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China’s Nov natural gas pipeline imports rise 8% on year to 2.4 bil cu m

China imported 1.73 million mt of natural gas via pipelines in November, up 8.2% year on year, data released by the General Administration of Customs showed Tuesday. Customs data records natural gas trade data in mt, similar to LNG imports. The volume works out to about 2.4 billion cubic meters of pipeline gas imported last month. Imports from Turkmenistan fell 5.1% year on year to 1.52 million mt in November, while Uzbekistan volumes totaled 150,228 mt. Myanmar pipeline imports totaled 41,263 mt, the highest volume since transmission via the Myanmar-China pipeline started in early August. Article continues below… Request a free trial of: International Gas Report International Gas Report International Gas Report is a biweekly report that intelligently analyzes what is happening in the natural gas industry, improving your vision and sharpening your competitive edge. Through its unrivalled network of global correspondents, it covers […]

Posted On : Published By : Tom Whipple
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China's growth may hit 7.6 percent

China’s economic growth is likely to stand at 7.6 percent this year, slightly down from 7.7 percent in 2012, said a State Council report on Wednesday. Economic growth has been higher than expected since 2011 despite a declining trend, said a mid-term evaluation report on the implementation of the 12th five-year development plan (2011 to 2015). The report was submitted by the State Council, China’s cabinet, to the bi-monthly session of the Standing Committee of the National People’s Congress (NPC). The five-year plan set an annual growth target of gross domestic product (GDP) at 7 percent between 2011 and 2015. GDP growth was 9.3 percent in 2011, 7.7 percent in 2012 and 7.6 percent in the first half of this year, according to the report. "We can not deny a downward pressure on economic growth," said Xu Shaoshi, minister in charge of the National […]

Posted On : Published By : Tom Whipple
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China’s growth may hit 7.6 percent

China’s economic growth is likely to stand at 7.6 percent this year, slightly down from 7.7 percent in 2012, said a State Council report on Wednesday. Economic growth has been higher than expected since 2011 despite a declining trend, said a mid-term evaluation report on the implementation of the 12th five-year development plan (2011 to 2015). The report was submitted by the State Council, China’s cabinet, to the bi-monthly session of the Standing Committee of the National People’s Congress (NPC). The five-year plan set an annual growth target of gross domestic product (GDP) at 7 percent between 2011 and 2015. GDP growth was 9.3 percent in 2011, 7.7 percent in 2012 and 7.6 percent in the first half of this year, according to the report. "We can not deny a downward pressure on economic growth," said Xu Shaoshi, minister in charge of the National […]

Posted On : Published By : Tom Whipple
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Utilities Feeling Rooftop Solar Heat Start Fighting Back

If you wonder why America’s utilities are rattled by the explosive growth in rooftop solar – – and are pushing back — William Walker has a story for you. A flip-flop wearing Walker stands in his driveway pointing to a ubiquitous neighborhood feature – solar panels on the roofs of five of six houses nearby. He lives in Ewa Beach, a development on the sultry leeward coast of the Hawaiian island of Oahu built on land cleared of sugar cane fields. Shade is scarce and residents here call their homes “hot boxes,” requiring almost round-the-clock air conditioning. Hawaii , which imports pricey oil to power its electricity grid, has the highest utility rates in the nation — at 37 cents a kilowatt-hour, they’re more than double California and triple the national average. With bills for 1,600 square foot houses like these running as high as $400 a month, solar […]

Posted On : Published By : Tom Whipple
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Warning of fresh floods and storms for UK

Travellers and families at home for Christmas should expect further disruption over the next two days from widespread flooding in parts of the UK, the Environment Agency warned on Thursday, with heavy storms expected overnight. Tens of thousands of homes were left without power on Christmas Day and nearly 1,000 homes were flooded after bad weather caused chaos across southeast and southwest England. The Environment Agency said it expected another band of storms to hit most of the UK on Thursday night and Friday morning, which could bring 2.5cm of rain and winds of up to 70mph. Tim Field, head of public affairs at the Energy Networks Association, said staff were out in greater numbers than usual attempting to repair fallen power lines. He told BBC Radio’s Today programme: “Way more people have been working on this than would normally be working in any average week . . . It’s the last thing […]

Posted On : Published By : Tom Whipple
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Scotland Struggles to Keep an Energy Lifeline

