Analysts: LNG market turmoil could lead to major decline in U.S. natural gas prices this summer FacebookTwitterLinkedInEmailPrint分享OilPrice.com:LNG prices have already plunged to their lowest levels in a decade in Asia as the ramp up of supply in 2019 came at a time when demand has slowed. That was true before the outbreak of the coronavirus. But the quarantine of around 50 million people and the shutdown of huge swathes of the Chinese economy has sent shockwaves through commodity markets.Shipments of oil and gas are backing up at Chinese ports, which is creating ripple effects across the world. Now, Chinese state-owned CNOOC is considering declaring force majeure on its LNG import commitments, according to the FT. Sinopec and CNPC are also apparently considering the move.Prices were already in the dumps. JKM prices recently fell to 10-year lows. But they have continued to decline, approaching $3/MMBtu for the first time in history. Just a few weeks ago, JKM prices were trading at around $5/MMBtu, itself an incredibly low price for this time of year.LNG exports from the U.S. are uneconomical at these price levels. Many exporters have contracts at fixed, higher prices. But shipments can be cancelled for a fee. And any spot trade would be hit hard. The question now is whether shipments will come to halt. “Forward prices for summer are now at levels where U.S. LNG shut-ins begin to seem viable,” Edmund Siau, a Singapore-based analyst with energy consultant FGE, told Bloomberg. “There is usually a lead time before a cargo can be canceled, and we expect actual supply curtailments to start happening in summer.”But if buyers start cancelling their purchases, LNG exporters have to ramp down production. That could then ripple back to the shale gas fields in the U.S., where prices are already below $2/MMBtu and drillers can’t make any money. The CEO of Marcellus shale gas giant EQT said in December that “a lot of this development doesn’t work as well at $2.50 gas.” Henry Hub prices are now below $1.85/MMBtu. There is little relief in sight. “Even with our projected increase in power sector natural gas demand due to the current low price environment, we estimate natural gas stocks to end this summer with 3.85 tcf in the ground,” Bank of America Merrill Lynch said in a recent note. “Such inventory level would be more than 100 bcf higher YoY, and does not leave much room for bearish errors from mild weather, high renewable generation, or reduced LNG exports.” It’s all combining to create a “gasmaggedon,” according to Bank of America Merrill Lynch.[Nick Cunningham]More: “Gasmaggedon” sweeps over global gas market
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York New York State police is warning of scammers calling residents and asking for money to help the police department.“Residents of Delaware and Chenango Counties have been receiving calls, soliciting funds for either new uniforms for the troopers or for officers killed or injured in the line of duty,” state police said in a news release. “The New York State Police does not solicit funds. The State Police receives its funding from the state budget and from federal grants. “The release also stated that residents should be cautious when receiving suspicious phone calls and solicitations.Local police over the last few months have also warned residents about scammers calling people and requesting a substantial amount of money for a family member that’s in danger.In one scenario, the caller claims that they have been in a car crash with the person’s relative who refuses to pay for the damage.“The caller claims to be holding the relative at gunpoint until the victim pays several thousand dollars,” police said.
14SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr On October 5, the CFPB announced it had finalized its rule on payday loans. The final rule seeks to provide “common-sense protections” for payday loans, auto title loans, deposit advance products and certain other longer term loans with balloon payments. A key protection under the new rule is that lenders will be required to conduct an ability-to-repay analysis to determine whether the borrower can repay the full amount of the loan without re-borrowing. The final rule also imposes requirements concerning withdrawal practices, disclosures and recordkeeping. The final rule covers a number of different types of loans, but the rule also provides a number of exclusions and exemptions, one of which is of particular importance for credit unions – the PAL exemption.New section 1041.3(e) exempts “alternative loans” from the payday rule. In the preamble, the CFPB explains that this exemption applies to any loan that meets the conditions outlined in the final rule so that any lender, not just federal credit unions, may qualify for this exemption. The CFPB found that this was the best approach to ensure the rules are applied consistently to all lenders. In order to qualify as an “alternative loan,” the loan must meet all of the following conditions: continue reading »
The moment, while awkward, did not ruin the Ashlee Simpson Show alum’s chances of being invited back. She returned as a musical guest the following year.The same cannot be said for other stars who sparked backlash on the show. Martin Lawrence is among those who have been banned from appearing after delivering a highly controversial monologue when he hosted in February 1994.“I don’t give a damn,” the comedian said during a 2020 appearance on The Breakfast Club. “I’m not banned from SNL. They banned me from NBC at the time for a minute. But then they realized the way it went down wasn’t what they thought and then they sent me an apology letter.”- Advertisement – – Advertisement – Ashlee Simpson, for one, made her mark in October 2004 when she flubbed her appearance as musical guest. While on stage for her second song of the night, “Autobiography,” a vocal track for “Pieces of Me,” which she had already performed, began playing. She walked off the stage after dancing briefly. Viewers were outraged that she planned to lip-sync.“It’s definitely not difficult to talk about. … That was a very long time ago,” Simpson told E! News in August 2018 when asked about the infamous incident. “It’s something that happened to me, and things in life happen to you and they make you stronger and they make you a better performer, a better person. I think things like that build your character and your strength and it’s how you handle them.”- Advertisement – With live TV, unexpected twists are bound to happen! Saturday Night Live has weathered more than one scandal in its decades-long run, thanks to its format and its entire premise as a sketch comedy show.The NBC series premiered in October 1975 and has become a central source for those who hope to get a laugh out of current events. However, Saturday Night Live has also found itself as the butt of the joke throughout the years due to musical guest snafus, headline-making host choices and more.- Advertisement – Scroll through the gallery below to revisit the biggest Saturday Night Live controversies of all time.
