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Ukrainian drones attack Russian oil refinery in Kaluga region – source

Ukraine attacked a small oil refinery in Russia’s Kaluga region with drones early on Friday, causing damage in an operation that was conducted by the GUR military spy agency, a Ukrainian intelligence source told Reuters. Kyiv has conducteda string of drone attacks on major Russian oil facilities in the last week, trying to target the lifeblood of the Russian economy more than two years after Moscow launched itsfull-scale invasion of Ukraine. The privately-owned Kaluga refinery, located some 65 kilometres (40 miles) from the outskirts of Moscow, is not one of ...

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Prices edge up on lower wind, LNG concerns

Dutch and British wholesale prompt gas prices edged up on Friday morning as Norwegian supply was stable but wind generation was expected to remain low over the coming week and concerns about liquefied natural gas (LNG) supply remain. The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub inched up by 0.10 euros to 26.40 euros per megawatt hour (MWh) by 1013 GMT, while the June contract TRNLTTFMc3 was 1.25 euro higher at 26.20 euros/MWh, LSEG data showed. In Britain, the contract for working days next week TRGBNBPWDNW rose by ...

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Asia Naphtha/Gasoline-Naphtha crack falls below $100/t on poor demand

Asia’s naphtha refining profit margin extended losses on Friday as persistently high prices of the product dented demand sentiment, while steam crackers continued to prefer cheaper alternative feedstock propane, market players said. The crack fell by about $4 to $98.43 per metric ton over Brent crude in a steady backwardation of $16 per ton. At the deals window, there were no trades for both naphtha and gasoline, market participants said. Meanwhile, gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub were steady at 1.23 million ...

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Three key takeaways from our Europe gas markets short-term outlook Q1 2024

European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set to stay that way? Our latest quarterly Europe gas markets short-term outlook takes a deep dive into European gas demand, supply and pricing in 2024 and beyond. Fill in the form to download an extract from the full report, or read on for three key takeaways. 1. Demand should recover slightly in 2024 under normal weather Warm temperatures and low electricity demand meant European gas demand ...

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Softer spot LNG prices see demand gain, contrast with contract pain

Lower spot prices for liquefied natural gas (LNG) in Asia have yet to drive a significant boost in demand for the super-chilled fuel, although there is an increase in appetite from price-sensitive buyers such as India and China. Asia’s imports of LNG are estimated at 22.59 million metric tons for March by commodity analysts Kpler, slightly below the 22.69 million recorded for February. Given the seasonality of LNG demand, which peaks in the northern winter and summer, it’s worth looking at the year-earlier months, and here the story is of ...

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Analysts see US gas storage surplus widening again as mild weather persists

Market analysts are looking for another bearish gas storage report from the US Energy Information Administration March 14 as mild weather and weak demand continue to pad domestic inventories. According to the latest gas storage survey from S&P Global Commodity Insights, the EIA is expected to announce a withdrawal of just 3 Bcf from US inventory for the week ended March 8. With the transition from winter to spring beginning earlier than usual this year, nearly half of those surveyed said they expect the agency to announce a net injection ...

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Asia Distillates-Discounts steepen for second week, markets await China’s April activity

Asia’s middle distillates market remained soft on persistently poor demand-supply fundamentals, with spot market discounts steepening for the second straight week and refining margins declining for the fifth week. Spot trading liquidity was upbeat at the start of the week but discussions slowed down gradually, given that it was nearing the rollover of trading months soon. There some expectations that the market could switch direction next week, since the April and May backwardation price structure is still steeper than March and April, one source said. However, sales by refiners mostly ...

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BP and Abu Dhabi National Oil Co. suspend major purchase in Israeli gas firm

Plans for a 50% stake purchase by energy major BP and the Abu Dhabi National Oil Co. (Adnoc) in Israeli gas producer NewMed Energy are on hold because of regional turbulence, NewMed said Wednesday. The three companies “have agreed, due to the uncertainty created by the external environment, to suspend discussions in relation to the proposed transaction,” a NewMed statement said. The company’s share price dropped as much as 8% on the Tel Aviv stock exchange at the start of the trading day. The statement also said that BP and ...

