Markets Overcome The Crash: Oil Rally Continues

5 Jul 2017   Prices

The most significant development in recent memory is the dramatic downfall of coal in the electricity sector, the result of cheap natural gas, stricter environmental regulation and the rise of renewables • Coal consumption fell almost 9 percent in 2016 alone, after dropping 14 percent in 2015. Coal consumption is down 38 percent since 2005. Market Movers • Schlumberger (NYSE: SLB) has announced a decision to invest $700 million in offshore Nigeria, projects that could ultimately lead to the production of 50,000 barrels of oil equivalent per day and 120 million cubic feet per day. • Statoil (NYSE: STO) and Eni (NYSE: E) said that they made an oil discovery at their joint Kayak prospect in the Barents Sea. The 25 to 50 million barrel of oil equivalent discovery could boost production […]

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