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TAP mulls reach into Bulgarian gas network

Lutz Landwehr, commercial director for the Trans-Adriatic gas pipeline, said Monday a possible pipeline connection to Bulgaria would enhance energy security. The TAP project consortium and Interconnector Greece-Bulgaria signed a memorandum of understanding to consider further development of gas infrastructure in the region. "We welcome this agreement with ICGB and see it as an opportunity to transport Caspian gas to Bulgaria, thus enhancing diversification of supply and improving security of supply in the country and in the wider South Eastern Europe Region," Landwehr said in a statement. Landwehr said the agreement calls on both sides to consider a possible pipeline connection point in Greece that would allow natural gas to flow to Bulgaria. The Greek government ratified a host agreement for TAP in December. The 340-mile section through Greece is the longest for the 540-mile pipeline. TAP will connect to a pipeline near […]

Posted On : Published By : Tom Whipple
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UK storms: 'Colossal waves' set to batter coastal areas

New warnings comes after areas like Porthcawl, south Wales, were battered with waves on Sunday "Colossal waves" whipped up by winds of up to 70mph are likely to cause more flooding as some coastal areas take another battering, forecasters warn. Western and southern areas are likely to bear the brunt, where flooding could be worse than that seen in recent days. More than 100 flood warnings, meaning "flooding is expected", are in place in England, Scotland and Wales. A severe flood warning , meaning "danger to life", is in place for the Lower Stour in Dorset. BBC forecaster John Hammond said there was no good news for exposed places around southern and western coasts where there would be "colossal waves". "Add on top of that high spring tides again – and very, very strong winds of up to […]

Posted On : Published By : Tom Whipple
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UK storms: ‘Colossal waves’ set to batter coastal areas

New warnings comes after areas like Porthcawl, south Wales, were battered with waves on Sunday "Colossal waves" whipped up by winds of up to 70mph are likely to cause more flooding as some coastal areas take another battering, forecasters warn. Western and southern areas are likely to bear the brunt, where flooding could be worse than that seen in recent days. More than 100 flood warnings, meaning "flooding is expected", are in place in England, Scotland and Wales. A severe flood warning , meaning "danger to life", is in place for the Lower Stour in Dorset. BBC forecaster John Hammond said there was no good news for exposed places around southern and western coasts where there would be "colossal waves". "Add on top of that high spring tides again – and very, very strong winds of up to […]

Posted On : Published By : Tom Whipple
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When Will U.S. Crude Oil Production Peak?

As recently as the mid-2000s, conventional wisdom held that U.S. crude oil production was in secular decline, while the nation’s demand for oil was expected to keep rising. But over the past five years, U.S. oil production has surged by more than 50%, while domestic demand has been more or less stagnant. Now, policymakers are less concerned than they were a decade ago about the nation’s reliance on foreign oil and are even debating the prospects of exporting crude oil from the United States. It’s all thanks to the application of advanced drilling techniques such as horizontal drilling and hydraulic fracturing that have allowed energy companies to tap previously unreachable shale formations in places like Texas and North Dakota. But even though production from these shale formations has surged in recent years, it will eventually peak at some point. The question is when exactly. Is U.S. crude oil production […]

Posted On : Published By : Tom Whipple
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Oil Futures Retreat as Gasoline, Diesel Inventories Build

–U.S. crude-oil supplies fall more than expected, but gasoline and diesel stocks rise –February oil futures lose 1.6% to $93.96/barrel –Diesel futures slip to lowest price since Nov. 19 By Nicole Friedman NEW YORK–Oil futures retreated Friday as market watchers looked past an unexpected drawdown in crude-oil supplies and focused on reduced demand for petroleum products. Light, sweet crude for February delivery settled down $1.48, or 1.6%, at $93.96 a barrel on the New York Mercantile Exchange, its lowest price since Dec. 2. Prices fell 6.3% this week. Brent crude on the ICE futures exchange lost 89 cents, or 0.8%, to settle at $106.89 a barrel. U.S. commercial crude-oil inventories fell by 7 million barrels to 360.0 million barrels in the week ended Dec. 27, the Energy Information Administration said Friday. Analysts had expected a 2.2 million-barrel decline, according to a Wall Street Journal survey conducted Tuesday. Analysts attributed […]

