Oil Falls on Demand Worries, Market Awaits Fed Advice
Oil prices eased about 1% to a one-week low on Tuesday on demand worries following the release of negative economic news from Germany and China, while investors remained cautious ahead of a U.S. Federal Reserve decision on interest rates.Brent futures fell 90 cents, or 1.2%, to $73.01 a barrel by 1:36 p.m. EST (1836 GMT), while U.S. West Texas Intermediate crude slipped 86 cents, or 1.2%, to $69.85.
Cambodian solar firms not cooperating in US tariff probe
Documents filed with the Department of Commerce indicate that two Cambodian solar companies have decided to stop cooperating with an investigation by the U.S. Commerce Department into accusations they were flooding the market with panels at prices below their cost of manufacture. Solar Long and Hounen Solar stated in separate letters, dated October 15, that they could no longer devote resources to the antidumping investigation.
The US has imposed preliminary new tariffs on solar imports from Southeast Asia
The U.S. Commerce Department announced on Tuesday anti-subsidy, countervailing duty on solar cells imported from Vietnam, Cambodia and Malaysia. A preliminary decision published on Commerce's site shows that the agency has calculated tariff rates ranging from 0.14% to 3,293.61% depending on the company for solar cells from four Southeast Asian countries. Next year, a final decision will be taken.
US Energy Companies Fume over Rejected Steel Tariff Exemptions
The U.S. Commerce Department recently granted a tariff exemption to oil major Chevron for its imports of 4.5-inch Japanese steel tubes for oil exploration.But the department rejected a similar request from Borusan Mannesmann Pipe to exclude 4.5-inch steel pipes imported from Turkey for casing used to line new oil wells.The reason: multiple U.S. steelmakers objected to Borusan's application, arguing they could supply the product, according to the department.
US Oil Pipeline Companies, Producers Seek Relief from Steel Tariffs
Major U.S. energy companies including Plains All American Pipeline, Hess Corp and Kinder Morgan Inc are among many seeking exemptions from steel-import tariffs as the United States ratchets up trade tensions with exporters including China, Canada and Mexico.There have been nearly 21,000 requests overall for exclusions submitted to the U.S. Commerce Department since the Trump administration imposed levies this year.
U.S. Energy Pipeline Developers to Seek Exemptions to Steel Tariff
U.S. energy pipeline developers say they intend to pursue exemptions to the Trump Administration's proposed steel tariffs, as concerns grow for those companies and from key exporters to the United States like South Korea. "We have a number of pipeline projects that would be impacted significantly by this cost increase," said Adam Bedard, chief executive of Arb Midstream, an energy transportation and marketing company. He was referring to the U.S.
US Marine Sanctuary Oil Drilling Report Sent to Trump, Not Public
U.S. Commerce Department Secretary Wilbur Ross sent a report to the White House on Wednesday containing recommendations on whether to change the boundaries of 11 marine sanctuaries to allow more oil and gas drilling, but the report was not made public. Commerce reviewed sanctuaries containing 425 million acres of coral reefs, marine mammal habitats and pristine beaches, as part of an administration strategy to open new areas to oil and gas drilling.
Energy Industry Says 'No Thanks' to Trump Offer of Marine Sanctuaries
In a bid to boost energy development, U.S. President Donald Trump’s administration is considering shrinking or eliminating 11 marine sanctuaries designed to protect 425 million acres of coral reefs, marine mammal habitats and pristine beaches. The review is part of a broader strategy to open new areas to oil and gas drilling and “put the energy needs of American families and businesses first,” according to the order Trump signed in April that triggered it.
Argentine Biodiesel Industry: U.S. Duties Will Halt Exports
Argentine biodiesel exports will be priced out of the U.S. market, its leading industry body said, after Washington decided on Tuesday to impose steep duties on imports that it said were unfairly subsidized. The countervailing duties on soy-based Argentina biodiesel could be as much as 64.17 percent, according to a statement from the U.S. Commerce Department. Duties of up to 68.28 percent will be imposed on palm oil biodiesel imports from Indonesia.
