Category:

Natural-Gas Rally Inches on as Warm Weather Forecast

-Natural-gas prices closed barely higher Monday, advancing a new three-week high as weather forecasts show summer heat on the way. The front-month September contract settled up 0.3 cent, or 0.1%, at $3.965 a million British thermal units on the New York Mercantile Exchange. It was the highest closing price since July 16 and the market crested at $4 overnight for the first time since then. It was the fifth gain in the last six sessions. Traders showed a mixed opinion on what was ultimately a mixed weather forecast, analysts said. While forecasts do show some of the strongest heat of the summer, they also show unseasonably cool weather in the immediate few days and a cold front from Canada pushing back into view late next week. That left the market wary over whether the […]

Posted On :
Category:

Move against Maliki deepens Iraq crisis

Haidar al-Abadi, the UK-educated engineer appointed to form a government in Baghdad The political crisis in Iraq intensified on Monday after the country’s president named a new prime minister to replace Nouri al-Maliki , raising fears of a prolonged power struggle amid the raging battle with Islamist insurgents. In a major blow to Mr Maliki, the largest grouping in parliament nominated Haidar al-Abadi, a member of Mr Maliki’s own Shia-dominated party, as prime […]

Posted On :
Category:

Iraq President and Prime Minister Maliki on Collision Course

;Iraq’s political crisis headed toward confrontation after the president designated the deputy parliament speaker to form the next government and Prime Minister Nouri al-Maliki dismissed the appointment, claiming he was the rightful nominee. President Fuad Masum selected Haider al-Abadi, a spokesman for Mr. Maliki’s own Dawa Party, after he was nominated by the largest political bloc earlier in the day. He now has 30 days to choose a new cabinet of ministers. "What happened had no value at all," Mr. Maliki said in a nationally televised address, flanked by a few dozen of his political allies. "My nomination is still valid and we will correct this mistake for sure." Mr. Maliki blamed his loss on U.S. diplomats, accusing […]

Posted On :
Category:

Al-Abadi Asked to Form Iraq Government to Replace Maliki

Iraq ’s President Fouad Masoum asked the deputy speaker of parliament to try to form a new cabinet and end a three-month political stalemate that’s helped Islamist insurgents seize large swaths of the country. While the U.S. quickly backed Masoum’s designation of Haidar al-Abadi, embattled Prime Minister Nouri al-Maliki rejected Masoum’s move, setting the stage for further political deadlock and potentially a confrontation after Maliki sent troops into the streets of Baghdad early today. Masoum tapped Abadi hours after U.S. Secretary of State John Kerry pulled support from Maliki, warning him not to hinder the political process while the country is under threat from the Islamic State’s advances across the north. The U.S. and Iraqi political parties have blamed Maliki’s divisive policies for the onslaught in northern Iraq by the Sunni militant group, and President Barack Obama has tied expanded U.S. military strikes against the al-Qaeda breakaway group to […]

Posted On :
Category:

US sending arms to Kurds in Iraq

The Obama administration has begun directly providing weapons to Kurdish forces who have started to make gains against Islamic militants in northern Iraq, senior U.S. officials said Monday, but the aid has so far been limited to automatic rifles and ammunition. Previously, the U.S. sold arms in Iraq only to the government in Baghdad, which has largely failed in recent years to transfer them to the Kurdish forces in the north, American officials have said. Baghdad made some transfers with American help in recent days, since U.S. airstrikes began to support Kurdish forces fighting off the Islamic State advance toward the northern city of Irbil. But U.S. officials decided to begin their own deliveries. The Kurdish peshmerga fighters had been losing ground to Islamic State militants in recent weeks, in part because they were outgunned and at times ran out of ammunition, officials said. The weapons […]

Posted On :
Category:

