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Baker Hughes: US drilling rig count drops to 1,768

The US drilling rig count relinquished 14 units to settle at 1,768 rigs working during the week ended Dec. 20, Baker Hughes Inc. reported. A decline of 16 units in land rigs to 1,687 was nicked by a 2-unit increase in offshore rigs to 61. Rigs drilling in inland waters were unchanged from a week ago at 20. Oil rigs were also down 16 units, settling at 1,395. Gas rigs collected 3 more units to reach 372. Rigs considered unclassified gave up 1 unit to settle at 1 total.   Directional drilling rigs fell 7 units to 223 while horizontal drilling rigs were down 5 to 1,140. In Canada, a 28-unit drop in oil rigs brought that total to 227 and the country’s overall total to 398. Unchanged from a week ago were gas rigs at 171. Canada has 14 mores rigs compared with this week last year.   […]

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Hormone-Disrupting Chemicals Linked to Fracking Found in Colorado River

The Colorado River flows through the town of Rifle in Garfield County, Colorado. Photo (taken 1972) by David Hiser,courtesy of U.S. National Archives, Flickr/Creative Commons. The Colorado River flows through the town of Rifle in Garfield County, Colorado. Photo (taken 1972) by David Hiser, courtesy of U.S. National Archives, Flickr/Creative Commons. This week, more evidence came in that hydraulic fracturing (or fracking) poses potentially serious risks to drinking water quality and human health. A team of researchers from the University of Missouri found evidence of hormone-disrupting activity in water located near fracking sites – including samples taken from the Colorado River near a dense drilling region of western Colorado. The Colorado River is a source of drinking water for more than 30 million people. The peer-reviewed study was published this week in the journal Endocrinology . Fracking is the controversial process of blasting water mixed with sand and chemicals […]

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Winds of over 100mph batter Britain

Gales and Heavy Rain Threaten Festive Getaway Britain has been hit by a fresh band of stormy weather overnight, with further flooding expected and more than 17,500 homes thought to be still without power. Winds of over 100mph hit certain parts of Britain on Thursday night, adding to the difficulties caused by storms on Christmas Eve, which caused chaos to the train networks and left hundreds of flights grounded at Gatwick airport. Tony Glover, of the Energy Networks Association, said conditions for those without power were “horrendous”, but that network companies were working “incredibly hard, around the clock” to get them reconnected. He added: “The flooding is a major issue for us and getting a cherry picker out into a flooded area is one hell of a challenge with the fact that the weather itself continues. There is debris and roads are blocked.” By Friday morning, the Met Office […]

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Drill here? Maybe. Drill now? That’s impossible

Southern political leaders and the oil industry want to find out if there’s enough oil and natural gas off the Atlantic coast to justify drilling for it. That’s a reasonable request that should be part of the country’s energy plan. What’s not reasonable is some politicians’ leap to the conclusion that offshore oil and gas will add immeasurably to southern states’ economies, creating thousands of new jobs and scores of new onshore businesses. Nobody knows enough about what’s under the Atlantic Ocean floor to make such an assertion. Gov. Pat McCrory has long supported an “all of the above” energy strategy and has backed both drilling and wind farms off the North Carolina coast. The governor is vice chairman of the Outer Continental Shelf Governors Coalition, an eight-state group pressing Washington to open up more of the sea floor for oil and gas […]

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Oil Futures Move Higher in Asia; Brent Trades Around $112/Bbl

Crude-oil futures moved slightly higher in Asian hours Thursday, with markets reopening after the Christmas holiday. On the New York Mercantile Exchange, light, sweet crude futures for delivery in February traded at $99.39 a barrel at 0606 GMT, up $0.17 in the Globex electronic session. February Brent crude on London’s ICE Futures exchange rose $0.12 to $112.02 a barrel. U.S. oil markets digested weekly oil inventory data from the American Petroleum Institute, a trade group, which was published after Nymex WTI crude closed 31 cents higher at $99.22 a barrel on Tuesday. Oil stockpiles for the week ended Dec. 20 rose by 500,000 barrels, API data showed. A rise in inventory is bearish for oil, but the API data conflicted with market expectations of a drop in weekly oil stockpiles. U.S. oil stocks are expected to have declined by 2.2 million barrels, on average, last week, […]

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Crude oil prices edge further above $99

