1. US Based energy giant, Shell continues to affirm its plans to expand operations in India.
At a recent event hosted by the Indo-American Chamber of Commerce of Greater Houston (IACCGH), Shell’s president (Bruce Culpepper) stated, “By 2050 world energy demand is projected to double, most of that growth will come from developing countries like India as its per person energy use is expected to increase more than 550 during that time frame.”
As the world’s largest integrated gas player, Shell sees this as a massive opportunity based on their incredible capabilities to produce or acquire natural gas, liquefy it, load it to a specialized tanker and ship it to developing countries such as India.
Look for Shell to continue its efforts to establish itself as a trusted partner with the Indian government and the people of India by providing energy solutions in the years to come.
2. Following the release of recent inventory data, Energy stocks continue to surge.
Energy outperformed most sectors in the S&P 500 late last week, as oil prices increased following the release of positive inventory data.
Contrary to the increase of 225,000 barrels that most experts had expected, last week U.S. crude stocks decreased by 14.5 million barrels, the biggest weekly drop in stockpiles since January 1999, according to the U.S. Energy Information Administration.
West Texas Intermediate crude futures settled at just under $48 per barrel, and the top performers included Chesapeake Energy, Diamond Offshore Drilling and Murphy Oil.
And looking at the bigger picture, the energy sector is also the top performer in the S&P 500 this year, achieving more than 17% increases.
3. Energy Secretary Ernest Moniz, plans tour of coal country.
The Obama administration's top energy official will be visiting West Virginia coal country on Monday for extended meetings regarding the region's energy future. Afterward, he plans to take a tour of the Mountaineer State's more advanced coal power plant.
The visit is spurred by the recent actions the White House has taken to send nearly $40 million to West Virginia and other coal-dependent states to help retrain and retain miners after a flurry of coal company bankruptcies and mine closures left thousands unemployed. The coal industry is finding itself facing rough times with the shift away from coal to natural gas for electricity production, anti-coal regulations by the Obama administration, and a significant decrease of global demand for U.S. coal.