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Russia to reduce liquids output by 50,000-60,000 b/d in Jan under OPEC deal: Novak

Russia will cut its liquids output by 50,000-60,000 b/d in January under the latest agreement with OPEC, energy minister Alexander Novak said Tuesday. “The monthly schedule for the output cut has already been [set]… We expect output will be cut by at least 50,000 b/d-60,000 b/d in January,” he said, as reported by Prime news agency. The report did not elaborate on the plan for subsequent months, which will see Russia eventually reduce output by 228,000 b/d. Novak also said that the group of oil producing countries maintains its target ...

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23-Hour Gas Market Swing Means Sleepless Nights for U.S. Traders

Welcome to the new world market for natural gas, where computers never sleep and, apparently, neither do traders. With U.S. liquefied natural gas exports set to surge by almost 80 percent in 2019, traders in America face a new reality: expansion exhaustion. As more and more international players participate in U.S. gas markets, the price of market security is eternal vigilance. John Kilduff, a New York-based hedge-fund manager, has learned that you can’t rest on the increasingly volatile U.S. Henry Hub gas market. On Nov. 14, Kilduff logged on at ...

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China set to triple its ethanol production capacity: government researcher

China is set to more than triple its ethanol production capacity by 2020, a government researcher said on Tuesday, with demand for the commodity expected to surge as the country shifts toward cleaner fuels. The nation is currently building or seeking approval for new ethanol plants with capacity to produce 6.6 million tonnes of the biofuel a year, Dou Kejun, a researcher at the China National Renewable Energy Centre, told an industry event in the country’s south. China had an ethanol production capacity of 2.8 million tonnes in 2017, he ...

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Pound Outlook Trashed in Short Term as Brexit Bewilderment Grows

The U.K. prime minister’s delay of a crucial parliamentary vote on Brexit crumpled the pound on spot markets and destroyed a one-week outlook that options traders held as recently as Friday. Options traders now see more than a 50 percent chance that sterling will drop to as low as $1.2370, according to probabilities derived from currency options compiled by Bloomberg. That’s almost 1.5 percent below the spot price of $1.2555 at 4:50 p.m. in London. Sterling touched $1.2507 earlier, the lowest level since April 2017. “People are scratching their heads ...

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May Seeks EU Help to Unlock Parliament Impasse

Theresa May is touring European capitals trying to secure concessions on her Brexit deal to sell it to a hostile domestic Parliament. Key Developments • European Commission President Juncker says EU leaders will refuse to renegotiate Withdrawal Agreement, though “clarifications” are possible • May is seeking “legally-binding” assurances on the backstop arrangement, according to U.K. ministers Cabinet to Discuss No-Deal Brexit Planning (11:30 a.m.) May’s spokesman, James Slack, has just finished briefing reporters in Westminster. The prime minister is “seeking clarity” on whether she can join the Brexit discussions among ...

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U.S., China Executives Grow Wary on Travel After Huawei Arrest

Executives from both China and the U.S. are becoming increasingly wary of traveling after Huawei’s chief financial officer was arrested this month in Canada. The Dec. 1 arrest of Meng Wanzhou, chief financial officer of Huawei Technologies Co., has Chinese business people worried they could be next while Americans are growing concerned about retaliation. Meng has been detained at the request of the U.S. on charges of bank fraud related to violations of American sanctions on Iran, and a bail hearing is ongoing. “I can understand why executives might be ...

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London’s financial industry watches but says little on Brexit

British Prime Minister Theresa May shocked the United Kingdom on Monday by postponing a crucial vote on Brexit. May was due to ask Parliament to approve her plan for exiting the European Union. But facing almost certain defeat, May decided to delay the vote until after fresh consultations with the European Commission in Brussels. Watching this latest twist in the long and tortuous process of Brexit, and watching it more closely than most, have been the traders and dealers, analysts and managers, investors and proprietors in Britain’s richest industry: finance. ...

