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Asia Distillates-Soft market trend persists, China majors offer more April jet fuel

Asia’s middle distillates market extended its soft trend against a backdrop of persistently weak regional supply fundamentals going into April and mixed demand expectations, with margins declining for the sixth week. April spot discussions remained brisk through the week as key refiners came out with their sale offerings, weighing on supply fundamentals, though some India-origin offers remained to be seen. The paper market was briefly in a contango as a result of the weak physical market fundamentals mid-week, but subsequently it went back to a backwardated price structure tracking the ...

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Ukraine says Russian oil refineries are legitimate targets

A Ukrainian deputy prime minister said on Friday Russian oil refineries were legitimate targets for its forces, after a media report said the United States, a close ally, had asked Kyiv to stop conducting drone strikes on refineries. Ukraine dramatically stepped up its attacks on Russian energy facilities this month, launching numerous long-range drones to strike Russia’s biggest refineries, resulting in the temporary suspension of production at some of them. “We understand the calls of the U.S. partners, but at the same time we are fighting with the capabilities, resources, ...

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Asia Naphtha/Gasoline-Gasoline market gains as inventories decline

Asia’s gasoline refining margin gained on Thursday after inventories at key trading hubs of Singapore and the United States dipped. The crack rose to $13.84 per barrel over Brent crude, compared with $12.64 per barrel a day earlier. The price for the benchmark-grade of gasoline jumped to about $100.60 a barrel, market participants said. At the deals window, 250,000 barrels of 92-octane grade of transportation fuel changed hands, they added. Total U.S. gasoline stocks declined by 3.31 million barrels to 230.77 million barrels in the week ended March 15, data ...

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Prices ease amid short-lived cold spell, comfortable supply

Dutch and British wholesale prompt gas prices mostly slipped on Thursday morning, as an upcoming cold spell should be short-lived while more wind should cut demand from the power sector. The benchmark front-month contract at the Dutch TTF hub was down by 0.15 euros to 27.30 euros per megawatt-hour (MWh) by 0932 GMT, LSEG data showed. In Britain, the front-month contract TRGBNBPMc1 was 1.38 pence lower at 70.00 p/ther, while the day-ahead contract TRGBNBPD1 was down 0.80 pence to 68.50 pence per therm. “A brief cooler and wetter episode will ...

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US natgas prices ease 1% on forecasts for less demand ahead of storage report

U.S. natural gas futures eased about 1% on Thursday on forecasts for less demand over the next two weeks than previously expected and on expectations gas flows to liquefied natural gas (LNG) export plants will remain low for a couple of months due to ongoing outages at Freeport LNG in Texas. That small price decline came ahead of a government report expected to show an unusual build in stockpiles last week when unseasonably warm weather kept heating demand low. Utilities usually do not start adding gas to storage until late ...

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How emission taxes on imports could transform the global LNG market

The environmental credentials of liquified natural gas (LNG) are under increasing scrutiny. Despite emitting about half the CO2 of coal when combusted, the LNG value chain remains highly carbon intensive and plagued by methane losses. In response, LNG players are actively working to reduce the greenhouse gas (GHG) footprint of their projects. This all comes at a cost, however, and buyers’ reluctance to pay a premium for lower-emission LNG has so far curbed sellers’ appetite to commit to major investment to reduce carbon intensity. This could be about to change. ...

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Saudi Aramco gas output to rise 60% by 2030 – Executive

Saudi state energy giant Saudi Aramco will increase gas output by 60% by 2030, Aramco’s Executive Vice President for Strategy and Corporate Development Ashraf Al Ghazzawi said at an energy conference on Wednesday. Aramco recently halted plans to expand oil output capacity and is focused on developing unconventional gas fields similar to U.S. shale fields in the kingdom. The company has also said it is looking at opportunities to invest in liquefied natural gas (LNG) projects abroad. Source: Reuters (Editing by Simon Webb)

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Asia Distillates-Market slightly more volatile, more South Korea-origin cargoes on offer

Asia’s middle distillates markets were volatile through the day on Thursday, despite slightly slowing activity in the open spot market, with a portion of the paper discussion entering into a contango price structure for a short spurt in the late afternoon. “Even if the market turned contango, it will still be hard to send cargoes West as the West price structure has to be the same,” one trade source said. The market however saw more spot sale tenders emerging, in line with earlier expectations, as refiners went about with their ...

