Markets - Energy
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NEW YORK: US natural gas futures lost ground on Monday for the first time in five sessions, pressured by milder weather forecasts for later this week and next week that should finally allow homeowners and businesses to turn down their heaters.Cold late-winter weather, a chilly spring and above-average nuclear plant outages put a huge dent in what were record high gas inventories in November and prompted higher price expectations for this year.The front contract, which gained 4.4 percent last week in its ninth straight weekly rise, has mostly been in an uptrend since mid-February, gaining 40 percent during that period.But with weather expected to turn milder soon and slow space heating needs, concerns are growing that the market may be ripe for a pullback."The gas market is seeing some profit-taking off recent gains. Today's focus is less on current cool temperatures and more on the forecast warming trend," Citi Futures ...
HOUSTON: Gasoline production was cut over the weekend at Motiva Enterprises' 600,000 barrel-per-day (bpd) Port Arthur, Texas, refinery due to reduced hydrogen supply, sources familiar with refinery operations said on Monday. The lower hydrogen supply has delayed the refinery's return to full production following an April 14 citywide power outage that shut the Motiva refinery and affected two others in Port Arthur. "Everything's not back up," one of the sources said on Monday.A Motiva representative ...
PARIS: The European Union was set Monday to ease its embargo on Syria's oil production, which has dwindled to just a third of the level before the conflict erupted in March 2011. Following is a rundown of the current state of Syria's oil sector:PRODUCTION AND EXPORTS: From around 400,000 barrels of oil a day in early 2011 -- ranking the country as the world's 30th biggest oil producer -- the International Energy Agency (IEA) estimates ...
NEW DELHI: India's thermal coal production rose 3.3 percent to 508.32 million tonnes in 2012/13, while coking coal output declined 4.5 percent to 49.35 million tonnes, provisional figures obtained from a government source showed on Monday.Production of coal, which fuels more than half of India's power generation, nudged up 0.2 percent in March from a year earlier to 54.24 million tonnes, the figures obtained by Reuters showed.Despite being the world's third-largest coal producer, India's imports ...
HONG KONG: Asian markets mostly climbed on Monday, with Tokyo surging as the dollar pushes back towards the 100 yen mark after the G20 cautiously endorsed the Bank of Japan's huge stimulus measures.Chinese shares dipped, however, as insurers suffered a sell-off after an earthquake struck Sichuan province, leaving more than 200 dead or missing and destroying villages.Tokyo jumped 1.89 percent, or 251.89 points, to 13,568.37, while Seoul was up 1.03 percent, or 19.56 points, at ...
SINGAPORE: Oil prices rose in Asian trade Monday as bargain-hunters moved in following a price plunge last week as investors waited for fresh economic data from China, analysts said. New York's main contract, light sweet crude for delivery in May, added 50 cents to $88.51 a barrel in the afternoon and Brent North Sea crude for June delivery gained 44 cents to $100.09."We're seeing a bit of bargain hunting that is keeping prices up," Ric ...More Articles...
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