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India urges Asian unity for fair LNG pricing

Indian Prime Minister Manmohan Singh urged Asian buyers of imported liquefied natural gas to unite to demand fair pricing. LNG prices in Asia are higher than those in Europe and North America because the cost in Asia is linked to crude oil prices under long-term contracts. Speaking at the dedication of Petronet’s Kochi LNG terminal in Kerala Saturday, Singh said Asia "has been the driver of the global LNG demand in recent times. It is therefore important that major buyers of LNG in Asia come together to demand a fair pricing mechanism for gas being imported from outside of Asia." "I hope to see India contribute towards an effort of this kind in the future," the prime minister added. Gas buyers from India, China, South Korea, Japan and Taiwan met in December to discuss how they could use their collective purchasing power to […]

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Coal surge sullies Germany's clean energy image

The share of electricity generated from coal rose in Germany last year as the country seeks to achieve its ambitious aim of switching off all nuclear power plants by 2022. Industry figures published Tuesday show that bituminous coal and lignite together contributed 45.5 percent of Germany’s gross energy output in 2013, up from 44 percent the previous year. Environmentalists criticize the increasing use of coal, saying it is a "dirty" source because of the large amount of carbon dioxide released when it is burned. Heavily subsidized renewable sources such as wind, solar, biomass and hydropower also increased their contribution to 23.4 percent, up from 22.8 percent in 2012. The share of nuclear power dropped to 15.4 percent from 15.8 percent. © 2014 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 This material may not be published, broadcast, rewritten or redistributed.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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Coal surge sullies Germany’s clean energy image

The share of electricity generated from coal rose in Germany last year as the country seeks to achieve its ambitious aim of switching off all nuclear power plants by 2022. Industry figures published Tuesday show that bituminous coal and lignite together contributed 45.5 percent of Germany’s gross energy output in 2013, up from 44 percent the previous year. Environmentalists criticize the increasing use of coal, saying it is a "dirty" source because of the large amount of carbon dioxide released when it is burned. Heavily subsidized renewable sources such as wind, solar, biomass and hydropower also increased their contribution to 23.4 percent, up from 22.8 percent in 2012. The share of nuclear power dropped to 15.4 percent from 15.8 percent. © 2014 The Associated Press . All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy […]

Posted On : Published By : Tom Whipple
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Toyota opens CES with strong affirmation of hydrogen fuel cell vehicles; “staggering” rate of cost reduction; FCV on sale in US in 2015

Toyota opens CES with strong affirmation of hydrogen fuel cell vehicles; “staggering” rate of cost reduction; FCV on sale in US in 2015 Toyota opened the 2014 Consumer Electronics Show (CES) with a strong affirmation of the benefits of and potential for hydrogen fuel cell technology. “ We aren’t trying to re-invent the wheel; just everything necessary to make them turn, ” said Bob Carter, senior vice president of automotive operations for Toyota Motor Sales (TMS), USA, Inc. “ Fuel cell electric vehicles will be in our future sooner than many people believe, and in much greater numbers than anyone expected. ” Toyota showcased both its latest fuel cell vehicle […]

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Peak Oil Denial: Nonsense Keeps Rolling Along # 3

118_1897               Happy New Year to all! At the risk of starting a cat fight where truth may too quickly become a casualty, why don’t we more forcefully challenge those who deny peak oil (and global warming) and who do so for reasons that generally ignore reality in favor of narrowly-defined interests? Those motivations will ultimately do nothing but promote more eventual harm by denying the truths to those who clearly need them the most…. Of course, we run the risk of getting bogged down in he said/she-said arguments that quickly devolve into the lowest forms of ‘debate’, but why let those types of offerings go unchallenged? They feed on themselves, and it is tiresome and time-consuming to have to rebut all the nonsense. But if we don’t, uninformed readers and listeners have no reason to at least consider the possibility that there […]

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Oil Futures Rise On Middle East Supply Disruption Fears