Oil prices edged up above $99 Thursday, the first trading day after Christmas, as violence in South Sudan stoked concerns about the country’s oil production. Benchmark U.S. oil for February delivery was up 17 cents to $99.39 a barrel in electronic trading on the New York Mercantile Exchange. The contract inched up 31 cents to close at $99.22 on pre-Christmas Tuesday after briefly dropping below $99. Oil prices gained nearly 3 percent last week as optimism about the U.S. economic recovery lifted expectations for the country’s energy demand. Worries over instability in South Sudan have led some analysts to predict the contract may top $100 a barrel for the first time since mid-October. On Tuesday, the U.N. Security Council voted to increase U.N. peacekeeping forces in conflict-torn South Sudan by nearly 80 percent. Brent crude, a benchmark for international oils, was up 11 cents […]

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WTI Oil Rises for Second Day on U.S. Supplies, Sudan Disruption

West Texas Intermediate rose for a second day on speculation crude stockpiles shrank in the U.S., the world’s biggest oil consumer. Violence forced a partial production shutdown in South Sudan. Futures climbed as much as 0.4 percent in New York. U.S. crude stockpiles dropped by 2.3 million barrels last week, a fourth weekly decline, according to a Bloomberg News survey before government data tomorrow. Prices are extending gains above technical resistance along the 200-day moving average. “WTI is trying to reach $100, but it may meet profit taking around that level,” Ken Hasegawa , an energy-trading manager at Newedge Group in Tokyo , said by phone today. A loss of crude output from South Sudan “will be a support factor for Brent,” he said. WTI for February delivery increased as much as 43 cents to $99.65 a barrel in electronic trading on the New York Mercantile Exchange and was […]

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Israeli electricity sector cuts gasoil, fuel oil demand in favor of gas

Israel’s electricity sector kept cutting its use of gasoil and fuel oil in the first 11 months of the year and in November marked its first month on record without any fuel oil consumption, the Energy and Water Ministry said Wednesday. The change is due to the sharp rise in natural gas demand by Israel Electric Corp. and private power producers since the start of commercial production at the huge Tamar offshore gas field. According to ministry figures, the power sector consumed 282,000 mt of gasoil over January-November, down 85% from the same period of 2012, and 80,000 mt of fuel oil over the same period, down 92% year on year. In November, the sector consumed 2,000 mt of gasoil and no fuel oil, the ministry said. Israel’s total demand for refined products over January-November fell 24% year on year to 9.224 million mt, […]

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Egypt designates Muslim Brotherhood as terrorist group

he Egyptian government intensified its crackdown on the Muslim Brotherhood on Wednesday, formally listing the group as a terrorist organization after accusing it of carrying out a suicide bomb attack on a police station that killed 16 people. The move marked a major escalation in the army-backed government’s campaign to suppress the Islamist movement that propelled Mohamed Mursi to the presidency 18 months ago but has been driven underground since the army toppled him in July. It gives the authorities the power to charge any member of the Brotherhood with belonging to a terrorist group, as well as anyone who finances the group or promotes it "verbally, or in writing". "This is a turning point in the confrontation. This is an important tool for the government to close any door in the face of the Brotherhood’s return to political life," said Khalil al-Anani, a Washington-based expert […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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Oil Higher On Supply Cuts As Gasoline Demand Rises

Brent oil settled at a near a one-month high on Tuesday in thin pre-holiday trade as traders covered short positions amid civil unrest in Africa that curbed global supply while demand for gasoline rose. Conflict in South Sudan threatened the country’s oil output, adding to supply concerns as Libya’s production is off by more than 1 million barrels per day (bpd). U.S. gasoline futures drove the oil complex higher, trading up 1.2 percent, after reaching a 15-week high in the previous session. Refinery snags in the United States and striking refinery workers in France thinned supply while demand remains robust. "You are running refinery operations at pretty high levels for this time of year," said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis. "This shows how increasingly sensitive the market has become to anything less than optimal." […]

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Natural Gas Futures Fall on Fears of Weaker Demand

Natural gas futures fell Tuesday, erasing Monday’s gains, after long-term weather forecasts showed less intense cold temperatures in the first week of January, potentially reducing demand for the heating fuel. Natural gas for January delivery declined 4.7 cents, or 1.1%, to $4.416 a million British thermal units on the New York Mercantile Exchange. The losses follow a gain of 4.5 cents, or 1%, in the prior session, when prices settled at their highest level since July 20, 2011. In a research note, MDA Weather Services, a Gaithersburg, Md., weather forecaster, said that although the latter portion of its 11-to-15-day forecast still calls […]

