Energy Update
MILAN, Oct 24 (Reuters) - Egypt launched the world's biggest
tender for liquefied natural gas (LNG) on Sunday as officials
from top energy companies and trading houses converged on Cairo
undeterred by new rules forcing them to wait even longer to get
paid.
VIENNA, Oct 24 (Reuters) - Russian Energy Minister Alexander
Novak said on Monday that OPEC and Russia were stepping up
cooperation as they discussed how Moscow might be able to help
support a possible freeze or cut in oil production.
VIENNA, Oct 24 (Reuters) - It is essential that OPEC and
non-OPEC countries address overcapacities in the oil market, the
cartel's secretary general said before a meeting on Monday with
Russia's energy minister aimed at discussing coordination of
output.
BEIJING, Oct 24 (Reuters) - China's Zhengzhou Commodity
Exchange said it is raising transaction fees for thermal coal
futures contracts, starting from the night session on October
24.
DUBAI, Oct 24 (Reuters) - Iran's deputy oil minister said on
Monday that Tehran was ready to encourage other OPEC members to
join a plan to freeze output to bring stability to the oil
market.
TOKYO, Oct 24 (Reuters) - Japan's biggest steelmaker Nippon
Steel & Sumitomo Metal Corp is seeking an increase in
product prices of about 10,000 yen ($96) per tonne from
customers amid surging coking coal prices and weak margins, its
president said.
The recent invitation by OPEC for US officials to join in production freeze talks is clearly a nod to the production powerhouse Americas has become as a result of the shale revolution.
(Mon, 24 Oct 2016) Short positions in West Texas Intermediate (WTI) crude oil futures contracts held by producers or merchants totaled more than 540,000 contracts as of October 11, 2016, the most since 2007, according to data from the U.S. Commodity Futures Trading Commission (CFTC).
LOS ANGELES, Oct 23 (Reuters) - Hundreds of people gathered
in Los Angeles on Sunday to protest against climate change and
show support for activists demonstrating against the
construction of an oil pipeline in North Dakota.
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