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Scottish independence: New poll eases pressure on No camp

Prime Minister David Cameron speaks during a visit to Scottish Widows offices in Edinburgh, where he made an impassioned plea to keep Scotland part of the union, saying he would be "heartbroken" if the UK was torn apart. PRESS ASSOCIATION Photo. Picture date: Wednesday September 10, 2014. See PA story REFERENDUM Main. Photo credit should read: Andrew Milligan/PA Wire The embattled campaign against Scottish independence earned some respite on Wednesday as a poll gave the No side a six-point lead and leading oil bosses joined Mark Carney, the Bank of England governor, in warning of the potential costs of separation. On the day that David Cameron said he would be “heartbroken” if the United Kingdom was broken up, a Survation poll for the Daily Record suggested the No campaign’s lead was holding steady at 53 against 47 for Yes. More On this story On this topic IN UK Politics […]

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Scotland independence vote sets North Sea oil industry on edge

Scotland’s independence vote has received a last-minute jolt of energy as polls show a surge by the Nationalist camp, which has effectively countered a mostly downbeat “No” campaign and picked holes in London’s claims to be a responsible custodian of North Sea oil. A week ahead of the September 18 referendum and with oil remaining a major issue, pro-Union politicians and the financial community in London have been alarmed by polls showing the Nationalists level-pegging, after months in which the “Better Together” camp had a comfortable lead. Leaders in industry and government have presented arguments knocking down Nationalist aspirations to a prosperous Norwegian-style state underpinned by a sovereign wealth fund that would save oil wealth for future generations. But the arguments against–such as that Norway is at an earlier stage in its oil production and is thus not comparable, or has a more favorable demographic situation–have proved less persuasive […]

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Brent Trades Below $100 for Longest Run in 16 Months

Brent held below $100 a barrel for the longest period since April 2013, amid speculation that slowing economic growth will add to an excess of supply. West Texas Intermediate was steady in New York . Brent was little changed in London , trading below $100 for a third day, the longest spell since a six-day run to April 23, 2013. Chinese Premier Li Keqiang announced money-supply growth was the slowest in five months. Oil prices are poised to drop next year as U.S. crude production reaches a 45-year high, the Energy Information Administration said yesterday. Still, weekly U.S. government data published today is forecast to show crude inventories contracted last week. “We are now quite open to the idea of prices remaining weak at least until the end of the year,” David Wech , an analyst at consultants JBC Energy GmbH in Vienna, said in an e-mailed report. “The […]

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Natural Gas Surges as Technical Traders Push Rally

(Updates price table.) By Timothy Puko NEW YORK–Natural-gas prices posted their biggest gains in nearly three months on Tuesday as technical traders pushed the rally into a second day. Natural gas for October delivery briefly topped $4 a million British thermal units before ending the day up 10.8 cents, or 2.8%, at $3.984/mmBtu on the New York Mercantile Exchange. It was the largest one-day rise since June 12. Prices have gained 5% in two days, surprising many analysts and traders who struggled to pinpoint the spark for so much buying at a time when production is overwhelming demand. "I didn’t really see a whole lot of reason for it to go up this much," said Kyle Cooper, managing director of research for gas firm Cypress Energy in Houston. "The market really seems comfortable in the $3.80 to $4 range. And the market really seems to want to test each […]

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International Energy Outlook 2014

Overview International Energy Outlook 2014 cover. World markets for petroleum and other liquid fuels have entered a period of dynamic change—in both supply and demand. Potential new supplies of oil from tight and shale resources have raised optimism for significant new sources of global liquids. The potential for growth in demand for liquid fuels is focused on the emerging economies of China, India, and the Middle East, while liquid fuels demand in the United States, Europe, and other regions with well-established oil markets seems to have peaked. After a long period of sustained high oil prices, improvements in conservation and efficiency have reduced or slowed the growth of liquid fuels use among mature oil consumers. The changes in the overall market environment have led the U.S. Energy Information Administration (EIA) to focus on reassessing long-term trends in liquid fuels markets for the 2014 edition of its International Energy Outlook […]

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IEA: Energy efficiency a hidden fuel

