June 2019

Prices for benchmark premium Australian coal out of Newcastle hit their weakest since September 2016 last week at $70.78 per ton and are likely to fall further given a slowing global economy.

Energy and Clean Growth Minister Chris Skidmore said: "Coal is fast becoming the fossil of our energy system and it will soon be confined to the history books. To ensure this happens as soon as possible, we have committed to phasing out coal entirely by 2025."

U.S. Rig Count is down 2 rigs from last week to 967, with oil rigs up 1 to 789, gas rigs down 4 to 177, and miscellaneous rigs up 1 to 1. Canada Rig Count is up 12 rigs from last week to 119, with oil rigs up 11 to 80 and gas rigs up 1 to 39.

Brent crude was down 20 cents, or 0.31%, at $64.25 a barrel by 0630 GMT. U.S. West Texas Intermediate crude was down 16 cents, or 0.28%, at $56.90 a barrel.

The Strait of Hormuz, located between Oman and Iran, connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. The Strait of Hormuz is the world's most important oil chokepoint because of the large volumes of oil that flow through the strait. In 2018, its daily oil flow averaged 21 million barrels per day (b/d), or the equivalent of about 21% of global petroleum liquids consumption.

Indonesia's LNG exports plunged nearly 50% month on month in April to to 633,863 mt, while crude oil exports jumped 35% over the same period, detailed figures from Statistics Indonesia showed this week.

"We can play a role because natural gas is relatively cleaner compared to coal," he said. "So we can help countries like China and India reduce their consumption of coal."

Natural gas demand seasonality and growth in shale production have supported the development of LNG exports in Argentina. Argentina’s natural gas consumption peaks during the austral winter (May to September) and remains relatively low during the rest of the year.

The International Atomic Energy Agency (IAEA) and the ITER International Fusion Energy Organisation are to enhance their cooperation in nuclear fusion research and related activities following the signing of an agreement that expands one signed in 2008.

"Over the next five years we will do everything necessary to become truly energy independent: we will unite our power grids with the European ones, integrate into the European energy market, increase oil and gas production and create conditions for the development of alternative energy sources. Together with the energy saving program this will make our economy more efficient and will give impetus to the development of Ukraine," the head of state said during a meeting with the business community in Kyiv.