Platts Energy and Metals Bulletin: All Commodities

Platts Energy & Metals Bulletin - Oil, Natural Gas, Electric Power, Metals, Coal, Petrochemicals and Shipping

The following news items are a selection of the top stories posted on Platts.com. Visit Platts.com for the most current headlines.

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Jun 2, 2011

FEATURE: CFTC faces challenge with oil manipulation case
New York - Oilgram News
The US Commodity Futures Trading Commission's recent case charging manipulation of NYMEX crude oil futures will be a challenge to prove under the agency's existing anti-manipulation statute, but it will also likely be the final case brought under that law, according to several legal observers. Go to story...

China stresses need to meet reduced energy use targets set for 2011-15
Singapore - Oilgram News
China's state-owned enterprises need to meet an overall objective of reducing energy consumption per unit of gross domestic product by about 16% from the 2010 level in the five years to 2015, China's regulatory watchdog State-owned Assets Supervision and Administration Commission said Wednesday. Go to story...

Iraq May oil exports at post-war high of 2.225 million b/d: SOMO
Amman - Oilgram News
Iraq exported 2.225 million b/d of crude oil in May, up 84,000 b/d from April and the highest level since the 2003 war, as loadings from the south picked up, figures obtained from State Oil Marketing Organization SOMO showed. Go to story...

OPEC Guide: OPEC could raise official oil output targets at June 8 meeting
London (Platts.com news feature update)
OPEC's June 8 meeting in Vienna promises to be one of the oil producer club's more interesting events of recent years, as much for the political background against which the talks will take place as for the possibility that ministers will raise official output targets that have been kept in place since the beginning of 2009. Read more...

CFTC vs. Arcadia et al.: a government agency roils the oil market with a big action (Updated)
New York (The Barrel Blog)
The background is that the CFTC charged those entities this week with manipulation--its term--of the WTI market back in the first half of 2008, when prices were on their way to the all-time WTI high of $147. Read more...

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Gas demand for power could reach 30 Bcf/d by 2020: Tudor, Pickering, Holt
Houston - Gas Daily
The trend of power plants switching to natural gas from coal is here to stay, according to a report Wednesday from Tudor, Pickering, Holt & Co. Go to story...

Indian Petronet LNG signs long-term gas deal with Gazprom
Mumbai - LNG Daily
India's Petronet LNG has signed a preliminary deal with Russia's Gazprom for the supply of 2.5 million mt/year LNG for 25 years, managing director A K Balyan said by telephone from New Delhi, Wednesday. Go to story...

Eden Energy reports 362 Bcm shale gas in UK South Wales licenses
London - European Gas Daily
Australia-based energy company Eden Energy said this week that a study of some of its UK exploration licenses in south Wales shows they could hold 12.8 trillion cubic feet of recoverable shale gas reserves (362 billion cubic meters). Go to story...

Shale Gas Revolution: Shale can support LNG exports: Chesapeake
New York (Platts.com news and data feature)
Shale gas pioneer Chesapeake Energy is confident unconventional gas plays would support proposed US LNG export projects, and believes the US could produce more than 90 Bcf/d of gas at prices are "not that high," a company executive said May 25. Read more...

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	US House spending panel proposes deep cuts in DOE budget Washington - Inside Energy The US House of Representatives Energy and Water Development Appropriations Subcommittee Wednesday proposed slashing the Department of Energy's fiscal 2012 budget request of $29.5 billion by $5.9 billion. Go to story...
	US House lawmakers blast DOE for cancelation of Nevada waste site Washington - Nucleonics Week US House lawmakers on an energy oversight panel Wednesday charged the Department of Energy with breaking the law when it canceled the long-planned Yucca Mountain nuclear waste repository in Nevada. Go to story...

Germany to focus on grid expansion in nuclear switch-off: think tank
London - Power in Europe
Germany needs to focus on rapidly expanding its high-voltage power transmission grid if its planned phase-out of nuclear power by 2022 is to be successful, government-sponsored think-tank Deutsche Energie-Agentur (dena) said in a statement ahead of Friday's energy summit in Berlin between the federal and state governments. Go to story...

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Alpha, Massey shareholders approve $7.8 bil merger of coal producers
Washington - Coal Outlook
Shareholders of Alpha Natural Resources and Massey Energy on Wednesday approved Alpha's planned purchase of Massey in a deal valued now at $7.8 billion, both coal companies said in a joint statement. Go to story...

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S Korea's Hyundai Oilbank buys 30,000 mt bunker-grade HSFO for June
Tokyo - Bunkerwire
South Korean refiner Hyundai Oilbank has bought 30,000 mt bunker-grade high sulfur fuel oil with a viscosity of 380 CST for delivery mid-June on a spot basis, company sources said Thursday. Go to story...

PG-East VLCC rate moves up after remaining at w52 since May 25
Singapore - Asia Pacific/Arab Gulf Marketscan
The Worldscale rate on VLCCs hauling crude from the Persian Gulf to North Asia -- stuck at w52 for the last six trading days -- has improved slightly with tonnage getting tighter in the Middle East for the third decade of June, shipping sources said Thursday. Go to story...

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Wellman declares US PET force majeure on PTA shortage
New York - Polymerscan
Wellman declared force majeure on PET deliveries out of its 400 kt/year plant in Pearl River, Mississippi, a source close to the company said Wednesday. Go to story...

Mitsubishi Gas to up Thai polyacetal capacity to 100,000 mt/year 2013
Tokyo - Asian Petrochemicalscan
Japan's Mitsubishi Gas Chemical will boost its production capacity of polyacetal in Thailand from 55,000 mt/year to 100,000 mt/year by the end of March 2013, the company said Wednesday. Go to story...

German OXEA hikes carboxylic acid prices by up to $330/mt
London - Polymerscan
German oxo chemicals producer OXEA Thursday said it will hike the prices for five of its carboxylic acids by up to $330/mt. Go to story...

APIC Special: Japan�s Petrochemicals Outlook: Kyohei Takahashi on the way ahead for Japan's petrochemicals industry
London (Platts.com news feature)
This year's Asia Petrochemical Industry Conference takes place in extraordinary circumstances. It was long planned for late May in Japan. Then disaster struck on March 11 with the magnitude 9.0 earthquake, devastating tsunami and resulting -- and continuing -- nuclear crisis. Read more...

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US ITC opens five-year review on China's magnesium imports
Washington - Metals Week
The US International Trade Commission has launched a five-year review to determine whether revoking anti-dumping orders on pure magnesium from China would hurt US magnesium producers and importers. Go to story...

Barrick Gold secures 85% of copper miner Equinox in C$7.3 bil takeover
Melbourne - Metals Week
Barrick Gold and its affiliates now own a total 747 million shares or 85% of all shares in Equinox Minerals and all the conditions of the C$8.15 ($8.40)/share takeover offer have been met, Equinox said in a statement issued in Toronto late Wednesday. Go to story...

Turkish steel mills domestic focus sees export market divergence: trade
London - Steel Markets Daily
Turkish steel mills are reducing export interest for long steel products as higher domestic demand and prices deters regional buyers paying similar levels for rebar and billet, market participants said Wednesday. Go to story...

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	Oil & Gas Shale Developer June 21-22 2011 Houston, Texas
	European Nuclear Power June 23-24, 2011 Prague, Czech Republic
	Renewable Chemicals September 12-13, 2011 Houston, Texas
	Unconventional Gas September 19-20, 2011 D�sseldorf, Germany

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