By Izabella Kaminska
EIA stock data is out: Read more
The competition for US government assistance to build new nuclear plants is heating up. The Wall Street Journal says four power companies are expected to share in $18.5bn worth of loan guarantees to fund the construction of new nuclear plants. NRG Energy, SCANA, Unistar Nuclear Energy and Southern Co were the among 17 companies competing for financing.
There was no mention of Comanche Peak Nuclear Power, which Reuters reported in early May had dropped to fifth place as a ‘first alternate’ after those four likely successful applicants.
Finding adequate funding is one of the biggest challenges in building new nuclear plants, as they require huge investments and pay off over very long time periods. Read more
Oil companies working in Iran have been unfazed by the violent demonstastrations that errupted after the presidential elections. Statoil, for example, is giving the small group of expats it employs there the choice to leave if they chose to and considering asking family members to leave, but business goes on as usual.
Schlumberger, the oil services company, is in a similar boat, with most of its employees out in the fields, far away from the unrest in Tehran. Read more
On FT Energy Source:
Another day, another project delay from Gazprom. On Tuesday it was the start of production from the first giant field to be developed on the Yamal peninsula that was put back; on Wednesday it is the planned gas pipeline to China that is being deferred.
Reuters reports Gazprom as attributing the delay to the fact that Russia “still cannot reach a pricing deal with Beijing” for its gas. The squeeze on Gazprom’s capital spending caused by its financial problems, which have forced a 15 per cent cut this year, is also a factor.
Commodities prices were broadly lower on Wednesday ahead of closely followed oil inventories data from the US government’s energy department released later in the day.
Oil slipped after seperate data from the American Petroleum Institute reported a lower-than-forecast 1.3m barrel fall in US crude stocks in the week ending June 12. The institute also reported a 2.1m barrel build in gasoline stocks – a figure that surprised analysts expecting a decrease. Read more
The US administration is hoping to win over some of its citizens who are too suspicious of the United Nations to take their IPCC climate report seriously, by issuing a home grown report instead. It concludes that climate change is both real and mainly the result of human activity.
Public perceptions of climate change are critical this year, as the Waxman-Markey bill moves through Congress, the Copenhagen summit in December looming. At the same time, there are signs that public support for substantial action on climate change has taken a hit as the US recession takes hold.
Rex Tillerson is unambiguous about what’s been driving oil prices lately.
From Bloomberg: Read more