|Day's Range||2.833 - 2.833|
HANOI/SINGAPORE (Reuters) - Vietnam has halted an oil drilling project in the "Red Emperor" block off its southeastern coast licensed to Spanish energy firm Repsol (REP.MC) following pressure from China, three sources with direct knowledge of the situation told Reuters on Friday. It would be the second time in less than a year that Vietnam has had to suspend a major oil development in the busy South China Sea waterway under pressure from China.
The rising prospects of a trade war saw equity markets tumble through the Asian session, with demand for the Yen on the rise, as the markets continued to respond to trade tariffs, which has left the Dollar on the back foot. Risk aversion will provide support for the EUR, while the Pound will be in the hands of the Euro Summit.
Malaysia's Petronas said on Friday it is one of the producers involved in TransCanada's proposal to expand a pipeline system that would open up more markets for the energy company's gas produced in Western Canada. Pipeline operator TransCanada in February said it would go ahead with the C$2.4 billion ($1.9 billion) expansion of its Nova Gas Transmission Line (NGTL), which moves gas from Alberta and British Columbia to markets all over North America. In an emailed statement to Reuters, Petronas said its subsidiary Progress Energy Canada Ltd is one of the eleven shippers involved in TransCanada's application to regulators.
The S&P 500 fell significantly during the trading session on Thursday, as it has been a bit of a “risk off” day in fears of the United States levying tariffs against the Chinese. Any potential trade war could cause major issues economically, and that of course is exactly what the market is thinking.
President Trump is set to escalate the brewing global trade war with tariffs directed at China, and the oil and gas industry is sure to suffer as a result
By Henning Gloystein and Julie Gordon SINGAPORE/HOUSTON (Reuters) - The LNG Canada liquefied natural gas project is on track for a final investment decision (FID) later this year, a British Columbia trade official said on Thursday, ahead of the province unveiling tax breaks geared at pushing the C$40 billion ($31 billion) project across the finish line. British Columbia's New Democratic government said it would repeal the province's LNG tax, while giving LNG companies tax breaks during construction and access to cheaper power, putting them on a similar footing to other industrial sectors.
Natural gas prices moved lower following a report from the Department of Energy that showed that inventories declined slightly less than expected. March is still a drawing month, and Thursday’s reduction did not impress market participants. Colder than normal weather is forecast to cover most of the United States for the next 8-days.Technicals
Gold prices reversed Wednesday rally and slipped slightly as traders took profits. Prices soured on Wednesday as the hawkish comments from new Fed chair Powell was somewhat muted. Support is seen near the 10-day moving average at 1,321. Resistance is seen near the March highs at 1,340. Momentum on the yellow metal has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the e26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).
Investing.com - Natural gas futures were little changed near their lowest level in around four weeks on Thursday, after data showed that domestic supplies in storage fell broadly in line with expectations last week.
Investing.com - Crude oil futures pulled back from their highest level in nearly seven weeks on Thursday, as lingering concerns over rising production in the U.S. weighed.
SINGAPORE (Reuters) - ONGC Mangalore Petrochemicals Ltd (OMPL) is seeking heavy cut naphtha through an import tender in a rare move and coming at a time when overall naphtha supplies are tight, traders ...
The world is walking away from coal. But to meet the targets for limiting global warming set out by the 2015 Paris Agreement, it must pick up the pace. According to a report published yesterday (pdf) by Greenpeace, CoalSwarm, and the Sierra Club, the number of new coal plants being developed around the world continued…
The daily chart pattern continues to indicate that a bearish bias could develop on a sustained move under $2.688 and a bullish bias could form on a sustained move over $2.716.
Bitcoin holds on to $9,000 levels this morning, but has continued to test psychological support through the early hours, with market sentiment mixed through the early part of the day.
Gold is trading higher early Thursday, but there has been no follow-through to the upside. Nonetheless, the bullish price action and shift in momentum to the upside has put gold in a position to breakout to the upside.
Crude oil prices are still being supported early Thursday by yesterday’s reported surprise decline in U.S. inventories, although a relentless rise in U.S. oil output continues to threaten the OPEC-led plan to tighten the market and stabilize prices.
Asia Development Bank (ADB) said on Thursday it would provide a $250 million loan to Sinopec Green Energy Geothermal Co (SGE) and Iceland's Arctic Green Energy Corp (AGE) to develop clean geothermal heat in smog-prone northern China. SGE is a joint venture set up by China's state-owned oil giant Sinopec and AGE.
Natural gas markets initially tried to rally during the trading on Wednesday, but found the $2.71 level to be too expensive, and broke down probably from there. Ultimately, this is a market that I think will continue to be very negative, so I look at these rallies as selling opportunities. From what I see on this chart, most other people do as well.
Investing.com – Gold prices rose to a nearly one-week high amid dollar weakness despite the prospect of a more hawkish Federal Reserve outcome as the central bank is widely expected to hike rates.
2016 and 2017 were particularly bad for coal traffic due to the strength in the US dollar, international markets flooded with coal, and most importantly, low natural gas prices. The natural gas prices were low due to a slump in crude oil prices, which led to a switch to natural-gas-fired power plants from coal-fired power plants. Canadian Pacific Railway (CP) earned 9.9% of revenues from its coal business, whereas the commodity’s share in total carloads was 11.6% in 2017.