You could be forgiven for thinking that big companies with the vaguest interest in flashing their green credentials – even when those credentials are somwhat tenuous – do tend to get out there and do it. A lot.
But no, according to a new study. Big tech companies – you know, those shrinking violets of the marketing scene, like Microsoft and Cisco – often fail to tell the world about all the good they’re doing to save the world. Yes, that’s right. Oh and it’s the opposite of ‘greenwashing’, so they’ve called it ‘greywashing’ (or presumably ‘graywashing’ for Americans). Read more
On FT Energy Source:
Just how much shale gas is there? Read more
Crude oil prices fell by more than $1 a barrel on Thursday after reaching a fresh 2009 high in the previous session while gold softened and base metals moved lower as commodity markets continued to take their lead from fluctuations in the US dollar.
Nymex December West Texas Intermediate fell $1.20 to $80.17 after hitting $82.00 in the previous session, a high for 2009.
ICE December Brent lost $1.12 at $78.57.
US inventories data released on Wednesday showed an increase of 1.3m barrels in crude stocks last week, below the consensus forecast for a 1.8m barrel rise. Read more
Korea’s National Oil Company, one of the world’s biggest importers of crude oil, has agreed to buy Canada’s Harvest Energy for up to $3.9bn – which makes a generous premium to its recent share price.
A third of Harvest’s 3bn-barrel estimated ‘original oil in place’ reserves are unconventional, so the deal may say something about the prospects for oil sands now that oil prices are rising – PetroChina last month bought stakes two projects run by Athabasca, for example. Read more
A lot of the focus in oil prices today will be on China’s stonking third quarter GDP growth of 8.9 per cent. But JBC Energy makes an interesting point about how the US inventories data over the past two weeks appears to have been (mis)interpreted: numbers out of the EIA, they write, have effectively boosted crude prices by some $6.
Commercial crude oil stocks added 1.31m barrels in this week’s estimate – fewer than expected – and in last week’s report they rose by a mere 0.33m.
Gasoline and distillate stocks, meanwhile, fell by 0.8m and 2.2m barrels, respectively, in this week’s report. There has been a lot of concern in recent months about the build in products – but is this draw really a bullish signal for crude prices? Read more
Korea National Oil to buy Canadian oil group for $3.9bn
Korea competing with Asian neighbours for overseas assets (FT)
China and India join forces to resist carbon caps
Aligns effort to tackle climate change for 5 years (FT) Read more