Day: May 15, 2020

The Commodity Futures Trading Commission has warned that as the expiry date for the June West Texas Intermediate contract approaches, the chances of extra price volatility have increased. The regulator told brokers, exchanges, and clearing houses that “they are expected to prepare for the possibility that certain contracts may continue to experience extreme market volatility, low liquidity and possibly negative pricing.” Last month, when the May WTI contract expired, a frantic selloff among traders triggered a price slump deep into negative territory, with the benchmark at one point reaching -$38…

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Falling prices for oil and natural gas during the novel coronavirus pandemic have prompted the closure of nearly a quarter of land-based US rigs in the United States, excluding Alaska, the Energy Information Administration (EIA) said in a report on Thursday WASHINGTON (UrduPoint News / Sputnik – 14th May, 2020) Falling prices for oil and natural gas during the novel coronavirus pandemic have prompted the closure of nearly a quarter of land-based US rigs in the United States, excluding Alaska, the Energy Information Administration (EIA) said in a report on…

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Former prime minister and Pakistan Muslim League-Nawaz (PML-N) Vice President Shahid Khaqan Abbasi on Thursday appeared before the National Accountability Bureau (NAB)’s investigation team in connection with the Liquefied Natural Gas (LNG) scam. Abbasi appeared before the NAB’s combined investigation team (CIT) at its Rawalpindi bureau. The CIT handed over Abbasi a questionnaire, which contains questions regarding evidence collected by the NAB for filing of supplementary reference against him. The questionnaire includes questions about transactions of billion of rupees in to his account. The transactions allegedly took place during the…

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A small and tedious-looking announcement of the ratification of a bylaw relating to the issuance of securities appeared on Iranian government-affiliated websites last week and was unsurprisingly ignored by the world’s international media but not OilPrice.com. To OilPrice.com the blank statement that Iran’s First Vice President, Eshaq Jahangiri, signed off on the issuance of Islamic compliant securities in the calendar year of 1399 (which began on 20 March) means Iran will have access to a massive new stream of capital that it will use to drive forward its long-stalled oil and…

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ISLAMABAD: The country’s public sector company – Pakistan State Oil (PSO) has recently defaulted on payments to LNG supplier- Gunvor – and payments on various POL products to some local refineries of PARCO (Pak-Arab Refinery Company), National Refinery Limited (NRL) and ENAR due to severe liquidity crisis that has touched new heights due to non-payment of dues of over Rs100 billion that Sui Northern has failed to pay to the entity against the LNG supply. “The PSO’s top management has sensitized the Petroleum Division about the recent defaults and asked…

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