|Day's Range||58.65 - 59.93|
Canada's Pieridae Energy will buy gas assets in Alberta from Royal Dutch Shell for C$190 million ($144.77 million), Pieridae said on Wednesday, securing supply for its planned liquefied natural gas plant in eastern Canada. The deal will consist of all of Shell's midstream and upstream assets in the southern Alberta Foothills area, which produce 29,000 barrels of natural gas, natural gas liquids and condensate.
Trading commodity futures lets you bet on the price of commodities including gold and corn. But commodity futures are also a good way to diversify your portfolio by investing in more than just stocks. Commodity futures are contracts to buy … Continue reading ->The post How to Invest in Commodity Futures appeared first on SmartAsset Blog.
The largest and oldest refinery on the U.S. East Coast is set to be permanently closed after a series of explosions rocked processing units, sending gasoline futures soaring
When bad things happen in the world – explosions, conflicts, disasters, chaos – ocean ship owners often benefit. In some cases, an unexpected surge in demand leads to a spike in rates. In others, the event ...
One scenario that has hung over the implementation of IMO 2020 is the possibility that the Trump administration, faced with rising gasoline and diesel costs that could be attributed all or in part to the new regulation, decides to pull the U.S. out of the pact. The United Steelworkers, which represents many refinery workers, also is a member.
Oil output in Iran and Venezuela, under U.S. sanctions, has fallen by more than that of other OPEC members party to a supply cut pact, suggesting President Trump's policies have had a greater impact on oil production than OPEC itself. The sanctions have deepened the impact of supply cuts agreed by the Organization of the Petroleum Exporting Countries, which is expected at meetings with its allies next Monday and Tuesday in Vienna to renew the accord. OPEC, Russia and other non-members, an alliance known as OPEC+, agreed in December to reduce supply by 1.2 million barrels per day from Jan. 1.
The Energy Information Administration on Wednesday reported that U.S. crude supplies dropped by 12.8 million barrels for the week ended June 21. Analysts polled by S&P Global Platts expected a decline of 2.8 million barrels in crude stocks, on average. The American Petroleum Institute on Tuesday reported a 7.5 million-barrel fall, according to sources. The EIA data also showed that gasoline inventories were down by 1 million barrels, while distillate stockpiles fell 2.4 million barrels last week. The S&P Global Platts survey had shown expectations for supply declines of 1.1 million barrels each for gasoline and distillates. August West Texas Intermediate crude was up $1.88, or 3.3%, to $59.71 a barrel on the New York Mercantile Exchange. Prices were trading at $59.24 before the supply data.
S-Oil, South Korea's No.3 oil refiner by capacity, said it had signed a memorandum of understanding (MoU) with its top shareholder, Saudi Aramco, for technical advice on a multi-billion dollar petrochemical plant it is looking to build. S-Oil said in a statement on Wednesday that the cost of the proposed project in the southeast of South Korea was estimated at $6 billion, up from the $4.3 billion it had previously expected. The MoU coincides with Saudi Crown Prince Mohammed bin Salman's visit to South Korea this week as the two countries seek to bolster economic ties.
The most you can lose on any stock (assuming you don't use leverage) is 100% of your money. But when you pick a...
The most you can lose on any stock (assuming you don't use leverage) is 100% of your money. But in contrast you can...
MOSCOW/LONDON (Reuters) - Russia has agreed to pay Kazakhstan a fixed per-barrel rate of compensation for tainted oil, industry sources said on Wednesday, a breakthrough in an oil contamination crisis that disrupted Russian and Kazakh flows earlier this year. It is the first such deal and could serve as a template for other agreements, including with Western buyers of Russian oil. Russian oil flows have been contaminated with chemicals along several transit routes since the end of April.
Anadarko Petroleum (APC) and partners has decided to go ahead with their $20 billion Mozambique LNG project, while Archrock (AROC) agreed to buy a gas compression assets-provider for $410 million.
Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of...
