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Trump greenlights Keystone XL pipeline, but obstacles loom

U.S. President Donald Trump’s administration approved TransCanada Corp’s Keystone XL pipeline on Friday, cheering the oil industry and angering environmentalists even as further hurdles for the controversial project loom. The approval reverses a decision by former President Barack Obama to reject the project, but the company still needs to win financing, acquire local permits, and fend off likely legal challenges for the pipeline to be built. “TransCanada will finally be allowed to complete this long-overdue project with efficiency and with speed,” Trump said in the Oval Office before turning to ...

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GLOBAL LNG-Asian spot prices slip as demand stays weak

Asian spot LNG prices fell this week on poor demand from major gas-consuming regions despite a slew of new purchase tenders. The May spot LNG contract fell by $0.25 cents to $5.40 per million British thermal units (mmBtu), with new production coming on stream in Australia and the United States. Analysts and traders mainly blamed low demand for driving prices lower. In the Middle East, Abu Dhabi was staying on the sidelines of the market and new solar power capacity in Dubai was eroding gas demand there. In Asia, imports ...

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End of Winter Pushes U.K. Natural Gas to Longest Slide in Decade

The bears are firmly in control of Europe’s oldest natural gas market heading into the final week of the winter season. The front-month contract is set for a seventh weekly decline, the longest such streak since February 2007, as mild weather is seen damping demand. Above-average supply from Norway, the U.K.’s biggest foreign supplier, is being supplemented with increased LNG as tankers find their way back to northwest Europe after favoring Asia over the winter. “The milder weather across the continent and the return of warmer weather in the U.K. ...

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U.S. oil refiners push for biofuels overhaul at White House

U.S. oil refining executives met with a senior official in President Donald Trump’s administration at the White House last week to argue their position for an overhaul of the nation’s biofuels program, two people in the meeting told Reuters. While it is not unusual for the White House to meet with stakeholders on key issues, the meeting is a sign the Trump administration is actively considering possible changes to the wide-reaching program. Executives from Valero Energy Corp, Delta Airlines’ refiner Monroe Energy, CVR Energy Inc. and several others met with ...

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Speculators boost U.S. natgas net longs to most since May 2014 -CFTC

U.S. natural gas speculators this week boosted their net longs for a third week in a row to the highest since May 2014, betting prices will keep rising as production remains stagnant and exports climb. Speculators in four major NYMEX and ICE markets added to their bullish bets by 34,366 contracts to 340,471 in the week to March 21, the U.S. Commodity Futures Trading Commission said on Friday. That was the biggest weekly gain since December. Gas futures on the New York Mercantile Exchange averaged $2.99 per million British thermal ...

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World’s top LNG buyers form alliance to push for flexible contracts

The world’s biggest liquefied natural gas (LNG) buyers are clubbing together to secure more flexible supply contracts in a move that further shifts power to buyers rather than producers. Korea Gas Corp (KOGAS) said on Thursday it had signed a memorandum of understanding in mid-March with Japan’s JERA and China National Offshore Oil Corp (CNOOC) to exchange information and “cooperate in the joint procurement of LNG.” Japan, China and South Korea are the world’s biggest LNG importers, accounting for about 55 percent of global purchases, according to data from energy ...

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U.S. LNG Positioned for Anchor Role in Global Markets: S&P Global Platts

The U.S. shale revolution and resulting increased exports of U.S. liquefied natural gas (LNG) has positioned the U.S. to play a new primary role in the global natural gas and LNG markets, according to S&P Global Platts. LNG exports are becoming an increasingly important market driver in the U.S. natural gas markets, with a new focus toward LNG values at the U.S. Gulf Coast, the country’s heaviest concentration of liquefaction plants and largest storage hub for export-bound natural gas. Kwhame Gittens, manager, commodity risk solutions (Americas), S&P Global Platts, said: ...

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India’s crude oil refinery output declines 2.3% in February 2017

India’s crude oil refinery output declined 2.3% to 18.71 mt in February 2017 over February 2016. The output of public sector refineries fell 3.7% to 10.17 mt, while the output of private refineries dipped 3.1% to 7.26 mt. However, the refinery output of public-private JV refiners moved up 17.0% to 1.28 mt in February 2017. Among public refineries, the output of Chennai Petroleum Corporation dipped 49.4% to 0.44 mt, while the output of Mangalore Refineries plunged 5.7% to 1.19 mt, and Hindustan Petroleum Corporation 1.8% to 1.38 mt in February ...

