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At $50 a barrel, billions in tax breaks keep many oil projects profitable

At $50 a barrel, the low price of crude oil has slowed some of the oil production in the US, especially in regions that are costly to develop, like the Arctic. But US oil producers aren’t bearing the whole brunt of low prices, because federal and state governments provide tax breaks that stimulate oil production despite low prices. The tax situation isn’t unique to the US—China, the EU, and India also offer a variety of flavors of tax breaks to fossil fuel producers, despite their recognition of the need to ...

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China’s crude oil stockpile drops 3.42 pct

China’s commercial crude oil stocks went down 3.42 percent in August from a month earlier, while stocks of refined oil products dropped 0.97 percent, according to data compiled by Xinhua News Agency. The fall was a result of decreasing output and imports, and rising processing volume, according to Xinhua. Gasoline stocks went down during the period as fuel demand rises during the summer holiday. In August, China’s export of gasoline went down 11.16 percent from the previous month. Demand for diesel also improved due to a pick-up in construction activities. ...

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Oil’s bull market rally faces a tough October

The push and pull between geopolitical woes and the rebalancing of global supply means oil’s bull market rally is facing a tough October. The price of Brent crude slid on Tuesday after its biggest monthly gain in more than a year and touched a two-year closing high of $US59.02 a barrel on 25 September. Brent crude was fetching $US55.95 a barrel on Tuesday, while West Texas Intermediate was trading at $US50.45 a barrel. “Oil prices have performed well over the last month, so we’re seeing a fair bit of profit-taking ...

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Moody’s: Outlook for Asian oil sector stable on steady earnings growth

The outlook for the Asian oil refining and marketing (R&M) sector is stable, with earnings before interest, tax, depreciation and amortisation (Ebitda) of rated companies growing a modest 5% through 2018, according to Moody’s Investors Service. “Driven by China’s and India’s appetite for petroleum products and continued capacity rationalisation, we believe refining margins will remain firm, thereby supporting the growth in earnings,” says Rachel Chua, a Moody’s Assistant Vice President and Analyst. “Specifically, we expect the average Asian refining margins to be largely in line with the average of US$6.2 ...

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Emerging market inflows fall to lowest since January -IIF

Foreign investors cut capital flows to emerging market debt and equities in September for the second straight month, reducing inflows to $14.5 billion as caution about the U.S. Federal Reserve’s path of interest rate hikes has slowed flows, a survey from the Institute of International Finance showed. The estimate marks the lowest level of inflows since January’s $13.2 billion reading and is a little more than $1 billion lower than August’s levels. Emerging market stocks posted net outflows for the second month in a row, with $2.7 billion of capital ...

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China offers wisdom in global governance

With its own development and becoming increasingly closer to the center of the world stage, China has been injecting positive energy into the international community in pursuit of better global governance over recent years. At the 86th Interpol General Assembly held in Beijing last week, China proposed a concept of common, comprehensive, cooperative and sustainable security to jointly respond to security challenges. At the BRICS’ Xiamen Summit in early September, China put forward the “BRICS Plus” approach by inviting the leaders of Egypt, Mexico, Thailand, Tajikistan and Guinea to take ...

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Xi says China will give $76 million for BRICS cooperation plan

China will provide 500 million yuan ($76.4 million) for a BRICS economic and technology cooperation plan, Chinese President Xi Jinping said. Xi also told a plenary session at a BRICS leaders’ summit in the southeastern Chinese city of Xiamen that China would give $4 million for projects at the BRICS countries’ New Development Bank. Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. ...

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The Bull Case for Closing America’s $485 Billion Trade Gap

The United States ran a massive trade deficit of $485 billion in 2016. Economic data through July of this year show it will likely widen by a significant margin in 2017. That may hardly sound like news at this point given the gloomy discussions around the topic — but what if we’re having the wrong discussion to begin with? It may be difficult to believe, but there’s a solid argument that America can make significant progress closing its trade gap, and much sooner than many people think. Incredible growth in ...

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ECB to force banks to raise bad debt provisions – draft document

The European Central Bank plans to ask euro area banks to set aside more cash to cover bad loans, making it prohibitively expensive for lenders to keep sitting on them, a draft proposal seen by Reuters showed on Tuesday. Soured loans are clogging up bank balance sheets and holding back lending – a headache for the ECB as weak credit growth offsets the stimulus it is trying to provide through low interest rates. Starting January 1, it will give lenders two years to set aside funds to cover 100 percent ...

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Greece names new CEO to lead privatisation agency

Greece has appointed Riccardo Lambiris as the new chief executive of its privatisation agency, which is trying to sell assets to comply with the terms of the country’s bailouts. Lambiris, 42, will take up the role on Oct. 16, the Hellenic Corporation of Assets and Participations (HCAP) said in a statement. His appointment follows the resignation of Antonios Leousis, who is stepping down for personal reasons. Privatisations have been required under Greece’s international bailouts since 2010, but so far they have reaped only 4.4 billion euros (3.90 billion pounds) as ...

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Baltic Dry Index climbs to 1320, up 12 points

Today, Wednesday, October 04 2017, the Baltic Dry Index climbed by 12 points, reaching 1320 points.

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Tanker Market Rates 04/10/2017

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

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Athenian Shipbrokers S.A. DEMOLITION QUICK UPDATE Week 39, 2017

It was a rather silent week for the demolition markets world-wide with price reversals being witnessed on all fronts.

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Hedge funds amass record bullish position in distillates: Kemp

Hedge funds have accumulated a record bullish position in middle distillates such as diesel, heating oil and gasoil, anticipating stocks will be relatively tight this winter. Hedge funds and other money managers held a record net long position in U.S. heating oil futures and options equivalent to 62 million barrels on Sept. 26, according to regulatory data. Fund managers’ net position has risen by almost 95 million barrels over the last 13 weeks, transforming a position that was net short by 32 million barrels as recently as June 27. Fund ...

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Oil prices are heading into what has been an ugly part of the year

The sharp declines in oil futures on Monday put the commodity on pace to confirm a trend that has held in many fourth quarters past: U.S. crude does not typically perform well in the final three months of the year. Oil prices have been on a tear lately, rising on the back of improved demand forecasts and geopolitical tension. International Brent crude posted its best third-quarter performance since 2004. Meanwhile, U.S. West Texas Intermediate crude notched its best three-month gain since the second quarter of last year. On Monday, both ...

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