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Cold snap sees European gas prices soar as supply options dwindle

Prices in Europe’s biggest gas markets surged 50 percent this week ahead of a cold snap that will test the region’s reduced supply options and make price spikes more likely as stocks run low. A late winter blast of cold in north-west Europe has left traders scrambling for gas in British, Dutch, Belgian and French markets after several setbacks to quick sources of supply in the region. These include new limits on output at Europe’s biggest gas field in Groningen, the Netherlands, and utility Centrica’s decision to close Britain’s biggest ...

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Kenya Pipeline Boosts Storage Capacity by 22% With New Tanks

Kenya Pipeline Co. will spend 5.3 billion shillings ($52 million) building four new tanks that will increase its storage space by more than a fifth, Managing Director Joe Sang said. KPC is adding capacity to meet growing demand for fuels in East Africa, the continent’s fastest growing sub-region, according to the African Development Bank. The additional tanks will accommodate increased volume from a new pipeline being built from the port of Mombasa to the capital, Nairobi, that will be completed in April, Sang said in an interview Friday. “The project ...

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Amid rapidly shifting distillate trade, BB Energy goes global

The world’s diesel markets are becoming easier to trade, with more transparency and uniform standards, a development that mid-size trader BB Energy sees as an opportunity to expand its team and develop a fully global presence. The company, founded in Lebanon 81 years ago, is aiming to go global with its distillates trading, moving beyond its Mediterranean roots and eyeing a team that can edge into business from Venezuela to Turkey that traditional oil majors view as too risky. Newly-hired global head of distillates, Frederic Lassau, told Reuters in an ...

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Plains says it has shipper support for new 585,000 b/d Texas crude pipeline

Plains All American said late Thursday its planned new Texas crude oil pipeline has received full shipper commitment, clearing the deck for its planned long-haul facility that will provide a major opportunity for Permian Basin producers in the state to send more light barrels to the US Gulf Coast, either for export or domestic refining. The planned Cactus II pipeline will run from Midland in the Permian to the Port of Corpus Christi and adjacent Ingleside crude loading terminal in the USGC and is now fully committed with long-term shipper ...

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Russia’s Novatek sees LNG demand forecast rising

Russia’s Novatek sees a global glut in liquefied natural gas (LNG) dwindling rapidly due to lack of the new projects while future LNG demand will increase, Chief Financial Officer Mark Gyetvay said on a conference call with analysts. Gyetvay said Novatek had shipped 12 LNG cargoes and three gas condensate cargoes since launching its first LNG plant on the Yamal peninsula in 2017. Source: Reuters (Reporting by Vladimir Soldatkin, writing by Denis Pinchuk)

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Will U.S. Natural Gas Prices Rise In Spring?

Even though many cities across the nation hit record high temps yesterday, it’s still hard to imagine that the Winter natural gas market is slipping away. As the last Winter contract, prompt month March expires on February 26. Prices have been at their lowest levels since June 2016. And now at 77-78 Bcf/d, record dry production is the lid on the market, with more pipelines to encourage more output this year. The ~$2.55 price is proving to be a very strong support level, the floor for now. EIA has production ...

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SOCAR’s oil refinery in Turkey to start up in Q3 2018

The first new oil refinery to be built in Turkey in 30 years will start up in the third quarter of 2018, the builder and operator Azeri state energy firm SOCAR said on Thursday. The $6 billion Star refinery will supply feedstock to Turkish petrochemicals firm Petkim to help cut Turkey’s dependence on imported refined oil products. It will boost Turkish refining capacity by 30 percent. The plant on Turkey’s Aegean coast would have capacity to process about 10 million tonnes per year (200,000 barrels per day) of crude, SOCAR ...

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Novatek seeks Saudi Aramco as partner in Arctic LNG-2

Novatek is interested in Saudi Aramco joining the Arctic LNG-2 plant as a partner, the Russian gas producer’s head Leonid Mikhelson said on Thursday, highlighting growing ties between Russia and Saudi Arabia. Both countries have been instrumental in implementing a global pact on cutting oil production by almost 1.8 million barrels per day. Novatek and its partners started producing liquefied natural gas at the Yamal LNG project last year. Novatek is headed by Mikhelson, who is ranked as Russia’s wealthiest man according to the Russian edition of Forbes. It also ...

