All
 

 

Just in:  

You are here: Home»Fuel & Energy»World

Fuel and Energy: World

Archive: 

Chevron Corp halted its 2015 share repurchase program on Friday, a move designed to conserve cash amid tumbling oil prices and its latest cost-cutting step after slashing capital spending. The buyback decision took Wall Street by surprise, with shares of the No 2 US oil producer falling as much as 4 percent after the announcement on a conference call with investors.

Slumping oil prices are shutting the door to stock market listings for small oil and gas firms, forcing many to tap more costly forms of financing or to shelve projects and wait for better times. Initial public offerings (IPOs) in the oil and gas sector worldwide have dwindled since crude started sliding in June. The amount raised through listings in the second half of 2014 fell 63 percent from the first six months of the year to $3.8 billion, Thomson Reuters data showed.
The United Steelworkers union (USW) issued notices of a possible strike to several US refineries on Friday night as the current contract was set to expire at 12:01 am on Sunday, sources familiar with the notices said. KFDM-TV in Beaumont, Texas, reported on Saturday morning that the Exxon Mobil Corp refinery in Beaumont had received one of the strike notices. An Exxon spokesman did not have information immediately available about a strike notice. A USW representative was not immediately available to discuss the matter.
Colombia's Pacific Rubiales liquefied natural gas (LNG) export project will be delayed due to "unfavourable energy market conditions," a project partner said, as falling oil prices make planned sales to Russia's Gazprom less profitable. The move shows how diving energy prices are undermining some LNG export projects worldwide. Excelerate Energy put its Texan liquefaction plant on hold last month and Chevron on Friday said it will slow spending on its planned Kitimat project in Canada.
Natural gas output from Western Europe's top gas supplier, Norway, is expected to be cut by 55 million cubic metres (mcm) per day on Saturday, less than the previous day, data from gas system operator Gassco showed. Outages at the country's gas processing plants Kollsnes and Nyhamna are to reduce the country's production capacity by 34.5 and 10.1 mcm/day respectively, Gassco said on its website. In addition, production capacity at the Sleipner field will be reduced by 10.5 mcm/day, while a small outage at Valemon field ended on Saturday morning, it added.
US natural gas futures lost a few cents on Friday after falling to a fresh 2012 low on expectations for continued near-record production despite forecasts for more cold over the next two weeks. Front-month gas futures on the NYMEX closed down 2.8 cents at $2.691 per mmBtu. With the front-month down, some of the most active options were the $2 and $2.10 March 2015 puts.
Oil prices rocketed more than 8 percent higher on Friday, their biggest one-day gain in two and a half years, after data showed US drillers were slamming the brakes on the shale drilling boom. In a rally that may spur speculation that a seven-month price collapse has ended, global benchmark Brent crude shot up to more than $53 per barrel, its highest in more than three weeks, after Baker Hughes data showed the number of rigs drilling for oil in the United States fell by 94 - or 7 percent - this week.

 



 
Index Closing Chg%
Arrow DJIA 17,164.95 1.45
Arrow Nasdaq 4,635.24 1.03
Arrow S&P 1,994.99 1.30
Arrow FTSE 6,749.40 0.90
Arrow DAX 10,694.32 0.41
Arrow CAC-40 4,604.25 0.59
Arrow Nikkei 17,674.39 0.39
Arrow H.Seng 24,507.05 0.36
Arrow Sensex 29,182.95 1.68






ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyNovember
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln