MUMBAI/LONDON (Commodity Online): Tensions in Egypt have pushed up crude oil prices to 14-month high levels and US Energy Department data recently showed a fall in crude oil supplies. While market continued to act and react to such developments, elsewhere in the world, many interesting things are happening in the energy sector:
More women enter Oil and Gas industry in USA
More women are entering oil and gas industry in USA according to Rigzone as they accounted for 46% of the 3900 new recruitments in first quarter of 2013. More pay and allowances were attracting the fair sex to this industry that was previously seen as a male dominion. The rise of single mothers, and a significant number of families have women earning more than their husbands, are all new phenomenon seen in the country. BP has in its sustainability report said that it targets to have 25% of leaders to be women by 2020. At present the rate is 17%.
World Oil demand to rise in H2 2013:
OPEC has estimated that world oil demand will reach 90.5 mn barrels per day in second half of 2013, higher than the estimated 88.8 mn barrels per day in first half of the year. Expected global economic recovery could push demand higher. Growth in second half is projected to increase by 0.9 mn barrels per day compared to 0.7 mn barrels over the first two quarters.
Cash strapped Greece is prospecting for Oil
Cash strapped Greece is prospecting for oil in the Western part of the country in the hope that it could reduce its dependence on imported oil and natural gas. It now produces next to nil oil and natural gas.
Nothing unusual about OPEC sea borne exports
Seaborne exports from OPEC excluding Angola and Ecuador will rise by 540,000 barrels per day in the four weeks to July 20. It is a seasonal phenomenon and maintanence in the previous quarter had curtailed supplies . Exports are expected to reach 24.18 mn barrels per day.
Nymex WTI Crude oIl once again takes center stage
Nymex WTI crude oil has once again come to the forefront after trailing North Sea Brent Crude for the first time in 15 months as price differential narrowed between the two contracts.The NYMEX U.S. crude oil contract, known as West Texas Intermediate or WTI , traded more than 13.1 million lots in June, data from the CME Group showed. At the same time, ICE data shows Brent traded 11.6 million lots, falling below WTI for the first time since March 2012, Reuters reported.
India China ?natural gas prices hike to boost local production, LNG imports
India has doubled the price for natural gas from $4.20 mmbtu to $8.40 to incentivise domestic exploration of energy resoruces and this will take effect from April 1, 2014 while China raised non-residential natural gas prices by 15%. Both these moves may lead to increased LNG imports which now becomes cheaper.
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