Bahrain's First LNG Terminal Ready for Business
Bahrain expected to start LNG imports early this year; FSU on 20-year time charter to Bahrain LNG arrives in the GulfBahrain's first liquefied natural gas (LNG) floating unit arrived in the Gulf this week as the country gets ready for its maiden imports of the super-chilled fuel this year, data from Refinitiv Eikon showed.Bahrain Spirit, a floating storage unit (FSU) with a capacity of about 173,000 cubic meters, is currently anchored in Fujairah after docking in the United Arab Emirates region on Jan.
Norway Proposes Spending Cap for $900 bln Oil Fund
Norway's $900-billion sovereign wealth fund, the world's largest, should shift more of its investments into equities and away from bonds to counter the effects of ultra-low interest rates, the government said on Thursday. And in a major shift in policy, Norway's minority right-wing government recommended cutting the amount of money it is allowed to spend each year from the fund to three from four percent. Norwegians have built up the fund from oil revenues and it is regarded as an insurance policy for when oil and gas reserves run out.
Gold at 30-year High vs Oil
One ounce of gold bought nearly 40 barrels of oil this month. Gold's resilience in the face of a crashing oil price has shown the metal's flair for adapting to circumstance, appealing anew to investors seeking a safe haven from financial market volatility even as they shy away from other commodities. With gold holding firm as oil prices tumbled to their lowest since 2003 this month, an ounce of bullion reached the equivalent in price of nearly 40 barrels of Brent crude oil -- more than at any time since 1986.
Saudis: Long-Term Oil Market Fundamentals Robust
Long-term oil market fundamentals remain robust but prolonged low prices could threaten security of supply and pave the way for a price spike, Saudi Arabia's vice oil minister said on Monday. The world's largest crude exporter will continue investing in its oil and gas sector, Prince Abdulaziz bin Salman said. "For a major reserve holder, oil producer and exporter such as Saudi Arabia, our focus has always been on the long-term trends shaping the oil market," he said in a speech at an Asian energy conference in the Qatari capital Doha.
U.S. Shale Snaps up $50 Oil Hedges
Welcome to the oil market's new vicious cycle. This past week, as oil prices barreled over 9 percent higher to break out of a weeks-long trading range, U.S. shale producers jumped at the chance to lock in $50-plus crude for the first time in months, making up for lost time after holding off hedging during the market's late-summer slump. U.S. crude oil futures for December 2016 delivery, a favored contract for hedgers, saw trading volume spike to a weekly record high of nearly 190 million barrels…
UK's SFO Nails First Convicts
Three men were sentenced today at Southwark Crown Court as a result of the Serious Fraud Office's investigation and prosecution of Sustainable Growth Group (SGG) including its subsidiary companies Sustainable AgroEnergy plc (SAE) and Sustainable Wealth (UK) Investments Ltd (SWI). All three were convicted following a prosecution which focused on the selling and promotion of SAE investment products based on "green biofuel" Jatropha tree plantations in Cambodia.