Energy News
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The former CEO of one of the United States’ top oil companies fired back Tuesday on the Federal Trade Commission’s allegations that he had colluded with OPEC to boost fuel prices — contending the agency “unjustly smeared” him. Lawyers for Scott Sheffield, the former chief executive of Texas-based Pioneer Natural Resources, filed paperwork demanding that the ...
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A wind farm in Scotland will pay £33.14 million ($42.3 million) to UK energy regulator Ofgem for breaching energy market rules. Beatrice Offshore Windfarm Ltd., broke rules when it charged excessive prices to reduce its output to ease pressure on the grid, “pushing up costs for consumers,” Ofgem said in a statement. The action follows a Bloomberg ...
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When Storm Isha hit Northern Ireland and northern Britain in January 2024, wind gusts of almost 100mph caused widespread damage to property. This strong extra-tropical cyclone also influenced both the insurance and energy sectors. Isha resulted in damages which required the insurance industry to pay out approximately €500 million (£427 million). That’s a ...
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A People's Bank of China deputy governor: • Bank will coordinate relationship between short-term tasks and long-term goals, stable growth and risk prevention, and internal and external balances. • Will support development of offshore yuan market. • Will prompt trade and investment facilitation. • Will accelerate implementation and effectiveness of reledning ...
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The White House is throwing its weight behind building large-scale nuclear reactors to help mitigate industry risk associated with the construction of power plants that can cost tens of billions of dollars. During a White House summit on domestic nuclear deployment, the Biden administration announced it is forming an expert group to focus on supporting the ...
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Oil prices were down on Thursday as the markets wait on the latest U.S. crude oil stockpiles data while resilient U.S. economic activity pointed to borrowing costs staying higher for longer in a potential blow to demand. Brent futures lost 9 cents, or 0.1 per cent, to trade at $83.52 a barrel, while U.S. West Texas Intermediate (WIT) crude was down 3 cents, ...
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Financial security has become an indispensable part of China’s national security discourse since the 1997 Asian financial crisis. Rising geopolitical tensions with the US since ...
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Out of 26 banks surveyed by Bloomberg there are 16 going for a 25bp rate cut by the Bank of Canada on 5 June, versus 10 favouring the BoC keeping the overnight lending rate at 5%. ...
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Hopes for interest rate cuts this year by the Federal Reserve are steadily fading, with a stream of recent remarks by Fed officials underscoring their intention to keep borrowing ...
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post: SWISS NATIONAL BANK'S JORDAN: REASONS TO BELIEVE THE NATURAL RATE OF INTEREST HAS INCREASED OR MIGHT RISEJordan: The natural rate of interest (r*) as a reference point for monetary policy - a practitioner's view Ladies and gentlemen I am delighted to be here today in Seoul to address such a distinguished audience. I would like to thank Governor Rhee for inviting me to give this keynote speech. The topic of this year’s Bank of Korea International Conference – ‘The Evolution of the Natural Interest Rate and Its Implications for the Global Economy’ – could not have come at a better time. Monetary tightening over the past two years has lifted policy rates and longerterm interest rates from their historical lows. There are reasons to believe that some of the structural drivers of real interest rates have also changed direction in recent years. A lively debate has emerged on whether real interest rates will return to their pre-pandemic levels, or whether they will remain higher because the natural rate of interest, r*, has increased.1 Over the past years, r* has become an important reference point for monetary policy. The difference between the real interest rate and r* gives a measure of a central bank’s monetary policy stance. Therefore, r* estimates help in evaluating different monetary policy options. However, the measurement of r* is subject to high uncertainty. Today I would like to focus mainly on how policymakers can nevertheless make use of r* estimates in practice. In the first part of my remarks, I will briefly review the developments in real interest rates over the past decades. I will then turn to the concept of r* itself. In the second part, I will discuss how policymakers can use r* in practice to assess the monetary policy stance, and in particular, how they can deal with the inherent uncertainty in r* estimates. Here I will draw especially on the Swiss National Bank’s experience.
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WTI crude oil futures with delivery in July have failed to surpass the 80.00 level once again and are currently returning below the 200-day simple moving average (SMA). The price has been developing within a narrow range of 76.58-80.00 since the beginning of the month. According to the technical oscillators, the RSI indicator is falling from the overbought ...
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video Natural gas continued to strengthen on Wednesday, following a successful test of support around the 200-Day MA earlier in the week. The high of the day was 2.85 and it was reached on a gap at the opening of the session. It provided a retest of resistance around recent highs. Last Thursday a trend high of 2.92 was reached before sellers took charge ...
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RoboMarkets: upcoming changes to the trading schedule (the Memorial Day in the US and the Late May Spring Bank Holiday in the UK)22.05.2024 / 08:00Dear Clients and Partners, Please note the upcoming adjustments to the trading schedule. Holiday: the Memorial Day in the US and the Late May Spring Bank Holiday in the UK Dates: 27/05/2024 - 28/05/2024 This ...