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French cold weather boosted French gas consumption in 2016 – GRTgaz

French gas consumption rose 9.9 percent year-on-year in 2016 to 463 terrawatt/hour due to cold weather and increased use by gas-fired power plants, gas grid operator GRTgaz said on Tuesday. GRTgaz, a unit of gas group Engie, said gas consumption by industrial consumers rose 16.3 percent compared with 2015, boosted by a record 75.3 percent increase in gas use for power generation, mostly due to a shortage of electricity output from French nuclear reactors. Source: Reuters (Reporting by Bate Felix; Editing by Sudip Kar-Gupta)

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UK GAS-Prices rise on increased consumption, undersupply

Prompt British gas prices rose on Tuesday, as increased consumption and lower supplies fuelled buying. The within-day contract was up 0.60 pence at 52.60 pence per therm at 0915 GMT, while the day-ahead contract was 0.75 pence higher at 53.30 p/therm. Demand was forecast at 335.5 million cubic metres (mcm), above the seasonal norm of 304 mcm, while flows were forecast at 331 mcm/day, leaving the system undersupplied by around 6.5 mcm, National Grid data shows. Consumption is up for the day-ahead contract, but consumption for working days next week ...

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Second LNG unit completed, to arrive in Karachi in June

The second liquefied natural gas (LNG) floating storage and re-gasification unit (FSRU) to be deployed in Pakistan has been completed and will sail to Karachi on schedule. Constructed by Samsung Heavy Industries, this brand new FSRU is part of the fast-track LNG terminal being established by the Pakistan GasPort Consortium Limited (PGPC) at Mazhar Point, Port Qasim. It will provide 600mmcfd of re-gasification capacity to state-owned Pakistan LNG Terminals Limited (PLTL) under a 15-year contract at a tariff of $0.4177 per mmbtu. The FSRU, owned by the BW Group, is ...

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Israel’s Edeltech seeks deal for more natural gas from Leviathan

The partners in Israel’s giant natural gas field Leviathan said on Tuesday they have signed a non-binding letter of intent to supply natural gas to Edeltech, an Israeli private power provider. The two sides are negotiating terms of a potential binding deal, which would include the supply of 14.8 billion cubic meters of gas over 17 years, the Israeli partners Delek Drilling and Avner Oil said in a statement. Delek Drilling and Avner each hold 22.67 percent of Leviathan, while Texas-based Noble Energy owns 39.66 percent. Such a deal would ...

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JKM monthly: Price for Feb delivery jumps 21% on month to $9.488/MMBtu

The Platts JKM for February delivery averaged $9.488/MMBtu over December 16 to January 13, jumping 20.8% from a month earlier, on limited supply and demand from some end-users as well as traders and portfolio players. The shutdown at the Chevron-operated Gorgon LNG Train 1, on Barrow Island in Western Australia, from late November to early January provided support, with cargoes for February delivery heard to be limited. As a result, supply tenders concluded at strong levels. Chinese CNOOC’s sell tender offered one DES cargo each for February and March, which ...

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RIL Q3: Strong refining margins may offset petchem weakness

Reliance Industries Ltd (RIL) is likely to report a gain in quarterly profit as a strong performance in its refining business may help offset weaker petrochemical margins. Net profit, excluding those of its units, may increase to Rs7,842 crore on a revenue of Rs65,752.6 crore for the three months ended 31 December, according to a Bloomberg survey of 11 analysts. In the year-ago quarter, the company reported a profit of Rs7,218 crore on revenue of Rs56,567 crore. RIL will announce its third-quarter earnings on Monday. At 9.15am, RIL was trading ...

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UK GAS-Prompt prices fall on milder weather

“An increase in forecast temperatures over the balance of this week have seen prompt prices open the session lower, with pressure filtering out to the near curve,” said Marcel Boonaert, head of trading at Wingas UK. Britain’s Met Office said temperatures could reach 10 degrees Celsius in parts of the country, compared with below zero temperatures last week. Home heating accounts for 40 percent of Britain’s gas use, meaning temperatures can have a big impact on gas demand. Britain’s gas system was oversupplied by 9.9 million cubic metres (mcm) per ...

