Energy

Russia Reduces Natural-Gas Supply to Europe in Price Dispute With Ukraine Russia’s natural gas dispute with Ukraine worsened, shutting off fuel shipments to Europe for the first time in three years and driving energy prices higher.

Oil Rises to 5-Week High Above $50 on OPEC Supply Cuts, Russia Gas Dispute Crude oil rose above $50 a barrel to a five-week high as Kuwait and Qatar indicated they will implement supply cuts announced by OPEC last month, and a dispute between Russia and Ukraine reduced natural gas shipments to Europe.

Obama May Use Chavez as First Test for Pledge to Engage With Adversaries In a mirrored office tower overlooking Caracas, a top Venezuelan official says his government is ready to accept Barack Obama’s offer to talk with U.S. adversaries -- if the president-elect scraps George W. Bush’s division of the world into friends and foes.

Skilling's Fraud Conviction Upheld in Enron Collapse; Resentencing Ordered A federal appeals court upheld former Enron Corp. Chief Executive Officer Jeffrey Skilling’s conviction for spearheading the fraud that led to the demise of the world’s largest energy trader.

Israel Attacks Gaza School, Killing 30 People, as Cease-Fire Bid Founders Israeli forces fighting Hamas in the Gaza Strip struck a school run by the United Nations, killing at least 30 Palestinians who were hiding in the compound, a UN official said.

Dow to Seek More Than $2.5 Billion in Damages After Kuwait Cancels Venture Dow Chemical Co., the largest U.S. chemical maker, plans to seek more than $2.5 billion from Kuwait for canceling a joint-venture agreement and will consider a new partner to invest in its basic-plastics business.

New York, 10 Other Northeast States to Cut Vehicle-Fuel Carbon Emissions New York and 10 other northeastern U.S. states agreed to develop new standards for low-carbon fuels burned in car and truck engines to help reduce their emissions of carbon dioxide, the main gas blamed for global warming.

Coal-Ash Deluge May Bring New U.S., State Regulation of Power Producer TVA The deluge of ash from a coal-fired power plant that buried 300 acres of eastern Tennessee is sparking new state and federal scrutiny of the Tennessee Valley Authority, the largest U.S. public power company.

European Gas Prices Jump After Russia Curbs Supplies, Temperatures Plunge European spot natural-gas prices jumped after Russia said only a fraction of its pipeline deliveries were reaching buyers in the region as a result of a dispute with Ukraine.

Nymex Gas Falls on Concern Demand Will Fall Further as Recession Deepens Natural gas in New York fell on concern demand for the fuel will decline further as a recession in the U.S. deepens.

UN Secretariat Suspends Russian Carbon Registry for Non-Payment of Fees A United Nations administrator that oversees the system that tracks ownership of greenhouse gas credits suspended the Russian registry after that nation failed to pay its 2008 fee.

Alaskan Oil Tanker Loading Halted Yesterday at Valdez on Severe Weather Alyeska Pipeline Service Co., the operator of the 800-mile (1,287-kilometer) Trans-Alaska crude-oil pipeline, suspended a tanker loading yesterday at the Port of Valdez, Alaska, because of high winds and choppy seas.

Medvedev Says Gazprom Supplies to Europe `Deteriorating' Due to Dispute OAO Gazprom Deputy Chief Executive Officer Alexander Medvedev talks with Bloomberg's Francine Lacqua about Russia's dispute with Ukraine over natural gas prices and transit fees and the impact on supplies to Europe.

Commerzbank's Weinberg Says Ukraine Reserves `Comfortable' in Gas Dispute Eugen Weinberg, a senior commodity analyst at Commerzbank AG, talks with Bloomberg's Rishaad Salamat about the gas dispute between Russia and Ukraine.

Hedge Funds Will Be Ruined by Withdrawal Limit: Commentary by Matthew Lynn Looking for a new definition of a hedge fund? How about an organization that takes 20 percent of the profits on your money in the good times, then refuses to let you have it back when the weather turns rough?

Petronas Warned by Ethiopian Rebels Not to Resume Oil Production in Ogaden Petroliam Nasional Bhd. was urged by rebels in Ethiopia’s Ogaden Basin not to resume oil exploration in the eastern region.

Ukraine Says Gazprom Cut Gas Supply to European Nations by Over 75 Percent OAO Gazprom, Russia’s gas-export monopoly, reduced deliveries to Europe via Ukraine by more than 75 percent and may cut supplies “completely,” said Oleh Dubina, the chief executive officer at Ukraine’s state energy company.

Shell Reduces Gas Spot Prices in India as Users Switch to Cheaper Naphtha Royal Dutch Shell Plc cut by almost 30 percent the price of natural gas to be sold in India this month because of competition from cheaper naphtha, a buyer said.

European Gas Prices Jump After Russia Curbs Supplies, Temperatures Plunge European spot natural-gas prices jumped after Russia said only a fraction of its pipeline deliveries were reaching buyers in the region as a result of a dispute with Ukraine.

Nymex Gas Falls on Concern Demand Will Fall Further as Recession Deepens Natural gas in New York fell on concern demand for the fuel will decline further as a recession in the U.S. deepens.

UN Secretariat Suspends Russian Carbon Registry for Non-Payment of Fees A United Nations administrator that oversees the system that tracks ownership of greenhouse gas credits suspended the Russian registry after that nation failed to pay its 2008 fee.

Alaskan Oil Tanker Loading Halted Yesterday at Valdez on Severe Weather Alyeska Pipeline Service Co., the operator of the 800-mile (1,287-kilometer) Trans-Alaska crude-oil pipeline, suspended a tanker loading yesterday at the Port of Valdez, Alaska, because of high winds and choppy seas.

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