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Bomb attacks on Christians in Baghdad kill 22

Militants in Iraq targeted Christians in two separate bomb attacks in Baghdad on Wednesday, killing at least 22 people, officials said. In one attack, a car bomb went off near a church during Christmas Mass in the capital’s southern Dora neighborhood, killing at least 15 people and wounding more than 30, a police officer said. A little bit earlier, a bomb ripped through an outdoor market in the nearby Christian section of Athorien, killing seven people and wounding 16, the officer added. There was no immediate claim of responsibility for the attacks, but Iraq’s dwindling Christian community, which is estimated to number about 400,000 to 600,000 people, has often been targeted by al-Qaida and other insurgents who see the Christians as unbelievers. Along with Christians, other targets include civilians in restaurants, cafes or crowded public areas, as well as Shiites and also members of […]

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Egypt official: Suicide bomber behind deadly blast

An Egyptian security official says a suicide car bomber is suspected to have been behind the deadly explosion that targeted the police headquarters in a Nile Delta city the day before. The attack killed 15 people, mostly police officers, and wounded over 100. It was the deadliest bombing yet in a months-long wave of violence blamed on Islamic militants. The official said Wednesday the investigation has shown that a bomber drove a pickup truck laden with explosives close to the police headquarters in the northern city of Mansoura, then detonated it. The official spoke on condition of anonymity because he was not authorized to speak to the media. Tuesday’s bombing brought down an entire section of the police headquarters, incinerated dozens of cars and police vehicles and damaged several buildings. © 2013 The Associated Press . All rights reserved. This material may not be […]

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U.N. Sends Another 5,500 Peacekeepers to South Sudan

The United Nations voted Tuesday to send thousands more peacekeepers to South Sudan as the organization said it had found evidence of mass killings along ethnic lines in the country. The U.N. Security Council voted to nearly double its international troops in the country to about 13,800, including 12,500 military and 1,323 international police. Before the council voted, Navi Pillay, the U.N. High Commissioner for Human Rights, said the organization had found at least one mass grave in South Sudan as well as evidence of ethnically targeted killings and arbitrary detentions. On Tuesday, the U.S. military’s Africa Command moved a KC-130 transport plane and around 50 troops from Camp Lemonnier, Djibouti, to Entebbe, Uganda, the Pentagon said. The move will allow the Pentagon to send more military personnel to South Sudan more quickly if they are needed to help protect U.S. personnel and facilities in the country, defense officials […]

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South Sudan retakes rebel-held city

South Sudan’s embattled government claimed a victory on Tuesday when President Salva Kiir said his splintered army had retaken a state capital that last week fell to rebels, in fighting that injured two UN peacekeepers and reportedly drew Ugandan air support. In a sign that the conflict in the world’s newest country was escalating, the UN Security Council voted unanimously to authorise some 6,000 additional peacekeepers and police officers to reinforce its presence and protect UN compounds. The move will almost double the existing UN force on the ground. Humanitarians have reported mass graves, ethnic killings and war crimes since Mr Kiir, a member of the Dinka ethnic group, accused his sacked vice-president and long-time adversary Riek Machar, a Nuer, of plotting a coup against him. While Mr Machar denies attempting a coup he has since become the de facto head of a loose and fractured rebellion that has […]

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Political Fight in South Sudan Targets Civilians

The security forces went house to house, rounding up civilians by the dozens and binding the wrists of some with wire, survivors said. Some were summarily shot in the street, they said, while others were hauled off to crowded cells. Bodies of the executed were tossed into shallow graves, one recalled. Another jail where civilians had been taken reeked of death, a witness said. “We thought that the war was fought between the soldiers,” said Peter Nhial, 30, one of many in a crowd of desperate people to describe attacks on civilians. Little more than a week after political tensions between South Sudan’s leaders erupted into clashes in the streets of the capital, the crisis has broadened into a societal conflict in which longstanding ethnic divisions are fueling the violence and civilians are often the targets, not accidental victims, of the fighting. On Tuesday, the […]

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In South Sudan, ethnic attacks spark fears of civil war

