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Oil Prices Hammered by U.K. Vote to Leave EU
Crude-oil prices plummeted in Asian trade Friday as U.K. voters upended market expectations by choosing to exit the European Union, leaving a trail of unknowns of what could happen to the economic future of the region. The unexpected result of the so-called Brexit vote mounted strong pressure on the British pound, sending the greenback soaring as investors seek refuge in safe haven assets. Oil prices fell to nearly 7% at one point in the session. On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at $47.42 a barrel at 0600 GMT, down $2.69 or 5.3% in the Globex electronic session. August Brent crude on London’s ICE Futures exchange fell $2.74 or 5.2% to $48.17 a barrel. According to The Wall Street Journal Dollar Index, the greenback was last […]
Oil Patch ‘Left for Dead’ Will Spark New IPOs for US Explorers
As the oil industry emerges from the biggest bust in three decades, shale drillers in a neglected corner of the biggest U.S. oil field are poised to take a new generation of gushers public. Long an also-ran to the more prolific Midland Basin 100 miles to the east, the Delaware Basin straddling the Texas-New Mexico border is yielding larger and larger oil discoveries for explorers. Both regions are part of the Permian Basin, a sprawling field seven times the size of Massachusetts that produces more crude than any other domestic source. Devon Energy Corp.’s newest Delaware finds are spewing twice as much crude as nearby wells drilled three years ago, Chief Executive Officer […]
China building energy ties to Russia, Putin says
Russian President Vladimir Putin says Chinese investments in Russian energy sector a welcome part of strengthening diplomatic ties. Photo by David Silpa/UPI MOSCOW, June 23 (UPI) — Chinese partnerships in the Russian energy sector are expected to help establish a stronger diplomatic relationship, Russian President Vladimir Putin said. “China is increasing its presence in our energy market, it is a major shareholder in one of our significant projects, Yamal LNG, and it has acquired 10 percent of the shares in one of our leading chemical holdings, SIBUR,” Putin told the official state-run Xinhua News Agency. “We welcome these Chinese investments not only as a means of placing financial resources but also as a means of further developing our partnership.” The Kremlin’s press service this week said Putin aims to build an “equal and confidential partnership” with China during weekend meetings with Chinese President Xi Jinping . China is linked […]
Why China Is Running Out Of Water
A wave of recent reports from China make it clear that the country is now facing a water crisis of massive proportions. As Jules Suzdaltsev explains in today’s Seeker Daily report, industrialization and population growth have led to a core supply-and-demand issue in China. With a population of just under 1.5 billion people, the country has about 20 percent of the global population, but only about seven percent of the world’s fresh water. Making matters worse, rapid industrial development in the last 50 years has led to fundamental changes in how China uses — and pollutes — its water. According to statistics released in April by the Chinese government itself, more than 80 percent of the rural water supply in the country is now unsafe for drinking or bathing. A test of 2,103 underground wells revealed dangerous levels of contamination from industry and farming. More than half of China’s […]