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Europe’s refinery processing in Feb up y/y -Euroilstock

Europe’s refineries processed 10.541 million barrels per day (bpd) of crude oil in February, 3.8 percent more a year earlier, Euroilstock data showed. Total refinery output rose by 4.9 percent but was just 0.7 percent higher than January’s production, the data showed. Total crude processed was down 0.1 percent from January as maintenance turnarounds cut into processing. The data also showed output of high-quality transportation fuels slipping from January, possibly due to maintenance on upgrading units. Gasoline output fell by 1.1 percent from January, and diesel fell by 0.1 percent, ...

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China’s Sinopec buys first major refinery in Africa from Chevron

China’s Sinopec will pay almost $1 billion for a 75 percent stake in Chevron Corp’s South African assets and its subsidiary in Botswana to secure its first major refinery in Africa, the companies announced on Wednesday. China Petroleum and Chemical Corp, or Sinopec, Asia’s largest oil refiner, said the assets include a 100,000 barrel-per-day oil refinery in Cape Town, a lubricants plant in Durban as well as 820 petrol stations and other oil storage facilities. Chevron Global Energy Inc said in a statement that Sinopec’s bid was selected in part ...

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Wintershall says ready to continue supporting Nord Stream 2

Wintershall , one of the former western partners of Russia’s Gazprom in the ongoing Nord Stream 2 pipeline project, on Wednesday said it was still looking for ways to support the plan after opposition by Poland last year prompted it to withdraw from the plan. “We are still prepared to weigh in on this project and I am optimistic that we will find a good solution,” Chief Executive Mario Mehren told reporters at the Kassel headquarters. Gazprom said on Tuesday it had discussed Nord Stream 2 with Wintershall parent company ...

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ICE to offer first U.S. Gulf Coast LNG futures contract

With the United States about to become a net exporter of natural gas for the first time in 60 years, Intercontinental Exchange Inc (ICE) said on Wednesday it will soon begin trading a first-ever U.S. liquefied natural gas (LNG) futures contract. The new contracts will begin trading in May. The exchange is rolling them out as growing LNG exports propel the U.S. transition from a net importer of gas to a net exporter of the fuel, which is expected to happen later this year or in 2018. ICE said the ...

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Sinopec to boost capacity of China’s largest shale gas project to 10 bcm

China’s Sinopec Corp expects to boost production capacity of China’s largest commercial shale gas project to 10 billion cubic meters, up from 7 bcm, it said in statement. Sales of the clean fuel from Sinopec’s Fuling Project near Chongqing in western China hit 16 million cubic meters on a daily basis, equivalent to serve the need of 32 million households, the company said. Sinopec launched operations of three wells recently, it stated. Source: Reuters (Reporting by Meng Meng and Aizhu Chen; Editing by Sherry Jacob-Phillips)

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LPG market to grow by 12,000 tonnes in Q2

The Liquefied Petroleum Gas, LPG, market is expected to hit an additional storage capacity of about 12,000 metric tonnes, says the president, Nigeria Liquefied Petroleum Gas Association (NLPGA), Dayo Adeshina. Speaking to Vanguard Energy, Adeshina said this development will bring about better opportunities for Nigerians against recent scarcity which led to hike in the prices of LPG across the country. Energy He stated: “Lagos is the major terminal for gas. But others are coming up on stream which are Calabar and Port-Harcourt. It should be ready quarter two this year. ...

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Canada’s natural gas extraction industry facing declining market share

Prospects for Canada’s natural gas producers continue to deteriorate as continued strength in U.S. production results in weaker demand for Canadian gas and low prices, according to The Conference Board of Canada’s latest Canadian Industrial Outlook: Gas Extraction. “North America’s regional natural gas market has changed greatly over the last decade. Rising U.S. shale production has increasingly squeezed Canadian natural gas out of some U.S. markets,” said Carlos A. Murillo, Economist, The Conference Board of Canada. “And not only is the U.S. market moving toward self-sufficiency, but the U.S. gas ...

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