There appeared to be no sign of a rapprochement between the central players in the crisis : President Salva Kiir, an ethnic Dinka, and former vice president Riek Machar, who is a Nuer, as the ethnic killings threaten to overwhelm U.N., U.S. and African efforts to end the violence. In telephone calls Tuesday to Kiir and Machar, Secretary of State John F. Kerry urged them “to accept a cessation of hostilities and begin mediated talks,” State Department spokeswoman Jen Psaki said. The United States has been the primary international backer of South Sudan since its 2011 independence from Sudan. The U.S. Africa Command moved about 50 Marines to neighboring Uganda, better positioning them to take action to protect U.S. facilities and personnel, if needed. The Marines were part of a 150-strong contingent deployed Monday from their base in Spain, along with transport and refueling aircraft, to Djibouti, on the […]

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Iran Sanctions Bill Big Test of Israel Lobby Power

This week’s introduction by a bipartisan group of 26 senators of a new sanctions bill against Iran could result in the biggest test of the political clout of the Israel lobby here in decades. The government of President Hassan Rouhani has warned repeatedly that the demand that Iran dismantle its nuclear programme entirely is a deal-breaker. Credit: Mojtaba Salimi/cc by 2.0. The White House, which says the bill could well derail ongoing negotiations between Iran and the U.S. and five other powers over Tehran’s nuclear programme and destroy the international coalition behind the existing sanctions regime, has already warned that it will veto the bill if it passes Congress in its present form. The new bill, co-sponsored by […]

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Shale Bubble

Shale Bubble Page added on December 23, 2013 We’re being told that – thanks to technological advances like hydraulic fracturing and horizontal drilling – the US is undergoing an energy revolution, leading us in a few short years to become once again the world’s biggest oil producer and an exporter of natural gas. According to the Oil & Gas Industry and their proponents, “fracking” will provide the US with energy security, low energy prices for the foreseeable future, more than a million jobs, and economic growth. “There’s no doubt that we’re seeing an industrial revolution… taking place because of the shale revolution.” –Ed Morse, Global Head of Commodities Research at Citigroup “We have a supply of natural gas that can last America nearly 100 years, and my administration will take every possible action to safely develop this energy.” –President Barack Obama “[The Utica Shale is] the biggest thing economically […]

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On This Day In History, Gas Prices Have Never Been Higher

On This Day In History, Gas Prices Have Never Been Higher It seems not a day goes by when the mainstream media (or your local friendly asset gatherer) proclaims the drop in gas prices from a Middle-East-turmoiling Summer as “great news” and very positive and an implicit tax cut… as they try to juice hopes and dreams of a better-than-expected holiday spending season. The sad truth – something unusual in this new normal – is that regular gas prices (at $3.258) have never been higher on Christmas Eve . It seems context does matter…   Yesterday, we inched out 2012′s $3.247 and moved to $3.258 per gallon…   This is the first time since March that gas prices have been at seasonally-comparable record highs. zerohedge

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Russia drops charges vs 16 Greenpeace activists

Greenpeace says investigators have dropped charges against 16 activists who were detained in Russia’s Arctic in September. Authorities on Tuesday notified one crew member that his criminal case was closed. The remaining 29 activists were summoned to receive similar notifications on Wednesday. Greenpeace on its official Twitter account on Wednesday listed 16 activists who had their criminal cases closed. The 30 crew members aboard a Greenpeace ship were detained in September and held in custody for two months before they were released in November pending trial. They were originally charged with piracy, but that was then downgraded to hooliganism. All non-Russian crew members are expected to have the charges against them dropped and be allowed to leave Russia. © 2013 The Associated Press . All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy […]

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Jet Fuel by the Acre

In an unmarked greenhouse, leafy bushes carpet an acre of land here tucked into the suburban sprawl of Southern California. The seeds of the inedible, drought-resistant plants, called jatropha, produce a prize: high-quality oil that can be refined into low-carbon jet fuel or diesel fuel. The mere existence of the bushes is an achievement. Hailed about six years ago as the next big thing in biofuels, jatropha attracted hundreds of millions of dollars in investments, only to fall from favor as the recession set in and as growers discovered that the wild bush yielded too few seeds to produce enough petroleum to be profitable. But SGB, the biofuels company that planted the bushes, pressed on. Thanks to advances in molecular genetics and DNA sequencing technology, the San Diego start-up has, in a few years, succeeded in domesticating jatropha, a process that once took decades. SGB is […]

