|Day's Range||53.87 - 54.20|
India's Adani Enterprises has awarded a contract to an Australian rail company as the conglomerate steps up infrastructure spending to support its new thermal coal mine in Queensland state. The A$100 million ($68.30 million) contract was awarded to privately held Martinus Rail, based in the regional city of Rockhampton, Adani said in a statement on Friday. Adani Mining Chief Executive Lucas Dow said more than A$450 million worth of contracts had already been awarded on the Carmichael Project, the majority to regional Queensland areas.
While Russia has traditionally focused on arms and grain exports to Africa, it is now looking to broaden its activities and influence. Russia is one of the world's top hydrocarbon producers and exporters through energy giants like Gazprom, Rosneft and Lukoil. The group is also interested in taking part in a project to build a gas pipeline linking Nigeria to Europe via Algeria.
Oil prices fell on Friday after China, the world's largest oil importer, recorded its weakest quarter of economic growth in nearly three decades, dragged down by a trade dispute with the United States. Global benchmark Brent crude oil futures fell by 34 cents, 0.6%, to $59.57 a barrel by 0350 GMT. U.S. West Texas Intermediate (WTI) crude futures were down by 12 cents, or 0.2%, to $53.81 per barrel.
Global stocks rose after Britain reached a deal to avoid a disorderly divorce from the European Union that could have hurt the global economy. "You can put most of it (the Canadian dollar rally) down to the general risk-on sentiment that we've seen benefit commodity currencies," said Mark Chandler, head of Canadian fixed income and currency strategy at RBC Capital Markets. Canada, like Australia and New Zealand, is a major commodities exporter, so its economy could benefit from an improved global growth outlook.
U.S. natural gas futures for the winter of 2020-2021 gained the most of any contracts on Thursday after Kinder Morgan Inc delayed the projected in service date for its $2 billion Permian Highway gas pipe in Texas to early 2021. Prices for winter gas futures rose about 3 cents to $2.73 per million British thermal units (mmBtu) in January 2021 and $2.69 in February 2021. "The Permian is expected to be the engine of natural gas production growth once again next year due to its ability to produce regardless of gas prices," Daniel Myers, market analyst at Gelber & Associates in Houston, said in a report.
The Trump administration has been in the middle of a constant battle between farmers and the oil industry over the ethanol market, and both sides are fed up of the President’s broken promises
The crude oil markets went back and forth during the trading session on Thursday, as we have gotten the inventory figures out of the way. There is structural support underneath, so it does look like the buyers are still around.
While Israel and its Western friends routed an attack by the non-OPEC states of Egypt and Syria, Arab OPEC leaders leveraged economic power to bolster their peers. The price of oil initially popped 70%.
A palm oil industry watchdog will adopt rules next month that will impose fines on consumer goods companies like Unilever and Nestle if they don't start buying more green palm oil to help curb deforestation in Southeast Asia, the regulating body said. Producers of palm oil, a commodity used in everything from ice cream to lipstick, are blamed for destroying millions of hectares of forest in Southeast Asia, in part by using slash-and-burn techniques that blanketed Singapore, Malaysia and Indonesia in smog in September. The growers, though, say palm oil buyers like Unilever , Nestle , Procter & Gamble Co and PepsiCo share responsibility because they don't buy enough sustainably produced oil, undermining efforts to reward those who adopt greener practises and reduce deforestation.
