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Oil rises as WHO declares emergency but opposes travel ban

Oil prices rose on Friday but were still set for a fourth consecutive weekly loss, as markets attempted to assess the economic damage of the new coronavirus that has spread from China to around 20 countries, killing more than 200 people. Brent crude was up 20 cents at $58.49 a barrel by 1208 GMT but still down 3.6% on the week. U.S. West Texas Intermediate (WTI) rose by 24 cents to $52.38 a barrel, but remained down 3.3% on the week. Both benchmarks rose by more than $1 earlier in ...

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Nord Stream says supplied 58.5 bcm of natgas to Europe in 2019

Nord Stream AG, the operator of an undersea gas pipeline from Russia to Germany, said on Wednesday it supplied 58.5 billion cubic metres (bcm) of gas to European consumers in 2019. This is above annual capacity of 55 bcm. The pipeline has been designed to bypass Ukraine, a key route for Russian gas to Europe, Another parallel pipeline, Nord Stream-2, with the same capacity is 94% complete. The construction was halted last month after the United States introduced sanctions against the project. Source: Reuters (Reporting by Andrey Ostroukh; writing by ...

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Russia, China And The U.S. Are Forever Changing The Global Gas Market

It is a buyer’s market for anything related to fossil fuels. Even traditionally the most expensive of them, liquefied natural gas (LNG), is in sharp decline. Other than the recent, and hopefully temporary, viral flu outbreak from China, what is driving LNG prices to the ground? After all, the Phase One China deal is done, so that’s not a headwind anymore, and it means more China demand for U.S. LNG. The Iran-inspired launch of “World War III” is but a memory. As always, it’s a story of supply and demand. ...

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U.S. refiners, chemical makers pare insurance coverage as accidents boost costs

U.S. refineries and petrochemical plants are cutting back on insurance because several years of severe accidents have driven up the cost of coverage, industry and insurance sources said. With less insurance coverage for physical damage and business interruption, energy companies could be liable for millions of dollars of costs in repairs and lost business in the case of an explosion or fire. In the worst-case outcome, entire refineries could close if insurance coverage is inadequate. Insurance rates for property damage and business interruption have increased as much as 100% for ...

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Global Stocks Drift Lower On Economic Growth Concerns

Global stocks drifted lower Friday as investors gauged fresh economic data and the health of businesses amid continuing worries about a viral outbreak that threatens to weigh on economic growth. Futures tied to the Dow Jones Industrial Average dropped 0.4%. The pan-continental Stoxx Europe 600 gauge slumped 0.3% while stocks in Asia were mixed. The Hang Seng Index closed 0.5% lower, and exchanges in China remained shut. Fresh data on major European economies proved to be a disappointment on Friday. France’s output shrank in the fourth quarter as strikes and ...

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Brexit ‘done’ at last – now for the hard part

At the stroke of midnight in Brussels on Friday, Britain will leave the European Union and Prime Minister Boris Johnson will deliver on his election promise to “Get Brexit Done”. But he won’t have long to savour the triumph of a divorce that, over 3-1/2 years, shook British politics to the core and polarised the nation. Feb. 1 will mark the beginning of a new phase of negotiations between London and Brussels to agree on the shape of their future relationship. They have until the end of 2020 — a ...

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A Preview Into The 2020 Economy

In hindsight, for investors, 2019 was about as easy as it gets. Aside from a few temporary pullbacks, most asset classes surged on January 1st and never looked back. By the end of the year, nearly every asset class posted positive returns, with many delivering double digits. Equity investors were rewarded for continuing to ride out this record-breaking bull market, with US large caps up 31.49% and Mid and Small Caps not far behind at 30.54% and 25.96%, respectively. Developed international stocks returned 22.01% despite the ongoing Brexit saga, and ...

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Struggling state-owned firms hold Balkan economies back

The aluminum smelter in the Bosnian town of Mostar has fallen eerily silent since its electricity was cut in July. The only visitors to what was once a model factory in former Yugoslavia are staff filling in redundancy papers. The closure of debt-laden Aluminij Mostar is symptomatic of the challenges facing countries across the Balkans as they try to keep loss-making state-owned businesses inherited from the communist era afloat in market economies. The demise of the aluminum exporter also shows how 25 years after the end of the Bosnian war, ...

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The World Is the Dog, the Federal Reserve Is the Tail

What could cause the Federal Reserve to cut interest rates this year? Odds are, something beyond U.S. borders. That is the message the Fed gave Wednesday after leaving interest rates unchanged at its January policy meeting. Fed officials said in a post-meeting statement that they would monitor “global developments and muted inflation pressures” in deciding what to do next. In his subsequent press conference, Fed Chairman Jerome Powell dwelt more on developments abroad than on U.S. growth, which he said has been weighed down by “sluggish growth abroad and trade ...

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Baltic Dry Index falls to 487, down 11 points

Today, Friday, January 31 2020, the Baltic Dry Index decreased by 11 points, reaching 487 points.

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Credit Suisse, others back initiative to factor CO2 cuts into shipping finance

Credit Suisse, BNP Paribas and French public investment bank Bpifrance are the latest lenders to join an initiative to link provision of shipping finance to cuts in carbon dioxide emissions. Global shipping accounts for 2.2% of the world’s CO2 emissions and the industry is under pressure to reduce those emissions and other pollution. About 90% of world trade is transported by sea. Last year, a group of leading banks signed up to environmental commitments known as the “Poseidon Principles”, whereby financiers will for the first time take account of efforts ...

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Sulphur regs going smoothly, but plan ahead to meet March debunkering deadline, warns Hill Dickinson

The transition to low sulphur fuels has so far been smooth, thanks to the efforts of shipping industry stakeholders in preparing for the change, which entered into force on January 1st this year. However, there are some issues arising over the margin for error in testing the sulphur content and the presence of sediment is causing concern in some areas, warns maritime law specialist Hill Dickinson. And, as the 1st March deadline for part two of the regulations looms, the legal expert advises ship operators to start planning now to ...

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MABUX: Bunker market this morning, Jan.31

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs declined on Jan.30: 380 HSFO – USD/MT – 371.85(-1.57) VLSFO – USD/MT – 584.00 (-1.00) MGO – USD/MT – 632.18(-2.14) Meantime, world oil indexes also fell on Jan.30 after a surprise increase in U.S. crude inventories compounded fears of falling demand from a virus-hit China. Brent for March settlement decreased by $1.52 to $58.29 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March ...

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Italian refiner Saras’ VLSFO sales top 120,000 tonnes

Since Saras launched its very low-sulphur fuel oil (VLSFO) blend in early September its sales have topped 120,000 tonnes, an executive at the Italian refiner said. VLSFO is the name given to a range of new fuel blends that refiners have created to comply with International Maritime Organization (IMO) rules which kicked off at the start of the year limiting sulphur content in shipping fuel to 0.5%. “Saras’ flexible and complex refinery configuration allows cost effective VLSFO production,” Massimo Vacca, planning, benchmarking and sustainability manager for Saras told reporters on ...

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BIMCO imposes travel and meeting restrictions due to Coronavirus

BIMCO is an international association organising training courses, seminars, subcommittee meetings, working groups, etc. worldwide. As a consequence of the current spread of Coronavirus, BIMCO has decided that no BIMCO staff can travel to Asia until further notice. This decision extends to excluding anyone from personally attending any BIMCO training course, subcommittee meeting, working group, etc. who has been to China in the 14 days prior to the planned event. We ask that you please take this decision seriously and inform us if, for this reason, you are unable to ...

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