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Oil climbs above $85 in Asian trade

Commodity Online — Mon, 15 Nov 2010 22:58:00 EST

SINGAPORE (Commodity Online) : World oil prices climbed past the $85 a barrel mark in Asian trade Monday on signs of increase in energy demand.

Light sweet crude for December delivery was seen trading at $ 85.25 a barrel at 12.00 noon Singapore time while Brent crude was at $86.54 a barrel in London.

Greenpeace sues U.K. over ocean drilling

Commodity Online — Mon, 15 Nov 2010 22:57:00 EST

LONDON, ENGLAND (Commodity Online): Greenpeace says it is suing the United Kingdom in an effort to stop any new deepwater oil drilling of the country's coast.

The environmental group said it filed a suit in the Royal Courts of Justice seeking a ban on all new activity until the causes of BP's Deepwater Horizon accident are fully understood, The Daily Telegraph reported Friday.

Iraq claims third spot in crude oil reserves

Commodity Online — Mon, 15 Nov 2010 22:56:00 EST

BAGHDAD (Commodity Online) : After re-estimating its explored oil reserves with the help of global oil companies, Iraq said it now holds third place behind Saudi Arabia and Venezuela in crude oil reserves.

Iraq�s oil ministry put country�s estimated oil reserves at 143 billion barrels rather than 115 billion barrels, an increase by 25 percent and requested OPEC to review its position since it plans to win higher quotas, up to 12 million barrels a day.

Model to accurately predict latent hydrocarbons

Commodity Online — Mon, 15 Nov 2010 22:55:00 EST

By Brian Westenhaus
Scientists from Royal Holloway, University of London and The Spanish Research Council have revealed a new model that explains what happens as the continents thin as well as helping to more accurately predict the location of hydrocarbons such as oil and gas.

Oil extends fall on profit taking

Commodity Online — Wed, 10 Nov 2010 21:20:00 EST

SINGAPORE (Commodity Online) : Global oil prices eased further in Asian trade Wednesday mainly on profit taking by investors amid a strong dollar against the euro.

Light sweet crude for December delivery was seen trading at $86.34 a barrel at 12.00 noon Singapore time while Brent crude was at $87.92 a barrel in London.

UAE�s Sharjah forms new oil company

Commodity Online — Wed, 10 Nov 2010 21:19:00 EST

SHARJAH (Commodity Online) : United Arab Emirates's northern province of Sharjah on Tuesday officially declared setting up of its own oil company, named Sharjah National Oil Corporation (SNOC).

Changing equations for Coal under QE2 regime

Commodity Online — Wed, 10 Nov 2010 21:18:00 EST

Commodity Online
With the US resorting to a quantitative easing of the economy, the liquidity scenario across the world seems to be improving raising hopes of rapid global economic recovery.

A report from the BofA Merrill Lynch Global Research noted that the thermal coal priced in the USD stands to benefit strongly in the macro backdrop of negative real interest rates. Coal is leveraged to emerging markets on the demand side as well as free-floating currencies on the producer side, the report noted.

�ETF provides easy package for investors to play in Lithium�

Commodity Online — Wed, 10 Nov 2010 21:17:00 EST

Cell phones, laptops, mp3 players�they are all powered by lithium. Bruno del Ama, the portfolio manager of New York-based, exchange traded fund issuer Global X Management, has recently launched an ETF targeting lithium companies for just this reason. In this exclusive interview with The Energy Report, del Ama discusses why sizeable deposits of lithium just now being developed may not be enough to keep up with the demand generated by consumer electronics and the emerging electric vehicles industry over the next decade.

Somalia, Afghanistan, Myanmar head Top 10 list of most corrupt countries

Oilprice.Com — Wed, 10 Nov 2010 20:19:00 EST

After recent reports that Afghan President Hamid Karzai and other government officials received bags of cash from Iran, it's no surprise that Afghanistan would be near the top of a ranking published last week of the most corrupt countries in the world.

Oil slips toward $82 as dollar strengthens

Commodity Online — Wed, 27 Oct 2010 22:31:00 EST

SINGAPORE (Commodity Online) : World oil prices eased near $82 a barrel in Asian trade Wednesday mainly after reports of increase in US crude supplies.

Light sweet crude for December delivery was seen trading at $82.09 a barrel at 12.30 p.m Singapore time while Brent crude was at $83.34 a barrel in London.

Eni declares more Oil finds in Angola

Commodity Online — Wed, 27 Oct 2010 22:29:00 EST

MILAN, ITALY (Commodity Online):Oil flowed at a rate of nearly 7,000 barrels per day from a test well off the coast of Angola, Italian energy company Eni announced.

