By: Jessica Morris

I write about energy and industrials for City A.M. I'm particularly interested in geopolitics, energy policy and, of course, the ever lively oil markets.

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Energy supply risk if coal-fired power stations shutdown chaotically, MP says

May 10, 2016

A Tory MP has called on the government to prevent Britain's coal-fired power plants from closing all at once, potentially leading to an energy supply crunch. The UK has pledged to phase out all of its ageing, uneconomic coal-fired power stations by 2025, however, there are rising fears that these aren't being replaced quickly enough. Nigel Adams, [...]
Russian oil boss Sechin declares Opec effectively extinct

May 10, 2016

The head of Russia's biggest oil firm declared the Organisation of Petroleum Exporting Countries (Opec) effectively extinct. Igor Sechin, a close ally of Russian president Vladimir Putin, told Reuters that internal strife is killing the cartel and its ability to steer the oil market has all but evaporated. Read more: Oil and gas execs flag Opec policy as biggest [...]
Saudi Aramco says it’s likely to ramp up production to meet rising demand

May 10, 2016

Saudi Aramco is likely to ramp up oil production to meet rising demand, at a time when global oil markets are already awash with crude. Speaking in a news briefing today, Amin Nasser, the chief executive of Saudi Arabia's state-owned oil company, Saudi Arabian Oil, known as Saudi Aramco, said: "We're seeing an increase in global demand. We're meeting [...]
Opinion on fracking linked to political ideology, study says

May 10, 2016

Whether or not the UK should get the frack on with it and start extracting shale gas is a politically contentious issue. So it's hardly surprising that an individual's stance on the controversial drilling technique is linked to their political persuasion. Politically conservative people are more likely to be in favour of fracking due to its economic [...]
Goldman Sachs says this will give the oil market recovery legs

May 10, 2016

Goldman Sachs said that stable declines in non-Opec production will be key to whether oil markets recover in a sustainable fashion. The bank's base scenario predicts a sustained deficit in the third quarter of the year, until which crude prices are expected to hover around current levels. Read more: Oil major Total makes near €1bn wager on [...]
German steelmaker ThyssenKrupp cuts earnings forecast as crisis bites

May 10, 2016

German steelmaker ThyssenKrupp cut its earning guidance for this year due to tumbling steel prices, despite posting a 26 per cent increase in first quarter net profit. The figures ThyssenKrupp said it expects full-year earnings of at least €1.4bn in 2016, compared to a previous forecast of between €1.6bn and €1.9bn. This came despite net profit rising 26 per cent [...]
Credit Suisse posts second quarterly loss and warns over tough market conditions

May 10, 2016

Credit Suisse posted its second quarterly loss today, as it warned tough market conditions could persist until at least the second quarter. The figures Credit Suisse reported a post-tax loss of 302m Swiss francs (£215m) in the first three months of 2016, compared to a profit of 1.1bn francs during the same period last year. But this was narrower than the average forecast [...]
Brent crude and WTI: Oil steadies as traders look through supply outages

May 10, 2016

Oil prices steadied this morning as the millions of barrels of crude stored in tankers across the world offset supply disruptions. Brent crude, the global benchmark, rose 0.3 per cent to $43.7 per barrel, while West Texas Intermediate, the US benchmark, dipped 0.2 per cent to $43.4 per barrel. The Canadian wildfires provided temporary support to [...]
Brent crude and WTI: Oil prices give up gains from Canada wildfires

May 9, 2016

Oil prices gave up earlier gains from a huge wildfire in Canada's oil and gas region to trade lower this afternoon. Brent crude, the global benchmark, fell two per cent to $44.7 per barrel, while West Texas Intermediate crude, the US benchmark, slumped 1.6 per cent to $44. Read more: Low oil prices pushes Saudi Arabia into [...]
Oil major Total makes near €1bn wager on renewable energy with bid for battery maker Saft

May 9, 2016

French oil major Total made a €950m (£750m) bid for battery maker Saft, effectively increasing its wager on the renewable energy sector. It said that the €36.5 per share offer represents a 38.3 per cent premium to Saft's closing price as of Friday. The friendly offer has already received unanimous approval from Saft's board, but it's still subject to a review [...]

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By: Jessica Morris

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