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China’s refined product demand to fall by 20 mln tons per year -Sinopec CEO

Rising sales of electric cars in China will reduce refined product demand in the nation by 20 million tons per year, the CEO of China’s largest oil refiner said on Tuesday. Sinopec Corp, the world’s largest oil refiner with processing capacity for 6 million barrels per day, is building more than 6,000 charging stations with 60,000 charging points, Dong Zhao said at the CERAWeek energy conference. Source: Reuters (Reporting by Arathy Somasekhar)

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Europe Gas: Prices down on mild weather, solid inventories

Dutch and British wholesale prompt gas prices were down on Wednesday morning, amid healthy inventories, mild weather and strong flows of liquefied natural gas (LNG). The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub eased by 1.00 euros to 28.15 euros per megawatt hour (MWh) by 0934 GMT, while the day-ahead contract TRNLTTFD1 was down 0.70 euros at 28.00 euros/MWh, LSEG data showed. In Britain, the day-ahead contract TRGBNBPD1 fell by 2.23 pence to 72.00 pence per therm. “It is a slightly bearish market, due to warmer weather and ...

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Asia Naphtha/Gasoline-Gasoline margin steady, but concerns of slow demand weigh

Asia’s gasoline margin was steady on Wednesday amid a lack of trades at the deals window, but concerns around lower-than-expected regional demand during Eid festivities weighed on market sentiment. The crack rose marginally to $12.64 per barrel over Brent crude, compared with $12.61 a day earlier. On the supply side, China’s gasoline output rose by about 11% to 25.7 million tons in January and February combined, data released by the National Bureau of Statistics showed. Meanwhile, light distillate stocks at the Fujairah commercial hub rose by 447,000 barrels to 7.530 ...

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Petronas starts construction of floating LNG facility for Argentina

Malaysia’s state energy firm Petronas PETR.KL has begun the construction of a floating liquefied natural gas (FLNG) processing unit to be placed off the coast of Argentina, which aims to begin exports by 2027, a senior executive told Reuters on Tuesday. The first unit planned for Argentina will be able to produce up to 2 million metric tons per annum (MTPA) of the superchilled gas, said Petronas Senior Vice President of LNG Abang Yusuf. “The floating LNG project is progressing good and we expect to start that (floating unit) by ...

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Petronas looking at new LNG investments in Atlantic Basin, says executive

Malaysia’s state energy firm Petroliam Nasional KL> is considering new investments in the Atlantic Basin for its liquefied natural gas (LNG) business, a senior executive said on Tuesday. Known as Petronas, the company is aiming to increase its share of the global liquefied natural gas market to 10%, Senior Vice President for LNG Abang Yusuf said at the CERAWeek energy conference. Petronas also is looking at taking an equity stake in the second phase of LNG Canada’s gas-export plant in Kitimat, British Columbia, on the west coast of Canada, he ...

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Argentina may have first LNG plant ready in 4 years if reforms pass -Tecpetrol

Argentina could inaugurate its first liquefied (LNG) project in four years if economic and energy reforms proposed by President Javier Milei are passed by congress soon, the CEO of producer Tecpetrol said on Tuesday. The South American country is going through a difficult economic situation but the reforms would make it more attractive for energy investment and remove fiscal imbalances, said Tecpetrol CEO Ricardo Markous at the CERAWeek by S&P conference in Houston. Argentina’s Senate last week rejected Milei’s wide-ranging economic reforms decree, a blow to the libertarian leader’s austerity ...

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Project financing less important for new LNG projects, Venture Global CEO says

More funding for future liquefied natural gas (LNG) plants will rely on internal financing instead of the project financing that has paid for most projects to date, Venture Global LNG ‘s CEO said. The U.S. has become the world’s largest LNG exporter due to the shale gas revolution and construction of massive liquefaction plants, most funded by bank and project financing. “Increasingly we will see less project financing and more financing from the balance sheet,”, said Venture Global LNG CEO Michael Sabel. In part, the changeover reflects the growth of ...

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