Oil and Gas Coal and Consumable Fuels

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  • BEIJING, Feb 29- China expects to lay off 1.8 million workers in the coal and steel sectors as part of its efforts to reduce industrial overcapacity, an official at the human resources and social security ministry said on Monday. Yin Weimin, minister of human resources and social security, said capacity cuts will lead to some layoffs in 2016, but added that he was...

  • MOSCOW, Feb 28- The 26 miners who were trapped in a Russian coal mine above the Arctic circle have died and rescue operations have been halted after a third blast underground killed several rescue workers, emergency services said on Sunday. "The circumstances in the affected part of the mine did not allow anyone to survive," Russia's Emergencies Minister Vladimir...

  • MOSCOW, Feb 26- Twenty six miners were missing and four confirmed dead after an accident on Thursday at a coal mine above the Arctic circle owned by a subsidiary of Severstal, Russian prosecutors said on Friday. Announcing the opening of a criminal investigation into a possible breach of safety regulations at the Severnaya mine in Vorkuta, Russia's...

  • *Noble swings to annual loss of $1.67 bln. SINGAPORE, Feb 25- Singapore- listed Noble Group said it expects to refinance its revolving credit facility and reported its first annual loss in nearly 20 years, battered by a $1.2 billion writedown for weak coal prices. "We have self evidently advanced our key strategic objectives over the last three years despite a very...

  • SINGAPORE, Feb 25- Singapore- listed Noble Group reported its first annual loss in nearly 20 years on Thursday, battered by a $1.2 billion writedown on weak coal prices, and said it expects to successfully refinance its revolving credit facility. Noble swung to a net loss of $1.67 billion for the year to Dec. 31 versus a profit of $132 million a year earlier on a 22...

  • HOUSTON, Feb 24- Royal Dutch Shell's U.S. head Marvin Odum will step down after the company abandoned a troubled drilling project offshore Alaska, and the global oil company said on Wednesday it will split up its U.S. shale and Canadian oil sands unit. The Anglo-Dutch company said on Wednesday its shale resources unit would become part of the global upstream...

  • A coal mound stands at the Appalachian Electric Power coal-fired Big Sandy Power Plant in Catlettsburg, Kentucky, in 2014. The plant shuttered its coal production last year and converted to natural gas.

    No matter who gets appointed to the Supreme Court, there is only one fate for the U.S. coal industry, according to labor and economic data.

  • Moody's lowers Noble rating after profit warning

    Moody's Investors Service downgrades Noble Group to Ba3.

  • WASHINGTON, Feb 23- The ailing coal industry must face the costs of cleaning up spent mines even as companies get pushed toward bankruptcy, the U.S. Bankrupt Alpha Natural Resources and Arch Coal have sought to jettison cleanup liabilities in bankruptcy court and Interior Secretary Sally Jewell said officials will not tolerate such maneuvers.

  • WASHINGTON, Feb 23- Struggling coal companies must face the costs of cleaning up their spent mines even as they get pushed toward bankruptcy, the U.S. Jewell was addressing the Senate Committee on Energy and Natural Resources. Of the roughly $2 billion in future cleanup costs facing Peabody Energy Corp, $1.47 billion of that is self-bonded and has no concrete...

  • BOGOTA, Feb 23- Unionized workers at Colombia's biggest coal mine will start voting on Friday whether to strike or seek an arbitrated settlement for wage increases, the head of the Sintracarbon union said on Tuesday. Colombia is the world's fifth largest coal exporter. The union, which represents 4,200 of the 10,000 workers at the mine, is ready to keep talking to...

  • *Expects $1.2 bln impairments in Q4, hit by low coal price. SINGAPORE, Feb 23- Commodity trader Noble Group warned of its first full-year loss in nearly 20 years on Tuesday, blaming a $1.2 billion writedown on low coal prices and prompting a credit rating downgrade by Moody's. Singapore- listed Noble, which has sought to reassure investors after an accounting...

  • SINGAPORE, Feb 23- Commodity trader Noble Group warned of its first full-year loss in nearly two decades, blaming $1.2 billion of writedowns on a slide in coal prices- a move seen by analysts as a response to pressure to be more conservative in its accounting practices. One potential outcome is that it cleans up the balance sheet from the banks' perspective, "said...

  • SINGAPORE, Feb 23- Oil prices dipped slightly in early trading on Tuesday after posting strong gains the previous session on the back of an expected drop in U.S. production, but which analysts expect to be countered by rising output from Iran. U.S. front-month West Texas Intermediate crude futures, were trading at $33.10 per barrel at 0118 GMT, down 29 cents from...

  • *$80 a barrel good for producers and consumers- IEA's Birol. *OPEC willing to do more on glut- SecGen. IEA executive director Fatih Birol told CERAWeek, an industry gathering in Houston, that crude oil at $80 a barrel would be good for both producers and consumers, although the agency said in a report a strong price rebound was unlikely under present market conditions.

  • *Iran to lead supply growth within OPEC. LONDON, Feb 22- Oil production in the United States will reach a record high by 2021 as improved efficiency helps domestic producers combat the low prices that are likely to force hefty output cuts this year and next, the International Energy Agency said on Monday. U.S. shale oil was the main target of OPEC's decision in late...

  • NEW YORK, Feb 22- Oil markets jumped as much as 7 percent on Monday as speculation about falling U.S. shale output and a rally in equities fed the notion that crude prices may be bottoming after their 20- month collapse. "For various reasons, traders are growing convinced that the market won't go much lower," said Pete Donovan, crude broker at Liquidity Energy in New...

  • LONDON, Feb 22- Oil prices rose 7 percent on Monday after the world's oil consumer body said it expected U.S. shale production to fall this year and next, potentially reducing the glut in supplies that has cut prices by 70 percent in 18 months. International benchmark Brent crude futures were up $1.68, or 5.1 percent, at $34.69 a barrel at 1501 GMT, while U.S. crude...

  • Feb 22- Wall Street was higher on Monday as prices of crude oil and other commodities surged, pointing to an uptick in investors' risk appetite following a rout in global markets. Crude prices were up more than 5 percent after data showed a fall in U.S. rig counts and the International Energy Agency said it expects U.S. shale oil output to fall. "You've seen oil rebound...

  • *Iran to lead supply growth within OPEC. LONDON, Feb 22- Oil production in the United States will reach a record high by 2021 as efficiency gains help domestic producers to combat the low prices that are likely to force hefty output cuts this year and next, the International Energy Agency said on Monday. U.S. shale oil was the main target of OPEC's 15- month-old policy...