Regional News

Bloomberg The arctic blast that’s turning the northern half of the US into a giant icebox this week has been good news for oil and coal. Plants are using the most fuel oil in three years to produce the electricity that’s powering heaters across New England. In the PJM market, which stretches from Illinois to Washington, D.C., coal has once ...

Bloomberg Oil bulls are charging ahead with unprecedented vigor, and the credit goes to OPEC. The signs that the group is winning its tug of war with shale are compelling, and money managers have taken note: Their combined bets on rising prices for West Texas Intermediate and Brent crude reached record levels in December. “At least through the first half ...

Bloomberg Justin Trudeau wants to make reviews of pipeline and other major projects run on time as Canadian producers struggle to get oil to market. The federal government will propose new rules for regulatory vetting of all major development projects in 2018, shortly after parliament reconvenes on January 29, Natural Resources Minister Jim Carr said. Trudeau instructed his ministers two ...

Bloomberg The North Sea’s Forties Pipeline System — one of the world’s most important crude oil conduits — is fully back in business after being shut earlier this month due to the discovery of a hairline crack. “Ineos confirms the Forties Pipeline System is fully operational,” operator Ineos AG said in a statement. “All restrictions on the flow of oil ...

ALGIERS / Reuters Algeria needs to exploit its shale gas resources to offset a surge in local energy consumption that is eating into vital exports, but developing the industry will take time and require far-reaching reforms at the state energy firm. The North African country is a key gas supplier to Europe, but exports have suffered from delays to several ...

Beijing / Reuters China will become the world’s second-biggest importer of liquefied natural gas (LNG) as it overtakes South Korea, shipping data in Thomson Reuters Eikon showed. This is a huge boost to Asia’s emerging spot market as Chinese buyers rely much more on short-term purchases to meet their needs than their counterparts in Japan and South Korea. Shipping data ...

Bloomberg Oil retreated from its highest close in more than two years amid low volume, even as a pipeline carrying crude to Libya’s export terminal was said to need a week for repairs following an explosion. Brent and West Texas Intermediate crude futures both slipped after the US benchmark rose 2.7 percent, breaching $60 a barrel for the first time ...

Bloomberg Kuwait struck a 15-year deal with Royal Dutch Shell Plc for liquefied natural gas, locking in supplies as neighbours in the oil rich Gulf consider their own import strategies. The United Arab Emirates and Kuwait are the only importers of LNG in the region, with Bahrain joining the club in 2019. Saudi Arabia is looking at natural gas assets ...

Bloomberg Iraqi Oil Minister Jabar al-Luaibi said he was optimistic there would be a balance between supply and demand by the first quarter of 2018, leading to a boost in oil prices. Global oil inventories have decreased to an acceptable level and there were positive signs that oil market prices would improve significantly in 2018, Luaibi told journalists. A slight ...

Bloomberg Three years after causing an oil-price crash, the shale boom may not be enough to meet rising global demand because the industry has cut back so sharply on higher-risk mega-projects. Discoveries of new reserves were the fewest on record and replaced just 11 percent of what was produced, according to a Dec. 21 report by consultant Rystad Energy. While ...