OIL WEIGHED DOWN BY A STRONG DOLLAR
Oil prices edged down Monday, depressed by a strong dollar and concerns that a reduced global appetite for oil may frustrate efforts by major producers to eliminate a supply overhang.
Brent crude, the global oil benchmark, fell 0.46% to $51.87 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 0.43% at $48.61 a barrel.
An appreciating U.S. dollar helped pushed down crude futures.
FOREIGN SOLAR FIRMS GAIN UNEXPECTED SUPPORT IN TARIFF FIGHT
A U.S., solar equipment provider is pushing for Washington to slap a tariff on imported solar cells, writes Erin Ailworth.
“The U.S. International Trade Commission this week will hear initial arguments, for and against, a petition filed by bankrupt solar-panel maker Suniva Inc. to levy a 40-cent per watt tariff on imported solar cells, the piece of equipment that converts sunlight into electricity,” the Journal reports.
“A glut of low-cost solar panels—mainly manufactured in Asia—have pushed prices down in recent years. The phenomenon has hurt Suniva, which filed for chapter 11 protection in April and closed two manufacturing facilities in Michigan and Georgia,” writes Ms. Ailworth.
Suniva and its co-petitioner, SolarWorld Americas Inc., say that the tariff would boost domestic manufacturers and force overseas rivals to move plants to the U.S.
Meanwhile, foreign solar equipment providers that may be adversely affected by an import tariff have gained support from an unexpected corner.
Low-cost Asian imports have been a boon for U.S. solar installers, helping spur the adoption of rooftop solar panels, according to the trade group Solar Energy Industries Association, or SEIA, which is seeking to thwart Suniva’s efforts.
The ITC will make a final recommendation to the Trump administration by November.
OILFIELD EQUIPMENT SUPPLIER KNIGHT ENERGY FILED FOR CHAPTER 11
The downturn in oil continues to reap casualties as oil services firm Knight Energy Holdings LLC threw in the towel and filed for bankruptcy last week, writes Jonathan Randles for Dow Jones Newswires.
Knight Energy filed for bankruptcy to move ahead with a debt-cutting plan that transfers ownership of the company to its lenders.
The firm said it intends to implement a restructuring agreement that exchanges more than $175 million in senior debt for equity in the reorganized business.
“The restructuring plan, which must be approved by a judge, is supported by lenders Clearlake Capital Partners LLC and Cantor Fitzgerald Securities, which hold more than 87% of the company’s senior debt,” the Journal reports.