News Oil 

U.S. oil benchmark under pressure as domestic crude show 5th straight weekly rise

“They also forecast supply declines of 1.1 million barrels for gasoline and 1.4 million barrels for distillates, which include heating oil” writes Rachel Koning Beals for marketwatch.com. Read: Is there a ‘Saudi put’ on oil prices?. March WTI crude oil US:CLH9  which expired Wednesday closed up 83 cents, or 1.5%, to settle at $56.92 a barrel.The American Petroleum Institute reported late Wednesday a 1.3 million barrel increase in U.S. crude supplies for last week. Source: marketwatch.com

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News 

Bureau of Reclamation makes initial 35 percent water allocation

“published on February 20, 2019 – 2:18 PM Written by The Business Journal Staff The Bureau of Reclamation announced a 35-percent initial water allocation for south-of-Delta Central Valley Project (CVP) agricultural water service contractors” reports thebusinessjournal.com. Agricultural water service contractors South-of-Delta are allocated 35 percent of their contract supply, and municipal and industrial water service contractors South-of Delta are allocated 75 percent of their historic use for public health and safety needs.To avoid flooding releases, 150,000 acre-feet needs to be evacuated from Millerton Lake, so the initial Friant Division water…

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News 

Scottish Power profits from keeping more customers

“Scottish Power has reignited profits in its energy supply business by stemming the stream of customer losses to upstart competitors” writes Ashley Armstrong for telegraph.co.uk. The “big six” supplier held its customer numbers steady at about 5 million household accounts last year after steadily losing accounts to the growing number of new entrants to the industry.The Glasgow-based company, owned by Spain’s Iberdrola, had hoped to make a profit margin of 4pc on supplying gas and power to its customers after enduring negative margins in 2017. Its annual results revealed a…

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News 

Six companies supplying wind turbine parts to Zafarana wind farm

“The New and Renewable Energy Authority (NREA) assigned the supply of spare parts for wind turbine stations in the Zafarana area to six Arab and international companies” writes Mohamed Farag for dailynewsegypt.com. Sources said that the NREA has posed tenders to supply spare parts for about 700 wind power turbines in eight projects for the production of electricity from wind power stations in Zaafrana with a capacity of 554MW. The list of companies that will supply spare parts for wind turbines includes Vestas, Siemens, Golden Group, Safe Wind, and Al…

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News 

Supply woes hit McColl’s profits

“Stock shortages following the collapse of wholesaler Palmer & Harvey hit profits at convenience store chain McColl’s last year” writes Charlie Taylor-kroll for telegraph.co.uk. Pre-tax profits fell by more than half to to £7.9m for the year to Nov 25, while like-for-like sales, which exclude store openings and closures, were down 1.4pc. Source: telegraph.co.uk

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Crypto News 

Apple Notes Blockchain Guidelines in Recent SEC Filing

“Per the recent filing, Apple participates in the development of blockchain guidelines for the RMI, which are designed to determine a set of principles, concepts and terms for the deployment of blockchain in mineral supply chain due diligence” writes Ana Alexandre for cointelegraph.com. The solution targets the inefficiencies of the global market, including excessive paperwork, manual data processing and lack of transparency between supply chain parties.Last month, IBM partnered with MineHub Technologies to develop blockchain solution to improve supply chain management in the mining and metals industry. Source: cointelegraph.com

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News 

Equipment failure at substation caused fire, power outage

“The equipment failure also caused a power outage in several parts of central Singapore” writes Choo Yun Ting for businessinsider.sg. The door appeared to lead to a room containing power supply equipment, he said. “I was a bit shocked and alarmed.Electricity and gas supply company SP Group later confirmed that equipment failure at the substation serving Carlton Hotel led to an electricity flashover, or an abnormal electrical discharge. Source: businessinsider.sg

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News Stocks 

Cannabis stocks mostly lower ahead of Canopy Growth earnings

“Cannabis stocks were mostly lower on Thursday, with investors digesting the latest legislative moves to help develop the sector and awaiting afternoon earnings from Canopy Growth Corp., the company with a $4 billion investment from the maker of Corona beer” writes Ciara Linnane for marketwatch.com. The hearing also heard that people in the cannabis industry can’t build credit when they are forced to operate mostly in cash and that taxes cannot be collected properly.Flow Kana has raised a total of $175 million to date which it will use to expand…

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News Oil Stocks 

Oil and gas stocks in broad rally; crude prices jump on reports of supply cuts

“Shares of oil and gas companies were broadly higher Wednesday, as reports of supply cuts and optimism on U.S.-China trade talks helped fuel a rally in crude oil prices” writes Reporter Editor for marketwatch.com. The energy ETF has hiked up 13.5% year to date, while the S&P 500 SPX, +0.48% has rallied 10.1%.Meanwhile, crude oil futures CLH9, +1.75% ran up 2.3%.The energy sector was the best performing of the S&P 500’s 11 key sectors, with the SPDR Energy Select Sector ETF XLE, +1.69% climbing 1.7% with all 30 equity components…

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Markets News Oil 

OPEC cuts production by nearly 800,000 barrels a day in January, pumping just above its oil target

“The group aimed to cut a combined 812,000 bpd in a bid to drain oversupply from the oil market” writes Yasser Al-zayyat Afp for cnbc.com. OPEC is partnering with 10 non-member nations, including Russia, to keep 1.2 million bpd off the market.In January, OPEC managed to remove 797,000 barrels per day from the market by holding back supply. Source: cnbc.com

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