(Bloomberg) -- Saudi Aramco is planning a $6 billion expansion at its South Korean refining unit as the state-owned producer signs deals to ensure long-term demand for its crude in Asia.Saudi Crown Prince Mohammed bin Salman took Aramco’s Chief Executive Officer Amin Nasser with him to Korea during a visit that saw a raft of deals from crude supply to ship building and automobile industry projects signed between the two countries. Aramco, officially known as Saudi Arabian Oil Co., and other Saudi businesses agreed to $8.3 billion worth of projects with Korean companies during the visit, the Korean energy ministry said.Prince Mohammed is leading the push to transform the crude-dependent Saudi economy by developing new industries at home. Korea Shipbuilding & Offshore Engineering Co. was among the companies that agreed to set up businesses like ship building and servicing in the kingdom, which is the largest supplier of oil to South Korea.That doesn’t mean the Saudis are turning their back on their cash cow. Aramco signed deals for crude supply and storage in Korea aimed at guaranteeing access to Asian markets. The state producer, which aims to nearly double refining capacity to about 10 million barrels a day by the end of the next decade, is investing in processing and chemical plants overseas to ensure it’s got buyers for its oil as competition from other suppliers increases.Aramco, plans to add units at its S-Oil Corp. refining venture in South Korea by 2024 to help further process oil into chemicals, the two companies said in separate statements. It will expand the 669,0000 barrel-a-day refinery and chemical complex at Onsan on Korea’s east coast by adding a steam cracker and olefins unit. S-Oil will study using technology that will allow it to transform crude directly into chemicals. Aramco owns around 63% of S-Oil.Like other Middle East oil producers, Aramco is moving into petrochemicals as a way to earn more from its energy deposits. The push into Asia highlights the importance of seaborne transit for crude and products. Amid tensions with Iran over the Strait of Hormuz, CEO Nasser stressed that Aramco remained prepared to supply markets even if disruptions to traditional trade routes occur.To contact the reporters on this story: Heesu Lee in Seoul at email@example.com;Shinhye Kang in Seoul at firstname.lastname@example.org;Anthony DiPaola in Dubai at email@example.comTo contact the editors responsible for this story: Nayla Razzouk at firstname.lastname@example.org, Andrew Janes, Serene CheongFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Indonesian coal miners said upcoming regulatory changes are putting added pressure on their businesses amid depressed prices and rising competition from other energy sources. The Indonesian government is in the process of amending coal mining rules to enforce implementation of a 2009 mineral law that require miners to convert their mining permits to a licensing system upon the expiration of their current contracts. The issue was one of the most talked about by local miners at the Coaltrans industry conference in Bali this week.
"The doc said there is nothing we can do," says her mother Nono Ledwaba. "We need to take her out of eMalahleni. The 14-year-old lives in house number 3094 of eMpumelelweni township in eMalahleni, part of the Highveld region turned over to mines and power plants that, according to activists, are killing local people.
Oil prices rose more than 2% on Wednesday and hit their highest in about a month, buoyed by U.S. government data that showed a larger-than-expected drawdown in crude stocks as exports hit a record high, and surprise drops in refined product stockpiles. U.S. West Texas Intermediate (WTI) crude futures rose $1.55, or 2.7%, to settle at $59.38 a barrel. Crude inventories fell 12.8 million barrels last week, the Energy Information Administration said, far surpassing analyst expectations for a decrease of 2.5 million barrels.
Russia is zeroing in on one of the last truly underdeveloped oil & gas frontiers in the Middle East, and the mighty Barzani family is helping it to achieve this goal
Jay Inslee, a prominent Democratic presidential candidate, has come out with a climate-focused campaign that would be a nightmare scenario for big oil and gas
Energy shares are sliding this week despite oil’s climb—a divergence some analysts say could last if geopolitical tensions in the Middle East continue to escalate.
Aramco is ready to continue shipping crude oil even if maritime transport through the Strait of Hormuz is disrupted
Shipments of coking coal from the United States and Canada rose to a sixth of all Indian imports of the fuel during the year ended March 2019, as steelmakers in the coal guzzling country look to cut their dependence on Australia. Australia's share in India's coking coal market fell to 71%, or 36.91 million tonnes, during the year ended March 2019 from about 88% three years ago, India coal ministry data reviewed by Reuters showed. The United States and Canada had a 5.6% share of the market three years ago.