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KiOR expects to produce 920K gallons of cellulosic biofuels by year end; short-term focus on economics

&KiOR expects to produce 920K gallons of cellulosic biofuels by year end; short-term focus on economics Cellulosic gasoline and diesel company KiOR, Inc. expects that, given current and anticipated operations through the remainder of the year, its Columbus, Mississippi facility will produce approximately 410,000 gallons of renewable fuel during the fourth quarter of 2013, bringing full year production total from the facility to approximately 920,000 gallons. ( Earlier post .) The ratio between gasoline, diesel and fuel oil expected to be produced during the year is approximately 35% gasoline, 40% diesel, and 25% fuel oil. In August, the US Environmental Protection Agency (EPA) finalized the 2013 percentage standards for four […]

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The Man Who Predicted the Future for BP Says Peak Oil Is Nigh

One of the more famous portraits of peak oil. Image: Wikimedia In a year that saw the United States reach near-historic levels of fossil fuel production , it seemed that the words ‘peak oil’ were scarcely uttered. But it’s still a looming question, that we have yet to satisfactorily answer—when are we going to run out of oil? Have we already started to? A renowned geologist, and a former top analyst for BP no less, says the answer is yes.  "We are probably in peak oil today, or at least in the foot-hills," Dr. Richard Miller said recently at a talk in London. According to the Guardian , Miller "prepared BP’s in-house projections of future oil supply for BP from 2000 to 2007," and is bringing peak oil back into focus at the end of a petroleum-soaked year. He says that oil production has already peaked in 37 oil-producing countries, and that […]

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Brent Supported by Sudan Unrest

Crude oil was slightly up in London trading Tuesday, but with low volumes evident ahead of the Christmas holiday period. Brent crude for February delivery was up 24 cents, or 0.2%, to $111.81 a barrel on ICE Futures Europe. U.S. crude-oil futures for January were down 1 cent a barrel at $98.90 on the New York Mercantile Exchange. Violence in South Sudan, one of east Africa’s oil producing states, has worsened in recent days. The country’s oil minister Stephen Dhieu Dau sought to assuage fears that production would be affected, saying "oil continues to flow normally in Upper Nile state," according to a report in the Sudan Tribune. "There is no problem there. It is only in Unity state where there are some issues but it has not stopped flowing. We only reduced the number of workers in Unity state to minimal level because of security reasons", he said […]

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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 Oil Drops for Second Day Amid Signs Gains Are Unsustainable

West Texas Intermediate crude fell for a second day, trimming its first monthly advance since August, amid speculation that recent price increases may be unsustainable. Futures dropped as much as 0.4 percent after failing to extend gains above the 200-day moving average. WTI has risen 6.6 percent so far this month. Gasoline stockpiles in the U.S., the world’s largest oil consumer, are forecast to have expanded for a fifth week, according to a Bloomberg News survey before government data this week. “Crude is seeing some resistance around the 200-day moving average, and that’s giving traders a reason not to move too far away from this level,” Ric Spooner, a chief analyst at CMC Markets in Sydney, said by phone today. “After recent gains, we are at a level where traders might be comfortable to just wait and see if the news can catch up to the prices. People in […]

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Speculators ‘Throwing Money’ at Natural Gas on Icy Blast: Energy

Hedge funds got more bullish on natural gas as a blast of cold air swept across the U.S., pushing prices to the highest level in more than two years. Money managers increased net-long positions , or bets on rising prices, by 33 percent in the week ended Dec. 17, U.S. Commodity Futures Trading Commission data show. Bullish wagers advanced for a fourth week and to a six-month high. Prices rose 21 percent during the four weeks as below-normal temperatures spread across the lower 48 states and a storm dumped as much as 18 inches of snow from the Midwest to the Northeast. U.S. inventories have fallen faster than the five-year norm since early November, government reports show. “Wall Street has been throwing a lot of money at this market,” said Stephen Schork , president of Schork Group Inc., a consulting group in Villanova, Pennsylvania . “It’s […]

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Natural Gas Futures Rally on Forecast for Sustained Cold Spell