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Denis Naughten, the minister who was in charge of Ireland’s energy and climate action initiatives, has resigned from the post following controversy regarding the country’s national broadband plan.Naughten’s resignation was accepted on October 11, 2018, by the country’s Taoiseach – the official title for the head of government in Ireland – Leo Varadkar, who appointed the Minister for Education and Skills, Richard Bruton on a temporary basis to the Department of Communications, Climate Action and Environment (DCCAE).“I deeply regret that these events have happened but I believe that, in resigning, Denis has acted in the public interest. I am determined to see the national broadband plan through to completion,“ said Varadkar.The controversy around the Ireland’s national broadband plan involves now confirmed meetings between Denis Naughten and the chief of a consortium bidding for the multi-million euro contract to provide rural broadband.According to Varadkar, the independent process auditor for the national broadband program Peter Smyth has been engaged to produce an assessment whether or not the process had been compromised.Speaking of his decision to resign, Naughten said: “When it comes to the national broadband plan, NBP, my absolute priority has always been to ensure that high-speed broadband is provided to the more than 540,000 households and more than 1.1 million people in rural Ireland who do not currently have access to this essential service, no more and no less.“I am absolutely satisfied there has been no interference in the procurement process by me.“For my family, for my constituents, and more importantly for the 1.1 million people who are waiting for this essential service, a vital service for ordinary people in rural Ireland, I have given An Taoiseach my resignation.“Former energy minister Naughten was in charge of the DCCAE during the development of Ireland’s new Renewable Electricity Support Scheme (RESS), approved by the government earlier in 2018.The new RESS is expected to spur the introduction of sufficient renewable electricity generation to meet national and EU-wide renewable energy and decarbonization targets out to 2030, while also delivering broader energy policy objectives including enhancing security of supply, diversifying the renewable technology mix, and increasing community participation in and benefit from renewable energy projects.
Batesville, In. — Members of the United Steel Workers Union staged a rally in Batesville Monday as contract negotiations near. The current agreement was struck around May of 2016, the same year second shift at the Doll Plant was eliminated resulting in 100 layoffs.Here is the complete letter to members from United Steelworkers Union District 7 director Mike Milsap dated March 14, 2019:Unity and Strength for Workers. These words are literally in our name, but what do they really mean? I want to share with you a story out of our district that I think is a good example of why nothing is more important than our unity, our strength and our members. This story begins at Batesville Casket in Batesville, Indiana – now a so-called right to work state. Obviously, the plant manufactures caskets with about 320 employees. It’s an open shop where Local 525U has been privileged to represent employees at this plant for about 40 years, and we’re about to begin bargaining there next month.Over the four decades our union has been here, we’ve had good times and bad times. The difference? The level of our strength and unity. Like at all locals, when our membership is together, when we all have each other’s backs, and when we maintain the ability to be able to withhold our work, we have more leverage. Leverage is important especially during negotiations with the company. Three years ago, Batesville Casket’s final company proposal had drastic changes to the healthcare with minimal wage increases. The union’s bargaining committee did not like the proposal and did not take it back to the membership for a vote. At some point some non-members took a petition up for a decertification from the union. In order to block the decertification to keep the USW, the bargaining committee took a not-so-great proposal to the membership, which voted for the agreement – and to keep the union to fight another day.That day is now here. On April 10, we have our first bargaining session of 2019 with Batesville Casket. It’s important that this time around we send a clear message to the company: we are strong, we are unified and we will stick together to get the best deal we can get for our members. We’re in this together so here are some things all of us can do right now to help us achieve this unity and strength:Talk to your co-workers about the benefits of our union and make sure everyone has signed his or her union card.Attend your union meetings to stay updated.If you’re nearby, attend our Local 525U Solidarity Rally at 2:30 p.m. on March 18 at 7 South Eastern Ave., Batesville, Indiana.If you’re a member of Local 525U, join our text updates by texting 525U to 47486*.We should all remind each other often that despite what companies may say, there are no guarantees without a union contract. There is no way to have a say in wages, healthcare, benefits, health and safety and other issues at work without a union. The gains we win when we negotiate together as a union often outweigh the cost of dues, and these are gains we would not likely win without a union. Make no mistake about it, that is why companies want to keep us divided, weak or keep us out altogether. Our unity and strength at Batesville or anywhere gives us leverage, and it sends clear message that if anyone takes us on, we will stand up and fight back!An email request for comment has been sent to company officials.This is developing story.
