NYMEX 12-month natural gas strip hits 10-year low
NEW YORK, Jan 17 (Reuters) - The average of the first 12 months of natural gas futures contracts on the New York Mercantile Exchange slid to its lowest in nearly 10 years on Tuesday, as mild winter weather and record supplies continued to weigh on the complex.
The 12-month futures strip <NG12Mst> fell 17.4 cents, or 5.7 percent, to $2.859 per million British thermal units, the first settle below $3 since early March 2002.
Euro Coal-S.Africa prices rise $3/T
LONDON, Jan 17 (Reuters) - Prompt South African coal prices rallied by around $3 a tonne on Tuesday as players covered short positions, but this strength was unlikely to last unless China resumes heavy buying in February, traders and utilities said.
"ARA is a little softer, but there's a bit of a temporary squeeze on February South African cargoes," one European trader said.
COMMODITIES-End volatile week down on Europe worries
NEW YORK, Jan 13 (Reuters) - Commodities slid on Friday, ending a volatile week where oil and grains initially surged on supply concerns and a weak dollar, before tumbling on the currency's rebound and renewed worries over Europe.
"While it should be anticlimatic, the realization will also be sobering. In particular, the flight to the dollar will be accelerated, pushing crude oil prices lower," said John Kilduff, partner at Again Capital LLC in New York.
GLOBAL MARKETS-Shares steady, eyes Portugal debt sale, Greece
TOKYO, Jan 18 (Reuters) - Asian shares and the euro steadied on Wednesday after sentiment improved on soothing economic data the day before, as focus returns to Europe with Portugal testing investor confidence in a debt sale and Greece resumes talks on its debt restructuring.
"More evidence of a soft landing in China should help underpin the recent resilience of market sentiment, despite the ongoing European situation," said analysts at Barclays Capital in a research note.
Chevron says Nigeria rig fire still burning
Jan 17 (Reuters) - Chevron Corp reported early indications that equipment failure may be the cause of a fire still burning on a drilling rig off the coast of Nigeria more than a day after it broke out.
Two contractors missing after the fire aboard the K.S. Endeavor, operated by FODE Drilling Nigeria Ltd, had not yet been found, the company said in a statement on Tuesday.
Ohio gasoline spill spreads, line still shut-EPA
NEW YORK, Jan 17 (Reuters) - Sunoco Logistic's gasoline pipeline was still shut on Tuesday after a late-Thursday leak spilled some 117,000 gallons (532,000 litres) of gasoline in Wellington, Ohio, the state Environmental Protection Agency said.
The 8-inch (20-cm) pipeline, which runs from Toledo to Allegheny, Ohio, was shut two hours after an underground leak on the line was reported, an Ohio EPA spokeswoman said.
POLL-US crude stocks seen rising for fourth week
Jan 17 (Reuters) - U.S. commercial crude oil stockpiles likely rose last week for the fourth straight week on strong imports, a preliminary Reuters poll showed on Tuesday.
On average, domestic crude oil inventories were forecast up 2.8 million barrels, according to the poll of six analysts, who all predicted builds for the week to Jan. 13.
PDVSA says exports unaffected after upgrader accident
CARACAS, Jan 17 (Reuters) - Venezuela's state oil company PDVSA said on Tuesday that oil exports had not been affected by an accident in which a tanker hit a floating platform connected to one of its heavy crude upgraders.
A maritime source had said exports from the 130,000 barrel-per-day Petroanzoategui facility were halted after the ship's propeller apparently damaged a naphtha pipeline.
Shell pays US govt $25 mln to settle royalty claims
WASHINGTON, Jan 17 (Reuters) - Royal Dutch Shell has paid $25 million to the U.S. government to resolve claims that the company underpaid royalties on federal offshore oil and gas leases, the U.S. Interior Department said on Tuesday.
The settlement applies to royalties paid in cash and those paid in oil and gas through the now defunct "royalty-in-kind" program for Shell deepwater leases in the Gulf of Mexico between 2000 and 2008.
Gas distributors Snam, Fluxys eye cross-Europe tie-up
MILAN/BRUSSELS, JAN 17 - Italy's gas network operator Snam is working with Belgian counterpart Fluxys on initiatives to transform Italy into a distribution hub for European gas and improve gas supply routes across the continent.
"The idea is to join forces ... to increase investment opportunities to create a European gas grid," Snam's chief executive Carlo Malacarne told Reuters by telephone on Tuesday.
Essar Energy plunges after Indian court ruling
LONDON, Jan 17 (Reuters) - A court ruling against London-listed Essar Energy's India-focused oil refiner wiped off over a quarter of the company's share market value on Tuesday.
Essar Energy said that the ruling by India's Supreme Court means Essar Oil , the India-listed business in which Essar Energy owns a 87 percent stake, will no longer be able to defer payment of a sales tax, having hitherto benefited from deferrals of $1.24 billion.
Gazprom adjusts gas prices for European companies
MOSCOW, Jan 17 (Reuters) - Russian natural gas producer Gazprom has yielded to requests from several European companies for easier gas supply terms as it seeks to keep its market share in face of weakening fuel demand due to economic difficulties in the region.
Many European gas supply companies are hurting from long-term gas deals with suppliers such as Gazprom or Norway's Statoil , that link their import rates to oil prices, while supply firms have to sell gas to customers at lower retail prices linked to the freely traded spot market.
BEYOND THE HEADLINES:
Beyond oil a gloomier 2012 economy seen in coal, freight
LONDON, Jan 17 (Reuters) - Oil prices may still be riding high but for a more accurate picture of the state of the global economy in 2012, look at recent developments in the non-oil energy, freight and metals sectors.
Coal and power benchmark futures prices have fallen to their lowest levels since late 2010, while the Baltic Dry Freight Index, a barometer of demand for shipping, is languishing at a three-year low.
Iraq to lift oil exports 400,000 bpd through March
LONDON, Jan 17 (Reuters) - Iraq aims to boost oil exports by up to 400,000 barrels per day over the next two months as it opens the taps at a new Gulf outlet, a senior Iraqi oil industry source said on Tuesday, signalling the world's biggest capacity expansion this year.
Now in year three of a bold oil development programme, Baghdad finally may be able to export all the extra oil extracted from its supergiant fields by foreign oil companies.
Brent contango likely if EU delays Iranian oil ban
LONDON, Jan 17 (Reuters) - North Sea Brent futures look set to return to contango, sending prompt oil to a discount to forward futures for the first time in almost six months, if Europe delays an embargo on Iranian oil.
Worries over the loss of Iranian oil and growing tension between the Islamic Republic and the West have been a key support for oil, supporting prices despite improving supplies from other producers including Libya.
ExxonMobil sees continuing tie-up with Abu Dhabi
ABU DHABI, Jan 17 (Reuters) - U.S. energy giant ExxonMobil is confident of continuing to be a partner in Abu Dhabi's oil and gas concessions, a top company official said, as the emirate prepares to open a tender for its fields before the deals come up for renewal in 2014.
Oil concessions of the Abu Dhabi Company for Onshore Oil Operations (ADCO) will be put to tender following a screening process of the companies interested, including current partners, the director-general of national oil company ADNOC said.
No comments:
Post a Comment