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Asia Naphtha/Gasoline-Naphtha crack falls after crude rises

Asia’s naphtha refining profit margin declined on Thursday after prices of the product rose in tandem with a strength in crude oil benchmarks. The crack slipped by about $3 to $102.75 per metric ton over Brent crude in backwadation of $16 per ton. The price of second-half April naphtha continued to rally and rose by $13.50 to $735 per ton. At the deals window, energy trader Trafigura bought 25,000 tons of naphtha for first-half May loading at $727 per ton, market participants said. Meanwhile, Singapore light distillate inventories rose by ...

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Europe Gas: Prices trade in narrow range amid weak demand, mild weather

Dutch and British wholesale gas prices were trading in a narrow range on Thursday morning amid healthy storage inventories, strong flows of liquefied natural gas (LNG) and above normal temperatures. The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub was almost flat, inching up by 0.03 euros to 24.65 euros per megawatt hour (MWh) by 0947 GMT, while the Dutch day-ahead TRNLTTFD1 contract was down 0.33 euros at 24.45 euros/MWh, LSEG data showed. In Britain, the front-month contract TRGBNBPMc1 was 0.30 pence lower at 61.45 pence per therm. The ...

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US natgas prices climb on bigger-than-expected storage withdrawal

U.S. natural gas futures extended gains on Thursday, having hit their lowest level in over two weeks earlier in the session, after a weekly report showed a bigger-than-expected storage withdrawal last week. Front-month gas futures NGc1 for April delivery on the New York Mercantile Exchange rose 2.4 cents, or 1.5%, to $1.682 per million British thermal units at 11:31 a.m. EDT (1531 GMT). The U.S. Energy Information Administration (EIA) said utilities pulled a larger-than-expected 9 billion cubic feet (bcf) of gas out of storage during the week ended March 8. ...

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Asia Distillates-Liquidity thins, cracks rebound but spot discount steepens

Asia’s middle distillates markets recorded slightly less upbeat market activity amid mixed signals such as rising ICE gasoil prices, higher stockpiles in Singapore and overall less profitable east-west arbitrage price spreads. Spot cargoes for April continued to be discussed in discounts of more than $1 a barrel, as major South Korean refiners closed their sale tenders at such levels. Little change in the east-west arbitrage price spreads limited spot discussions mostly within the region, with freight costs also gaining a fair bit in the two trading sessions in comparison with ...

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Sinopec starts natgas production at 2bcm per year at Sichuan gas field

China’s Sinopec 600028.SS, 0386.HK has begun production at a natural gas field in southwestern China’s Sichuan province with an annual production capacity of 2 billion cubic metres (bcm), according to a statement released by the company on Tuesday. The West Sichuan Gas Field project has total reserves of 100bcm of natural gas, the Chinese state oil and gas major said, adding that the field is also expected to produce 130,000 metric tons of sulfur per year. The project is Sinopec’s third gas field in the Sichuan Basin with more than ...

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German energy sector more exposed to global LNG, says E.ON CEO

Germany has freed itself from its dependency on imported Russian gas but has swapped that for exposure to the dynamics of global markets for liquefied natural gas (LNG), E.ON EONGn.DE chief executive Leonhard Birnbaum said on Wednesday. “Pipeline gas from Russia has been lost and we now depend on international LNG markets, for example on China’s economy and gas sales there,” he said in reply to questions during a news conference after presenting financial results for 2023. Europe has not recovered from the aftermath of the energy crisis started by ...

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Nord Stream operator says three offshore gas pipelines damaged in one day

Three offshore lines of the Nord Stream gas pipeline system on the bed of the Baltic Sea sustained “unprecedented” damage in one day, Nord Stream AG, the operator of the network, said. The bulletin was published after Sweden’s Maritime Authority issued a warning about two leaks in the Nord Stream 1 pipeline, shortly after a leak on the nearby Nord Stream 2 pipeline was discovered that prompted Denmark to restrict shipping in a five nautical mile radius. Nord Stream AG said it was impossible to estimate when the gas network ...

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