A new World Bank report says that Russia is likely to bear the brunt of changes to regional climate brought on by global warming.  Gazprom, currently feuding with Rosneft over blocked access to energy infrastructure, may rework its 'tough line' of fining European customers that do not buy the minimum-stated amount of gas each month.  Rosneft has outlined plans for $6 billion worth of offshore investment for the next few years.  The question of Iranian nuclear capability continues to be debated in the press.  '[U.S.] administration officials claim to have won Moscow's agreement to join in sanctions should Iran refuse to make a deal,' says the Washington Post, but the paper is also running this Reuters story: 'the Kremlin said that sanctions against Iran are highly unlikely in the near future.' Naftogaz October gas bill from Russia is to be ...

France's Total and Russian independent gas producer Novatek have concluded a $900 million project to develop a Siberian gas field.  'The cooperation can expand even further', says Vladimir Putin. Gazprom has defended its performance in response to recent criticism about underselling: 'we . . . don't see any reason for panic and pessimism'.  The company hopes that the US will approve its plans to produce and export gas in Alaska.  Prime Minister Putin has instructed that a plan be drawn up to improve Russia's gas liquefying facilities.  Russia has been granted an invitation to bid for a nuclear power plant in Egypt.  Ukrainian Prime Minister Yulia Tymoshenko says that Kiev will pay its gas bill on time.  Medvedev has said that Russia is ready to invest billions in the Nigerian energy sector.  Gazprom has ...

Ukraine has apparently paid its May gas bill and expects an apology from Moscow about aspersions casts upon its ability to pay for gas supplies.  Medvedev has counseled Ukraine to not look 'offended' when asked about insolvency but instead try 'to honor their liabilities.'  Vice-Premier Igor Sechin has said that the Saudi Arabian prediction that oil will reach $150 a barrel is realistic.  Alexei Kudrin has apparently called OPEC 'ineffective' at preventing volatility in the oil market.  In the future, gas from the Shah Deniz field in Azerbaijan could be exported to Russia rather than to Western Europe.  Germany's E.ON group has made a deal to acquire 25% of the Siberian Yuzhno Russkoye gas field from Gazprom.  The CEO of Royal Dutch Shell has warned that oil prices may spike if there ...

Gazprom has demanded that Turkmenistan either reduce the price or the volume of its gas, as energy tensions between the two nations escalate.  The company is also apparently seriously worried by the pumping of gas into underground storage facilities in Ukraine.  Year on year, Gazprom has announced a 34% fall in production.  As Ukraine tries to settle its May gas bill, Sergei Shmatko has again threatened that failure to pay will result in Gazprom switching to 100% prepayments.  'The price of a barrel oil went past $68 during the day on Monday June 1st, the highest level in seven months': the Economist looks at the resurgence of oil prices, and the disadvantages that it may pose.  'The current oil price is the least comfortable for Russia', says an economist on how Russia's fates will change with ...

Energy Minister Sergei Shmatko has said that Russia's gas output may fall by 18-20% this year.  Shmatko has adopted a more reassuring tone than his counterparts on the supply of gas to Europe, saying 'there are all the necessary reasons to see stable supplies . . . The problems of January 2009 will not be repeated'.  BP has said that it will nominate Pavel Skitovich, a former envoy to Uganda and Polyus CEO, for the post of CEO at TNK-BP, an appointment which should end the standoff between shareholders that has marred the company's fortunes of late.  This week Russia is expected to sign a deal to supply the US with low-enriched uranium.  Gazprom Neft is moving a step closer to a takeover of Sibir Energy as it increases its stake, making a cash offer for ...

Gold added about $20 to its price in Sydney trading first thing on Monday morning. This lasted right up until Hong Kong trading started a few hours later, and then went into a slow decline from there. This decline lasted through London…and then Comex trading in New York. Gold added to its gains in after-hours Globex trading.

Silver followed a similar path until New York opened. The price spike that ensued quickly got extinguished…and silver got sold off for about 50 cents right into the Comex close. From there the price recovered somewhat.

Volume in gold trading on Monday was still pretty light…but three times heavier than Friday’s volume. The HUI tacked on another 3% to the upside. Considering that the U.S. dollar came within an eyelash of gaining two full cents yesterday, I guess we should be thankful that both metals did as well as they did.

As far as changes in

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