Energy Update
July 8 (Reuters) - U.S. natural gas speculators cut their
net long positions after five weeks of gains, betting prices
will decline in the future to encourage power generators to keep
burning record amounts of gas instead of coal.
Speculators in four major NYMEX and ICE markets reduced
their bearish bets by 6,362 contracts to 99,942 in the week to
July 5, the U.S. Commodity Futures Trading Commission said on
Friday.
Electricite de France (EDF) and the World Bank are joining with the government of Cameroon to fund the €$1.2 billion (US$1.3 billion), 420-MW Nachtigal hydropower plant.
(Adds Permian rig count in paragraph)
July 8 (Reuters) - U.S. drillers this week added oil rigs
for a fifth week in six, according to a closely followed report
Friday, prompting analysts to predict the rig count has bottomed
and production will start to edge up early next year.
Drillers added 10 oil rigs in the week to July 8, bringing
the total rig count up to 351, compared with 645 a year ago,
energy services firm Baker Hughes Inc said.
LONDON, July 7 (Reuters) - Royal Dutch Shell has
changed its redundancy terms so it can claim tax refunds that
some UK workers would otherwise have been able to claim on
redundancy payments, internal documents seen by Reuters show.
July 8 (Reuters) - Williams Cos Inc, six of whose
directors resigned last week after a failed attempt to oust CEO
Alan Armstrong, said on Friday its annual shareholder meeting
will be held in November.
MILAN/LONDON July 8 (Reuters) - Britain faces a growing risk
of spikes in wholesale gas prices as ageing storage facilities
mean increased maintenance and greater reliance on imports to
meet spot demand.
JUBA, July 8 (Reuters) - Gunfire erupted in South Sudan's
capital on Friday, a day after a clash between rival factions
killed at least five people, a Reuters witnesses reported.
AMSTERDAM, July 8 (Reuters) - Dutch offshore engineer
Boskalis said it was cutting 650 jobs worldwide and
culling 24 vessels in response to what it called drastic changes
in the company's outlook caused by low energy and commodity
prices.
WARSAW, July 8 (Reuters) - U.S. President Barack Obama
expressed concern on Friday over Poland's moves to shackle its
constitutional court, in unusually blunt comments calling on the
former communist EU country's government to do more to protect
democracy.
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