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Ocean Change requires solutions – UN Oceans Envoy

Solutions to address human-induced “Ocean Change” are needed to save life in the ocean and reverse the cycle of decline in which it is caught, according to Fiji’s Ambassador Peter Thomson, the UN Secretary General’s Special Envoy for the Ocean. Peter Thomson, who was visiting the International Maritime Organization (IMO) in London, said that as a Fijian, he had personally witnessed the degradation of the marine environment in his lifetime, citing marine litter and coral bleaching as just two examples. “As a grandfather I find these changes tragic. It is ...

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Five S.Korean utilities jointly buy 965,000 T of coal

Five South Korean state-run utilities bought a total of 965,000 tonnes of coal for shipment in December and the first quarter of 2018 via a tender that closed last Wednesday, a source from one of the utilities said. Korea Southern Power Co Ltd (KOSPO) issued the tender on behalf of the five utilities. The other four utilities are Korea Western Power Co Ltd (WP), Korea Midland Power Co Ltd (KOMIPO), Korea East-West Power Co (EWP) and Korea South East Power Co Ltd (KOEN). Details of the purchase are as follow: ...

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India an attractive LNG spot market: Experts

India is an attractive market for Liquefied Natural Gas (LNG) spot trade though its power generating sector will continue to rely significantly on coal, energy industry executives said here. “The LNG market is getting shorter, more liquid and transparent that suits market like India as there are going to be more LNG available on the spot (trade), said Martin Houston, vice chairman of the Texas-based LNG company Tellurian Inc. “With the increasing number of terminals along the coasts and pipeline connection, I see great amount of LNG being sold to ...

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EU wheat exporters look to winter revival after Russian glut

An upturn in EU wheat exports after a sluggish start to the season may hinge on a drop in the euro, success in Morocco’s upcoming import campaign and logistical limits to massive Russian shipments, analysts and traders said. European Union exports of soft wheat, or common wheat, in the 2017/18 season that started in July are running nearly one-third behind last season’s pace, despite a bigger EU harvest. The modest export performance is widely attributed to heavy flows from Russia after a record crop in the world’s top wheat exporter, ...

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Russian wheat exports up 15.7% on year at 11.2 mil mt: ministry

Russian wheat exports from the start of the 2017-18 marketing year on July 1 to October 18 were up 15.7% year on year at 11.2 million mt, ministry of agriculture data showed. Export volumes have been picking up, with harvesting more than 90% complete, with 87.6 million mt of wheat gathered, the ministry said. Between July 1 and October 20, the total grains harvest is already 13.5 million mt higher than the 120.0 million mt harvested in the whole of 2016-17. This year’s grains harvest is expected to be Russia’s ...

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Iraq’s oil exports fall more than 200,000 bpd so far in October

Oil exports from southern Iraq have fallen by 110,000 barrels per day this month, according to shipping data and an industry source, adding to the drop in flows from OPEC’s second-largest producer caused by a shortfall from the northern Kirkuk fields. Southern Iraqi exports in the first 22 days of October averaged about 3.13 million barrels per day (bpd), down 110,000 bpd from September, according to shipping data tracked by Reuters and independent tracking by an industry source. Output from Kirkuk fell last week when Iraqi forces retook control of ...

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China’s CNPC imports first gas from Kazakhstan ahead of winter

Kazakhstan has started supplying gas to China via the Central-Asia China gas pipeline system for the first time, state-owned China National Petroleum Corp (CNPC) said. Commercial gas volumes were sent across the Kazakh-Chinese border on Oct. 13, CNPC said on its website, part of a deal under which Kazakhstan has agreed to send 5 billion cubic meters of gas to China over one year. The gas, which arrives as China prepares for its winter heating season, is pumped through the 25 billion cubic metres (Bcm) per year ‘Line C’ of ...

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Vale’s coal production in Mozambique reaches 3.2 million tonnes in the third quarter

Coal production in Mozambique at the Moatize mine in Tete province hit a record 3.2 million tonnes in the third quarter of the year, up 5.8% from the previous quarter, Brazilian mining company Vale said. A report released by Vale said that against the same period of 2016, its coal production in Mozambique grew 38.3%. The report shows that Mozambique’s coking coal production in the third quarter was 1.9 million tonnes, down 9.6% from the second quarter of the year. In the same period the production of thermal coal was ...

