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Daily (16.08.2017): Most of the UK wholesale gas prices slipped by 1-2% on Tuesday due to oversupplied system

Oil prices decreased during the first half of Tuesday’s trading session as ample supply from OPEC and the U.S. combined with the signs of weaker demand in China encouraged investors to sell long positions bought in July during a period of rising prices. Meanwhile, a recent report of a dip in Libyan output and a surge in the U.S. dollar had supported Brent. Brent closed the session 7 cents higher at $50.80 a barrel, while WTI price fell by 0.08% to end at $47.55 a barrel.

read more... 16/08/2017

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Transocean to acquire competitor Songa Offshore for $1.1 billion

One of the world’s biggest oil rig operator, Transocean, is about to acquire its Norwegian rival Songa Offshore. The acquisition will be carried out through shares and convertible bonds, all worth 9.1 billion crowns ($1.1 billion).

read more... 16/08/2017

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OMV does not expect a cash call from Nord Stream 2 until the end of the year

OMV is confident that Gazprom-owned Nord Stream 2 won’t be making any more cash calls until the end of the current year. OMV has already settled the first €200 million portion of its funding obligation for the construction of the 55 bcm/year pipeline from Russia to Germany.

read more... 15/08/2017

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Daily (15.08.2017): Oil prices dropped by 2.6% on Monday of weakening Chinese oil demand

Oil prices decreased on Monday steeper than expected on raising concerns that a glut of refined fuel products might weaken Chinese demand for oil. Also, U.S. drilling rig data published by Baker Hughes on Friday showed explorers boosted oil drilling capacity. Oversupply has been supported by rising production in Libya, which is trying to regain its pre-war oil production levels. Brent fell by 2.63% to close at $50.73 a barrel, while WTI price declined by 2.52% to end at $47.59 a barrel.

read more... 15/08/2017

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Lack of customers drives Spanish coal mine to close down

The La Escondida coal mine was shut down on Friday. The last-of-its-kind project was located in the Caballed de Arriba town, and was closed down because no one wanted to buy its coal.

read more... 15/08/2017

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