Brent crude futures rose Monday as bargain hunters came out to feast upon the six-week lows hit in the previous session. News from Libya remains key to near-term price direction after reports of a key western field restart on the weekend were offset by a fresh protest at another facility. Brent crude for February delivery rose 96 cents to $107.85 a barrel on ICE Futures Europe. U.S. crude-oil futures were 54 cents higher at $94.50 a barrel on the New York Mercantile Exchange. Disruptions to Libya’s oil supply, caused by protesters, including workers and armed militia, have resulted in the country’s output falling to below 250,000 barrels a day, compared with 1.6 million barrels a day in 2011 before the conflict that led to the fall of Moammar Gadhafi. Oil has started flowing again from one of Libya’s largest oil fields, Sharara. However, protesters began blocking a separate oil […]

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Brent Rises for First Time in Five Days on U.S. Cold Snap

Brent crude advanced for the first time in five days amid freezing weather and signs of economic recovery in the U.S. and concern that clashes in Iraq may disrupt oil exports. Futures advanced as much as 1 percent in London . The coldest air in almost 20 years is sweeping over the central U.S. toward the East Coast, bolstering energy demand. U.S. service industries probably rebounded last month, according to a Bloomberg forecast before data today. Iraqi security forces, militias or tribesmen may start an attack to retake Fallujah from al-Qaeda-linked militants, a government official said. “The recent gain in prices is likely a combination of the cold weather in the U.S., wobbly security situation in Iraq and traders finding their feet in 2014,” said Michael Poulsen, an analyst at Global Risk Management Ltd. in Middelfart, Denmark . “Liquidity is still rather subdued.” Brent for February settlement gained as […]

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Hedge Funds Raise ICE Brent Crude Net-Longs to 10-Week High

Hedge funds and other money managers raised net bullish bets on Brent crude to the highest level in 10 weeks, according to data from ICE Futures Europe . Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 136,611 lots in the week ended Dec. 31, the London-based exchange said today in its weekly Commitments of Traders report. The addition of 7,670 contracts, or 6 percent, is a second weekly increase and brings the net-long position to the highest since Oct. 22. Bearish positions by producers, merchants, processors and users of the North Sea crude outnumbered bullish wagers by 242,398 contracts, a reduction in their net-short position by 202 lots. Brent futures declined 1 percent to $110.80 a barrel in the week to Dec. 31, capping their first annual loss in five years, and were at $107.78 as of 12:03 p.m. London time. ICE […]

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Oil production at Libya's Sharara field rises to 205,000 b/d

Oil production at the major Sharara field in the west of Libya has risen to 205,000 b/d, a senior official at Libya’s state-owned NOC said Monday, but there are no signs of any significant increase in crude exports from the troubled North African country. Output at the 350,000 b/d Sharara field restarted on Saturday after protesters at the facility agreed to halt their blockade. The field had been shut in by protests and strike action since the end of October, with production having been disrupted on and off by strikes since June. NOC executive board member Mustafa Sanalla told Platts Monday: "Today production is 205,000 b/d from Sharara." Operated by Akakus, a joint venture between NOC and Spain’s Repsol, Sharara is one of Libya’s major onshore oil fields and feeds the 230,000 b/d Zawiya crude export terminal, Libya’s second-largest. While the terminal has been […]

Posted On : Published By : Tom Whipple
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Oil production at Libya’s Sharara field rises to 205,000 b/d

Oil production at the major Sharara field in the west of Libya has risen to 205,000 b/d, a senior official at Libya’s state-owned NOC said Monday, but there are no signs of any significant increase in crude exports from the troubled North African country. Output at the 350,000 b/d Sharara field restarted on Saturday after protesters at the facility agreed to halt their blockade. The field had been shut in by protests and strike action since the end of October, with production having been disrupted on and off by strikes since June. NOC executive board member Mustafa Sanalla told Platts Monday: "Today production is 205,000 b/d from Sharara." Operated by Akakus, a joint venture between NOC and Spain’s Repsol, Sharara is one of Libya’s major onshore oil fields and feeds the 230,000 b/d Zawiya crude export terminal, Libya’s second-largest. While the terminal has been […]

Posted On : Published By : Tom Whipple