Natural gas futures climbed to a roughly 2 1/2 year high Monday, before paring some of those gains as weather forecasts called for the return of frigid temperatures in key regions of the country, potentially bolstering near-term demand for the heating fuel. Natural gas for January delivery rose 7.6 cents, or 1.7%, to $4.492 a million British thermal units on the New York Mercantile Exchange. Earlier in the session, Nymex prices soared as much as 2.6% to their highest level since July, 21, 2011. Following a brief period of unusually warm temperatures in the Mid-Atlantic region of the U.S., MDA Weather Services, a Gaithersburg, Md., weather forecaster, said it expects cold temperatures to […]

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NE US spot natural gas up as much as $8.15/MMBtu on lower temps

Some US Northeast spot natural gas prices jumped as much as $8.15/MMBtu in trading Monday as forecasts called for temperatures well below seasonal norms. Boston was expected to see snow and a high of 25 Fahrenheit on Tuesday with a low of 16 degrees following a mild weekend with highs in the mid-50s. Tuesday’s high is 16 degrees below normal for this time of year. New York’s forecast called for snow showers and a high of 35 on Tuesday, several degrees below normal. Bentek forecast total Northeast load to rise to 25.3 Bcf on Tuesday, from 17 Bcf Monday. Tennessee zone 6-200 leg jumped $8.15 to average in the lower $13.80s/MMBtu on IntercontinentalExchange, with prices at the Algonquin Gas Transmission city-gates up $8.01 to average in the lower $13.70s/MMBtu. Transcontinental Gas Pipeline Zone 6 New York was up $1.14 to average in the lower […]

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Iran parliament mulls changing country's capital

The Iranian parliament is considering a proposal to pick another city as the nation’s capital and move the seat of the government from the overcrowded and heavily polluted Tehran. Iran’s official news agency IRNA said Tuesday that if the lawmakers accept the proposal, a council would be set up and spend the next two years studying which alternate location would be best. There was no indication in the proposal what locations could be considered. The greater Tehran area has a population of 12 million and suffers from a score of urban problems such as heavy pollution, traffic jams and a high crime rate. Its residents have tripled in number over the past decade as more and more Iranians moved into the city in search of jobs and a better life. © 2013 The Associated Press . All rights reserved. This material may not be published, […]

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Iran parliament mulls changing country’s capital

The Iranian parliament is considering a proposal to pick another city as the nation’s capital and move the seat of the government from the overcrowded and heavily polluted Tehran. Iran’s official news agency IRNA said Tuesday that if the lawmakers accept the proposal, a council would be set up and spend the next two years studying which alternate location would be best. There was no indication in the proposal what locations could be considered. The greater Tehran area has a population of 12 million and suffers from a score of urban problems such as heavy pollution, traffic jams and a high crime rate. Its residents have tripled in number over the past decade as more and more Iranians moved into the city in search of jobs and a better life. © 2013 The Associated Press . All rights reserved. This material may not be published, […]

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Egypt Pays Down International Energy Debt

Egypt has made a partial payment on the money it owes to international energy firms in a bid to revive confidence in its flagging hydrocarbon sector, people familiar with the matter told the Wall Street Journal. Egypt has an energy debt of around $6.4 billion. It has been paying hefty premiums for its crude supplies due to the weak Egyptian pound and dwindling foreign currency reserves. It has also been facing a slowdown in oil and gas exploration activities due to continuing civil unrest following the removal of president Hosni Mubarak from office in 2011. "Some companies already received last week some payments as part of a $1.5 billion deal we agreed to pay before the end of this year," an Egyptian oil official who asked not be named told The Wall Street Journal. "The rest of the $1.5 billion will be paid to the companies this week as […]

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Bomb kills 12 at Egypt police compound

A bomb blast tore through a police compound in Egypt’s Nile Delta on Tuesday, killing 12 people and wounding 134 in one of the deadliest attacks since the army deposed Islamist President Mohamed Mursi in July. The army-backed government vowed to fight "black terrorism", saying the blast an hour after midnight in the city of Mansoura north of Cairo would not derail a political transition plan whose next step is a January referendum on a new constitution. With eight policemen among the dead, the blast pointed to the risk of militancy moving to the densely populated Nile Valley from the Sinai Peninsula, where attacks have killed some 200 members of the security forces since Mursi’s downfall. "We face an enemy that has no religion or nation," Interior Minister Mohamed Ibrahim, the survivor of an assassination attempt in September, said while inspecting the scene of the blast, […]

