China Cuts Oil Output by Most in 15 Years, Coal Production Slows
China cut crude production by the most in 15 years as producers shut higher cost fields. The world’s second-largest oil consumer reduced oil output in May by 7.3 percent from a year ago to 16.87 million metric tons, according to data from National Bureau of Statistics released on Monday. That’s the biggest decline since Feb. 2001. Coal production fell by 15.5 percent, the most in data going back to April 2015, when the bureau resumed releasing those figures. Lower domestic output reflects spending cuts by the country’s oil drillers amid low prices, Gordon Kwan, head of Asia oil and gas research at Nomura Holdings Inc. in Hong Kong said in an e-mail. PetroChina Co., the nation’s biggest producer, said in March it expects oil and gas output to fall the first time in 17 years as it shuts fields that have “no hope” of turning a profit, while Cnooc […]
China cut crude production by the most in 15 years as producers shut higher cost fields. The world’s second-largest oil consumer reduced oil output in May by 7.3 percent from a year ago to 16.87 million metric tons, according to data from National Bureau of Statistics released on Monday. That’s the biggest decline since Feb. 2001. Coal production fell by 15.5 percent, the most in data going back to April 2015, when the bureau resumed releasing those figures. Lower domestic output reflects spending cuts by the country’s oil drillers amid low prices, Gordon Kwan, head of Asia oil and gas research at Nomura Holdings Inc. in Hong Kong said in an e-mail. PetroChina Co., the nation’s biggest producer, said in March it expects oil and gas output to fall the first time in 17 years as it shuts fields that have “no hope” of turning a profit, while Cnooc […]
The International Energy Agency also showed in the first quarter of this year that oil consumption is growing faster than analysts had expected. The forecast was for 1.2 million barrels of oil per day, but actual demand was 16% higher at 1.4 million barrels of oil per day.
Clearly demand is robust, and we already know supply is set to shrink because of the cuts to new discoveries.
Although the city has not yet made the top 10 on the “Greenest cities” charts, it has made the top 15—at #13—and is working hard to move up. This project with the 100 chargers, however, was basically a stroke of luck. When the city decided to save on power costs and replace 4,500 miles of sodium-vapor streetlights with less bright but more energy-efficient LEDs, no conscious thought was given to the power generation capacity that will be freed up.
Central bankers looking to Denmark for evidence of such trauma aren’t likely to see much. If anything, they might find the Danes’ approach tempting. A certain amount of financial weirdness aside, their country is mostly free of the distortions economic theory tells us to expect, suggesting negative rates may deserve to move from taboo to the standard monetary policy toolbox.
LinkedIn soars on deal to sell to Microsoft for $26.2 billion
Shares of LinkedIn Corp. jumped nearly 50% on Monday morning after the company said Microsoft will buy it in a $26.2 billion deal that would merge Microsoft’s enterprise cloud services with the professional social network.
The all-cash transaction amounts to $196 a share, a 50% premium to Friday’s closing price.
LinkedIn shares were up some 47% in morning trading. Excluding Monday’s rally, LinkedIn LNKD, +47.06% shares had been up 14% over the last three months but down nearly 40% over the last year, underperforming the S&P 500. They are still down 14% in 2016.
Shares of Microsoft MSFT, -1.85% fell about 2.6% in Monday morning trading.
Shares of some other social media companies were active Monday. TwitterTWTR, +6.46% was up 7.6%, while Yelp YELP, -0.97% was flat after rising early. Facebook shares FB, -1.90% were down 1.9% in morning action. The S&P 500SPX, -0.14% was roughly flat.
