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Economics Gazette

Economy and Business news

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November 17, 2019

Commodities

Оil trading

Оil trading thrives in 2017

The oil trading is booming and is expected to reach record this year after traded volumes in the US outperformed all other markets thanks to shale oil boom. The trade data shows that volumes of US crude oil light futures, which are the most commonly traded deals during the year, will reach a record of

coal mining

Slovakia withdraws coal mining by 2023

Slovakia plans to close the coal mines and, accordingly, to cease its coal-fired power plants by 2023. This could be seen as a defeat for Prime Minister Robert Fico, as in the past years he guaranteed that during his term the coal mines will not be touched. However, the Slovakia’s Prime Minister probably lost control

Bitcoin

Investors sell gold to buy Bitcoin

The euphoria around Bitcoin overtakes the gold fever and many investors turn to crypto-currency lured by high returns. However, hardly the Bitcoin can be called a substitute for the precious metal. At the beginning of December, the price of gold reached its lowest level since July. On December 12, the price of the precious metal

Crude oil

Crude oil fluctuated against the drop in US reserves

During the Asian trading session the crude oil price fluctuated against the drop of stocks in the United States. The futures on WTI oil with delivery in February rose by 0.02% to 58.11 USD per barrel. However, the Brent variety reported a 0.05% drop to 64.53 USD per barrel. The investors focused on crude oil

yuan-denominated oil futures

China is preparing to launch yuan-denominated oil futures

China is preparing to launch yuan-denominated oil futures that will shake the global market of 96 million barrels per day, currently traded mainly in London and New York. A formal date for launching the new contract has not yet been announced, but traders and analysts in China say they expect the yuan trade to begin

Global coal demand

Global coal demand will be weaker over the next five years

The global coal demand will be weaker over the next five years, growing by only 0.5% per year, due to lower consumption in China, shows the analysis of the International Energy Agency. The coal consumption declined last year by 1.9% to 5.357 billion tonnes per year, as the lower gas prices, growth in renewables and

OPEC

OPEC raised its forecasts for the oil production growth outside the cartel

The Organization of Petroleum Exporting Countries (OPEC) revises the production growth data for non-cartel countries for 2017 and 2018. According to new forecasts, the production, especially from US shale fields, brings “significant uncertainties” to the oil market. In its monthly oil market report, the group said supply growth outside OPEC in 2017 would be 810,000

Coal

The EC will not abandon coal regions

A new platform will bring together national, regional and local responsibles for the transformation of coal regions in the EU, said the European Commission. The community has 41 regions in 12 countries where mining coal is developing. With the “Clean Energy for All Europeans” package, however, the EU’s focus is shifting and coal no longer

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