Energy Sector

With worries that China might step up measures to cool the economy oil trades near Nov lows

On Wednesday oil traded near early November lows with apprehension that China might take further measures to cool its economy. However the crude price did not slide further as there was a sharp decline in the US crude inventories.

The American crude for December contract called Lc1 went up by six cents to reach eighty two decimal four zero per barrel at zero three three five Greenwich Mean Time. On Tuesday it had touched the figure eighty two decimal zero three dollar. It was the lowest price since 1, November.

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Three failed attempts won’t stop BHP to go for further M&A

BHP

The CEO of BHP Billinton, Marius Kloppers might have failed to acquire firms investing in the tune of hundred billion dollars but that does not mean that the company won't be making new acquisition attempt. It will be difficult for the firm to get big and purchasable targets.

The top mining company of the world, BHP had written off a forty billion dollar worth hostile take over cash bid for Potash Corp. of Saskatchewan Inc yesterday after the bid was dismissed by Canada.

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Prompt coal prices went up by two dollars per ton

coal

According to the Reuter's report the prompt coal cargo prices of South Africa went up by one dollar per ton in the recent times as the market seemed bullish.

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Coal of Africa to resolve environmental issues with provincial govt.

 Coal of Africa

It has been said on Thursday by the spokesperson of Coal of Africa Limited that they have indeed reached an agreement with the Mpumalanga provincial government of South Africa. This announcement was made shortly after the company was asked to discuss the environmental concerns that it was facing at its colliery placed at Mooiplats.

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COAL being scrutinized for breach of compliance

Coal of Africa Ltd

The shares of Coal of Africa Ltd saw a decline of fifteen percent which was their lowest in the last eighteen months. This happened following the company's declaration that it had received a notification from the environment agency of the country.

The firm however denied the reports published by media stating Coal has to stop its mining activities in its Mooiplaats mine.

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With dollar strengthening and crude stockpile rising Oil stocks decline

Stocks saw a fall today for the first time after gaining for four days in a row as investors demand for raw material lessened with the apporeciation of dollar and traders pointed out that the stockpiles of oil in the US are rising.

Oil futures fell in the tune of zero decimal six percent as dollar got appreciated versus almost all the currencies except one out of sixteen most traded currencies.

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Electricité de France SA and Constellation Energy Group Inc.agreed to end a joint venture

On Tuesday, both Constellation Energy Group Inc. and Electricité de France SA have decided to end a joint venture for developing nuclear power plants jointly after their relationship turned sour in recent months.

The problem started in this fall with the five year old JV named UniStar when Constellation did not apply for the federal loan guarantee for the first project of the partnership stating it to be very expensive.

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