Energy Sector

Energy firms making higher profits than thought, claims Edward Davey

Energy firms making higher profits than thought, claims Edward DaveyEnergy secretary Edward Davey has said that the big six energy firms are making bigger profit margins on gas than earlier believed.

Energy secretary has asked the regulators to investigate profit margins in its investigations in the industry. He said that the analysis of profit margins of energy companies have showed that the average profit margin for gas is around three times that of electricity. Davey said that British Gas had the highest profit margins in the industry and has a market share of 41 per cent.

Energy Commodity Update by CapitalVia

Energy Commodity Update by CapitalViaCrude prices fluctuated between a small range as the investor remained outside the market to await the January jobs data in U. S.  Poor U. S. Manufacturing data released earlier in the week sparked concerns over a possible slowdown in the economic recovery that softened oil prices.

For the coming week 6044/5700 will act as major supports levels whereas 6170/6310  will act as major resistance in MCX Crude oil February futures. For the next week, trader can go for sell on higher level strategy, if MCX Crude February future sustain below 6050  then it could test the levels 5940/5790. 

OPEC crude basket closes higher

OPECVienna, Feb 7 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $103.34 a barrel Thursday, compared to $102.63 Wednesday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (the United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

SC directs NTPC not to cut power supply to two BSES distribution companies

SC directs NTPC not to cut power supply to two BSES distribution companies The Supreme Court of India has directed state-run power generation company National Thermal Power Corporation (NTPC) not to discontinue supply of electricity to private-sector power distribution companies BSES Rajdhand and BSES Yamuna in Delhi until next hearing on March 26, 2014.

The bench consisting of Justices S S Nijjar and A K Sikri said Delhi should not be made to suffer due to the payment dispute between NTPC and BSES. The BSES' subsidiaries supply electricity to nearly 70 per cent of the national capital.

ATF prices come down by 2.8%

ATF prices come down by 2.8%The Government on Monday announced a cut of around 3 per cent Aviation Turbine Fuel (ATF), thanks to the combination of softening international rates of the fuel and appreciation of the rupee.

The Indian Oil Corp (IOC), the country's largest fuel retailer, confirmed that the price of jet fuel was cut by Rs 2169.13 per kilolitre (2.8%) to Rs 74,072.20 per kiloliter in the national capital.

Jet fuel prices at different airports vary due to difference in local sales tax or VAT. In Mumbai, ATF now costs Rs 76,524.33 per kilolitre, as against Rs 78,783.83 per kilolitre previously.

Govt. cuts CNG, PNG prices

CNGJust a few days after raising the quota of subsidised LPG from 9 cylinders to 12, the government gave another big respite to consumers by slashing the prices of compressed natural gas (CNG) and piped natural gas (PNG).

The government on Monday announced a cut of Rs. 15 per kg, or nearly 30 per cent, in price of CNG. The price of PNG was slashed by Rs. 5 per cubic metre, or nearly 20 per cent.

OPEC crude basket closes lower

OPEC crude basket closes lowerVienna, Feb 3 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $104.45 a barrel Friday, compared to $105.09 last Thursday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (the United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

Energy Dept. announces notable hikes in fuel prices

Energy Dept. announces notable hikes in fuel pricesAll grades of petrol and diesel will cost more starting this Wednesday, the Department of Energy said in a statement.

According to the recently released statement,   the prices of all grades of petrol will jump by 39 cents per litre, while all grades of diesel will become costlier by 24.2 cents a litre from the mid of this week.

Energy Commodity Update by CapitalVia

Crude-OilUS Crude oil prices continued its range bound movement as positive data raised the hopes that Crude Oil prices can move higher. Strong household spending and robust exports kept the U. S. economy on solid ground in the fourth quarter.

Crude oil prices are expected to move lower for the week as stronger dollar internationally and lack of Chinese demand can put the pressure on crude oil prices.

Nalco commissions wind power project in Rajasthan

Nalco commissions wind power project in RajasthanBhubaneswar, Feb 1 : Central government-owned National Aluminium Company Ltd. (Nalco) Saturday said it has commissioned its second 47.6 MW wind power plant at Ludarva of Jaisalmer district in Rajasthan.

This Rs. 283-crore wind power project was executed through M/s Gamesa Wind Turbines Private Ltd., involving erection of 56 wind turbines, each of 850 KW, the company said in a statement.

Pakistan reduces prices of kerosene, LDO

Pakistan reduces prices of kerosene, LDOPakistan's Finance Minister Mohammad Ishaq Dar has confirmed that Prime Minister Nawaz Sharif-led government has marginally reduced the prices of kerosene and light diesel oil (LDO), while kept prices of most of other fuels unchanged for the month of February.

