ITAR-TASS reported today that Kiev is in talks with European gas companies regarding a national gas consortium that would help Ukraine with its natural gas transportation system. Ukraine's parliament-appointed Minister of Energy and Coal Industry Yuriy Prodan told ITAR-TASS that he country has forwarded proposals to European gas companies, but that Kiev is not in talks with Moscow concerning the issue.
Energy Market News Directory
Bloomberg reported that Australian mining companies are producing and exporting coal at a loss due to take-or-pay contracts with freight companies.Losses from exporting coal at current low prices are much less than what it would cost to default on the freight agreements.
Reuters reported today that U.S. rail shipper Norfolk Southern (NYSE:NSC) reported a drop of 18 percent in profits for the first quarter of 2014, largely due to a 15 percent fall in earnings from coal shipments. However, Norfolk Chief Executive Wick Moorman told Reuters that the company expects a rebound following this quarter.
The Vancouver Sun reported that a government decision to exempt 99 percent of provincially produced natural gas from environmental assessment was reversed by the Liberal government and British Columbia Environment Minister Mary Polak on Wednesday.
Reuters reported today that U.S. Benchmark Brent crude oil prices increased to their highest on almost six weeks on expanding sanctions against Russia over issues in Ukraine. However, the price rise was halted with news of the first oil tanker being reloaded on Tuesday at Libya's Hariga port after a month long closure.
The Globe and Mail reported that a slump in coal prices is hurting mining in British Columbia and has caused US-based Walter Energy Inc. (NYSE:WLT) to cease mining operations in the province.
Reuters reported that Israel will likely focus on Egypt as a trade partner while putting plans to pump gas to an export plant in Cyprus on the backburner.
Forbes reported today that three major regulatory changes will go into effect this spring, forcing power plants that use coal to upgrade operations or close them down. U.S. coal will have to embrace new, superior coal technologies to move forward, according to Forbes.
The Globe and Mail reported today that oil sands companies who rely on natural gas to run their operations may face a price squeeze as natural gas costs rise. The gas is used to create steam to soften oil-rich bitumen deposits. According to the Globe, gas prices for the May contract rose to $4.62 per million btu on the New York Mercantile Exchange.
Bloomberg reported today that Houston and the U.S. Golf Coast now contain 202 million barrels of crude oil, according to Energy Information Administration data.