Eni and its partners at Angola's oil and natural gas company Sonangol said they tested a major oil discovery off the coast of the country.

China announces Nov auction for shale gas fields

Commodity Online — Wed, 27 Oct 2010 22:28:00 EST

BEIJING (Commodity Online) : One of the world�s largest shale gas reserves holders, China said it will hold an auction for six shale gas exploration blocks by early November.

According to country�s Ministry of Land and Resources, the option would be for six shale gas blocks in various provinces.

Scotland sets renewable energy target

Commodity Online — Wed, 27 Oct 2010 22:27:00 EST

EDINBURGH (Commodity Online) : UK�s northernmost region, Scotland announced plans to fully turned to renewable energy by the year 2025.

Speaking at the Scottish Low Carbon Investment Conference, First Minister of Scotland, Alex Salmond said the country has unrivalled green energy resources and new national target to generate 80 percent of electricity needs from renewable by 2020 will be exceeded by delivering current plans for wind, wave and tidal generation,� .

Liquid gas is set to emerge from a supply glut

Commodity Online — Wed, 27 Oct 2010 22:25:00 EST

The global LNG market remains broadly oversupplied. The global LNG market has been hit from all sides.
First, the shale gas revolution diminished the need for liquid gas in North America. Second, liquefaction capacity expanded strongly. Third, the supply push occurred just as global gas demand collapsed, reducing Asia�s need for LNG.

Combined, these 3 factors pushed the global LNG market into a supply glut.

RWE yields 25 MT of crude Oil

Commodity Online — Wed, 27 Oct 2010 22:24:00 EST

ESSEN, GERMANY (Commodity Online): Production from the Mittelplate oil field in Germany reached a milestone with 25 million tons of crude, German energy company RWE announced.

RWE along with its partners at German energy company Wintershall have worked to draw oil from the Mittelplate oil field since 1987. The 25 millionth ton of crude from the reservoir was extracted during the weekend, the company announced.

Dollar directs gold, crude oil movements

Commodity Online — Wed, 27 Oct 2010 22:23:00 EST

CRUDE OIL
Despite steadily rising over the Asian session, crude futures have most recently come under pressure to the downside once again in early trading over Europe. The most active crude contract for December delivery currently trades at $80.83 a barrel after reaching a daily high in $81.37.

Oil spill: Released turtles vital for wildlife rehab

Commodity Online — Wed, 27 Oct 2010 22:13:00 EST

NEW ORLEANS, LA (Commodity Online): The release of turtles rescued from the BP oil spill in the Gulf of Mexico is a milestone in the rehabilitation of the region's wildlife, conservationists say. This week saw rescued turtles returned to gulf waters off Louisiana six months after the worst offshore oil spill in U.S. history, the Los Angeles Times reported.

Statoil to curb emissions by processing nat gas

Commodity Online — Wed, 27 Oct 2010 22:11:00 EST

STAVANGER, NORWAY (Commodity Online): More than 83,000 tons of carbon emissions will be removed from the atmosphere by processing natural gas associated with a Mexican oil field, Statoil said. Statoil announced that a joint venture with Mexican state oil company Petroleos Mexicanos, or Pemex, to reduce gas flaring at its Tres Hermanos oil field in Mexico received U.N. registration as a clean development mechanism under the Kyoto Protocol, a first for Mexico.

Russia, China swap loans for coal

Commodity Online — Wed, 27 Oct 2010 22:09:00 EST

MOSCOW, RUSSIA (Commodityonline): China and Russia are swapping loans for coal, with China furnishing $6 billion for increased coal supplies from Russia, an Energy Ministry official said. Russian Deputy Energy Minister Anatoly Yanovsky said the loans are being supplied with a Russian commitment to increase exports of coal to China. China expects to import 15 million tons of coal from Russia by 2015 and to increase its purchases of Russian coal to at least 20 million tons through 2030, The Moscow Times reported Tuesday.

US Government Agency Faulted in Nuclear Abandonment

Oilprice.Com — Wed, 27 Oct 2010 17:19:00 EST

If you are heading north on the Chesapeake Bay, just above where the Patuxent River enters it, and you will see the Cove Point liquefied natural gas terminal and gas processing plant.

Journey on, about three miles, and you will see a superbly landscaped industrial installation that, unlike the gas terminal, blends into the cliffs of Maryland. This is the Calvert Cliffs Nuclear Power Plant, which has been making electricity quietly, efficiently and abundantly since 1975.