Chelsea manager Jose Mourinho believes his side are still in a six-horse race for the Barclays Premier League title, even if rivals Manchester United and Tottenham have suffered stuttering starts to their campaigns. Press Association The Blues currently sit second in the table, four points behind league-leaders Arsenal, and travel to face struggling Sunderland on Wednesday night. Manchester City and Liverpool are also in the mix and while both United and Spurs fell further behind the pacesetters after sharing the spoils in a 2-2 draw at White Hart Lane on Sunday, Mourinho feels they are both still protagonists in the Premier League title fight. “I don’t think that we can talk about favourites but we can say that there is one team at the top of the league,” he said. “All of the six teams are title contenders but I keep saying the club with the most pressure to win it, because their squad is quite unique, is Manchester City.” Chelsea face a trio of the Premier League’s bottom five clubs in their next three games but Mourinho is not taking anything for granted, starting against Gus Poyet’s Sunderland, who they also face in the Capital One Cup quarter-finals later this month. “I was analysing their match against Newcastle at home and Man City at home, these were the matches I focused on,” the Portuguese said. “I think they are better than the points they have, the quality of their players is not comparable with some teams in that part of the table but I think they are in a moment where one point doesn’t make a big difference. “They need three points, they need two or three victories to get out of the dangerous area. I don’t think they can play in a defensive way, that is why they have a positive approach because they need to win matches. “I think Gustavo’s style is to try and play good football, I think we have two very difficult matches.” Mourinho confirmed striker Samuel Eto’o could feature at Sunderland following a groin injury but the Blues will be without David Luiz and Oscar. The Portuguese also expects Ashley Cole to start one of the next two games after the England international lost his left-back berth to Cesar Azpilicueta. However, the former Real Madrid coach also believes eighth-placed United and Spurs in ninth will find it difficult to mount a challenge if they slip any further adrift of top spot. “United are nine points behind Arsenal,” he said. “It is a gap. Tottenham are 10 behind. “It is not a gap for us because we are speaking about five or six points, that is not a gap. It is something that in two matches can be over, but nine or 10 points is a gap. “I keep saying that there is a lot of games to play in December and at the beginning of January we can have a look and see if all six are within shorter distances. “Spurs and United know that if the next step is to reduce from 10 to seven or from nine to six it is to get them back in to the race, but they know that if the next move is from 10 to 13 it becomes hard. “Arsenal are much more comfortable because they can slide in one match and nothing matters to them but some teams know the next slide could be crucial. “The six teams are very equal in their potential. I see the six teams as very good teams and there are other teams doing very well. Everton and Newcastle are doing very well.” Mourinho refused to highlight a favourite from the six sides he believes are genuine title challengers but does think there is more pressure on City, given their abundance of talent.
Press Association Didier Drogba decided to leave Chelsea to give youth a chance – but the departing striker wants Petr Cech to stay and fight for his place. Drogba’s final match after two spells totalling nine years as a Chelsea player concluded with Sunday’s 3-1 win over Sunderland, after which the Blues lifted the Premier League title. Drogba, Cech and captain John Terry were in the teams which have won all of Chelsea’s four Premier League titles, but the striker now says manager Jose Mourinho should look to the future. “No matter what happens I think the club will respect his decision. “If he wants to stay, he can stay. I think he is more than welcome here. “If he wants to go it’s his choice as well. It’s up to him. But we want him to stay.” Drogba could return to Stamford Bridge in some capacity in the future – “I think we are going to find a way… if I come back it’s for a reason,” he said – but first he wants another year as a player. A move to Major League Soccer, joining Frank Lampard and Steven Gerrard, seems plausible, with Drogba saying he received calls from clubs in the immediate aftermath of the Sunderland match. “Since I put it on social media I was in the dressing room and I was receiving some calls from teams. Really unusual,” he said. “It was funny and interesting also because it really showed that maybe I can still bring something to a team. “I am going to take a few days, few weeks to think about what is good for me next. But all I want to do is play.” Drogba believes the Blues need to strengthen in a bid to win the Champions League title they won in 2012 again and should show faith in youth. “The team needs to be stronger next year to compete in the Champions League,” said Drogba, after Chelsea’s last-16 elimination on away goals to Paris St Germain this term. “They are going to buy new players. Also we have young players coming up, the (Dominic) Solankes, (Ruben) Loftus-Cheeks, (Nathan) Akes, all these boys. They need to play.” Drogba is deliberating over his next destination and says he could never play for another English club. He was carried off on his team-mates’ shoulders in a pre-planned first-half substitution on Sunday after announcing his departure prior to kick-off. He wishes to play on one more season and feels the need to leave to get the game time he craves. Cech, who has one year left on his contract, could also depart after being displaced by Thibaut Courtois this term following a decade as first choice goalkeeper. “I think the club should keep him because we know who Petr Cech is at this club,” Drogba said.