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With the possible exceptions of Israeli-Palestinian negotiations and talks on the reunification of Cyprus, the ongoing parley between Russia and China on a long-term natural gas supply agreement is fast becoming a candidate for the world’s most intractable.
As traders react to the prospect that Poland may actually have 93% less gas-bearing shale than previously expected, the question is how much “phantom” gas elsewhere in the world needs to be taken out of supply calculations — and how much more seriously Russian gas behemoth Gazprom (OGZPY, quote) needs to be taken as a global competitor.
While Japan’s exports fell in February by 2.7% compared to a year earlier, the country enjoyed a trade surplus of $393 million, its first surplus in five months.
