Disgraceful Santos under-invests as it gouges

The company at the heart of national energy crisis, Santos, is taking the piss. Via Credit Suisse: Solid quarter operationally Santos delivered a solid operational performance in 1Q17, with production of 14.8mmboe and sales of 18.6mmboe. Net debt was down US$380m, to US$3.1bn, although heavily helped by asset sales and the SPP. All guidance for


Daily iron ore price update (psychiatric help)

Iron ore price charts for April 19, 2017:    Spot rebounded. Paper and coking coal futures too. Steel not so much and that’s your clue to the future. Fundies are excited: “At these prices, we think the miners are looking demonstrably cheap,” said Garth Rossler, chief investment officer at Maple-Brown Abbott, who has been topping


Big Iron dead cat rides!

Dalian iron ore and coking coal futures have recovered a little today: As has Big Iron after being flogged yesterday afternoon: But the chart damage is done. Indeed, BHP looks like it’s about to join RIO and FMG in the broken head and shoulders top club: We’re clearly already in oversold territory but I do


Yes, Santos, it is your fault

Some sense today from alien anal-probing victim Resources Minister Matt Canavan: Resources Minister Matt Canavan has declared gas swap contracts aimed at increasing domestic ­supplies should be left to the ­private sector, as he repeats calls for state governments to free up resources to help prevent a looming energy crisis. Arguing the Coalition wanted more


ACCC goes after BHP gas cartel

The next time BHP whinges about the price of electricity in SA, remember this: The competition watchdog has launched a formal investigation into the Bass Strait gas marketing arrangements of ExxonMobil and BHP Billiton, two of the biggest winners of the east coast crunch, to see if they have contravened the Competition and Consumer Act.


Daily iron ore price chart (smash, crash, bash)

Iron ore price charts for April 18, 2017: Tianjin benchmark crashed $3.10 to $61.50. Paper is still in free fall. Coking coal futures were put to the sword. Bloomberg reckons we’re near the bottom: Iron ore futures have fallen more than seven percent in the past two days despite encouraging data showing the economy in China,


Do-nothing Malcolm waves lettuce leaf at gas cartel

Via The Australian: The Turnbull government has renewed warnings it could foist tougher regulations on the gas sector ahead of a high-powered meeting on getting more gas to east coast domestic users and as manufacturers warn they face a “price disadvantage” compared with Japan, Europe and the US. Ahead of talks tomorrow between gas industry


MB Radio: Rort of the Elites

Just weeks out from the 2017 Federal budget Gunnamatta spoke with David Llewellyn Smith and Leith van Onselen about the economic backdrop framing budget decisions, as well as the dynamics of Australia’s key commodity exports and the implications this has for the economic outlook, employment, incomes growth and the housing market.  With the federal government and


Fortescue’s dream production run ends badly

FMG is out with its Q3 production report this morning and when it rains it pours: Fortescue has released its March 2017 quarterly production results, reporting shipments of 39.6 million tonnes of iron ore. Cash production costs (C1) were US$13.06 per wet metric tonne (wmt), a 12 per cent improvement over the prior comparable period