TAQA suspends operations in Kurdish north of Iraq

Production from the Atrush block in the Kurdish north of Iraq should start in 2015 but operations are on hold because of the violence, energy company TAQA said. U.S. President Barack Obama ordered limited airstrikes against Sunni-led insurgents in the mountainous north of Iraq last week. In an address Saturday, the president said the strikes "successfully destroyed arms and equipment" held by the militants. The semiautonomous Kurdistan Regional Government last week said oil operations in the north deserved close monitoring, though were largely unaffected by the violence. Abu Dhabi National Energy Co., known by its Arabic initials TAQA, said it suspended operations at the region’s Atrush block as a security precaution. "TAQA has suspended its operations at the Atrush block as a result of recent developments and escalating instability around the Kurdistan Region of Iraq," it announced: Sunday. Several other energy companies operating in the area […]

Posted On :
Category:

Three ways that oil matters for the crisis in Iraq

For months now, Sunni militants from the Islamic State (better known as ISIS ) have been seizing control of large swathes of Iraq. ISIS is now threatening a major oil-producing region of Iraq But it wasn’t  until they encroached into semi-autonomous Kurdish territory and near the Kurdish capital of Erbil — an oil boomtown full of Western companies like Chevron and ExxonMobil — that the Obama administration decided to authorize airstrikes against ISIS. That rather felicitous timing has already led a few commentators to  suggest that the current US intervention is all about oil. That’s probably overstating things — the US intervention seems to have a variety of goals here , like protecting the Kurds more generally and preventing ISIS from massacring Iraq’s Yazidis. But it’d also be wrong to pretend that oil is totally irrelevant to the larger crisis in Iraq. Iraq is currently the world’s seventh-largest oil […]

Posted On :
Category:

New Frontiers: Counting up all the battles in the Middle East

The Middle East and North Africa region has wielded geopolitical clout far outweighing its share of global population since its early days. It has also had more than its share of armed conflicts, which more than once in modern times have threatened to disrupt global oil supplies. Now the MENA region is again in flux as borders imposed by outsiders or local strongmen collapse and the artificial states they contained fragment, with substantial petroleum output offline or under threat. The biggest impact on oil supplies resulting to date from the past three years of MENA-region turmoil has been in Libya, an OPEC […]

Posted On :
Category:

Drought conditions in key hydropower region prompt LNG buying in Brazil

Drought conditions in Brazil’s Southeast-Central West region are putting pressure on state-owned oil and gas company Petrobras to seek out prompt and near-term LNG cargoes to supplement the country’s power supply, sources said Monday. Petrobras was recently heard in the market lifting an FOB cargo from Qatar for an undisclosed price. The 157,000 cubic meter Wilpride, currently under Petrobras’ control, loaded the cargo Friday from the port of Ras Laffan, Qatar. The vessel is currently in the Gulf of Oman and is expected to arrive at the Bay of All Saints terminal in Salvador, Bahia, by late August. Petrobras has also been heard in the market looking for cargoes for FOB lifting or delivery in September, October and possibly November, ahead of the rainy season which runs from December through April. The recent push to shore up the country’s power supply comes as reservoir levels in Brazil’s Southeast-Central West […]

Posted On :
Category:

The Untold Story about the Health Impacts of Fracking

Nick Grealy Administrator of  NaturalGas2.0 ,  NoHotAir  and  ShaleGasInfo  Blogs The health impacts of fracking get a lot of attention but, unfortunately, most of it consists of anecdotes and speculation. There is, nevertheless, plenty of evidence regarding the health impacts of fracking – it’s an untold story. Everyone knows shale gas causes pollution right? That’s what the big debate is all about and the biggest questions revolve about the truly emotive topics of water, children and health. If we are to have a fact based debate, a logical place to concentrate on is Pennsylvania, an area of the US that, like Europe today, was completely unfamiliar with natural gas production until recently. It is also one which went from producing 1 BCM in 2008 to over 150BCM in only six years. Just for perspective; 150 BCM is more than the entire annual use of the UK. And Germany. Combined. We’re […]

Posted On :