Category:

China Boosts June Net Diesel Exports to Highest in Four Years

China raised its net diesel exports to the highest level in four years as domestic demand trailed output growth amid a slowing economy. Overseas sales of the fuel in the world’s largest energy consumer exceeded imports by about 440,200 metric tons in June, according to data e-mailed by the General Administration of Customs in Beijing today. That’s the highest since May 2010. “China is expected to export 300,000 to 400,000 tons of diesel a month regularly as domestic production grows faster than demand,” Chen Li, an analyst with ICIS-C1 Energy, said by phone from Guangzhou. China’s diesel demand is estimated to grow 0.3 percent to 1 percent this year, while output will expand about 1 percent, the Shanghai-based consultant said last month. The nation may export a record 3 million tons of the fuel this year, exceeding the previous high of 2.87 million tons in 2010, ICIS-C1 said. China […]

Posted On : Published By : Tom Whipple
Category:

Fukushima: Bad and Getting Worse

Fukushima: Bad and Getting Worse Fukushima’s radiation disaster is “far from over” There is broad disagreement over the amounts and effects of radiation exposure due to the triple reactor meltdowns after the 2011 Great East-Japan Earthquake and tsunami. The International Physicians for the Prevention of Nuclear War (IPPNW) joined the controversy June 4, with a 27-page “Critical Analysis of the UNSCEAR Report ‘Levels and effects of radiation exposures due to the nuclear accident after the 2011 Great East-Japan Earthquake and tsunami.’” IPPNW is the Nobel Peace Prize winning global federation of doctors working for “a healthier, safer and more peaceful world.” The group has adopted a highly critical view of nuclear power because as it says, “A world without nuclear weapons will only be possible if we also phase out nuclear energy.” UNSCEAR , the United Nations Scientific Committee on the Effects of Atomic Radiation, published its deeply flawed […]

Posted On : Published By : Tom Whipple
Category:

West Raises Pressure on Russia in Downing of Malaysia Airlines Flight 17

The U.S. accused Russia of hiding evidence after the downing of Flight 17 and cited video posted on social media. An image from footage released by the Ukrainian Interior Ministry purports to show a truck carrying a missile system out of Ukraine toward Russia. Associated Press The U.S. leveled its most-explicit allegations yet of Russia’s involvement in the downing of Malaysia Airlines Flight 17 and subsequent efforts to conceal evidence, and European leaders threatened broad new sanctions against Moscow, marking a turning point in the standoff between the West and the Kremlin. Secretary of State John Kerry on Sunday warned Russian President Vladimir Putin "for the last time" to accede to Western demands to disarm pro-Russian separatists and stabilize Ukraine. (Follow the latest updates on the Malaysia Airlines crash in Ukraine.) Officials in Europe, meanwhile, departed from their initially muted reaction as anger grew across the continent over the […]

Posted On : Published By : Tom Whipple
Category:

Collapse is Inevitable

There has been considerable discussion lately as to whether or not total collapse of the world’t economies will happen in the relatively near future. I think that is the wrong question. Let me explain. Ecological collapse of the world’s ecosystem is a lead pipe cinch. It is already well underway and instead of slowing down, it is gaining momentum fast. Here are just a few examples from recent news. ‘Peak soil’ threatens future global food security “Under business as usual, the current soils that are in agricultural production will yield about 30 percent less than they would do otherwise by around 2050.” Surging food consumption has led to more intensive production, overgrazing and deforestation, all of which can strip soil of vital nutrients and beneficial micro-organisms, reduce its ability to hold water and make it more vulnerable to erosion. Such factors, exacerbated by climate change, can ultimately lead to […]

Posted On : Published By : Tom Whipple
Category:

Oil Futures Ease Back as Geopolitical Fears Fade

Oil futures inched lower Friday as markets calmed and traders awaited new developments from Ukraine and the Middle East. Light sweet crude futures for August delivery slid 6 cents, or 0.1%, to $103.13 a barrel on the New York Mercantile Exchange. The Brent September contract lost 65 cents, or 0.6%, to $107.24 a barrel, on the ICE futures exchange. News that a Malaysia Airlines passenger jet may have been shot down by Russian-backed separatists, according to statements made by the White House Friday , has raised concerns that the U.S. may expand the round of sanctions it announced earlier in the week, with European countries following suit. The sanctions so far have targeted large Russian energy firms like Rosneft and Gazprom without cutting them off from world markets completely, but harsher conditions may be imposed if the investigation finds Russia at fault. "There’s growing outrage against Russia, particularly in […]

