Day: February 11, 2022

Circular debt rises to Rs2.476tr by Dec 2021

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The scourge of circular debt of cash bleeding power sector has gone up by Rs1,328 billion in the last 40-month rule of PTI government, climbing up to Rs2,476 billion till December 2021.https://0200f1fc14232232425dd4f5771e468d.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html “The Circular Debt (CD) stood at Rs1,148 billion when the PTI government had assumed reins of power in August 2018. It has now gone up to Rs2,476 billion, indicating that it increased by Rs1,328 billion in the last 40 months period,” official estimates presented before the government on Thursday revealed. It clearly demonstrates that the PTI government failed…

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Chinese coal prices fall on state planner’s cooling measures

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China’s thermal coal futures fell as much as 7.5% on Thursday after the state planner warned companies against inflating coal prices and reiterated it would ensure enough supply to stabilise markets. The most-active thermal coal futures on the Zhengzhou Commodity Exchange were down 3.5% at 836.2 yuan a tonne by 0330 GMT, after falling as much as 7.5% at one point. But the contract is still up 24% this year, still less than half the life-time high touched during the power crunch in October last year. The most-traded coking coal…

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Fracking: UK’s only shale gas wells to be sealed and abandoned

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The UK’s only two shale gas wells are to be abandoned after the industry regulator ordered them to be sealed.The Lancashire wells have not been used since 2019 after test drilling was suspended due to earth tremors and the government halted shale gas extraction in England. The Oil and Gas Authority (OGA) ordered that they now be plugged with concrete. The site’s owners, energy firm Cuadrilla, said the decision was “ridiculous” amid rising gas prices. The wells at Preston New Road were the first to frack horizontally onshore in the…

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Oil prices fall on fears of aggressive Fed rate hike

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Oil prices fell on Thursday despite forecasts for a steeper rise in energy demand, with crude turning negative on fears that the U.S. Federal Reserve will hike rates more aggressively than expected to fight inflation. After rising more than 1% in early trade, Brent crude futures slipped 27 cents, or 0.3% to $91.26 a barrel by 1347 p.m. ET (1847 GMT). U.S. Texas Intermediate crude fell 12 cents or 0.1% to $89.54 a barrel. After U.S. inflation data came in on Thursday at its hottest in 40 years, St. Louis…

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OPEC Sees Bright Prospects For Global Oil Demand This Year

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Stronger economic growth and the easing of COVID restrictions make the near-term prospects for global oil demand bright, with an upside potential, OPEC said on Thursday, keeping its forecast that consumption will exceed pre-pandemic levels in 2022. In its closely-watched Monthly Oil Market Report (MOMR), the organization revised up slightly, by 10,000 bpd, its annual oil demand estimate for 2022 to 100.8 million bpd, up from 100.79 million bpd in last month’s report. Estimates for the third and fourth quarter of 2022 were revised up by 30,000 bpd and 20,000 bpd, respectively.…

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