|Day's Range||2.59 - 2.60|
The total count of rigs exploring both oil and gas in the United States increases for the fifth time in the trailing seven weeks.
Investing.com - Crude oil remained lower on Monday, pulling away from recent two-week highs as news of a rise in U.S. drilling added to concerns over output levels and overshadowed upbeat global demand projections.
Based on the early trade, the direction of the Dow today is likely to be determined by trader reaction to 24730.
SINGAPORE/LONDON, March 19 (Reuters) - ExxonMobil Corp has bought a liquefied natural gas (LNG) cargo to keep its Papua New Guinea plant cold after a powerful earthquake triggered a production halt last month, several trade sources said on Monday. The cool-down cargo could be a first step toward restarting LNG production at the facility ahead of schedule or it may simply be needed to maintain operational readiness, traders said. Stopping the liquefaction process which condenses gas into a liquid at minus 162 degrees Celsius causes LNG plants to warm up, requiring cargoes to be imported to keep cryogenic tanks and equipment operational.
The Zacks Analyst Blog Highlights: Union Pacific, Kansas City, Canadian Pacific, CSX and Norfolk
Investing.com - Crude oil turned lower on Monday, pulling away from two-week highs as news of a rise in U.S. drilling added to concerns over output level and overshadowed upbeat global demand projections.
Britain has rebuffed calls from the gas industry for an urgent review of the country's gas storage capacity after a cold snap this month triggered warnings of supply shortages and gas prices spiked to their highest in at least a decade. Operators of gas storage sites, industries reliant on gas and developers of new storage projects have been asking for an inquiry since November, following the closure of the Rough site that provided 70 percent of Britain's gas storage capacity. The government says it is up to the market to determine whether it makes sense to invest in new gas storage and if there are any supply shortages, prices will rise sufficiently to attract more gas from elsewhere.
Looking at the daily charts, Brent traders are eyeing the pivot at $65.52 for direction. WTI traders are watching the price action and reading the order flow at $61.62.
The detailed plan is under work, but in principal we want to control pollution in key areas and from heavy industries," said, Li Ganjie, the new minister for the Ecological Environment ministry, during a session at this week's National People's Congress (NPC). China announced last week during the NPC that it would transform the former Ministry of Environmental Protection into the Ecological Environment ministry with great powers that include taking on the environmental duties of the land, water and agriculture ministries.
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.