Oil Jumps On Significant Crude Inventory Draw

Crude oil prices rose further today after the Energy Information Administration reported an oil inventory draw of 6.1 million barrels for the week to December 25. A day earlier, the American Petroleum Institute also helped boost prices by estimating a crude oil inventory decline of 4.785 million barrels for the same week. Last week, the EIA had estimated a modest inventory decline, to the tune of 600,000 barrels, which nevertheless helped prices continue higher as it coincided with positive vaccine updates that traders linked to an anticipated demand improvement next…

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Bhutta Appointed chairman of PPIB, AEDB boards

ISLAMABAD: The Federal Cabinet has appointed Secretary Power Division, Ali Raza Bhutta as Chairman of the Boards of Private Power Infrastructure Board (PPIB) and Alternative Energy Development Board (AEDB), as Minister for Power, Omar Ayub Khan has tendered his resignation as ex-officio Chairman of the Boards, official sources told Business Recorder. Sources said that Power Division informed the Cabinet on December 22, 2020 that the Minister for Energy, referring to his discussion with the Federal Minister for Law and Justice Division during a Cabinet meeting, had tendered his resignation from…

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LNG scam: NAB opens new inquiry against Khaqan Abbasi

ISLAMABAD: The National Accountability Bureau (NAB) has started another inquiry against former prime minister Shahid Khaqan Abbasi in an alleged multi-billion LNG scam. The bureau served a notice on Abbasi on Tuesday, asking him to appear before its investigation team on Jan 10, 2021. “The inquiry has revealed that you [Abbasi] remained minister for Petroleum and Natural Resources and prime minister of Pakistan, involved in selection and appointment of Adnan Gilani to Pakistan LNG Limited as chief operating officer and subsequently as chief executive officer during 2013-2018 period, which related…

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11 Wind Project Likely To Start Supplying 660 MW By Dec 2021

Around 11 wind projects with cumulative capacity of 660 MW had already achieved financial closing and are likely to start generation by December 2021. Sharing the details of these projects, official sources told that these were included 50 MW Master Green Energy Ltd, 50 MW Tricom Wind Power Pvt Ltd, 50 MW Lakeside Energy Pvt. Ltd, 50 MW Artistic Wind Power Ltd and 50 MW Liberty Wind Power 1 Pvt Ltd. Similarly, 50 MW Indus Wind Energy Ltd, 50 MW Master Green Energy Ltd, 50 MW ACT2 Wind Pvt Ltd,…

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Check-Posts Against white collar crimes

First, the medicine prices went through the roof. Next, it was the turn of Atta (wheat flour) and sugar prices, followed by “artificial shortage” of oil at a time when there was a global glut of oil as demand fell because of Covid-19. Shortage of gas has made the winter doubly unbearable and rising cost of power is having a disruptive influence on the overall economy. And the burgeoning circular debt has turned into a perennial problem with the government seemingly having no idea how to control it. Meanwhile, smuggled…

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Pakistan, Russia to establish North-South gas pipeline project

Islamabad – Pakistan and Russian Federation have agreed to establish a special purpose company, namely Pakistan Stream Pipeline (Pvt.) Ltd for the execution of North-South gas pipeline project, it is learnt reliably here. The matters pertaining the new company and the start of execution work was discussed on December 23, 2020, during the second meeting of the Joint Russian-Pakistani Technical Committee for the implementation of the North-South gas pipeline project held in via video conference. The Russian side of was headed by the Director of the Department of International Cooperation…

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Petroleum Divison rejects reports on LNG imports terming it ‘misleading’

The PD in a statement said, “Ignoring the fact that spot LNG prices are always higher in winter given global demand and supply dynamics. Comparing a spot price in a high winter month with term price is totally irrational.” PD said that if one wants to compare prices, it should be made for a full year that includes all seasons. “GoP purchased spot cargoes at average $6.84 DES(Delivered Ex Ship) including all higher cost winter cargoes in Jan, Feb, Nov and Dec 2020.Where all term cargoes received average of $8.06…

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Natural Gas Prices Plunge 10% On Extremely Bearish Weather Forecast

Natural gas futures are down more than 10% on Monday morning following new weather models that suggest warmer weather is ahead. Meteorologists at BAMWX show one model that suggests temperature anomalies for much of the country could be well above average for early January.  For the next two weeks, heating degree days for US-Lower 48 will be below trend, suggesting warmer temperatures and a decline in energy use to heat homes. “I suspect, however, the forecast for January came out extremely bearish over the weekend, triggering the gap opening, but we’ll learn…

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Enbridge Line 3 Pipeline Opponents Demand Halt Of Construction

Opponents of Enbridge’s Line 3 oil pipeline project are demanding that construction of the pipeline is stopped, the Associated Press has reported, saying the group alleged the U.S. Army Corps of Engineers failed to take into consideration several environmental factors when it issued Enbridge a water quality permit for the project. The $2.6-billion project plans to replace Enbridge’s existing 282 miles of 34-inch pipeline with 337 miles of 36-inch pipe. The new Line 3 would have the capacity to move 370,000 barrels of oil per day, alleviating the takeaway capacity…

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Oil Prices Climb On Stimulus Hopes

Oil has seesawed back and forth over the past week, sandwiched between very strong bullish and bearish forces on each side. Covid-19 is at its worst in many parts of the world, but vaccinations are picking up in earnest as well. Brent edged back above $51 per barrel after the house passed a major stimulus bill on Monday evening. “Markets feel very rangy into the New Year but should find support today from broader risk markets as stocks are soaring on the prospects of larger stimulus checks,” said Stephen Innes,…

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