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South China Sea Tensions Flare as China Presses Claims

Tensions in the South China Sea are escalating as the Philippines and Vietnam push back against Chinese moves to assert control over the resources of disputed maritime areas. Vietnamese stocks fell the most since 2001 after the government said yesterday that Chinese boats intentionally rammed Vietnamese vessels during a confrontation over the placement of an exploration rig by China in waters near the Paracel Islands , claimed by both countries. Armed Philippine police also arrested Chinese fishermen near a disputed shoal close to the disputed Spratly Islands. China responded by accusing both countries of violating its sovereignty over the island chains, saying Vietnam was being “disruptive” and demanding the release of the boat crew by the Philippines. Vietnam’s benchmark VN Index fell as much as 5.5 percent, the biggest decline since Oct. 2001, and was down 4.4 percent at 10:25 a.m. in Hanoi. The incidents come as China ’s […]

Posted On : Published By : Tom Whipple
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China Oil Data Show April Crude Imports Reach Daily Record High

China imported 27.88 million metric tons of crude oil in April, equivalent to 6.8 million barrels a day, preliminary data from the General Administration of Customs showed Thursday. The crude imports were the highest on record when calculated on a daily basis, and surpassed the previous record in January, when the country shipped in about 6.7 million barrels a day. China imported 28.16 million tons of crude in January, which is the record for crude imports on a monthly basis. Meanwhile, April’s imports were 20.8% higher than the 23.08 million tons of crude shipped in during the corresponding month last year, and up around 18.5% from 23.52 million tons in March, according to Wall Street Journal calculations. Refined oil product imports totaled 2.54 million tons, while exports totaled 2.2 million tons, the data showed. Write to Wayne Ma at [email protected]

Posted On : Published By : Tom Whipple
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Trade data relieve pressure on Beijing

China’s export machine showed a marked improvement in April, taking some pressure off a leadership that is nervous about a slowing economy and pointing to firmer global demand from the developed economies that form its biggest market. Total trade firmed in April, with both exports and imports growing by just under 1 per cent year-on-year. That could reassure Chinese policy makers worried that the country is facing a slowdown as it weans itself off a credit binge. Beijing has quietly adopted looser policies in spite of rhetoric about accepting a shift to slower, more sustainable growth. The April export numbers represent an improvement on March when Chinese exports fell 6.6 per cent from a year earlier. Overall, China’s trade figures pointed to a gradually improving outlook for a sector which still accounts for more than one-fifth of the Chinese economy. Stronger trade figures with Europe – up 8.5 per […]

Posted On : Published By : Tom Whipple
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Pakistan cuts gas supply to industry, CNG pumps to curb blackouts

Pakistan plans to cut natural gas supply by around 150,000 Mcf/d to fertilizer plants and CNG pumps to increase electricity supply to cities facing daily rolling blackouts, according to officials in the power and oil ministries. The ministries decided to reduce the duration of load shedding in the eastern Punjab province, where daily power outages last 10-14 hours, the two sources said on condition of anonymity. Pakistan’s fertilizer sector previously consumed about 600,000 Mcf/day of gas, and CNG pumps use about 400,000 Mcf/day. On Thursday, the government started reducing gas supply to fertilizer plants by 50,000-75,000 Mcf/d, with the remainder of the cuts coming soon, the sources said. The plan is expected to generate about 600 MW, still well below the 4 GW shortfall. Pakistan’s overall electricity output stands at 11.5 GW, about 74% of total demand of 15.5 GW, the sources said. Hydropower […]

Posted On : Published By : Tom Whipple
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Indian Apr coal imports rise 6.45% on month to 15.9 mil mt: Interocean

India imported around 15.86 million mt of coal at 24 major ports in April, up 6.45% from March, according to data released Wednesday by Indian ship broker Interocean. The April imports consisted of 12.3 million mt of thermal coal, up 8.76% from March, and 3.56 million mt of coking coal, down 0.84%. Mundra port on India’s west coast received the highest coal shipments last month at 2.98 million mt, down 18.88% from 3.67 million mt in March. It also received the highest steam coal shipments at 2.98 million mt, up 27.26% from 2.34 million mt in March. Paradip port on the east coast received the most coking coal last month, 754,159 mt up 0.29% on the month. The surveyed ports were: Kandla, Navlakhi, Mundra, Bhavnagar, Pipavav, Muldwarka, Bedi, Magdalla, Dahej, Dharamtar, Haji Bunder, Jaigarh, Goa, Mangalore, Tuticorin, Ennore, Karaikal, Krishnapatnam, Kakinada, Gangavaram, Vizag, Paradip, […]