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Interest in LNG fires up again, but the market’s different now

If you were looking for signs that the liquefied natural gas (LNG) merry-go-round is starting to spin a little faster, the announcement of a planned massive expansion in Papua New Guinea is ample evidence. Global majors Exxon Mobil and Total are considering plans to double LNG exports from Papua New Guinea to about 16 million tonnes per annum, their partner Oil Search said on Feb. 20. If approved, three new trains would be added to the existing Exxon-operated PNG LNG facility, with natural gas from Total’s fields supplying two of ...

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Stakes high in Kogas-NWS LNG price dispute

The LNG market is holding its breath over a price review arbitration case between South Korea’s Kogas, the world’s second biggest LNG buyer, and North West Shelf, Australia’s first and biggest LNG exporter. The deal at stake, a 500,000 mt/year legacy contract that expired in March 2016, would seem insignificant given the size of the companies: the equivalent of 3% of NWS capacity of 16.9 million mt/year, and only 1.3% of South Korea’s total imports of 37.2 million mt in 2017, according to S&P Global Platts Analytics. The parties hold ...

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Italy’s Eni could move ship off Cyprus but will not pull out of project – CEO

Italian oil major Eni will probably move a drilling ship that has been blocked by the Turkish navy off Cyprus but will not pull out of its project in the country, the group’s CEO said on Thursday. “It should be going to Morocco,” Chief Executive Claudio Descalzi said during a company event near Milan, when asked what the next location of the ship could be. Source: Reuters (Reporting by Giancarlo Navach, writing by Stephen Jewkes; Editing by Isla Binnie)

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As Israeli Gas Raises Frowns, El-Sisi Says Egypt Scored ‘Goal’

Egypt’s $15 billion deal to import Israeli gas was a victory that will help to transform the North African country into a regional energy hub, President Abdel Fattah El-Sisi said on Wednesday, shrugging off public concerns about warming ties with a former enemy. “We have scored a goal!” El-Sisi said to applause during the televised opening of an investment assistance center. “I’ve been dreaming about it for four years, that we become a regional hub for energy.” Israel’s Delek Drilling and Noble Energy announced earlier this week that they planned ...

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Japan power firms’ Oct LNG consumption rises 4 pct y/y

Japanese power companies consumed 4.27 million tonnes of liquefied natural gas (LNG) for power generation in October, up 3.7 percent from a year ago, preliminary electricity data from the Ministry of Economy, Trade and Industry showed. Following is a table outlining usage of main fuel by type, but it excludes fuel used for in-house power generation. Units are in tonnes, kilolitre (kl), or 1,000 cubic metres. Consumption Unit Oct-17 Sep-17 Oct-16 coal t 9,274,288 9,535,786 9,412,832 fuel oil B, C kl 277,946 234,033 358,605 crude oil kl 71,219 28,419 101,622 ...

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Why the commodity rally will get back on track

Are we in the early stages of a sustained rise in commodity prices? And what does it mean for the US dollar? We posed these questions a year ago when robust global economic growth was driving commodity demand and the US dollar was starting to tip over from a 15-year high. The two are inextricably linked, though which is the horse and which the cart is not always clear. The recent disruption in financial markets suggests it’s worth a fresh look at the relationship. Over the past couple of years, ...

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Oil refiners face rising risk from transition towards carbon-free world — Moody’s

As the world moves towards lower carbon emissions, the business of oil refining appears to be at risk in the long run from tightening regulatory environment combined with transformation in the transportation sector, said Moody’s Investor Service. While oil refiners only make up 3% of global carbon dioxide emissions of 32 gigatonnes in 2016, oil consumption contributes over 30% of the figure, said Moody’s in a oil and gas (O&G) sector in-depth report dated Feb 20. Ultimately, efforts to reduce emissions from refined products such as gasoline is expected to ...

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