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Oil & Gas

Coal gasification worth £6billion

21/09/2015

New research ordered by a North Sea industry pioneer says the development of a fully-fledged industry that taps underground coal reserves could generate £13billion and 12,000 jobs for the UK economy. And the study claims Scotland would stand to retain almost half of these spoils. The independent report was commissioned by Cluff Natural Resources (CNR), whose chairman, Algy Cluff, was involved in the discovery of the Buchan field nearly 40 years ago. London-listed CNR plans to create the UK’s first Underground Coal Gasification (UCG) project.

Oil & Gas

Oil speculators most bullish in two months as OPEC calls for $80

21/09/2015

Hedge funds slashed their bets on falling oil prices, leaving them the most bullish in two months as OPEC called for a return to $80 crude. Money managers’ net-long position in West Texas Intermediate rose by 14,821 contracts to 147,678 futures and options in the week ended Sept. 15, according to data from the Commodity Futures Trading Commission. That’s the highest level since July 7. The Organization of Petroleum Exporting Countries expects crude prices to rise to $80 by 2020 as output falls elsewhere. U.S. production could sink by the most in 27 years in 2016 as the price rout extends a slump in drilling. Speculators closed out short positions two days before the Federal Reserve decided not to raise key U.S. interest rates.

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