May, 2020

• 21 May

  Oil gains for a 6th session as US stockpiles decline

  

  Bloomberg Oil was headed for its longest run of daily gains since February 2019 after a drop in US crude stockpiles added to signs that the market is starting to balance. West Texas Intermediate futures rose for a sixth day in New York to near $34 a barrel. American inventories fell for a second week, and there was a record …

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• 21 May

  Total’s Mozambique LNG to sign $15b financing in June

  

  Bloomberg A Total SA-led liquefied natural gas project in Mozambique will receive commitments for about $15 billion of financing at a signing scheduled in June, marking rare progress for such a project as companies scrutinise costs. The first and most significant phase of the financing commitment for the LNG project — which will be Africa’s biggest private investment yet — …

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• 21 May

  UK grid struggles as renewables overtake fossil fuels, says study

  

  Bloomberg The UK transmission network is under pressure as it grapples with a flood of green power and lower demand, according to new research published on Thursday. Intermittent renewables supplied more than 40% of electricity during first quarter of 2020, overtaking fossil fuels for the first time, according to the Electric Insights report, commissioned by Drax Group Plc and researched …

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• 21 May

  India’s oil demand stays weak as its economy falters amid virus lockdown

  

  Bloomberg It’s going to take months for oil demand in the world’s third biggest market to get back to pre-virus levels as India faces its deepest recession ever in the wake of its near two-month lockdown. Once the engine of global oil demand growth, India’s fuel consumption collapsed by as much as 70% at one stage last month as it …

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• 21 May

  Texas sees power demand rebound as lockdowns ease

  Bloomberg Texas has started seeing a slight increase in power use this week in one of the first signs that electricity demand is bouncing back in the US as lockdowns ease. While power use in the Lone Star state is still depressed, the state’s main grid operator noticed a slight improvement in electricity use during early morning hours, according to …

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• 21 May

  Mitsui mulls stake sale in Indonesia’s Paiton Energy

  

  Bloomberg Japanese trading house Mitsui & Co is considering a sale of its majority stake in PT Paiton Energy, one of Indonesia’s biggest independent power producers, people with knowledge of the matter said. Mitsui is working with an adviser on a potential divestment of its 45.5% stake in the power producer, said the people, who asked not to be identified …

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• 21 May

  Cape Town aims to buy ‘own power’

  

  Bloomberg Cape Town, South Africa’s second-biggest city, said it could buy its own renewable energy within five to six years if it wins a court case against the government. The city of 4 million people has sued the Energy Ministry and the national power regulator to obtain the right to procure its energy in a case that could pave the …

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• 21 May

  Airlines caught unawares as India allows local flights

  

  Bloomberg India’s decision to resume domestic flights from May 25 was a bolt out of the blue for most of the country’s aviation companies. Top executives at three Indian airlines said they learned about the move when the aviation minister tweeted it. The executives asked not to be identified citing rules on speaking to the media. Airline shares surged. Most …

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• 21 May

  United Air’s new CEO eases tone on job cuts

  

  Bloomberg United Airlines Holdings Inc’s new chief executive officer vowed to work with the carrier’s labour unions on “creative” ways to slash labour spending and potentially avoid furloughs if travel demand doesn’t recover by October. Reduced work hours would be one possible approach, Scott Kirby said in an interview with CNBC and again at the United’s annual meeting. His comments …

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• 21 May

  EU calls for masks, distancing in air travel guide for virus era

  

  Bloomberg European Union regulators called on passengers to wear face masks, observe physical distancing and frequently wash their hands in new guidelines for air travel in the age of Covid-19. Significant changes will also be needed for airlines and airports, EU aviation and health agencies said in a statement. Carriers and airport operators must ensure that passengers keep a distance …

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