Climex News Update

Oil prices are coming down on Tuesday after trading above USD 73/bbl earlier in the session on the back of buying interest from funds, analysts said. The front month contract for Brent North Sea crude oil was last seen traded at USD 71.20/bbl, up 21 cents day on day. The price reached USD 73.50/bbl earlier in the session however, on the back of buying interest from funds, said analysts.
The market is awaiting a string of economic indicators to be released this week, including US employment data on Thursday, as well as inventory data later on Tuesday and Wednesday.
“Better than expected data this week could help propel crude prices to the USD 75/bbl area,” said analysts at Sucden Financial Research. Others were more cautious and pointed to a weak demand picture. (Source: Miontell Power News)

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Saturday, June 27 - 03:21

House passes landmark climate change bill

Posted by Jos Cozijnsen in General Interest

President Barack Obama scored a major victory on Friday when the House of Representatives passed legislation to slash industrial pollution that is blamed for global warming.
The Democratic-controlled House passed the climate change bill, a top priority for Obama, by a vote of 219-212. As has become routine on major bills in Congress this year, the vote was partisan, with only eight Republicans joining Democrats for the bill. Forty-four Democrats voted against it.
Climate change legislation still must get through the Senate. Senators were expected to try to write their own version but prospects for this year were uncertain.
After the House vote, Senate Majority Leader Harry Reid said he hoped the Senate can pass a bill "this fall." (Source: Reuters)

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Wednesday, June 24 - 03:59

US House Strikes Deal on Climate Change

Posted by Jos Cozijnsen in General Interest

House Democrats struck a deal on climate change legislation Tuesday evening, clearing the path for final House passage on Friday. Energy and Commerce Chairman Henry Waxman (D-Calif.) and Agriculture Chairman Collin Peterson (D-Minn.) announced their agreement after emerging from a closed-door meeting with the fiscally conservative Blue Dogs (Source: EE Daily).

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Thursday, June 18 - 14:28

Pointcarbon: 'spot EUA business shifts to brokers'

Posted by Jos Cozijnsen in Trading

Brokers are seeing a rise in spot EUA business in the wake of France exempting tax on carbon.
Around 1.7 million spot EUA contracts have been handled by brokers and cleared through the Bluenext exchange in the last two days, which is around 25 per cent of the volume going through the bourse.
Before the tax change on 9 June, brokers accounted for an average of 116,500 spot EUAs a day cleared though Bluenext since the start of May, just 1.3 per cent of the spot volume going through bourse.
“We have definitely seen a pick up in spot business over the last two days. People are looking to trade the spread (between the spot and the 2009 future EUA) more than anything,” said one broker.

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