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New non-OPEC oil project investment to hit all-time high this year

Investment in new non-OPEC oil and gas projects is likely to hit an all-time high this year and increase in 2020, as firmer prices and swelling cashflow signal an end to restricted spending in the sector, cartel OPEC said. Exploration and production (E&P) players project sanctioning is expected to hit a record $390bn in 2019 and rise to $468bn next year, following years of straitened capital expenditure (capex) allocations as oil companies sought to push down their per-barrel break-evens following the 2014 price crash. Non-OPEC free cashflow reached a record ...

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What China’s appetite for gas could mean for the world

China’s rapidly growing market is without doubt one of the most coveted destinations for exporters of liquefied natural gas. In pursuit of wealth and power, LNG producers from the four corners of the globe – the rolling farmlands of Pennsylvania, the deserts of Qatar, the rainforests of Papua New Guinea and the frigid waters of Russia – are all keen to compete for a slice of the pie. However, contrary to popular belief, China might not end up becoming the LNG-guzzling giant many have prophesied. This could have a major ...

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India’s Petronet sees global LNG prices remaining low

India’s biggest gas importer Petronet LNG expects global prices of liquefied natural gas (LNG) to remain low since supplies are rising, its managing director Prabhat Singh said. Singh said fertiliser company Fact Ltd had agreed to buy 0.8 million cubic metres of super cooled gas for 310 days in the current fiscal year, helping the company operate its Kochi terminal at a higher capacity. Source: Reuters (Reporting by Nidhi Verma)

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Russia oil contamination impacts 250,000 bpd of Europe’s refinery runs – IEA

The impact on European refinery throughput in the second quarter of 2019 from contaminated crude on the Druzhba pipeline is seen at roughly 250,000 barrels per day, under 2% of the continent’s product demand, the International Energy Agency said. The Czech Republic released about 1.5 million barrels of crude from its emergency stocks, or 10 days of the country’s average refining throughput, the IEA said. Although Hungary announced on April 30 that it would make 3 million barrels of crude stocks available, not all of this has been taken up, ...

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Stocks Rise, Bond Yields Slip as Global Economy Concerns Continue

Government bond yields on Thursday dipped close to their lowest levels in more than a year on fears of a slowing world economy, before recovering slightly as global stocks ticked higher. U.S. futures pointed to opening gains of 0.4% for the S&P 500 and 0.3% for the Dow Jones Industrial Average. The yield on the U.S. 10-year Treasury note early Thursday had flirted with its lowest level since December 2017, before rising again to 2.379%, nearly flat from Wednesday. Yields fall as investors drive up the price of government bonds, ...

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Euro firms on auto tariff delay hopes but election worries cap gains

The euro edged higher against the dollar and sterling on Thursday as the threat of U.S. tariffs on autos was pushed back, though the rise was capped by unease about this weekend’s European parliamentary elections. The single currency was up 0.1% at $1.1209 and up 0.2% against sterling at 87.41 pence, adding to late gains in the previous session after U.S. officials said President Donald Trump was expected to delay implementing tariffs on cars and parts by up to six months. “The news had a limited impact – the stock ...

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China and Russia aren’t economic equals but, thanks to the US trade war, their partnership looks built to last

Even as Russia’s economy modestly rebounds amid rising oil prices, its pivot to the east is expected to persist. But while China has already become Russia’s major trading partner, helping offset the impact of geopolitical uncertainty with the West, the Kremlin is now striving to assert itself as an indispensable destination for Beijing amid the trade war with Washington. Russia’s economic growth reached a six-year high last year, but despite the need to introduce effective structural reforms and boost decreasing household incomes, the model relying on the export of hydrocarbons ...

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Time to Bet on Multiple Rate Cuts? Analysts Say It’s Too Soon

Federal-funds futures suggest investors are more convinced than ever that the Federal Reserve will lower interest rates multiple times by the end of the year. Economic data suggest that is too drastic a bet. Who is right? It depends on how you read the numbers. After the latest flare-up in trade tensions, fed-funds futures show the market pricing in a 22% chance of the Fed lowering rates twice by the end of 2019 and a 5.8% chance of the Fed doing so three times. That is up from 6.9% and ...

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China’s biggest companies can weather US-China trade war escalation, says rating agency S&P

S&P Global Ratings said the biggest Chinese companies it rates should be able to withstand the escalation of a trade war between the US and China in the near term, but prolonged uncertainty and lagging market confidence could make it harder for them to refinance debt if it persists. The rating agency said it estimates that only about 8 per cent of the companies that it assesses have direct exposure to the increased tariffs on exports to the US and most have sufficient buffers or alternative revenue options to offset ...

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China says will protect rights of its businesses

China’s Foreign Ministry said on Thursday that the country will take necessary measures to safeguard the rights and interests of its businesses, after the United States hit Chinese telecoms giant Huawei Technologies Co Ltd with severe sanctions. Ministry spokesman Lu Kang made the comment at a daily news briefing in Beijing. Source: Reuters (Reporting by Michael Martina; Writing by Ben Blanchard; editing by Darren Schuettler)

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Italy should boost spending and strengthen cooperation and integration of employment services to help more people into work

Italy should boost spending and cooperation at national and regional levels as part of broader efforts to help more people into work and reduce the country’s high unemployment rate, according to a new OECD report. Strengthening Active Labour Market Policies in Italy says that the country faces greater labour market challenges than most other OECD countries. The employment rate and labour productivity are low, youth unemployment is still around 30% and the gender employment gap and long-term unemployment are decreasing only slowly. Regional disparities are high and persistent compared to ...

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MMi Daily Iron Ore Index Report May 16 2019

A very strong physical trading session today, with PB Fines in Tangshan trading at levels close to

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Tanker Market Rates 16/05/2019

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

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Crowley Realigns Solutions and Shipping Business Units to Enhance Value, Focus for Customers

To drive innovation and value for both commercial and government customers, Crowley Maritime Corp. today announced a realignment of its Shipping and Solutions business units to further enhance the company’s focus on non-asset based customer solutions. Commercial project management and engineering services both will move to the Crowley Shipping business unit. This will allow the Solutions group to focus on providing innovative solutions to solve the unique challenges of the company’s government services customers, an increasingly important segment that typically requires a non-asset based approach. CM_Zacharia Shiju2 (1).jpgLeading that team ...

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Gagarin Prospect named 2018 Ship of the Year

Gagarin Prospect, the world’s first LNG-fuelled Aframax crude oil tanker which is owned and operated by Sovcomflot (SCF Group), has been awarded ‘Ship of the Year’ at the 2019 Marine Propulsion Awards. The award ceremony was held in Amsterdam in May at the Sulphur Cap 2020 Conference. Delivered in 2018, the tanker is the lead ship in Sovcomflot’s ‘Green Funnel’ series of 114,000-dwt Aframax tankers designed to use cleaner-burning LNG as their primary fuel. The introduction of these vessels has set a new safety standard for the global tanker industry. ...

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