Day: February 5, 2020

Oil prices could slide further as coronavirus outbreak continues, analyst says

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There could be a further $5 a barrel downside for oil prices as a result of the coronavirus, an energy analyst said this week. Both Brent and West Texas Intermediate crudes have suffered losses amid the coronavirus outbreak, but things could still get worse, according to Andy Lipow, president of Lipow Oil Associates. “I think it could slide even further,” he told CNBC’s “Squawk Box Asia” on Tuesday. “There could be another $5 a barrel downside in this because we simply don’t know the extent of the virus and how long it’s going to last.” WTI was trading at $49.81…

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Large Crude Inventory Build Sends Prices Tumbling

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The American Petroleum Institute (API) estimated on Tuesday a larger than anticipated crude oil inventory build of 4.18 million barrels for the week ending January 31, compared to analyst expectations of a 2.8-million-barrel build in inventory.PauseUnmuteLoaded: 64.03%Remaining Time -2:28Picture-in-PictureFullscreen Last week saw a surprise draw in crude oil inventories of 4.27 million barrels, according to API data. The EIA’s estimates, however, were for a build of 3.5-million barrels for that week. Oil prices were down in the afternoon hours, after trending upward earlier in the day on news that OPEC was in talks about what action to…

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1,263MW LNG plant to cause losses worth Rs202b

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ISLAMABAD: The Power Division has informed the government that running the 1,263-megawatt LNG-based power project near Trimmu Barrage on expensive imported gas, while ignoring other cheaper fuel options, would result in cumulative loss of Rs202 billion up to 2025. Pakistan has a long-term supply contract of 500mmcfd LNG with Qatar and the first review is due in 2025. At present, Pakistan has LNG-based power plants which have remained closed for most of the time due to expensive LNG imports. The deal was materialised during the tenure of the previous government of…

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