Regional News

Bloomberg In the tight-knit Outback town of Narrabri, the cold-shoulder treatment farmer Peter Gett has felt over the natural gas wells on his property has shown him that promoting Australia’s energy security comes at a cost. The fifth-generation wheat grower opened gates and cleared tracks to smooth a path for exploration of the gas reserves beneath his farm. Seven years ...

Bloomberg BP Plc and Reliance Industries Ltd. will invest as much as $6 billion to revive gas output from offshore India and plan to expand their partnership to sell transport fuels amid efforts to boost the use of cleaner-burning energy in the world’s demand growth center. The companies are resuscitating a partnership born in 2011, encouraged by several government reforms, ...

Bloomberg Summer is about to kick in, and that’s good news for US natural gas bulls. Gas futures jumped 4.2 percent, the steepest one-day gain in 10 weeks, after a government report showed stockpiles grew less than expected. Prices could extend gains given forecasts for unusually warm weather that’s set to sweep across most of the lower- 48 states in ...

Bloomberg As if a mini-collapse in oil prices wasn’t bad enough for OPEC, the pattern in which futures contracts are trading years from now has flipped into the worst possible structure for the exporter group. Brent and West Texas Intermediate crudes, down almost 15 percent since late May, are both trading in contango, where forward prices get higher all the ...

Bloomberg China and India will be the biggest recipients for new investment in power-generating capacity by 2040, representing a $4 trillion opportunity for the energy sector. China will require $2.8 trillion of spending for 2,547 gigawatts of new capacity, while India needs $1.2 trillion, according to a Bloomberg New Energy Finance outlook forecasting how energy markets will evolve by 2040. ...

Bloomberg Don’t count coal out just yet in Japan. Despite expectations that solar will triple its share of Japan’s power generation mix, the resource-poor country is set to increase its reliance on coal, casting doubt on whether Japan can meet the timetable to reduce greenhouse gas emissions it agreed to in 2015 as part of the Paris climate accord, according ...

Bloomberg New oil supplies from OPEC’s rivals will be more than enough to meet growth in demand next year, the International Energy Agency said in its first forecast for 2018, an indication the cartel may need to extend production cuts further. The US, Brazil, Canada and other producers outside the Organization of Petroleum Exporting Countries will increase output next year ...

BEIJING­­­­ / Reuters China’s crude oil production fell to its lowest on record in May, even as refineries in the world’s top buyer of crude churned out product at their fastest pace in nearly two years, data showed on Wednesday. Crude output fell 3.7 percent in May from a year earlier to 16.26 million tonnes, or 3.83 million barrels per ...

Bloomberg Oil resumed its decline as industry data showed US crude stockpiles extended gains, exacerbating an inventory overhang. Futures lost as much as 1.4 percent in New York after rising 1.8 percent in the previous three sessions. The American Petroleum Institute signaled US inventories probably climbed a second week, ahead of Energy Information Administration data which is forecast to show ...

Bloomberg US shale is coming perilously close to puncturing its own rally. Just months after predicting double-digit production increases, largely based on crude prices sitting between $55 and $60 a barrel, drillers are suddenly contemplating the possibility of retrenchment as a stubborn global supply glut is keeping prices near $46. It’s a reversal that could accomplish what OPEC and other ...