Highway travelers heading west at night from Edinburgh soon see a constellation of lights and glowing plumes of steam emerge from the darkness. It is the vast petrochemical complex at Grangemouth, which has become a shimmering symbol of Scotland at an economic and political crossroads. In mid-October, some of those lights went dark when James A. Ratcliffe, the chairman of Ineos, a Swiss multinational giant that owns much of the Grangemouth operation, ordered it shut down. Mr. Ratcliffe, during labor negotiations, was trying to shock the work force into “accepting changes to bring the site into the modern world,” he said in a recent interview. After the union quickly backed down and accepted some of the pay and pension changes sought by Mr. Ineos, the plant reopened. But the episode made clear the vulnerability of Grangemouth as the capital of the Scottish petrochemical industry. Although that […]

Posted On : Published By : Tom Whipple
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Oil Futures Climb On Economic Data, Supply Disruption Fears

Oil futures finished higher Tuesday as traders bet that better-than-expected U.S. economic data would bolster demand for petroleum products, while violence in South Sudan sparked fears of a further tightening of global supplies. Light, sweet crude for February delivery settled 31 cents higher, or 0.3%%, to $99.22 a barrel on the New York Mercantile Exchange. Nymex crude has posted gains in four of the past five trading sessions. Brent crude on the ICE futures exchange gained 44 cents, or 0.4%, to $112.00 a barrel. Trading volume in both contracts was lighter than normal as the Nymex closed an hour early because of the Christmas holiday. The market will be closed Wednesday, with electronic trading resuming at 6 p.m. EST. In the latest examples of positive economic data, the U.S. Commerce Department said orders for durable goods–big-ticket items such as cars and aircraft designed to last more than three […]

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Brent Crude Rises on Escalating Violence in South Sudan

Brent crude advanced to near its highest level in three weeks as violence in South Sudan forced a partial shutdown of oil production facilities. Futures were up as much as 0.3 percent and are poised to end the year higher for the fifth time. Fighting in South Sudan , which exports about 220,000 barrels a day, has killed at least 500 people and led to the evacuation of employees from India ’s Oil & Natural Gas Corp. There will be no floor or electronic trading tomorrow due to the Christmas holiday. “There is thin holiday trading today and Brent prices are being sustained by political concerns surrounding South Sudan,” Andrey Kryuchenkov , an analyst VTB Capital in London , said by phone. “We’ll wait and see how the broader market reacts to the instability there as more news trickles out.” Brent for February settlement rose as much as 28 […]

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WTI Advances as Durable Goods Orders Increase

West Texas Intermediate crude advanced for the fourth time in five days as U.S. orders for durable goods climbed more than forecast, raising expectations that stronger growth will spur fuel demand. Prices gained 0.3 percent. Bookings (DGNOCHNG) for goods meant to last at least three years rose 3.5 percent in November, the Commerce Department reported today. Crude also increased as violence in South Sudan forced a partial shutdown of oil production plants. “The durable goods orders were good and helpful for the market,” said Addison Armstrong , director of market research at Tradition Energy in Stamford , Connecticut . “It does point to the fact that we’ve been getting some strong economic signals. Crude is firmer on the news out of South Sudan.” West Texas Intermediate for February delivery gained 31 cents to end at $99.22 a barrel on the New York Mercantile Exchange . Prices are up 7 […]

Posted On : Published By : Tom Whipple
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NYMEX crude settles higher on strong US durable goods, new home sales

The oil complex settled higher during light Christmas Eve trading Tuesday, following bullish US macroeconomic data. NYMEX February crude settled 31 cents higher at $99.22/barrel. ICE February Brent was up 31 cents at $111.87/b at the time of the NYMEX settle. Products were up as well, led by NYMEX January RBOB, which settled 3.39 cents higher at $2.8142/gal. January ULSD settled 1.82 cents higher at $3.0783/gal. US durable goods orders rose 3.5% in November, according to US Census Bureau data, nearly double economists’ expectations. US new home sales rose 464,000 units, also beating forecasts of a 445,000-unit increase. Supply concerns also mounted Tuesday after violence continued to escalate in South Sudan, Tradition Energy’s senior director of market research, Addison Armstrong, said. "South Sudan’s deposed vice president, who is leading a rebellion against the central government, is claiming to control parts of the country’s […]

Posted On : Published By : Tom Whipple