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May’s Delay Reveals a Government in Name Only

It always seemed ludicrous for Theresa May to hold a vote she was set to lose by a large margin. And yet her decision to delay it brought not relief, but confusion and dismay. May was jeered almost as soon as she opened her mouth in the House of Commons to announce she would postpone the vote in order to ask European Union leaders to sweeten a pill British lawmakers don’t want to swallow. The Speaker of the House, John Bercow, berated her. Opposition Labour leader Jeremy Corbyn is now ...

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ECB wins court’s backing for bond-purchase programme

The European Central Bank won a landmark court case on Tuesday as the European Union’s top judges backed its multi-trillion-euro purchases of government bonds after a complaint by a group of German eurosceptics. The ruling defuses a legal battle that has dogged the ECB’s stimulus policy for years and sets a key precedent for future decisions. The matter will now be sent back to Germany’s constitutional court for a final verdict. The Court of Justice of the European Union rejected arguments that the ECB was effectively bankrolling governments with its ...

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Pyxis Tankers Receives “Buy” Rating from Maxim Group

Pyxis Tankers‘s stock had its “buy” rating reaffirmed by analysts at Maxim Group in a research report issued to clients and investors on Thursday, November 15th. They currently have a $3.00 price objective on the transportation company’s stock. Maxim Group’s price target indicates a potential upside of 118.98% from the stock’s previous close. The analysts wrote, “Pyxis Tankers (PXS) reported 3Q18 results yesterday, after the close on November 14, 2018 which were below ours and consensus estimates.”” PXS has been the topic of several other reports. Zacks Investment Research upgraded ...

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COSCO may raise funds through the Shanghai-London stock connect

China’s COSCO Shipping, one of world’s largest shipping lines, may consider raising funds from the London Stock Exchange through the Shanghai-London Stock Connect. Under the rules of the stock connect, companies listed in the two cities can apply for floatation on each other’s exchanges through the issuance of depositary receipts. COSCO Shipping is currently looking at the possibility of issuing Global Depository Receipts (GDRs) in London. However, no decision has been taken yet as any GDR issuance is still subject to regulatory approvals. The shipping company is currently listed in ...

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Global Ship Lease Announces New Long-Term Charter Agreements

Global Ship Lease, Inc., a containership charter owner, has agreed five-year charters with CMA CGM for the 2015-built, 6,882 TEU containerships UASC Bubiyan and UASC Yas. The new charters, which are in addition to the four similar charters announced on November 9, 2018, will commence upon the expiry of the current charters during the second quarter of 2019, are for a period of five years and are at a rate of $25,910 per day, up from $20,000 per day under the current charters. Ian Webber, Chief Executive Officer of Global ...

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Hapag-Lloyd: Ship Recycling Transparency Initiative launches new platform to drive responsible ship recycling

Yesterday, industry leaders and the non-profit organization Sustainable Shipping Initiative announced the launch of the Ship Recycling Transparency Initiative’s (SRTI) online platform, a tool for sharing information on ship recycling to drive responsible practice. The platform comes nine months after a group of shipping companies first announced their collective effort to use the market-drivers that transparency brings to make responsible ship recycling the norm. Demanding transparency holds the shipping industry to account, raising the bar for current practice as well as creating fair competition among ship-owners. In 2017, 835 ships ...

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Teekay Tankers (TNK) Rating Lowered to Hold at DNB Markets

DNB Markets downgraded shares of Teekay Tankers (NYSE:TNK) from a buy rating to a hold rating in a research report report published on Friday, November 30th, Marketbeat reports. Several other analysts also recently weighed in on TNK. Zacks Investment Research upgraded Teekay Tankers from a hold rating to a buy rating and set a $1.25 price target on the stock in a research note on Wednesday, November 21st. ValuEngine downgraded Teekay Tankers from a buy rating to a hold rating in a research note on Wednesday, November 21st. Wells Fargo ...

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Affinity Tanker Weekly, 07 December 2018

With bottles of champagne popping and glasses rising sky high, people are getting right into the festive mood. With the endless list of Christmas

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