Posted On : Published By : Tom Whipple
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U.S. Orders Railroads to Tell States About Crude Trains

The U.S. Transportation Department issued an emergency order designed to reduce the risks of transporting crude from North Dakota ’s booming Bakken region by rail, a week after an oil train derailed and burned in Virginia . The order requires railroads to notify state emergency agencies when they haul Bakken crude through communities. A separate advisory discourages carriers from using an older tank car known as the DOT-111 tied to some accidents, though the order doesn’t ban their use. “The safety of our nation’s railroad system, and the people who live along rail corridors is of paramount concern,” Transportation Secretary Anthony Foxx said in a statement. Recent accidents have heightened concern about transporting oil by trains. Last year, a train operated by one person that was left unattended overnight rolled into the center of Lac-Megantic, Quebec , and touched off an explosion that destroyed half the town and killed […]

Posted On : Published By : Tom Whipple
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Elections not stopping Obama pollution rules

Within weeks, President Barack Obama’s administration is set to unveil unprecedented emissions limits on power plants across the U.S., much to the dismay of many Democratic candidates who are running for election in energy-producing states. Fearful of a political backlash, they wish their fellow Democrat in the White House would hold off until after the voting. Unlike the Keystone XL oil pipeline, whose review the administration has delayed, probably until after November’s elections, the clock is ticking for the power plant rules – the cornerstone of Obama’s campaign to curb climate change. Unless he starts now, the rules won’t be in place before he leaves office, making it easier for his successor to stop them. So even though the action could bolster Republican attacks against some of this year’s most vulnerable Democrats, the administration is proceeding at full speed. Obama’s counselor on climate issues, John Podesta, […]

Posted On : Published By : Tom Whipple
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Senate Squabble on Energy Policy Looks Likely to Stop Pipeline Vote

A tug of war in the Senate over energy policy and procedure looked likely to derail a vote on the Keystone XL pipeline that had been sought by Republicans and some Democrats from energy states. Senate Majority Leader Harry Reid (D., Nev.) had indicated last week that he would bring to the floor a measure approving construction of the controversial pipeline as part of a deal tied to passing a bipartisan energy-efficiency bill. But prospects for a Keystone vote receded Wednesday after Mr. Reid said he wouldn’t allow any further amendments to the energy bill, angering Republicans, who are now expected to block the energy bill from advancing in the chamber. The retreat from holding a vote on a stand-alone Keystone bill, which would bypass an executive order from the Obama administration and force approval of the pipeline, isn’t a clear-cut victory for either party. Sen. Mary Landrieu , […]

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U.S. Issues Safety Advisory on Tank Cars Used to Ship Crude Oil — Update

U.S. safety regulators urged companies shipping crude oil from North Dakota to stop using old tank cars that have been implicated in fiery accidents "to the extent possible." The Transportation Department’s nonbinding safety advisory, which carries less weight than an emergency order, said shippers should use the sturdiest cars in their fleets to transport crude from the Bakken shale. The advisory applies to about 20,000 older tank cars most commonly used to transport oil from North Dakota, the Federal Railroad Administration said, or almost 60% of the total. The remaining cars are new or have been retrofitted to improve their performance in accidents. The call to get the older tanker cars off the rails drew immediate criticism. "Making it voluntary is not going far enough," Sen. Maria Cantwell (D., Wash.) told Transportation Secretary Anthony Foxx at a Senate Commerce Committee hearing. Mr. Foxx assured her that […]

Posted On : Published By : Tom Whipple
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Obama to roll out climate rules, to dismay of Democratic candidates

Within weeks, President Barack Obama’s administration is set to unveil unprecedented emissions limits  on power plants across the United States, much to the dismay of many Democratic candidates who are running for election in energy-producing states. Fearful of a political backlash, they wish their fellow Democrat in the White House would hold off until after the voting. But Obama can’t wait that long. Unlike the Keystone XL oil pipeline, whose review the administration has delayed , probably until after November’s elections, the clock is ticking for the power plant rules — the cornerstone of Obama’s campaign to curb climate change. Unless Obama starts now, the rules won’t be in place before he leaves office. If they’re not set when he leaves, it will be easier for his successor to stop them. So even though the action could bolster Republican attacks against some of this year’s most vulnerable Democrats, the […]

Posted On : Published By : Tom Whipple