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Seasonality takes centre stage in Egyptian gas market

Egypt’s gas market is poised to undergo profound changes in the next five years, and these could have an impact on the global liquefied natural gas (LNG) market, seeing Egypt position itself as a prominent seasonal player, research from global natural resources consultancy Wood Mackenzie shows. After five years of falling gas production and switching from a net exporter to a net importer, Egypt’s fortunes look set to change. As a number of major offshore gas developments come on stream in the next few years, including BP’s West Nile Delta ...

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India fuel consumption to hit 200 million tonnes in 2016/17 – oil ministry

India’s fuel consumption is likely to hit 200 million tonnes in 2016/17, an oil ministry executive said on Monday, in what would be the highest such level in at least 16 years. “Demand for petroleum products is increasing as the economy grows. India has the best growth amongst the large economies in the world … we have massive hunger for petroleum products,” said oil ministry Additional Secretay A K Sawhney. India’s fuel consumption surged 10.9 percent to 183.5 million tonnes in 2015/16. A level of 200 million tones would compare ...

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Asia LNG prices dip on output; European demand in focus

Asian spot liquefied natural gas prices fell from a two-year high this week as a production restart in Angola and Australia plants boosted supply back into a subdued market, which was reeling under outages and high seasonal demand. The spot price of LNG for February delivery to North Asia fell to $9.50 per million British thermal units (mmBtu), 25 cents lower than last week’s level, traders said. Prices for March deliveries were significantly lower at around $8.25/mmBtu and in focus as the market prepares to shift trade from February to ...

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LNG deals struck to aid gas-starved southern France

A natural gas supply crunch has turned a quiet corner of southern France into a premium market rivalling Asia in terms of attractiveness for global liquefied natural gas (LNG) shipments, with several due to arrive over the coming weeks, traders said. France’s gas grid operator GRTgaz said on Friday that low LNG deliveries to the Fos-sur-Mer terminal in the country’s south had led to tight supply, prompting heavy reliance on stored reserves to meet winter demand. The situation, which began in November, has led to a spike in the gas ...

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French gas becomes world’s most expensive

This week, southern France and Spain became number one and two for the world’s most expensive gas, overtaking Asian LNG spot prices. The French TRS February gas contract rose to $10.39/mn Btu yesterday, while the Argus northeast Asia (Anea) spot LNG price was $9.43/mn Btu. Spain also beat northeast Asia with its PVB February gas contract at $10.31/mn Btu. In another sign of how gas is becoming more globalised, French and Spanish prices had to rise to encourage LNG imports, and therefore compete with Japan, China, India, and others. Prices ...

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Japan’s average LNG spot price for cargoes contracted in Dec rises 14% on month to $8/MMBtu

Japan’s LNG buyers paid $8/MMBtu for spot cargoes contracted in December, surging 14.3% from November, data released by the Ministry of Economy, Trade and Industry showed Friday. The ministry does not disclose delivery months of cargoes contracted. Platts JKM averaged $8.935/MMBtu in December, which reflects spot deals concluded for January and February deliveries to Japan and South Korea. The JKM jumped during December as demand increased following an outage at Australian Gorgon LNG facility’s Train 1. On December 1, the Platts JKM for cargoes for delivery in January was assessed ...

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Natural gas prices in 2016 were the lowest in nearly 20 years

Natural gas spot prices in 2016 averaged $2.49 per million British thermal units (MMBtu) at the national benchmark Henry Hub, the lowest annual average price since 1999. The monthly average price fell below $2.00/MMBtu from February through May, but later increased, ending the year at an average of $3.58/MMBtu in December. Warmer-than-normal temperatures for most of the year and changing natural gas demand were the main drivers of natural gas prices in 2016. Natural gas prices in U.S. regional markets were volatile in 2016. In the first quarter of the ...

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Argentina resumes gradual crude price cuts

Argentina’s retail fuel prices increased by 8pc today, one dimension of a broad agreement between the oil industry and the government to gradually cut the country’s artificially high domestic crude price. Under the terms of the agreement, local refiners will pay $59.4/bl for 34°API Medanito and $48.3/bl for 24°API Escalante this month. The prices will then decrease gradually every month before reaching $55/bl and $47/bl, respectively, in July. That price would be applicable until the end of the year, when the terms of the agreement expire. The deal also limits ...

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