|Day's Range||2.675 - 2.687|
Britain risks being held to ransom by Russia unless the vulnerable energy system is fortified, the Government has been warned amid escalating tensions with Europe’s main gas supplier. As relations with Russia sour, energy infrastructure bosses been told by secutiry officials to bolster their defences to guard against a crippling cyber attack on power plants or the national grid. Industry experts have today responded by warning ministers to address the UK’s growing reliance on foreign energy imports, which could allow Russia to use its gas market dominance as a political weapon. Russia supplies around a third of Europe’s gas, and its record exports are expected to increase. Algy Cluff, a North Sea oil veteran whose Cluff Resources firm still operates in the North Sea, warned that Britain could “so easily be held to ransom” by Russia. Mr Cluff called on the Government to prioritise Britain’s own gas resources, both in the North Sea and onshore, as part of a growing chorus of pleas for ministers to act. Algy Cluff warned that Britain could "so easily be held to ransom” by Russia. “The bad weather could prove not the only ‘Beast from the East’ if we get this wrong as a nation,” he said. Although the UK import relatively little from Russia directly it is still more vulnerable to dramatic market price shocks than other European countries after the shutdown of its main gas storage facility at Rough. Tomas Marzec-Manser, a gas market expert at ICIS, said: “In the next fortnight the Dutch government will slash permitted natural gas production at their massive Groningen field. That means Gazprom will fill that gap and, like it or not, more Russian gas will come to the British gas market,” he said. The gas market was able to weather a second sweep of freezing temperatures over the weekend in part because the “Beast from the East” brought record wind power output which cut the need for gas-fired power plants. Wind turbines met over a third of the UK’s electricity demand on Saturday and helped cut the use of gas-fired power plants to just a fifth of overall demand. The gas price for Monday is 74 pence a therm, which is well above the November average of 54 pence a therm.
Natural gas markets initially tried to rally during the week but then rolled over at the $2.82 level. Ultimately, this is a market that showed exhaustion, so I think that the markets will eventually find support underneath.
Investing.com - Crude oil prices turned lower on Friday, as concerns over global output levels continued to weigh despite upbeat demand forecasts.
LONDON/MILAN (Reuters) - Italian oil major Eni hiked its dividend on Friday and held out the prospect of a share buyback after promising higher growth in production and more cash. Eni was the first oil major to cut its dividend three years ago after a steep decline in the oil price forced the industry to tighten its belt. State-controlled Eni said in its new business plan to 2021 that it would pay a dividend this year of 0.83 euros ($1.02) per share, 3.7 percent more than last year.
LONDON/MILAN, March 16 (Reuters) - Italian oil major Eni hiked its dividend on Friday and held out the prospect of a share buyback after promising higher growth in production and more cash. Eni was the first oil major to cut its dividend three years ago after a steep decline in the oil price forced the industry to tighten its belt.
The turnaround of Freight Railroad industry can be attributed to an improvement in the coal-related scenario and a boost in intermodal volume.
Greece's Energean Oil & Gas (ENOG.L) listed on the London Stock Exchange on Friday, raising $460 million to develop two Israeli offshore gas fields in the latest milestone for the rapidly expanding eastern Mediterranean energy sector. The firm offered 72.6 million new shares at 4.55 pounds ($6.35) apiece in the first flotation of an oil and gas producer on London's main market since Zenith Energy in January 2017, according to London Stock Exchange data. The funds, together with a credit facility signed earlier this month, will go towards the $1.6 billion development of its Israeli offshore gas fields Karish and Tanin, which have potential reserves of up to 2.4 trillion cubic feet of natural gas and 32.8 million barrels of light oil and condensate.
The gold prices cracked during the yesterday’s session reaching towards the $1315 level, an area which has been supportive in the past. The crude oil prices went slightly higher during the yesterday’s session using the uptrend line around the $60.50 level as support. The natural gas prices cracked lower during the yesterday’s session reaching down to the $2.65 level.
DASH tests support levels early on in the day, as investors continue to jump in on the dips, which should support an afternoon move northwards, if the news wires stay silent…
Based on the current price at .7797, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the Fibonacci level at .7790.
Investing.com – Crude oil prices settled higher after the International Energy Agency warned that oil demand could outstrip supply despite the ramp up in shale output.
Investing.com - The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. fell by 93 billion cubic feet in the week ended March 9, while analysts had forecast a decline of 96 billion.
The UK dug up its ample coal deposits to fire the Industrial Revolution and a global empire. But the reign of coal is over. Coal power plants in the UK are due to be phased out entirely by 2025, and the effort to meet that goal has helped drive down UK carbon emissions every year…
Based on the early trade, the direction of the Dow today is likely to be determined by trader reaction to a 50% level at 24923 and a Fibonacci level at 24730.