is getting worse and worse: there are now more bearish bets on benchmark Brent crude than at any time in at least six years. But to many traders, that’s a signal prices are vulnerable to a sudden, sharp rebound. Oil’s ripe for a so-called “short-covering†rally — where traders who sold contracts hoping ...
Read More »Corpus Christi port vies to become main US oil export hub
Bloomberg Late last month, an oil tanker that measures three football fields long and six stories high moved slowly through the port of Corpus Christi, Texas, to test the waters of America’s booming crude-export industry. After navigating the Aransas pass around 7 a.m. on May 26, the vessel, Euronav NV’s Anne, didn’t pick up any oil. But its arrival in ...
Read More »Oil heads for longest gain in a month as US supply seen lower
Bloomberg Oil advanced for a fourth day in New York, its longest run of gains in a month, on estimates that US crude inventories continued their decline from record levels seen earlier this year. Futures added as much as 1.2 percent after rising 2 percent in the previous three sessions. Inventories probably dropped by 2.25 million barrels last week, a ...
Read More »Hackers hit 75% of oil and gas drillers
Bloomberg Three out of four oil and natural gas companies fell victim to at least one cyber attack last year as hacking efforts against the industry become more frequent and sophisticated. That’s the finding from a report released by industry consultant Deloitte LLP. Technology advances, such as Royal Dutch Shell Plc’s recent control of operations in Argentina from an operating ...
Read More »Cheniere gears up for next wave of export projects
Bloomberg Sixteen months after sending the first cargo of US shale gas overseas, Cheniere Energy Inc. is already preparing to be at the forefront of the next wave of export projects. Cheniere is exploring new ways to finance additional terminals that chill gas to a liquid and ship it across the globe, including skipping the banks and going to other ...
Read More »MSCI to consider adding Saudi Arabia to key index during 2019
DUBAIÂÂÂÂ / Reuters Global index compiler MSCI said it would consider upgrading Saudi Arabia to emerging market status, a move that would attract tens of billions of dollars of fresh foreign money as the country seeks to diversify its economy beyond oil. MSCI will announce its decision in June 2018, and any move to upgrade would take effect in two ...
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