Posted On : Published By : Tom Whipple
Category:

Crude Posts First Weekly Gain in a Month on Ukraine

West Texas Intermediate crude capped its first weekly gain in a month after a Malaysia Airlines passenger jet was downed in Ukraine and Israel sent ground forces into the Gaza Strip. WTI has climbed 3.2 percent since July 15, when it dropped below $100 for the first time in two months. The Boeing Co. 777 crashed in the main battleground of Ukraine’s civil war, threatening to escalate the worst crisis between the West and Russia since the end of the Cold War. Israel’s movement of troops and tanks into Gaza marks the first significant ground operation in the coastal enclave since 2009. “The geopolitical threat was discounted too quickly and has rapidly been priced back in,” John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy, said by phone. “The events in eastern Ukraine and in the Middle East are a reminder […]

Posted On : Published By : Tom Whipple
Category:

Natural-Gas Prices Fall to Seven-Month Low

Natural gas fell to a seven-month low. Bloomberg News Natural-gas prices tumbled to a seven-month low on Thursday, falling below $4 a million British thermal units, after a government report showed U.S. stockpiles last week increased at an above-average pace. A mild summer in the nation’s biggest gas-consuming regions has eased concerns about supplies. Worries flared up last winter, when extremely low temperatures translated into record demand for the heating fuel. This summer, unseasonably cool weather across swaths of the U.S. has damped the use of power-thirsty air conditioners, limiting the use of natural gas in generating electricity. "This is significant and extraordinary weather in that it’s so cold," said Teri Viswanath, a natural-gas strategist at BNP Paribas SA in New York. "This summer is largely being written off." Prices for the front-month August contract settled down 16.5 cents, or 4%, to $3.954 […]

Posted On : Published By : Tom Whipple
Category:

OPEC Says Oil Production, Market Share Fell in 2013

OPEC said Friday its crude production and market share fell last year as a boom in U.S. shale dents demand for its oil. In an annual statistical report, the Organization of the Petroleum Exporting Countries said its collective crude production was down 2.5% during 2013 on an annual basis. OPEC’s share of total global production in 2013 averaged 43.4%, down from the 44.6% in 2012, it said. Global oil production and demand rose last year but was largely captured by OPEC’s rivals, notably a rise in nonconventional U.S. production. The group said in early July demand for its oil will continue to decline next year, when it is likely to fall by 300,000 barrels a day. In the report, OPEC also said its members’ petroleum export revenue fell to $1.112 trillion in 2013 from $1.208 trillion the previous year. Among the most significant increases in reserves, Iraq’s crude oil […]

Posted On : Published By : Tom Whipple
Category:

Iran shuts border to oil tankers from Kurdistan

Iran shuts border to oil tankers from Kurdistan Iranian authorities have shut the border to tanker trucks from Iraq’s autonomous Kurdistan region, cutting off a major avenue for oil sales.The ban, put in force on July 10, may complicate the Kurdistan Regional Government’s (KRG) efforts to achieve economic independence, and also represents a setback for producing companies that need to sell their oil. At times, Iran had been providing a route to market for more than a quarter of the region’s oil production.The ban covers all trucks ca… 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
Category:

Iran nuclear talks given four month extension

Iran and six world powers have agreed to a four-month extension of negotiations on a nuclear deal with Tehran after failing to meet a July 20 deadline due to "significant gaps" between the two sides, the European Union and Iran said on Saturday. "There are still significant gaps on some core issues which will require more time and effort," EU foreign policy chief Catherine Ashton and Iranian Foreign Minister Mohammad Javad Zarif said in a joint statement, the Reuters news agency reported. Iran, the United States, Britain, France, Germany, Russia and China had set a July 20 deadline to complete a long-term agreement that would resolve the decade-old dispute over Tehran’s nuclear ambitions. But diplomats said they were unable to overcome significant differences on major sticking points. "We will reconvene in the coming weeks in different formats with the clear determination to reach agreement on a Joint Comprehensive Plan […]

Posted On : Published By : Tom Whipple