U.S. Trade Deficit Narrows on Service Exports, Oil
The U.S. trade deficit narrowed in April as exports of services hit a record high and imports fell. The U.S. Commerce Department on Wednesday said that the U.S. trade gap shrunk to $40.9 billion, down from March's revised deficit of $50.6 billion. The March deficit was previously reported at $51.4 billion. The 26.6 percent drop in the April trade deficit was the largest decrease since early 2009.
US Sen. Murkowski Plans Bill to Kill Oil Export Ban
U.S. Senator Lisa Murkowski said on Thursday she will unveil a bill next week to reverse the U.S. oil export ban in an effort to build support for killing the 1970s-era restriction that drillers say threatens to choke the domestic energy boom. Murkowski, the Republican chairwoman of the Senate Energy and Natural Resources Committee, said she will unveil the bill on Tuesday, although it was uncertain when the measure would get a vote in her committee.
Valero CEO Sees Growth, but Not Acquisitions
Valero Energy Corp is taking advantage of low oil prices to aggressively build out its refining and logistical assets, but new acquisitions are not planned, Chief Executive Joe Gorder said at the company's annual shareholders meeting on Thursday. "There is nothing currently pending," Gorder said of potential acquisitions. There were no great logistics assets up for grabs.
US to Place Duties on China, Taiwan Solar Imports
The U.S. International Trade Commission said on Wednesday imports of solar products from China and Taiwan injure U.S. producers, clearing the final hurdle for import duties on the goods. ITC commissioners voted in favor of the complaint brought by the U.S. arm of German solar manufacturer SolarWorld AG in a bid to close a loophole that let Chinese producers sidestep duties imposed in 2012. The decision gives the U.S.
Oil Steady at $60 on Hopes of Strong U.S. Data
Outlook remains weak as OPEC says won't cut production; Brent could drop below $60, WTI to $50. Brent crude steadied around $60 a barrel on Tuesday, under pressure from a supply glut but supported by forecasts of stronger economic data from the United States, the world's biggest oil consumer. Figures from the U.S. Commerce Department later in the day are expected to show…
BHP to Test U.S. Oil Export Legal Limits
BHP Billiton Ltd is set to be the first company to export lightly processed ultra-light U.S. oil without explicit permission from the government, further testing the limits of an increasingly contentious ban on foreign sales. Eight months after two other U.S. energy firms said they had received the first formal authorization to sell domestic condensate abroad, BHP said it…
Feds Query Energy Firms Ahead of Export Rulings
The U.S. Commerce Department has taken a small step toward resolving some two-dozen pending requests to export lightly processed oil this summer, asking energy companies to fill out a one-page questionnaire about their plans, sources familiar with the document told Reuters. The nine questions may help the department map out a further easing of the four-decade old ban on crude exports.
U.S. Heartland Lawmakers Soften on Export Ban
In the oil drilling and refining heartland of Texas, the debate over U.S. crude exports is no longer a fight over whether a 40-year ban should be lifted. The question now is how soon it will end. As Washington mulls reversing the ban amid a drilling boom that has swamped the U.S. Gulf Coast in oil, Texan lawmakers are already preparing for the prospect of crude oil exports from the state's major ports, and assessing what it means for constituents.
Buckeye Pipeline Quietly Makes Key Acquisition
Houston-based logistic firm Buckeye Partners has spent more than $3.5 billion buying assets since 2010, transforming itself from a quiet regional pipeline utility into an emerging energy powerhouse. But the acquisition that may best symbolize its evolution is one the company didn't tout to investors this summer: a Washington lobbyist. After spending most of the past century pumping fuel from one place to another…
Refiners Seek Jones Act Workarounds as Crude Export Debate Heats Up
As the first U.S. oil condensate exports head to Asia from the Gulf Coast, crude producers and refiners are exploring ways to get around a century-old law that makes it three times more expensive to ship by water between U.S. ports than to sail to a foreign port. The Jones Act, originally passed to protect the U.S. maritime industry, restricts passage between U.S. ports to ships that are U.S.-built, U.S.-flagged and U.S.-crewed.
A stronger Canadian Dollar in the Pipeline?
Over time, the Canadian dollar might prove to be a winner from the conflict in Ukraine, which has highlighted the European Union's reliance on energy supplies from Russia. Canada is a potential provider of oil and gas to Europe from its western provinces, and considerable investment has been made in infrastructure to get production to North America's eastern seaboard for possible transatlantic passage.
