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 …

Bloomberg A provision in the new tax law, intended to prevent American companies from shifting profits abroad to benefit from a lower overseas rate, might also hit the largest foreign banks with significant US operations. Under the Base Erosion and Anti-Abuse Tax, commonly called BEAT, payments made by US businesses to related companies abroad must be counted when calculating global …

Bloomberg The last day of a bitter year for China’s non-bank borrowers proved to be especially painful: they’re now paying a record premium for short-term funds. As interbank lending rates climbed due to banks hoar-ding cash for year-end regulatory checks, the increase was especially significant for non-bank financial institutions, such as securities and insurance companies. A measure of what they’re …

Bloomberg Egypt selected five banks to manage a Eurobond sale of about $4 billion, the finance minister said, as the nation taps cheaper funding sources to bridge its budget gap. The government selected HSBC Holdings Plc, Citigroup Inc., JPMorgan Chase & Co., Morgan Stanley and the National Bank of Abu Dhabi for the sale scheduled around January, Amr El-Garhy said …

Bloomberg Punjab National Bank, India’s second-largest state-run lender, will be able to avoid massive losses after the government forced delinquent borrowers to repay loans or face liquidation proceedings under a new law. The interest and bids received so far for assets put up for sale by India’s new bankruptcy court indicates that the bank may not have to take “huge …

Bloomberg German inflation slowed, underscoring the challenge the European Central Bank will face in 2018 as it gradually removes its stimulus program. Consumer prices rose an annual 1.6 percent, the Federal Statistics Office said. Inflation has remained tepid in Germany even as record-low unemployment bolsters private consumption and a recovery in global trade fuels exports and investment. The Bundesbank this …