Posted On : Published By : Tom Whipple
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Crude Caps Biggest Weekly Drop in 19 Months

West Texas Intermediate crude fell, capping the biggest weekly decline in 19 months, after a government report showed that U.S. supplies of distillate fuel and gasoline climbed. Futures dropped 1.6 percent today and 6.3 percent this week. The Energy Information Administration said stockpiles of distillate fuel , including heating oil and diesel, rose 5.04 million barrels last week to 119.1 million. Gasoline inventories gained 844,000 barrels to 220.7 million. Fuel demand tumbled 7.2 percent, the most since January 2012. Crude supplies slid as Gulf Coast refiners curbed deliveries to reduce local taxes. “The big build in distillate fuel is the main feature of the report,” said John Kilduff , partner at Again Capital LLC a New York-based hedge fund that focuses on energy. “Distillate is the seasonal leader and strong demand for it had been driving prices higher. The demand appears to have fallen away.” WTI for February delivery […]

Posted On : Published By : Tom Whipple
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Crude oil settles at $93.96 a barrel on NYMEX

Crude oil settled at $93.96 a barrel on the New York Mercantile Exchange Friday, off $1.48, on oil production-related news at home and abroad. The U.S. Energy Information Administration on Friday said crude supplies dropped by 7 million barrels for the week ended Dec. 27, more than expected by the American Petroleum Institute, which reported a drop of 5.7 million barrels Tuesday, MarketWatch.com reported. On Thursday, Libya’s National Oil Corp. said a major oil field would resume production soon following an agreement by protesters to end a months-long blockade. Libya’s oil output has been offline since July, when protesters stopped work at many of the country’s major oil facilities. Selling in the oil market accelerated into the close of the session "as the bearish global news of Libyan [crude] flows returning have been compounded by a bearish domestic inventory report, especially for the […]

Posted On : Published By : Tom Whipple
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NYMEX crude settles lower, inventory draw out-shined by demand drop off

NYMEX February crude settled $1.48 lower at $93.96/barrel Friday, as a large draw in stockpiles was overshadowed by a sharp drop off in product demand and rising distillate stocks. ICE February Brent settled 89 cents lower at $106.89/b. In products, NYMEX February ULSD settled 4.73 cents lower at $2.9394/gal and February RBOB ended 4.62 cents lower at $2.6488/gal. US Energy Information Administration data Friday for the week ended December 27 showed crude stocks fell 7 million barrels to 360.57 million barrels, but distillate stocks rose a surprising 5 million barrels to 119.1 million barrels, outpacing analyst expectations of a 600,000-barrel build. US gasoline stocks rose 800,000 barrels to 220.7 million barrels. At the same time, total implied demand for products fell 1.5 million b/d to 19.0 million b/d last week, EIA data showed. "There was a paring of earlier losses [in crude futures] […]

Posted On : Published By : Tom Whipple
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Natural Gas Slips After Smaller-Than-Expected Storage Draw

Natural gas futures eased Friday as a smaller-than-expected decline in U.S. inventories raised doubts about the health of demand for the heating fuel. Natural gas for February delivery fell 1.7 cents, or 0.4%, to settle at $4.304 a million British thermal units on the New York Mercantile Exchange. Prices swung in a wide range as traders gauged potentially conflicting signals on the pace of natural gas use. Futures fell by as much as 2.7% after the Energy Information Administration reported the amount of natural-gas in storage fell by 97 billion cubic feet last week. Analysts and traders in a Wall Street Journal survey had forecast a draw of 134 […]

Posted On : Published By : Tom Whipple
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Oil exports end 2013 down but banner year ahead

Oil exports end 2013 down but banner year ahead Iraqi oil exports in 2013 averaged 2.391 million barrels per day (bpd) for a total of $89.145 billion in revenue, a lower than expected performance as Iraq weathered storms in the south and attacks in the north but stayed largely on target with infrastructure enhancements that will add 3 million bpd of additional export capacity by 2015.Iraq has already witnessed its first oil sector attack of the new year, however, taking exports to Turkey offline.The Iraq-Turkey Pipeline (ITP) was att… This content is for registered users. Please login to continue. If you are not a registered user, you may purchase a subscription or sign up for a free trial .

Posted On : Published By : Tom Whipple