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Fuel and Energy: World


Oil prices resumed their deep downward march on Wednesday, with US crude again nearing $80 a barrel after data showing a second big jump in weekly US crude stockpiles broke a brief period of tentative consolidation. After a day of mostly choppy back-and-forth trade, prices tumbled steadily throughout the afternoon as dealers absorbed data showing a much quicker than expected rise in US inventories and still-tame consumption.

French oil giant Total on Wednesday named new bosses to lead one of the world's biggest energy companies after its chief executive was killed in Moscow when his private jet hit a snowplough as it was taking off. The boardroom shake-up came as the snowplough driver said he had lost his bearings and strayed on to the runway, and reports emerged that a novice air traffic controller was in charge of directing the doomed plane.
BP said on Wednesday it had awarded the onshore front-end engineering and design (FEED) contracts for the $12 billion Tangguh LNG expansion project to two Indonesian consortiums. BP and its Tangguh partners also signed a sales and purchase agreement with Indonesia's state-owned electricity company to supply up to 1.5 million tonnes of liquefied natural gas (LNG) per year from 2015 to 2033.
US natural gas futures fell for a fifth day in a row to an 11-month low on Monday on forecasts for warm autumn weather and little heating demand over the next two weeks. After falling almost 4 percent over the previous four days, front-month gas futures on the New York Mercantile Exchange closed down 9.6 cents, or down 2.6 percent, at $3.67 per million British thermal units.
Brent crude oil ended up almost 1 percent on Tuesday, helped by data showing stronger-than-expected China demand and some technical price recovery after weeks of almost uninterrupted selling. Analysts and traders cautioned, however, that global economic data, especially out of Europe, were still weak amid strong fears of oversupply in crude markets.
EU-brokered negotiations to resolve the gas dispute between Russia and Ukraine failed on Tuesday, despite "significant progress", and a new meeting will take place next week, the European Commission said. "We have made significant progress," European Energy Commissioner Guenther Oettinger said after meeting with the Ukrainian and Russian energy ministers, Yuri Prodan and Alexander Novak. "We hope for an agreement" at a new round of talks next Wednesday, he added.
Brent crude fell on Monday, dropping below $86 a barrel as worries about booming supply and sluggish demand pushed the global oil benchmark back toward last week's four-year low. US crude hovered below $83 a barrel. Brent tumbled more than a dollar in early US trade, but bounced off session lows as global equities markets gained.


Index Closing Chg%
Arrow DJIA 16,461.32 0.92
Arrow Nasdaq 4,382.85 0.83
Arrow S&P 1,927.11 0.73
Arrow FTSE 6,399.73 0.43
Arrow DAX 8,940.14 0.60
Arrow CAC-40 4,105.09 0.58
Arrow Nikkei 15,195.77 2.64
Arrow H.Seng 23,403.97 1.37
Arrow Sensex 26,787.23 0.80

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln