Energy

Oil outlook dimmed by global glut

Mark Shenk 8:28 AM   Oil capped its biggest two-year loss on record in New York as expanding US crude stockpiles exacerbated a global glut.

OPEC oil production steadies

The price of oil began falling in mid-2014 amid a surge in output from OPEC, Russia and US shale producers.

Mark Shenk and Julian Lee 4:01 AM   OPEC crude output was steady last month as the 12-member group abandoned its usual production target.

Price of E10 fuel dips below $1 a litre in Sydney

E10 fuel was selling for less than $1 a litre at 24 Seven Fuel in Punchbowl on New Year's Eve.

Megan Levy   Thrifty motorists were picking up E10 fuel for less than a dollar a litre in Sydney on New Year's Eve as drivers prepared to hit the road en masse for the holidays.

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Oil falls towards 11 year low

Oil feel more than 3 per cent as Saudi Arabia appears to keep adding to the global glut.

Crude prices fell more than 3 per cent on Wednesday, with Brent sliding toward 11-year lows.

Origin denies claims of oil, gas leaks

Origin Energy chief executive Grant King

Brian Robins   A series of independent assessments failed to verify claims of compliance failures at oil and gasfields operated by Origin Energy which were made by a disgruntled former employee.

Australian uranium in demand

Yellowcake uranium. Asia's burgeoning nuclear energy industry fuelling demand for the radioactive metal.

Stephen Cauchi   The global outlook for uranium looks bright, with Asia's burgeoning nuclear energy industry fuelling demand.

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Oil drops on surprise US stock build

US Energy Information Administration data showed stocks at the Cushing, Oklahoma hub hitting record levels.

Brent crude slid back towards 11-year lows as US stockpiles swelled and Saudi Arabia reiterated a commitment to keep pumping oil.

Gloom looms for LNG producers despite gas price lift

New Australian LNG supply is contributing to a market glut in Asia.

Angela Macdonald-Smith   A record end-of-year rally in US natural gas prices has brought some slight relief for shale-heavy BHP Billiton.

Iranian output dims oil's outlook

Iran's priority is to boost shipments to pre-sanction levels, Oil Minister Bijan Namdar Zanganeh said.

Mark Shenk   Investors are losing faith in an oil-price recovery next year as Iran prepares to add more crude to a global glut.

Saudi shock: petrol prices skyrocket

Saudi Arabia is trying to maintain its share of the global oil market rather than use its power in OPEC to curb US producers.

Brian Robins   Humbled by the slumping oil price, long the world's major oil producer, Saudi Arabia has been forced to take an axe to government spending by slashing a host of subsidies - including the price of oil.

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Oil rises, low liquidity ahead

Baker Hughes reported that US oil drillers cut rigs for a fifth week in the last six,

US oil edged further above $US38 a barrel in New York before retreating, remaining within sight of an 11-year low.

The price drop that's really worrying big oil

Michael Pascoe

Michael Pascoe   There's a serious problem hanging over oil prices that won't be solved by capping a few wells.

Oil advances on report US supply declines

Crude supplies fell 5.88 million barrels last week, the biggest drop since June, US government data showed.

Mark Shenk   Oil climbed to a one-week high in New York after a report showed US crude inventories fell, easing a supply glut.

Petrol price data to be made public

The ACCC's deal mean consumers will get access to the same regular pricing information the big petrol retailers get.

James Thomson   The consumer watchdog has ended court proceedings against petrol retailers after the information service they agreed to share pricing data with the public.

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Shell to take axe to spending, jobs

BG Group's Queensland Curtis LNG project will be owned by Shell after the takeover.

Angela Macdonald-Smith   Oil giant Royal Dutch Shell has outlined plans for job and spending cuts, as well as $US30 billion of asset sales that look certain to affect the business in Australia.

US oil rises above crude benchmark

West Texas Intermediate oil traded as much as US4c higher than Brent. Last week, the US Congress passed legislation ending the country's 40-year ban on selling crude overseas.

Mark Shenk   Crude in New York traded at a premium to Brent for the first time since January.

NSW and Queensland make most sense for Tesla batteries

Australia ranks alongside North America and Germany among Tesla's three priority markets for Powerwall.

Angela Macdonald-Smith   Households looking to install Tesla's Powerwall can count on at least seven years before recouping their investment.

Origin shields itself from slumping oil price

oil

Angela Macdonald-Smith   Origin Energy protects its $24.7 billion liquefied natural gas project in Queensland from further falls in crude oil prices.

Reef will be protected despite port plan, says Qld govt

The federal government has ticked off on the environmental impact statement for the proposed Abbot Point expansion.

Amy Remeikis   Queensland will impose " a lot of strict environmental conditions on the Abbot Point port expansion, Premier Annastacia Palaszczuk said, while Greens Senator Larissa Waters has condemned the plan.

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Motorists urged to fill up after Melbourne price hike

Melbourne's motorists are being asked to pay more for petrol than drivers in other states.

Patrick Hatch   Melbourne's motorists are being urged buy cheap petrol while they still can, following widespread price hikes at bowsers across the city.

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Chevron cuts LNG spot exposure with Chinese deal

Chevron has the biggest exposure to LNG spot prices of any supplier in Australia.

Angela Macdonald-Smith   US gas giant Chevron has moved to reduce its exposure to weak LNG spot prices by signing a deal to sell gas from its Australian projects to China Huadian Green Energy Co.

Commodity prices closer to the bottom, says Credit Suisse

Are commodity prices closer to bottoming? It could mean good news for beleaguered energy and materials stocks.

Vanessa Desloires   One company, Caltex Australia, has defied expectation and posted a share price gain, while others await the bottom of the resources plunge.

Colonial First State buys Shell's Maui gas pipeline

Colonial First State has acquired the Maui gas pipeline in New Zealand.

Angela Macdonald-Smith   Colonial First State has acquired New Zealand's largest gas pipeline from Shell for $NZ335 million.

How Broken Hill became a powerhouse

Solar accounted for about 2 percent of Australia's electricity generation last year.

James Paton   As the iron ore dries up in Broken Hill, the outback town is seizing a resource in much more abundance.

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Frydenberg says coal still has a future

Josh Frydenberg remains confident in coal's future despite tougher moves to tackle climate change.

Angela Macdonald-Smith   Coal is not incompatible with increased use of renewable energy and will continue to play a vital role in power generation in Australia, despite the landmark climate accord struck in Paris, according to federal Resources and Energy Minister Josh Frydenberg.

'Diamond' Joe Gutnick loses $56 million legal battle

Joe Gutnick and his company Legend International Holdings has been ordered to pay $56 million.

Sarah Danckert   "Diamond" Joe Gutnick was found to have made "fraudulent misrepresentations" in a deal with India's largest fertiliser collective.

Powershop fends off hefty retail discounting

Ben Burge says Powershop uses a model of "unconscious conservation" to win and keep customers.

Angela Macdonald-Smith   A consumer-savvy blend of low prices, digital tools and "feelgood" tactics is helping Kiwi-owned Powershop fend off hefty discounting from incumbent electricity retailers, to build up its customer base in the south-eastern states.

Oil seen at $US25 or lower in first quarter

Oil prices have plunged by two-thirds since June 2014 amid a worsening global supply glut.

Simone Foxman and Saijel Kishan   As oil traded at around $US35 a barrel this week, hedge fund manager Pierre Andurand told investors to brace for further declines.

Oil hits six-year low on global glut worries

Oil-storage tanks could reach their capacity, pushing prices down to levels necessary to force an immediate halt to some production, Goldman Sachs said in a report Thursday.

Mark Shenk   Crude slid to the lowest level in more than six years in New York as a rising number of oil rigs in the US signalled the supply glut will be prolonged.

Oil exports approved as US spending bill passes

Oil producers have been pressing for an end to decades of restrictions on exports of most raw, unprocessed crude oil.

Billy House and Erik Wasson   Congress passed a $US1.1 trillion spending measure that averts a US government shutdown and ends a 40-year-old ban on crude oil exports.