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Natural Gas Rises Ahead of Inventory Data

By Nicole Friedman NEW YORK–Natural-gas prices ticked higher Wednesday ahead of weekly inventory data, which is expected to show that supplies have increased by less than is typical for this time of year. Natural-gas futures for July delivery settled up 3.3 cents, or 1.2%, at $2.759 a million British thermal units on the New York Mercantile Exchange. Natural-gas stockpiles typically grow between April and October, as producers store the heating fuel ahead of the winter, when consumption usually peaks. Producers have injected large amounts of natural gas into storage in recent weeks, suggesting that robust production is keeping the market oversupplied. The U.S. Energy Information Administration is due to release its inventory data for the week ended Thursday. Analysts and traders surveyed by The Wall Street Journal expect the agency to report that stockpiles grew by 78 billion cubic feet in the week, less than the five-year average build […]

Posted On : Published By : Tom Whipple
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Syria crisis: IS re-enters Kurdish held town of Kobane

Kobane has been devastated by the fierce battle Islamic State fighters have entered the northern Syrian city of Kobane, battling Kurdish forces, activists say. The Syrian Observatory for Human Rights says a number of people were killed in fierce clashes in the centre of the town on the Syrian-Turkish border. Kurdish forces drove IS forces from Kobane early this year after a long campaign backed by US-led air strikes. The battle made international headlines – heralding what some saw as a symbolic defeat for the IS. The jihadist group has suffered a string of defeats to Kurdish forces since it was forced to withdraw from Kobane in January after a four-month battle. Early this week, Kurdish Popular Protection Units (YPG) forces said they had captured a key town, Ain Issa, just 50km (30 miles) from the IS headquarters at Raqqa, days after seizing Tal Abyad and cutting a major […]

Posted On : Published By : Tom Whipple
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Under sanctions, Iran’s crude oil exports have nearly halved in three years

U.S. Energy Information Administration, based on Lloyd’s List Intelligence, Global Trade Information Services, Eurostat, and trade press Source: Note: Values may not add to the total because of independent rounding. Note: OECD is the Organization for Economic Cooperation and Development. In early April this year, Iran and the five permanent members of the United Nations Security Council plus Germany (P5+1) reached a framework agreement to guide negotiations targeting a comprehensive agreement by June 30. The comprehensive agreement could result in the lifting of crude oil-related sanctions against Iran, which in turn could result in an increase in Iran’s crude oil production and exports. However, the ultimate decision and the timing that sanctions could be lifted are highly uncertain. Sanctions imposed by the United States and the European Union (EU) at the end of 2011 and during the summer of 2012, respectively, led to the displacement of more than 1.0 […]

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Ex-Advisers Warn Obama That Iran Nuclear Deal ‘May Fall Short’ of Standards

Five former members of President Obama ’s inner circle of Iran advisers have written an open letter expressing concern that a pending accord to stem Iran ’s nuclear program “may fall short of meeting the administration’s own standard of a ‘good’ agreement” and laying out a series of minimum requirements that Iran must agree to in coming days for them to support a final deal. Several of the senior officials said the letter was prompted by concern that Mr. Obama’s negotiators were headed toward concessions that would weaken international inspection of Iran’s facilities, back away from forcing Tehran to reveal its suspected past work on weapons, and allow Iranian research and development that would put it on a course to resuming intensive production of nuclear fuel as soon as the accord expires. The public nature of the announcement by some of Mr. Obama’s best-known former advisers, all of whom […]

Posted On : Published By : Tom Whipple
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Iran’s Regime Can Change. But a Nuclear Deal Isn’t Likely to Transform It.

Would a nuclear deal with Iran be a transformational accord, realigning the region and bilateral relations? Or would it be a more narrow business proposition: sanctions relief in exchange for slowing Iran’s nuclear program and buying time, or so Western diplomats hope, for more fundamental change in Tehran? Speculation is risky business. But with a nuclear deal looking likely, I’m thinking a bit about what the post-agreement future might hold. Even the mullahcracy in Tehran isn’t immune to change. A year ago, few would have predicted that we’d be close to an agreement. (Yes, some will say not to count our deals before they are signed.) Still, a transformation isn’t likely, even over time, particularly in a region that rarely offers good news or quick results. Consider: Regime preservation: Iran didn’t get into negotiations over its nuclear program because it was seeking to become Switzerland–democratic, and an integral part […]

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Tehran Must Balance Negotiations and Upcoming Elections

Iran’s parliament voted Tuesday to approve a bill that sets strict limits on international inspections of Iranian nuclear sites, a hotly debated aspect of negotiations between Iran and the six world powers. The bill would prevent the Iranian negotiating team from agreeing to allow foreign access to Iranian military sites, areas deemed as strategic to Iranian security, non-nuclear facilities and Iranian scientists. The bill still needs approval from the Guardian Council, Iran’s top legal vetting body, which is charged with interpreting the constitution and approving the eligibility of political candidates. The Guardian Council is expected to approve the bill as part of a tacit negotiation between Iranian Supreme Leader Ayatollah Ali Khamenei and the parliament. As in the United States, Iran is on the cusp of an important political season. Iranians will head to the polls Feb. 25, 2016, to elect not only the 290 members of the parliament […]

Posted On : Published By : Tom Whipple
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Death Toll From Karachi, Pakistan, Heat Wave Tops 800

Photo Pakistanis took shelter in the shade outside a hospital in Karachi, Pakistan, on Wednesday. Credit Shakil Adil/Associated Press KARACHI, Pakistan — The temperature was still searingly high on Wednesday — 98 degrees Fahrenheit, or 37 degrees Celsius — but at least it was dropping. It had been as high as 113 degrees Fahrenheit, or 45 degrees Celsius. Health and rescue officials said the number of deaths, which surpassed 800 during the four days that the merciless heat wave gripped this southern port city, had also fallen on Wednesday. “Today was a lot better,” said Anwar Kazmi, a spokesman for the Edhi Foundation , which runs an ambulance service and Karachi’s largest morgue. “We’ve had 58 deaths today, compared to yesterday when the death toll rose to 300.” Meteorologists said Karachi’s weather should improve in the days ahead. “There won’t be heavy rains, but there are chances of light […]

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Japan Building Giant Battery Systems to Store Solar Power

Japanese companies are building some of the world’s biggest battery systems to address one of solar power’s biggest problems–its volatility. Handling the surges in power when the sun shines and storing that energy for use when it is cloudy or dark is a major headache for solar power producers and the utilities they supply. Mitsubishi Electric Corp.6503.TO +0.79% and NGK Insulators Ltd.5333.TO +1.68% are assembling a 50,000 kilowatt battery system for Kyushu Electric Power Co.9508.TO +0.41% to study ways to better accommodate solar power. A slightly smaller, 40,000 kilowatt battery system is under construction in Minami Soma, north of the Fukushima Daiichi nuclear power plant, for Tohoku Electric Power Co.9506.TO +0.52% to conduct similar research. The government is financing both projects at a total cost of ¥31.7 billion ($257 million), a government official said. Power companies have cited the volatility of supply as a reason for refusing to accept […]

Posted On : Published By : Tom Whipple