Energy Update
(Tue, 26 Jul 2016) Higher and more stable crude oil prices are contributing to increased drilling in the United States, which may slow the pace of production declines. Benchmark West Texas Intermediate (WTI) crude oil prices averaged $46.59 per barrel (b) over the past three weeks, a 40% increase over the average price in the first quarter of 2016.
MANILA, July 26 (Reuters) - Pilipinas Shell Petroleum Corp
is looking to raise up to 29.7 billion pesos ($629.24 million)
in what could be the country's third initial public offering
this year, a regulatory filing showed on Tuesday.
BEIJING, July 26 (Reuters) - China's foreign minister has
asked the U.S. secretary of state John Kerry to support the
resumption of talks between China and the Philippines over the
South China Sea, following a ruling against Beijing over the
dispute earlier this month.
LONDON, July 25 (Reuters) - Hedge funds have been
liquidating their former record bullish position in crude
futures and options putting downward pressure on oil prices in
recent weeks.
ABU DHABI, July 26 (Reuters) - A solar-powered aircraft
successfully completed the first fuel-free flight around the
world on Tuesday, returning to Abu Dhabi after an epic 16-month
voyage and demonstrating the potential of renewable energy.
TORONTO, July 25 (Reuters) - Canadian National Railway Co
reported better-than-expected second-quarter earnings
on Monday even as a decline in shipments cut into revenue, but
said it expects volumes to improve in the months ahead.
HOUSTON, July 25 (Reuters) - A Chinese container ship hit a
wall of the new lane of the Panama Canal, a Canal Authority
official and a local ship agent said on Monday, the third such
incident since the expanded waterway opened one month ago amid
design concerns.
SAO PAULO, July 25 (Reuters) - State-run energy company
Chesf, a subsidiary of Brazil's federal energy holding company
Eletrobras, has delayed the delivery of more than 1,000
kilometers of transmission line projects for lack of funds to
complete the work, data compiled by Reuters showed.
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