Energy Update
LAUNCESTON, Australia, May 9 (Reuters) - Saudi Arabia's
decision to hike crude oil prices to Asian customers by the most
in more than a year is both understandable and curious.
Venezuela's oil industry is at risk of grinding to a halt, along with the rest of the nation, as El Guri, Venezuela’s largest hydroelectric power facility, could see a drop in output of 3,800 megawatts if eight of 18 turbines are shut down.
NEW YORK/CONKLIN, Alberta, May 9 (Reuters) - The mass
evacuation of residents from the wildfire-devastated Canadian
oil town of Fort McMurray is likely to significantly delay the
restart of production, even though energy facilities themselves
have escaped major damage from the flames.
May 9 (Reuters) - Singapore shares rose on Monday, snapping
a 10-session losing streak, helped by a rally in U.S. stocks
late last week, while most other Southeast Asian markets
suffered losses led by Indonesia, which fell to its lowest in
over two months.
U.S. stocks bounced back on Friday from early losses to
close higher as investors viewed the day's jobs data as less
disappointing than first thought.
CAPE TOWN, May 9 (Reuters) - North Korea's continued nuclear
activities are of "great concern" to the region and beyond, the
head of the International Atomic Energy Agency (IAEA) told
reporters on Monday.
LAC LA BICHE, Alberta, May 9 (Reuters) - Canadian
firefighters looked to cooler weather on Monday to help with
their battle against the country's most destructive wildfire in
recent memory, as officials sought to gauge the damage to oil
sands boomtown Fort McMurray.
FRANKFURT, May 9 (Reuters) - Germany's Brenntag,
the world's largest chemicals distributor, reported a 27 percent
drop in first-quarter net profit, far below forecasts, due to a
large devaluation of the Venezuelan bolivar and a challenging
business environment in North America.
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