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Natural-Gas Prices Close Slightly Higher

Natural-gas futures closed up slightly Monday, after a late-day rally likely spurred by profit-taking. Prices for the front-month August contract settled up 0.1 cent, or 0.02%, at $4.147 a million British thermal units on the New York Mercantile Exchange. Prices did set a new six-month intraday low and are still about 13% off from a month ago. Several analysts said profit-taking might spur a rally after weeks of steady losses. Short-sellers, traders who bet prices would fall, would have to buy back contracts to close out those bets. Forecasts are showing the unseasonably cool weather is likely to reverse somewhat in the coming weeks, bringing temperatures 3 to 5 degrees Fahrenheit above normal starting July 24. That made Monday a good day for short sellers to close out positions, said John Woods, president of JJ Woods Associates and a Nymex floor trader. "It’s not earth-shattering, […]

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Iran Outlines Nuclear Deal; Accepts Limit

VIENNA — Iran’s chief nuclear negotiator, faced with an imminent deadline for an agreement with the West on the future of the country’s nuclear program, said in an interview on Monday that Iran could accept a deal that essentially freezes its capacity to produce nuclear fuel at current levels for several years, provided it is then treated like any other nation with a peaceful nuclear program. The proposal, which Iran said was conveyed to the United States and five other world powers during closed-door negotiating sessions in Vienna, would effectively extend a limited series of concessions Iran made last November as part of a temporary deal to get negotiations started on a permanent accord. In return, Iran wants step-by-step relief from sanctions that have substantially weakened its economy. Offering a rare glimpse into the secret talks, Iran’s foreign minister, Mohammad Javad Zarif, described a proposal that sought to satisfy […]

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Fate of the Iran Nuclear Talks Hangs on Three Questions

Iranian President Hassan Rouhani waves after speaking at a press conference in Tehran in June. Associated Press It’s crunch time with Iran. Negotiators from the U.S. and five other international powers have until Sunday to reach a long-term deal with Iran on reducing its nuclear program, declare the negotiations a failure, or make the politically awkward decision to extend their self-imposed deadline for a deal. U.S. officials don’t want to talk about extending the deadline—that would just reduce pressure to get an agreement—though an extension seems the likeliest outcome as a bevy of high-level negotiators wrestle in marathon talks in Vienna. The mood of the talks has gone from optimistic weeks ago, as Iran made concessions on items such as the future of its Arak nuclear reactor, to pessimistic in recent days as it becomes clear a giant gap remains on the crucial question of how much capacity Iran […]

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Iran Indicates Some Flexibility Over Nuclear Deal, Diplomats Say

VIENNA—Iran has signaled for the first time that it is willing to accept a modest reduction in nuclear enrichment throughout the duration of a comprehensive nuclear agreement, according to people involved in the talks. Iran’s Foreign Minister Javad Zarif, left, meets with U.S. Secretary of State John Kerry, right, at talks between the foreign ministers of the six powers negotiating with Tehran on its nuclear program in Vienna on Sunday. Associated Press Although Iran’s suggestion isn’t Tehran’s only proposal on the table, and it is very unlikely to be accepted in current form by the West , it is the first time Iran has shown some flexibility on future enrichment rights-—a key obstacle to a deal. The signs of some flexibility come with six days to go before the July 20 deadline for completing a nuclear deal as U.S. Secretary of State John Kerry held a second day of […]

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Iran Sends Rouhani Brother to Nuclear Talks

Photographer: Jim Bourg/Pool/AFP via Getty Images Iran has for the first time sent President Hassan Rouhani’s younger brother as a special observer to the nuclear talks in Vienna, signaling the importance of the final week of negotiations before a July 20 deadline. The presence of Hossein Fereydoun, who also serves as a special adviser to the president, came to light after he was photographed in one of the sessions between Iran and European foreign ministers. Fereydoun’s presence was also reported by Iran’s state-run Islamic Republic News Agency . “He’s the president’s eyes and ears,” Ali Vaez, an Istanbul-based analyst for the International Crisis Group , said in an e-mailed reply to questions. Thirteen days into negotiations between world powers and Iran, significant gaps remain over the Persian Gulf nation’s uranium-enrichment capacity. U.S. Secretary of State John Kerry arrived in the Austrian capital yesterday along with his counterparts from France, […]

