Oil and Gas Coal and Consumable Fuels

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  • LONDON, Feb 5- Even as millions of barrels of oil are pumped at a loss at current prices, only a fraction of the production has been shut, industry research group Wood Mackenzie said on Friday. Just 100,000 bpd out of the 96.1 million bpd of oil pumped worldwide have been closed so far since the price plunge, most of it in Canada's oil sands, conventional U.S. projects and...

  • HOUSTON, Feb 3- The latest blow to the energy industry's collective psyche has been inflicted by National Oilwell Varco Inc, with the giant oilfield equipment maker warning the pace of drilling and fracking will only slow further as 2016 drags on. A 70 percent drop in crude prices since mid-2014 has affected not only National Oilwell Varco but dozens of others...

  • HOUSTON, Feb 3- The latest blow to the energy industry's collective psyche has been inflicted by National Oilwell Varco Inc, with the giant oilfield equipment maker warning the pace of drilling and fracking will only slow more as 2016 drags on. A 70 percent drop in crude prices since mid-2014 has affected not only NOV but dozens of others throughout North...

  • CALGARY, Jan 29- Alberta's left-leaning government unveiled a new energy royalty framework on Friday that left rates unchanged on existing oil wells and oil sands projects, alleviating fears that costs would rise to punishing levels amid the worst crude price slump in decades. Alberta Premier Rachel Notley noted the province's position in the global market...

  • Gulf of Mexico output fell 57,000 bpd, while onshore production inched up 3,000 bpd in Texas and rose 5,000 bpd in North Dakota, broadly in line with previously reported state data. Some analysts believed the data is not necessarily a reflection of the current supply landscape, saying the Gulf of Mexico output was lower in November but still higher year over year.

  • Drillers removed 12 oil rigs in the week ended Jan. 29, bringing the rig count down to 498, the least since March 2010, oil services company Baker Hughes Inc said. Three major U.S. shale oil companies this week slashed their 2016 capital spending plans more than expected in a bid to survive $30 a barrel oil prices, with Continental Resources saying prices would need...

  • LONDON, Jan 29- Saudi Arabia has successfully defended its share of the U.S. oil market even as rising domestic production from shale and growing pipeline imports from Canada have cut seaborne imports from other countries. Saudi Arabia has been fortunate in that the oil produced from shale is not in direct competition with its own crude exports.

  • The company said it would temporarily idle its Harvey coal mine in southwestern Pennsylvania. Net income attributable to Consol fell to $30.4 million, or 13 cents per share, in the quarter ended Dec. 31, compared with a profit of $73.67 million, or 32 cents per share, a year earlier. Revenue fell nearly 19 percent to $761.9 million, missing Wall Street expectations of...

  • Say China coal miners to get time off over Lunar New Year. BEIJING, Jan 29- In a break with tradition, 15 Chinese coal mining groups have said they will close operations and allow workers to leave their posts during the Lunar New Year holidays next month, taking some pressure off a sector burdened by massive overcapacity. Spot thermal coal in Qinhuangdao port has...

  • Crude has dropped to nearly $30 a barrel from as high as $115 in mid-2014 on the back of higher U.S. shale oil production and a supply increase from OPEC, which decided to fight for market share rather than cut output to correct prices. Many OPEC officials have said supply was poised to drop as non- OPEC output shrank fast and global demand continued to grow.

  • 3 Reasons for Union Pacific's earnings miss: CEO

    Union Pacific CEO Lance Fritz talks about his company's earnings miss which he attributes in part to what he calls an "energy recession."

  • China's coal industry faces uncertain future

    CNBC's Eurnice Yoon reports uncertainty in China's coal industry could have ripple effects throughout the Chinese economy as the country pledges to reduce pollution.

  • 2015’s top-performing metal is…

    Heard of uranium? It is this year’s top-performing mining commodity. Colin Hamilton, head of commodities research at Macquarie, discusses why he thinks it will outperform in 2016 as well.

  • A Chinese man walking on a street wears a mask amid heavy smog in Beijing, China on December 25, 2015. Hazardous smog blanketing China's north-east has sparked more red alerts, with authorities advising residents in 10 cities to stay indoors.

    More than 220 flights at Beijing's airport were canceled Friday as pollution caused poor visibility, China's official Xinhua news agency reported.

  • It's been a perfect storm for oil markets: ANZ

    Oil markets are hurting due to strong supply and lower economic growth, particularly in Asia, and the price adjustment has yet to take place, notes Daniel Hynes, senior commodity strategist at ANZ.

  • China miners grit teeth over coal downturn

    With coal prices down and demand weak, Qiu Zhijie, owner of Yongshun mine in Inner Mongolia, says "the more coal I sell, the more money I lose everyday."

  • Will China be able to wean itself off fossil fuels?

    The coal industry that has been China's lifeblood now faces a cloudy future, as authorities vow to reduce carbon emissions.

  • India's coal field has been burning for 100 years

    The Jharia coal field is home to some of the longest-burning fires in the world.

  • Excavators take a break as fire and smoke spew out of the ground in one of the coal mines in Jharia. Jharia in India's eastern Jharkand state is literally in flames.

    India's largest and most productive coal fields are also home to the largest collection of some of the longest-burning coal fires in the world.

  • Coal still key to many economies: World Coal Association CEO

    Benjamin Sporton, CEO of the World Coal Association, says clean coal will be a key part of many countries’ climate change action plans.