The American Petroleum Institute has estimated a major crude oil inventory build of 10.45 million barrels, nearly 8 million barrels more than estimated
Natural Gas is coming up against increasingly strong resistance from environmental activists and the public in general, leading some to question whether it will face the same fate as coal
An Iranian National Security official claims to have evidence that Saudi Arabia, Israel and the U.S. were responsible for the attack on Iran’s oil tanker
(Bloomberg) -- A fire at a San Francisco-area fuel terminal is contained after spewing black smoke high in the air, snarling rush-hour traffic and prompting officials to ask residents to take shelter.Authorities are working to assess any health threat from the fire that affected two tanks at NuStar Energy LP’s Selby Terminal in Crockett, about 25 miles (40 kilometers) northeast of San Francisco, the Contra Costa Country fire department said on Twitter. The tanks held “very low volumes of ethanol” comprising less than 1% of their capacity, NuStar said.All operations have been suspended, and product shipments in and out of the facility are halted. All personnel are safe, the company said.NuStar’s shares fell 0.8% to $28.11 at 2:59 p.m. in New York on Wednesday.An order for residents to remain indoors has been lifted for all affected areas near the NuStar facility, the Contra Costa County Health Department said in a tweet. Since there is no longer any imminent danger to the public, a section of Interstate 80 near the terminal that had been closed in both directions has now re-opened, the California Highway Patrol said in a tweet.The blaze came less than a day after an earthquake forced Marathon Petroleum Corp. to shut units at its nearby Martinez refinery, threatening to push up gasoline prices that had just eased from the highest level in seven years. Disruptions at California refineries sent retail pump prices in the state well above $4 a gallon.The fire involved two tanks. Three others, holding ethanol and jet fuel, were checked for structural damage, found to be sound and then were vented, Steve Hill, a spokesman for the Contra Costa Fire Protection District, said at a televised news conference on Wednesday.Hill said new, smaller tanks were delivered by NuStar to collect a combination of waste ethanol, water and up to 15,000 gallons of fire-retardant foam from ponds near the burned tanks. He also said the small amount of product in storage had benefited the firefighting effort."We have dodged some bullets in the last 24 hours," Hill said. "Yes, those tanks were almost empty, but that also means they had extra amounts of oxygen inside."Hill said alternate piping was being installed to replace damaged equipment and reconnect the terminal to Northern California oil supply. He said a terminal contractor was briefly trapped in a nearby culvert Tuesday night before he was rescued.The two burned tanks contained a combined 250,000 gallons of ethanol. The blaze had spread to 15 acres of nearby vegetation. Between 12 and 20 nearby residents were evacuated.The incident comes a week after the state’s utility PG&E Corp. shut power to 738,000 homes and businesses to prevent wildfires similar to those that devastated the state last year, causing dozens of fatalities.Phillips 66, whose Rodeo refinery is less than a mile away, has not been impacted, Dennis Nuss, a company spokesman, said Wednesday. NuStar operates about 9,800 miles of pipeline and 74 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids. Its San Francisco-area facility has a capacity of about 3 million barrels of gasoline, diesel, jet fuel and ethanol, according to the company’s website.(Updates fourth paragraph with share price, seventh paragraph onward with details on the incident.)\--With assistance from Ann Koh, Natnicha Chuwiruch, Bill Lehane and Brian Eckhouse.To contact the reporters on this story: Robert Tuttle in Calgary at email@example.com;Jeffrey Bair in Houston at firstname.lastname@example.orgTo contact the editors responsible for this story: David Marino at email@example.com, Jessica Summers, Mike JeffersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Nigeria is looking to claim $62 billion from international oil firms for back revenues it says it is owed -- but even the country's own oil minister admits the government has little chance of success. The eye-watering amount relates to a 1993 law governing production sharing agreements between the country and oil majors that said the revenue split should be reviewed if prices reached over $20 per barrel. Despite the price of crude soaring above that point over the past two decades the division of spoils was never recalculated -- and Africa's biggest oil producer insists the time has come to pay up.
Brazil's Senate passed the main text of a bill late on Tuesday defining the distribution of proceeds from a blockbuster auction of oil prospecting rights, a key milestone for the enormous offshore region known as TOR - the 'transfer-of-rights' area. The bidders who win exploration and production rights in the massive Nov. 6 auction will be obliged to pay the government a combined signing bonus of some 106.5 billion reais ($25.8 billion), making it the largest oil bidding round in history, according to Brazilian authorities. The fields are unique as Brazilian state-run oil firm Petroleo Brasileiro SA, better known as Petrobras, has already done significant exploration work in the area.
Phillips 66 Partners LP set spot rates of $4.75 a barrel to ship crude on its new 900,000-barrel-per-day (bpd) Gray Oak crude pipeline within points in Texas, according to a filing this week. * The company also set rates at $4.75 a barrel to transport crude within Texas for committed shippers. * It was not immediately clear what rates were for transport to delivery points in the Houston and Corpus Christi, Texas, areas.
Germany said Wednesday it had called a special meeting of international partners this week to pressure Royal Dutch Shell to remove old rigs containing crude oil in the North Sea. An environment ministry spokesman said Berlin had convened signatory countries of the Convention for the Protection of the Marine Environment of the North-East Atlantic (OSPAR) on Friday in London. "Germany finds it absolutely unacceptable that these crude oil quantities remain in these structures," said the spokesman, Stephan Gabriel Haufe, citing a "danger for the environment".
The White House is warning Chinese shipping companies against turning off their ships' transponders to hide Iranian oil shipments in violation of U.S. sanctions, two senior administration officials said. "We've been messaging very heavily to the shipping companies, you don't want to do this, it's not worth it," said one official, who spoke to Reuters on condition of anonymity. China is the largest remaining buyer of Iranian oil after U.S. President Donald Trump reimposed sanctions on Tehran's main export.