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Iranian oil shipments still restricted

Iranian crude oil tankers are still restricted by international sanctions because of problems with insurance coverage, an official said Monday. Ali Akbar Safaei, director of the National Iranian Tanker Co., said that, although sanctions in the company were lifted, getting insurance coverage was still restricted by international sanctions. Iran last year secured modest relief from sanctions targeting its energy sector in exchange for agreement to curb some of its nuclear research activity. U.S. Secretary of State John Kerry traveled Monday to Vienna to meet with Iranian Foreign Minister Javad Zarif and European delegates leading multilateral nuclear negotiations. The U.S. State Department said Kerry is expected to weigh Iran’s willingness to make the "critical choices" necessary for a comprehensive agreement on nuclear issues. Safaei last week said his company should make a strong recovery following a recent ruling from the European courts last week that it made a "manifest error" […]

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Exclusive: Iran nuclear negotiators under pressure after leader's speech

A major speech by Iran’s Supreme Leader has limited the ability of the Iranian delegation at high-level nuclear talks to make concessions with six world powers and this could scuttle chances for Tehran to reach an accord to end sanctions, diplomats said. In a public address filled with technical detail, Ayatollah Ali Khamenei said last week Iran needs to significantly increase its uranium enrichment capacity, clashing with the powers’ push for it to be reduced to minimise the risk of nuclear bombmaking, as July 20 deadline for a deal nears. The talks with the United States, Britain, France, Germany, Russia and China are aimed at a long-term accord on Iran curbing its nuclear energy programme in exchange for a gradual end of sanctions that have crippled the OPEC member’s economy. In his speech, which analysts compared in importance to a State of the Union address by […]

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Exclusive: Iran nuclear negotiators under pressure after leader’s speech

A major speech by Iran’s Supreme Leader has limited the ability of the Iranian delegation at high-level nuclear talks to make concessions with six world powers and this could scuttle chances for Tehran to reach an accord to end sanctions, diplomats said. In a public address filled with technical detail, Ayatollah Ali Khamenei said last week Iran needs to significantly increase its uranium enrichment capacity, clashing with the powers’ push for it to be reduced to minimise the risk of nuclear bombmaking, as July 20 deadline for a deal nears. The talks with the United States, Britain, France, Germany, Russia and China are aimed at a long-term accord on Iran curbing its nuclear energy programme in exchange for a gradual end of sanctions that have crippled the OPEC member’s economy. In his speech, which analysts compared in importance to a State of the Union address by […]

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Baghdad denounces Kurdish oil raids

The Iraqi Oil Ministry said it denounced the takeover of two key crude oil production facilities by Kurdish military forces in the north of the country. "The Ministry of Oil calls on the Kurdish people to understand the seriousness of the situation and directs those responsible for the action to retreat from the oil fields to avoid punishment," the ministry said in a statement Sunday. Kurdish forces, known as Peshmerga, took control over two key oil facilities in the north of Iraq last week. The seizure comes after Iraqi Prime Minister Nouri al-Maliki accused Kurds of being on the wrong side of the fight against a growing Sunni insurgency. The ministry said Friday the Kurdish force should fight against Sunni-led insurgents rather than occupying oil fields in the north of Iraq. In its statement Sunday, the ministry described the seizure as irresponsible and a blatant disregard […]

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Iraq army launches Tikrit offensive, politicians elect speaker

Iraq’s army and Shi’ite militia forces launched an assault on Tuesday to retake the city of Tikrit from Islamist militants as parliamentarians in Baghdad prepared to vote for a new speaker, a possible step towards breaking months of political deadlock. The Defense Ministry said ground troops backed by air support began their offensive at dawn against insurgents, led by the al Qaeda offshoot the Islamic State, who have held Tikrit since mid-June. If the army and its militia allies retake Tikrit, hometown of Saddam Hussein, it would be the first insurgent-held city to switch back to government control since Iraq’s latest crisis erupted last month. The offensive took place as Iraq’s deeply divided parliament met for a third session aimed at forming a new government to tackle the insurgency, three months after the country held a parliamentary election. Shi’ite Prime Minister Nuri al-Maliki, whose State of […]

Posted On : Published By : Tom Whipple