Dar said the government reduced the prices of kerosene oil and LDO by Rs 1.24 Rs 1.02 a litre for February, while kept the prices of petrol, high octane blending component (HOBC) and high speed diesel (HSD) unchanged at their current levels.

Dar made the announcement after his meeting with Prime Minister Nawaz Sharif on Friday.

Diesel price hiked by 50 paise a litre

Diesel-price-hikeNew Delhi, Jan 31 : State-run oil marketing companies (OMCs) Friday hiked diesel price by 50 paise per litre, effective from midnight, in line with its policy of reducing under-recoveries or losses.

Diesel price was last hiked by 50 paise, excluding VAT, on Jan 4.

Allowing for local taxes, diesel will cost Rs. 54.91 in Delhi, Rs. 59.50 in Kolkata, Rs. 63.23 in Mumbai and Rs. 58.56 in Chennai.

The government had, in January 2013, permitted OMCs to increase diesel price by small doses of up to 50 paise per litre every month till their losses on this account are completely eliminated.(IANS)

Govt. hikes subsidised LPG cap to 12 cylinders

Govt. hikes subsidised LPG cap to 12 cylindersThe Cabinet of the Congress-led UPA Government finally approved the proposal to hike the quota of subsidised LPG (cooking gas) from 9 to 12 cylinders per year per household.

The Cabinet Committee on Political Affairs approved the proposal in a meeting on Thursday. Following the meeting, Petroleum Minister M Veerappa Moily said that people would receive one cylinder each in February and March - the remaining months of current financial year, in addition to already approved nine subsidised cylinders.

Six public companies team up to set up world’s largest solar plant

Six public companies team up to set up world’s largest solar plantSix public companies on Wednesday signed a memorandum of understanding (MOU) for setting up the world's largest single-location solar power project in Rajasthan.

The joint venture project will be led by state-run BHEL. The remaining five participants are: Solar Energy Corporation of India (SECI), Sambhar Salt Ltd (SSL), Power Grid, Satluj Jal Vidyut Nigam (SJVNL) and Rajasthan Electronics & Instruments Ltd (REIL).

Cap on subsidised LPG cylinders raised to 12

Cap on subsidised LPG cylinders raised to 12New Delhi, Jan 30 : The government Thursday decided to increase the cap on subsidised LPG cylinders to 12 from the existing nine, which will put an additional burden of Rs. 5,000 crore on the exchequer, Petroleum Minister Veerappa Moily said.

The cabinet, at a meeting chaired by Prime Minister Manmohan Singh, approved the proposal that ensures that almost 99 percent of the population gets subsidised cooking gas.

The cabinet decision came in less than two weeks after Congress Vice President Rahul Gandhi made a pitch for a higher cap on subsidised LPG cylinders. (IANS)

OPEC crude basket closes lower

OPEC crude basket closes lowerVienna, Jan 30 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $104.57 a barrel Wednesday, compared to $104.67 Tuesday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (the United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

70% of diesel consumed in transport sector, 13% in agriculture: study

dieselTransport sector accounted for 70 per cent of 69.08 million tonne diesel consumed in India in 2012-13, while agriculture sector consumed just 13 per cent of the fuel, a newly published study revealed.

According to the study conducted by Nielsen (India) Private Limited for the Petroleum Ministry's Petroleum Planning & Analysis Cell (PPAC), private cars consumed 13.15 per cent of the diesel consumed last year, while commercial vehicles and three-wheelers consumed another 8.94 per cent and 6.39 per cent of the fuel, respectively.

MPs ask PM to develop renewable energy sector

MPs ask PM to develop renewable energy sectorNew Delhi, Jan 27 : A group of parliamentarians Monday submitted a memorandum to Prime Minister Manmohan Singh to implement a slew of environment-friendly measures for the development of renewable energy in the country.

Japan’s trade deficit jumps to record high of 11.5 trillion yen

LNGHigher energy imports pushed Japan's annual trade deficit to a record high of 11.5 trillion yen ($112bn) in 2013, up 65 per cent from the previous year, the newly released trade data revealed.

Japan's energy imports jumped drastically after the 2011's powerful tsunami and earthquake forced the country to shut all of its nuclear reactors. But, it was mainly the weakness in yen that pushed the cost of energy imports up.

Between January and December last year, Japan's yen slipped more than 20 per cent against the U. S. dollar.

Energy Commodity Update by CapitalVia

Crude Oil Crude Oil prices were trading near three week highs on Friday, as snow storms in the U. S. boosted demand for heating oil and as upbeat U. S. data added to signs that the country's economic growth is accelerating.

Crude oil prices are expected to move higher for the week as strong demand and positive inventory can keep prices on higher side.




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