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Wednesday, 15 June 2016

Today's ENERGY News - 15 June 2016





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Oil falls as Brexit threat rattles markets



Oil fell on Tuesday, as investor nervousness over next week’s vote on Britain’s possible European Union exit swept financial markets, eclipsing signs of a return to health for crude prices. Perceived safe-haven assets such as the Swiss franc and German Bunds rallied, while industrial commodities and equity markets, seen as more vulnerable to economic risk, fell after polls showed Britain’s “Leave” campaign leading before a referendum on EU membership.. This overshadowed a more upbeat forecast for oil demand growth from the International Energy Agency, which said the oil market is essentially balanced after two years of surpluses. [IEA/M] Brent crude oil futures fell by 69 cents to $49.66 a barrel by 0842 GMT, dropping for a fourth day in a row, while U.S. crude futures […]

Uranium Prices Set To Double By 2018

Uranium Mine With prices set to double by 2018, we’ve seen the bottom of the uranium market, and the negative sentiment that has followed this resource around despite strong fundamentals, is starting to change. Billionaire investors sense it, and they’re always the first to anticipate change and take advantage of the rally before it becomes a reality. The turning point is where all the money is made, and there are plenty of indications that the uranium recovery is already underway. It’s been a very tough few years for uranium. But it now looks like we’ve reached the bottom, and the future demand equation says there’s nowhere to go but up—significantly up. Uranium analyst David Talbot of Dundee Capital Markets is forecasting 6 percent compound annual demand growth through 2020, which is enough, he says, to “kick-start” uranium prices up to and beyond 2007 levels. Morningstar analyst David Wang predicts […]

Moody’s: LatAm Oil Companies Need Over $55/Bbl To Break Even

Latin American national oil companies need crude prices to surpass $55 per barrel to break even, a level that would allow them to invest capital enough to start reverting declining output, according to credit rating firm Moody’s Corp. Moody’s expects credit quality to remain weak for these oil companies through at least mid-2017, with persistent risks that include falling production, short-term debt maturities, asset sales and cost cuts, according to a report released on Monday. The report, which included ratings for 14 companies operating in Latin America or related to national oil companies, says the recent oil price rally will offer “minimal relief” from the stress […]

Venezuela’s oil production tumbles as economic crisis worsens

Hungry Venezuelans are rioting and looting amid worsening food shortages, but the OPEC country’s remote oil fields have been sheltered from the social unrest so far. But Venezuela’s blistering economic crisis is hitting them full on. Output in the country, which has the world’s largest oil reserves, dropped to 2.37 million barrels per day (bpd) in May, according to OPEC data provided by Venezuela. That’s down some 5 percent from April and nearly 11 percent from 2015’s average, data showed on Monday, piling more stress on oil-dependent Venezuela as it wrestles with the economic crisis. The drop could also help erode a supply glut that has weighed on prices. Amid a cash crunch, Venezuela’s oil industry is suffering from shortages of spare parts, the retreat of oil services companies […]

World Bank finds cash moving to renewables



Investments in renewable energy made up more than half of all private investments last year, signaling a low-carbon shift is under way, the World Bank said. A report from the bank finds global private investments held relatively steady from 2014 to total $111.6 billion last year. Investments in renewable energy, however, were higher in 2015 than during the past five years. “Solar energy investments climbed 72 percent higher than the last five-year average, while renewables attracted nearly two-thirds of investments with private participation,” the bank said in a statement. According to its breakdown, the World Bank found South Africa and Morocco led for African investments in renewable energy, Chile led in the Americas and […]
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