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  1. MARKET WATCH: US interest rate hike pushes down oil prices

    Crude oil prices on markets in New York and London fell by almost $2 on Dec. 14 and the decline continued into Dec. 15 in a reaction to the US Federal Reserve’s decision to lift interest rates and a resulting stronger US dollar. The dollar surged to a 14-year high after the Fed said it would increase rates by 25 basis points and projected three possible rate hikes in 2017 instead of the two it had previously planned. Because oil trades in dollars, a strengthening greenback makes oil more expensive for buyers using other currencies, and can particularly impact emerging markets that account for much of the world’s consumption growth. As for the oil market itself, concerns persist over the global supply glut and whether deals limiting output will be carried out both within the Organization of Petroleum Exporting Countries and between the cartel and outside producers. While the Energy Information Administration on Dec. 14 said US crude stockpiles fell 2.6 million bbl last week, OPEC's Monthly Oil Market Report indicated the cartel’s output rose 150,000 b/d in November to 33.87 million b/d. Additionally, EIA earlier this week said it expects crude production from the seven major US onshore producing regions to rise slightly month-over-month in January ( OGJ Online, Dec. 12, 2016 ). OPEC has agreed to cut production by 1.2 million b/d starting Jan. 1, and some non-OPEC countries have agreed to cut production by 558,000 b/d ( OGJ Online, Dec. 13, 2016 ). Analysis by Thomson Reuters, however, suggests current OPEC production is likely to be below official reported figures, with current production reported for Saudi Arabia, Iran, and Iraq higher than actual production based on field level analysis. “As a result, in our view there is unlikely to be a major rebalancing at least in physical markets terms following the OPEC production deal,” said Shakil Begg, Thomson Reuters head of oil research and forecasts. Energy prices The January crude oil contract on the New York Mercantile Exchange dropped $1.94 on Dec. 14 to close at $51.04/bbl. The February contract fell $1.85 to $52.09/bbl. The natural gas contract for January gained 6.6¢ to $3.54/MMbtu. The Henry Hub spot market for gas closed at $3.52/MMbtu, down 8¢. Heating oil for January declined 3.12¢ a rounded $1.64/gal. Reformulated gasoline stock for oxygenate blending for January lost 1.76¢ to a rounded $1.53/gal. The Brent crude contract for February on London’s ICE decreased $1.82 to $53.90/bbl. The March contract dropped $1.74 to $54.65/bbl. Gas oil for January relinquished $1.75 to settle at $488.25/tonne. The average price for OPEC’s basket of benchmark crudes for Dec. 14 was $51.83/bbl, a decline of 56¢. Contact Matt Zborowski at matthewz@ogjonline.com .

    Online Articles

    Online Articles

    Thu, 15 Dec 2016

  2. MARKET WATCH: Crude prices up again on rising confidence for output limits

    Crude oil futures contracts for front-month delivery on the New York Mercantile Exchange fell slightly on Dec. 15 following news of interest rate hikes by the US Federal Reserve. But prices were gaining again early on Dec. 16 as analysts and traders showed increasing confidence that output limits ...

    Online Articles

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    Fri, 16 Dec 2016

  3. Mozambique gas plant under construction

    Mozambique has commenced building a $180m gas-fired power plant expected to add 106 MW of electricity to the national grid.

    Online Articles

    Online Articles

    Fri, 18 Nov 2016

  4. MARKET WATCH: NYMEX oil prices climb modestly on Yellen’s interest -rate comments

    The crude oil contract for November delivery gained modestly to close at just under $45/bbl on the New York market Sept. 24 following a speech by Federal Reserve Chair Janet Yellen in which she said the US economy was strong enough to support an interest - rate increase later this year.

    Online Articles

    Online Articles

    Fri, 25 Sep 2015

  1. Interest -rate hike would weaken crude price—but how much?

    Online Articles

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    Fri, 8 Apr 2016

  2. Pakistani officials oppose proposed interest rate hike for 969-MW Neelum Jhelum hydropower plant

    Pakistani Prime Minister Nawaz Sharif and his cabinet have refused Chinese demands for higher interest rates on a US$576 million loan extended to Pakistan for the 969-MW Neelum Jhelum hydropower project.

    Online Articles

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    Fri, 10 Jul 2015

  3. Silver Run completes acquisition of controlling interest in Centennial Resource Production

    Silver Run Acquisition Corp. has completed its acquisition of an 89% controlling interest in Centennial Resource Production LLC from funds controlled by, and affiliates of, NGP Energy Capital Management LLC.

    Online Articles

    Online Articles

    Tue, 11 Oct 2016

  4. Ontario Power Generation wraps up financing for Lower Mattagami hydro projects

    Ontario Power Generation (OPG) said Oct. 7 that it has reached the financial close of a C$220 million private placement bond offering to complete the financing for the completed redevelopment and expansion of four hydroelectric stations on the lower part of the Mattagami River.

    Online Articles

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    Mon, 17 Oct 2016

  5. MARKET WATCH: NYMEX, Brent oil prices rebound on Saudi comments

    The light, sweet crude oil price for September delivery jumped by nearly $1.80/bbl on the New York market Aug. 11 while the Brent contract for October gained nearly $2/bbl on the London market after a Saudi Arabian official suggested the Saudis would work with other producers to stabilize prices.

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    Fri, 12 Aug 2016

  6. Berkshire Hathaway Energy sees less income due to renewable investments, fuel cost

    Net income attributable to BHE shareholders decreased $22 million for the second quarter of 2016  

    Online Articles

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    Wed, 17 Aug 2016

  7. Stress in oil sector causes us corporate default rate to climb

    S&P Global Fixed Income Research expects the US corporate trailing-12-month speculative-grade default rate to increase to 5.6% by June 2017, from 4.3% in June 2016 and 2% in June 2015.

    Online Articles

    Online Articles

    Thu, 18 Aug 2016

  8. MARKET WATCH: Crude oil price slips lower as China raises interest rate

    Energy commodity prices were mixed July 6, with crude slipping lower in the New York market after the People's Republic of China announced another increase in the yuan benchmark interest rate as of July 7 ahead of the official June consumer price index (CPI) data release on July 15.

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    Thu, 7 Jul 2011

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