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Gazprom’s exports to non-CIS countries up 6.8 pct y/y in Feb

Russia’s Gazprom said it had increased its natural gas exports to countries outside the former Soviet Union by 6.8 percent in February in year-on-year terms to 17.4 billion cubic metres. Source: Reuters (Reporting by Maria Kiselyova Editing by Andrey Ostroukh)

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China beats 2017 coal-fired power capacity reduction target -Xinhua

China eliminated or suspended 65 gigawatts (GW) of coal-fired power capacity in 2017, exceeding the national target of 50 GW, the state-owned Xinhua news agency reported, citing the State Council. China, the world’s biggest coal user, has vowed to improve its notorious air pollution and upgrade its fossil-fuel dominant energy structure by cutting coal consumption and boosting clean energy use. The country aims to eliminate or halt a total of 109 GW of coal-fired power capacity by the end of this decade while at the same time keeping its total ...

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Investing in commodities, one sane step removed

Amid the latest stock market volatility, a renewed interest in diversification and rising inflation are putting more focus on commodities. After being regarded as moribund in recent years, the category, led by precious metals, delivered positive returns in 2017 for the second straight year in a row, as measured by the broad Bloomberg Commodity Index. Many commodities staged a strong rally at year’s end, making analysts even more bullish. In late January, a Goldman Sachs analyst pronounced the current environment for owning commodities as the best in decades. A key ...

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Wheat set for biggest weekly gain in 32 months on dry US weather

Chicago wheat futures were on track for their biggest weekly gain since late June 2015 on Friday as forecasts of more dry weather across the U.S. Plains supported the market. Soybeans are poised for a fourth consecutive week of gains as a severe drought in Argentina threatens to reduce global surplus, while corn is on track for its biggest rally since early July. Wheat futures have rallied for the last six sessions with dry weather expected to curb U.S. winter crop yields. Agricultural meteorologists are forecasting below-normal moisture levels over ...

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Oil Set for Weekly Drop on Growing Fears Over Shale and Tariffs

Oil is set for the first weekly decline since early February as fears over booming shale output mingled with a broader selloff in risk assets as U.S. President Donald Trump’s tariffs threatened to spark a global trade war. Futures in New York slipped 0.2 percent, putting them on course for a 4.2 percent drop this week. U.S. oil production reached a record of more than 10 million barrels a day in November, government data showed this week. Equities fell across the globe as Trump said that trade wars are “easy ...

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U.S. set to blast past Russia to become world’s biggest oil producer, says IEA

U.S. oil production is storming ahead, and the world’s largest economy is on track to become the world’s largest oil producer, too — and it could land the No. 1 crown as early as this year, according to the International Energy Agency. After ousting Saudi Arabia from the No. 2 spot late last year, U.S. producers should blast past Russia in output “definitely next year,” if not sometime in 2018, said Fatih Birol, executive director of the IEA, according to a Reuters report. Last year, the U.S. pumped out more ...

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Is the World Heading Toward an Acute LNG Supply Shortage?

In its latest liquefied natural gas (or LNG) outlook, Royal Dutch Shell plc RDS.A predicts shortage of the fuel by mid-2020s despite a booming market. Strong Demand Growth Per the Anglo-Dutch energy giant, LNG demand reached 293 million tons last year – up by 29 million tons from 2016 and significantly higher than the 100 million traded in the year 2000. The nearly 300 million tons of LNG trade in 2017 (30% more than previously expected) was enough to power about 575 million homes. Global LNG demand is likely to ...

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Libya Crude Output Is Stable Despite Halt at Key Oil Field

Libya is keeping oil output steady as higher production from two of its biggest oil fields offsets the impact of a shutdown at a deposit operated by Italy’s Eni SpA. The North African country currently pumps 1.1 million barrels a day, with gains at the Sharara and Waha fields making up for lost output from the El-Feel deposit, which Eni operates in a joint venture with the National Oil Corp., a person familiar with the situation said. Production from Sharara, Libya’s largest field, and Waha rose to 300,000 barrels a ...

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LNG: why prospects are bright in the near term

We compensate for the lack of domestic gas supplies in the country by importing liquefied natural gas (LNG), demand for which has been quite robust. For perspective: LNG imports increased as much as 47% year-on-year during January, according to data from Petroleum Planning and Analysis Cell. That represents a 19% increase over December. The adjacent chart shows year-on-year performance for each month this fiscal year. On the other hand, domestic gas production for January 2018 declined 2% compared to December. LNG demand is expected to remain strong in the near ...

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IMF’s Lagarde says China needs to do more to cut steel capacity

International Monetary Fund Managing Director Christine Lagarde said that China should reduce excess capacity in its steel and coal industries faster and more efficiently, heeding advice from the IMF as the United States prepares new tariffs. Lagarde made the comments in an interview with Reuters hours before U.S. President Donald Trump said that he would impose tariffs of 25 percent on imported steel and 10 percent on aluminium next week. The tariffs, to be imposed under a Cold War-era national security trade law, are aimed partly at curbing excess capacity ...

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Powell Bullish on Economy, but Sees No Signs of Overheating

Federal Reserve Chairman Jerome Powell offered an upbeat view of the economy and indicated the central bank expects to continue to gradually raise short-term interest rates this year and beyond. Mr. Powell said the Fed sees the potential for positive and negative economic surprises as roughly balanced. That is a shift after several years when officials saw a greater risk that sluggish growth would force them to slow their rate-rise plans than that a stronger economy would cause them to move faster. Mr. Powell told the Senate Banking Committee on ...

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China Is Reevaluating Economic Ties In 65 Foreign Countries

Officials in Beijing worry about high project costs and capital flight along their pan-Eurasian Belt and Road. When 3,000 Chinese legislators kick off their major annual meeting next week, a bulk of the attention will go to the country’s fabled economic expansion. Much of that expansion over the past five years has broken past Chinese borders into deals with countries from Pakistan into Europe — China helps build infrastructure in exchange for smoothing trade routes that help commerce on both sides. But that $900-billion, 65-nation initiative dubbed “Belt and Road” ...

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India’s Central Bank Could Turn More Hawkish as Growth Quickens

India’s central bank may become more vigilant on inflation as economic growth strengthens, increasing the risk of monetary tightening. The government raised its growth forecast for the year through March 2018 to 6.6 percent on Wednesday from 6.5 percent in January. The economy expanded 7.2 percent last quarter from a year earlier, beating the 7 percent median estimate in a Bloomberg survey and the previous quarter’s 6.5 percent. “The better-than-expected economic performance could lead the Reserve Bank of India to step up its anti-inflationary rhetoric,” Prakash Sakpal, an economist at ...

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Fed’s Dudley Says Trade Protectionism Is a ‘Dead End’

Federal Reserve Bank of New York President William Dudley warned that any move to erect new trade barriers in a bid to spur domestic growth is a “dead end” for those countries that try them. “While the gains from a liberalized trade regime are not guaranteed, the alternative of trying to achieve a high standard of living by following a policy of economic isolationism will fail,” Mr. Dudley said in a speech before a gathering at Brazil’s central bank. “Trade has played a key role in nearly all of the ...

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Tanker Market Rates 02/03/2018

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

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