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US natural gas storage capacity up 3.3pc : EIA  NEW YORK: US underground natural gas storage capacity rose 3.3 percent over the year to April, the government said on Wednesday, a larger-than-expected increase that will further relieve concerns that supplies could exceed capacity this year. As of April 2012, demonstrated peak capacity - the sum of the highest working gas inventory level observed in each reporting facility over the last five years - climbed 136 billion cubic feet to 4.239 trillion cubic feet, the Energy Information Administration (EIA) said in an annual report. Another 32 bcf could potentially be added by year-end, it said. A few months ago, some investors worried that excess supply would have to be dumped at discount prices, which could push prices below 10-year lows under $2 per mmBtu. At the time, unrelenting shale gas production and unusually high post-winter stockpiles looked likely to cause commercial inventories to strain the limits of storage caverns at the end of ...

The "missing barrels" make an unwelcome return:Campbell  NEW YORK: Over the first six months of the year, some 200 million barrels of oil have gone missing. Or perhaps not they are not missing, but have simply been quietly put into storage outside of the world's developed economies. Or perhaps these barrels never existed in the first place but are only the product of underestimated demand for oil or a too-optimistic view of how much crude the world is producing. For a long time, the International ...
Brazil to renew energy concessions at much lower rates: source  BRASILIA: Brazil plans to renew licenses for electricity generation utilities on the condition that they sell energy at an average price of 30 reais per megawatt-hour, a government source told Reuters on Wednesday. That would be less than half the 78 reais ($38.61) per megawatt hour that will be charged by the group building the giant Belo Monte hydroelectric dam in Brazil's Amazon, which is expected to be one of that nation's cheapest new power sources. Shares ...
Brazil fuel price rise should be gradual-Petrobras CEO  BRASILIA: Brazil's state-led oil company seeks the convergence of domestic fuel prices with world crude prices rather than a parity between the two, as a sudden price hike would harm the economy, Petrobras Chief Executive Maria das Graas Foster said on Tuesday. Petrobras' policy of setting gasoline and diesel prices based on long-term crude oil averages rather than short-term swings has provided more profit than loss in the 2002-2010 period and helped the government control inflation, ...
Oil rises awaiting Fed meeting, German court  NEW YORK: Oil prices rose on Tuesday in choppy trading as expectations that the US Federal Reserve will act to bolster the economy and that a German court will approve a euro zone rescue plan put pressure on the dollar and boosted crude futures. Fed policy makers conclude their two-day meeting on Thursday and recent weak US economic data has some analysts and investors expecting the central bank to launch a third round of bond-buying. Additional ...
Oil prices rise ahead of Fed, Germany action  NEW YORK: Crude oil prices rose modestly Tuesday as cautious investors awaited this week's US Federal Reserve policy meeting and a key German court ruling on a eurozone rescue fund. Market speculation was high that the Fed's Federal Open Market Committee (FOMC) would announce new economic stimulus at the end of a two-day meeting Thursday. Expectations that Germany's Constitutional Court on Wednesday will approve the use of the European Stability Mechanism, the eurozone financial aid fund, also ...
Brent seesaws, US crude up awaiting Fed, German court  NEW YORK: Brent oil futures edged higher in seesaw trading on Tuesday and US crude pushed back above its 200-day moving average as expectations that the US Federal Reserve will act to bolster the economy lent support and countered pressure from an improved supply picture. The US central bank's policy committee concludes a two-day meeting on Thursday, and some analysts and investors expect the Fed will launch a third round of bond-buying because of recent weak ...


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