Tullow Oil share price rises as it unexpectedly swings to profit July 27, 2016 Tullow Oil shares closed up 2.82 per cent to 204.50p today, after the Africa-focused oil explorer’s first half results smashed expectations. The figures The FTSE 250-listed firm beat expectations for a $196m loss with a net profit of $30m (£23m), up from a loss of $68m last year. This Africa-focused oil explorer's pre-tax profit rose to $24m from a loss of $10m. Revenue fell [...]
Oil prices plummet as US oil stocks hit fresh record high July 27, 2016 Oil hit a fresh two-month low today, after US government data stoked fears that the market recovery is coming along slower than expected. The US Energy Information Administration said US oil stocks swelled by 1.7m barrels in the week to 22 July, compared to analysts' expectations for a decrease of 2.3m barrels. Gasoline stocks rose by 452,000, dwarfing forecasts for a [...]
Japan’s Itochu tumbles after being stung by US-based short seller Itochu July 27, 2016 Shares in Japan's Itochu hemorrhaged overnight, after the trading house was targeted by California-based short seller Glaucus. Glaucus alleged that it had inflated its profits, particularly in relation to a $1.5bn investment in a Columbian coal mining assets. It said that Itochu hadn't booked any losses on this, despite turmoil in the thermal coal industry. The company's shares tumbled more than 10 per cent in [...]
Big investors are increasingly interested in offshore wind farms July 27, 2016 Infrastructure and pensions funds have been ramping up their bets on the European offshore wind farm industry. They snapped up 25.1 per cent of European offshore wind capacity in the first six months of this year, according to data released by industry group WindEurope today, up from 13.5 per cent last year. This included investments the likes of [...]
The World Bank has hiked its 2016 forecast for oil again July 26, 2016 The World Bank has remained upbeat on the outlook for oil prices, despite fears that the market recovery will take longer than expected. The international organisation hiked its forecast for crude this year to $43 per barrel, up from $41 in April. It cited a string of unanticipated supply outages and robust demand in the second [...]
Wood Mackenzie: More oil firms on track to live with $40 crude July 26, 2016 Cost cuts mean a growing number of oil firms will stop bleeding cash this year with crude at $40 per barrel, according to energy consultancy Wood Mackenzie. This is good news for them, as the black stuff has been hovering around $45 due to oversupply concerns. Read more: This chart shows why UK North Sea strikes [...]
Shell’s Philippine unit fires starting gun on long-delayed IPO July 26, 2016 Pilipinas Shell has finally fired the starting gun on its long-delayed initial public offering (IPO). The Royal Dutch Shell unit wants to raise as much as $629m, according to a regulatory filing released today. This means it will be one of the country's biggest ever stock market debuts. Read more: Oil majors to stage sharp rebound [...]
Global oil falls towards $44 as negative sentiment weighs heavy July 26, 2016 Crude fell today as a wave of negative sentiment swept across global oil markets. Brent crude, the global benchmark, fell 0.36 per cent to $44.56 per barrel in late morning trading. Its US counterpart, West Texas Intermediate crude, also fell 0.77 per cent to $42.80. The market has been weighing the 'green shoots' of a recovery [...]
EDF staff in last-ditch attempt to derail Hinkley Point July 26, 2016 Unions members at EDF launched a last ditch attempt to derail plans to build a nuclear power plant in Britain, amid fears over whether the French utility giant's balance sheet can stomach the £18bn project. It comes as EDF board members prepare to consider the final investment decision for Hinkley Point C at a meeting on Thursday. [...]