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South Sudan rebel leader sets out conditions for talks

U.N. Secretary-General Ban Ki-moon sought urgently on Monday to nearly double the size of the U.N. peacekeeping force in South Sudan, while rebel leader Riek Machar and President Salva Kiir both indicated they were ready to talk to try to end a deepening conflict that has killed hundreds of people. A government official, however, said South Sudan would not meet Machar’s demand that detained opposition leaders be released. Ban asked the U.N. Security Council to send 5,500 more peacekeepers to South Sudan as soon as possible to protect civilians from the growing violence in the world’s newest country. There are now some 6,700 U.N. troops and 670 police officers making up the U.N. force in South Sudan. The 15-member council met to discuss the crisis and is due to vote on a resolution approving the increase in peacekeeping troops on Tuesday. "As long as these […]

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South Sudanese Rebels Claim Capture of Oil-Producing State

Rebel forces loyal to deposed South Sudanese Vice President Riek Machar said they captured crude-producing Unity state as the government evacuated some oil workers and plans a partial shutdown of facilities. Fighters led by General James Kong Chol seized Bentiu, the state capital, and other parts of the northern region on Dec. 21 and have aligned themselves with Machar, Chol said in a phone interview yesterday. It’s the second state to fall to anti-government forces after President Salva Kiir’s administration lost control of Bor, capital of Jonglei province, to a group headed by General Peter Gatdet Yak on Dec. 18. Chol and Yak previously headed government forces in the two states. “We’re controlling the area of Unity state,” Chol said from Bentiu. “My government planned to kill me and I have nowhere to go. I decided to join Riek Machar.” Fighting broke out […]

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'Mass ethnic killings' in South Sudan

New details are emerging of alleged ethnic killings committed during more than a week of violence in South Sudan. A reporter in the capital Juba quoted witnesses as saying more than 200 people, mostly from the Nuer ethnic group, were shot by security forces. Another man in Juba reported that gunmen from the Dinka tribe were shooting people in Nuer districts who did not speak the Dinka language. South Sudan’s government has denied it is behind any ethnic violence. The reports emerged as UN Secretary General Ban Ki-moon called on the Security Council to add 5,500 UN troops to the 7,000-strong force in South Sudan. Rebels supporting sacked former vice-president Riek Machar have seized major towns over the past week. Tens of thousands of people have fled the fighting. ‘Eyewitness account’ The journalist […]

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‘Mass ethnic killings’ in South Sudan

New details are emerging of alleged ethnic killings committed during more than a week of violence in South Sudan. A reporter in the capital Juba quoted witnesses as saying more than 200 people, mostly from the Nuer ethnic group, were shot by security forces. Another man in Juba reported that gunmen from the Dinka tribe were shooting people in Nuer districts who did not speak the Dinka language. South Sudan’s government has denied it is behind any ethnic violence. The reports emerged as UN Secretary General Ban Ki-moon called on the Security Council to add 5,500 UN troops to the 7,000-strong force in South Sudan. Rebels supporting sacked former vice-president Riek Machar have seized major towns over the past week. Tens of thousands of people have fled the fighting. ‘Eyewitness account’ The journalist […]

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Zhengzhou Coal Chairman Steps Down Amid Corruption Probe

State-owned Zhengzhou Coal Industry Group Co. Chairman Meng Zhongze has resigned after becoming the target of a corruption investigation. He is the latest senior official to find himself in the cross hairs of a crackdown on corruption in China. The government has launched a series of corruption investigations across the country’s energy and resources sector this year, targeting senior officials at China National Petroleum Corp. and Yunnan Tin Co. 000960.SZ +0.27% Yunnan Tin Co. Ltd. A China: Shenzhen ¥ 11.05 +0.03 +0.27% Dec. 24, 2013 3:01 pm Volume : 1.84M P/E Ratio N/A Market Cap ¥12.80 Billion Dividend Yield 1.18% Rev. per Employee ¥1,379,850 10/09/13 Goldman Sachs Pops Up in China… 10/08/13 Bribery Charge Leveled at Chin… More quote details and news » 000960.SZ in Your Value Your Change Short position , among others. Zhengzhou Coal’s listed unit, Zhengzhou Coal Industry and Electric Power Co., said in a statement […]

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