The director of the International Energy Agency said Tuesday from Berlin energy efficiency is a hidden fuel that could support economic growth. The IEA published a study saying energy efficiency may have benefits that go beyond just cutting back on demand . "This report lays out the case for governments to invest more time in measuring the impacts of energy efficiency policies, to improve understanding of their role in boosting economic and social development and to facilitate policy design that maximizes the benefits prioritized by each country," IEA Executive Director Maria van der Hoeven said in a statement. The IEA said it’s trying to reframe the narrative of energy efficiency to show it’s a hidden fuel that can be used as a source of energy security and a builder of national wealth. The paper suggests nearly 60 percent of the economic potential from energy efficiency is unrealized through 2035 […]

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EIA Lowers Price Forecasts for Brent, WTI Through 2015

Oil prices are poised to drop next year as U.S. crude production reaches a 45-year high, government forecasters said today. West Texas Intermediate will average $94.67 a barrel in 2015 versus the August projection of $96.08, the U.S. Energy Information Administration said today in its monthly Short-Term Energy Outlook . The EIA trimmed its Brent crude forecast for next year to $103 from $105. Rising U.S. crude production is bolstering the country’s energy independence, Adam Sieminski , the administrator of the EIA, said in a statement. The agency forecast output of 8.53 million barrels a day this year, up from 7.45 million last year, and 9.53 million in 2015, the most since 1970. It’s also pushing down the EIA’s forecast for gasoline prices. “The U.S. oil production forecast for 2015 was revised up by 250,000 barrels per day, with total output expected to be at the highest level since […]

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Libyan Refugees Stream to Tunisia for Care, and Tell of a Home That Is Torn Apart

SFAX, Tunisia — Libyans seeking medical care and a refuge from war are filling the private clinics in this coastal Tunisian city for the second time in three years, bringing with them fresh accounts of the violence racking their country. Since the revolution three years ago that overthrew Col. Muammar el-Qaddafi, about 1.8 million Libyans — nearly a third of the country’s population — have fled to Tunisia. A new wave of refugees has arrived in recent months as fighting has engulfed the Libyan capital , Tripoli, driven away by random shelling and shooting, as well as shortages of cash, electricity and fuel. “The country has plunged into the sea,” said Jomaa Abdullah, 68, a farm laborer from near Tripoli who had brought his son for treatment for gunshot wounds. “It’s gone. It’s going to be hard for it to come back.” The refugees’ accounts of the most recent […]

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Iran’s Talks With Russia May Strike at Sanctions

Iran sent new signals on Tuesday that it was seeking to subvert the Western sanctions on its contentious nuclear energy program, adding uncertainties in advance of another round of negotiations next week in New York before the United Nations General Assembly. The Iranians said they had been engaged in talks with Russia, a member of the group of big powers negotiating with Tehran, about economic cooperation in energy, which could undercut the sanctions. South Africa, a former Iranian oil customer that has honored the sanctions in deference to Western pressure, said that, after talks with an Iranian delegation, it hoped to resume imports in three months. On Monday, Iran’s negotiator at the nuclear talks, Abbas Araghchi, the deputy foreign minister, said his country would not countenance any new economic penalties imposed by the United States, after an announcement by the Obama administration last month that it was adding more […]

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US Crude Export Prospects Expand Niche For Oilfield Stabilizers

HOUSTON, Sept 9 (Reuters) – Orders have surged for a type of oilfield equipment primarily used to make a light variety of crude safe for pipelines, after a federal ruling signaled that the specialized units also offered a workaround for companies eager to export oil from the U.S. shale boom. The units, known as stabilizers, process that type of crude, known as condensate, just enough to qualify it for export as a refined product, allowing oil producers to ship it abroad without violating a decades-old ban. Dozens of companies that build stabilizers, ranging from small private firms to pipeline and logistics leader Kinder Morgan Energy Partners, stand to benefit from new orders. Oil producers in condensate-heavy shale crude plays like the Eagle Ford and the western Permian Basin in Texas also could fetch better condensate prices if exported, as U.S. refiners have limited demand for it. Stabilizers are simpler […]

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