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.
Energy Market News Directory
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.
Businessweek reported that Russian leader Vladimir Putin is looking to sign a deal to supply pipeline gas to China for the next 30 years. The deal would take place next month, and has become more likely in light of the recent Ukraine crisis, according to the publication.
Bloomberg reported today that Ukraine is reacting to natural gas price “aggression” from Russia by rejecting higher costs for the energy source.
The Associated Press reported that benchmark U.S. crude oil for May delivery rose 90 cents to $101.34, while Brent crude came up 61 cents to $106.43 in London as investors continued to watch for weekly U.S. oil data.