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US raw steel production, capability utilization tick down: AISI

US raw steel production fell slightly to 1.731 million st last week, down 0.7% from the previous week, but up 4.6% from the same week last year, according to data released Monday by the American Iron and Steel Institute. Last week’s US mill capability utilization declined to 74.3%, from 74.8% the prior week and 70.8% the same week a year ago. Adjusted year-to-date production through October 21 was 73 million st at a capability utilization rate of 74.6%, up 3.8% from 70.4 million st in the same period last year ...

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Qatar says would support output cut extension if needed – minister

Qatar energy minister Mohammed al-Sada said on Tuesday his country would support an extension of global oil output cuts if needed. A decision on whether to extend the cuts “will be reviewed critically and if the conference sees the benefit of an extension, Qatar will support it,” Sada told Reuters at an event in Doha, referring to a Nov. 30 OPEC meeting. Sada said compliance with agreed production cuts totalling 1.8 million barrels per day stood at 120 percent. “That shows how committed OPEC and non-OPEC countries are towards implementing ...

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The geopolitical premium is back

Last week the CEO of Russia’s Energy giant Rosneft, Igor Sechin, and OPEC’s Secretary General, Mohammed Sanusi Barkindo, seemed to contradict each other. They both spoke on the same day at different events: Sechin stated in Verona that the goal of inventory stabilization had not been fully implemented and that it was too early to talk about a watershed in the global markets. On the same day, in London, Barkindo lauded a massive drainage of oil stocks. According to OPEC’s measure of advanced economy stocks they have come down 180 ...

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U.S. natural gas prices under pressure even as stocks tighten: Kemp

U.S. natural gas stocks continue to tighten, but most traders appear unconcerned, with futures prices for gas delivered this winter close to the lowest levels since the start of the year. Working gas stocks in underground storage were 35 billion cubic feet (bcf) below the five-year average at 3,646 bcf on Oct. 13, according to data from the U.S. Energy Information Administration (tmsnrt.rs/2xUs41q). Working stocks have tightened significantly since the middle of March, when they stood almost 400 bcf above the average and the market appeared heavily oversupplied. But since ...

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Apple supplier AMS soars as earnings drive European shares

Shares of Apple suppliers were boosted on Tuesday by robust results from chipmaker AMS as earnings drove strong European share price moves while regional and country benchmarks remained muted. The pan-European STOXX 600 was down 0.1 percent, while London’s FTSE 100 retreated 0.1 percent. Paris’s CAC 40 and Germany’s DAX rose 0.1 percent. Apple supplier AMS jumped 18 percent after reporting results. While third-quarter sales were just under expectations, analysts said strong fourth-quarter guidance offset the slight miss. “With AMS shares down 15 percent in the last month given concerns ...

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German bank regulator urges EU to be ready for Brexit cliff edge

European Union regulators need temporary fixes in place to prevent market distortions in case banks based in Britain face a Brexit without a deal, Germany’s financial watchdog said. Britain’s EU departure in 2019 “certainly won’t be a piece of cake” and given that five rounds of divorce talks have not made enough progress, regulators must assume a “cliff edge situation”, Felix Hufeld, president of BaFin, said. “It’s crystal clear in my mind that whatever the outcome of Brexit, it will cost a price both for British and EU27 consumers. The ...

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Oil Just Isn’t That Important to Petrocurrencies Right Now

The currencies of some of the world’s biggest crude exporters are breaking their historic relationship with the oil price. The Canadian dollar has weakened, the Norwegian krone is little changed and the Russian ruble has strengthened just 4 percent in the past three months even as the price of Brent crude has surged 17 percent and West Texas oil 11 percent. In commodity-rich Latin America, the 90-day correlation between currencies and oil turned negative last month for the first time since 2014. Commodity currencies are typically more correlated with oil ...

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