02082016Mon
Last update: Mon, 08 Feb 2016 09am

Americas

Markets - Energy - Americas

Natural gas likely overtook coal as top US power source in 2015 NEW YORK: Last year looks like it was an unwelcome watershed for the embattled US coal industry.Power companies in 2015 for the first time may have burned more natural gas than coal to generate electricity, according to analysts who attribute it to the cheapest gas prices in 16 years and a record number of coal-fired plants retired from service because of the high cost of meeting environmental regulations.Data from the US Energy Information Administration showed that power plants used more gas than coal to produce electricity in five of the first 10 months of 2015, including the last four months data was available - July, August, September and October.While EIA does not forecast that gas produced more electricity than coal in 2015, some analysts conclude it did because gas in November and December traded at the lowest levels for the entire year, prompting more substitution in what was already an ...

Markets - Energy - Americas

Crude rout worsens, but bond funds remain confident NEW YORK: Big bond investors who have bet on high-yield oil producers are sticking to losing bets, waiting for a turnaround in the price of crude, even though their performance has suffered and fund assets have shrunk as oil has plunged. "Junk" rated US exploration and production credits are on track to post their worst two-month performance since Barclays records began in early 1993. Energy credits became a bigger slice of the US high-yield market ...

Markets - Energy - Americas

Oil plumbs new lows below $27 in unrelenting rout NEW YORK: US oil prices crashed below $27 dollars a barrel on Wednesday for the first time since 2003, caught in a broad slump across world financial markets with traders also fearful that the crude supply glut could last longer. Oil prices have slid more than 25 percent so far this year, piling more pain on oil drillers and producing nations alike, yet they keep pumping more oil into an oversupplied market. US crude for ...

Markets - Energy - Americas

US oil price sinks 6.7% NEW YORK: Oil prices plunged again on Wednesday, losing 6.7 percent in New York in the absence of any sign of tightening of supplies and amid gloomy global economic forecasts.The US benchmark West Texas Intermediate (WTI) for February delivery dropped $1.91 to $26.55 a barrel, the lowest level since May 2003. The contract traded as low as $26.19 a barrel during the session, the last day for the February contract.Losses also persisted in London trade, ...

Markets - Energy - Americas

Oil under pressure as IEA warns could 'drown' in supply NEW YORK: Oil prices were under pressure Tuesday as the International Energy Agency warned the market "could drown" in oversupply with the return of Iranian oil.US benchmark West Texas Intermediate for February closed at $28.46 a barrel on the New York Mercantile Exchange, down 96 cents (3.3 percent) from Friday's settlement. The selloff brought WTI to its lowest level since September 2003.In London, Brent North Sea crude for delivery in March rose to $28.76 a ...

Markets - Energy - Americas

Oil pares most gains after warning market could 'drown in oversupply' NEW YORK: Brent crude rebounded on Tuesday from 12-years lows after data showed record demand in China, but a warning by the world's energy watchdog that the market could "drown in oversupply" limited the global benchmark's gains and sent US crude down to its lowest since 2003. Analysts also attributed much of Brent's bounce from under $28 a barrel on Monday to a brief short-covering rally after oil prices crashed over 20 percent this year, ...

Markets - Energy - Americas

Brazil fuel output fell 6.3pc in 2015, first drop since 2008 RIO DE JANEIRO: Brazilian refined petroleum production fell 6.3 percent in 2015, the first annual decline since 2008, as the energy demand shrank along with a weakening economy, Brazil's petroleum regulator ANP said on Tuesday. The volume of crude processed in Brazilian refineries in 2015 also fell for the first time since 2008, slipping 5.8 percent compared with 2014, the ANP said. The decline in volumes could add to the woes of state-run Petroleo Brasileiro ...