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Dutch pension funds willing to invest billions in energy transition

The Netherlands’ five largest pension funds on Wednesday said they were willing to invest billions in the country’s energy transition and to help support investment in the electricity grid. In a letter, addressed to the political parties that are trying to form the country’s next government, the funds offered their joint financial firepower and expertise to help finance electricity grid expansion and sustainable heating projects in the euro zone’s fifth largest economy. “We want to make a bigger impact, we can and want to invest more in the Dutch energy ...

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Enbridge to form natural gas supply venture connecting Permian and Gulf coast

Canadian pipeline operator Enbridge ENB.TO said on Tuesday it would form a venture with I Squared Capital and pipeline firms WhiteWater and MPLX MPLX.N to connect Permian supplies to the U.S. Gulf Coast to tap into strong LNG demand for exports. Enbridge will have a 19% stake, WhiteWater and I Squared a combined 50.6% stake while MPLX will hold 30.4% in the venture. The deal is expected to close in second quarter. U.S. was the largest exporter of LNG in 2023 with several new export facilities expected to come online ...

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Asia Naphtha/Gasoline-Gasoline margin falls but hopes of strong summer demand give cheer

Asia’s gasoline margin declined on Tuesday amid fears of rising supplies, although hopes of a strong summer driving seasonal demand kept the crack above $13 per barrel. The crack slipped to $13.68 per barrel over Brent crude, compared with $15.68 a day earlier. At the deals window, 50,000 barrels of benchmark-grade gasoline changed hands, market participants said. Meanwhile, Japan’s biggest refiner, Eneos Corp, shut the 77,000 barrel-per-day (bpd) No. 3 crude distillation unit (CDU) at its Kawasaki refinery near Tokyo on March 22, for scheduled maintenance, a company spokesperson said ...

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China: TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC’s refinery

TotalEnergies and China Petroleum and Chemical Corporation (“SINOPEC”) have signed a Heads of Agreement (HoA) to jointly develop a Sustainable Aviation Fuel (SAF) production unit at a SINOPEC’s refinery in China. The planned unit, jointly owned by SINOPEC and TotalEnergies, will have the capacity to produce 230,000 tons of SAF per year, and will process local waste or residues from the circular economy (cooking oils and animal fats). SINOPEC has developed its own SAF production technology, called SRJET. TotalEnergies, already one of Europe’s leading SAF producers, will bring its experience ...

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Brazilian LNG prices surpass NWE, hitting record high versus TTF

LNG prices in Brazil strengthened and outpaced those in Northwest Europe to reach a record high against the Dutch TTF gas price. Platts, part of S&P Global Commodity Insights, assessed DES Brazil LNG for delivery 15-45 days forward at $8.484/MMBtu March 22, hitting a 10 cents/MMBtu premium to the Northwest European LNG marker. The price was also a 19.4 cents/MMBtu discount to the TTF physical price, the narrowest the discount has been since the DES Brazil assessment was launched Feb. 1, narrowing further from last week. Prices in Brazil have ...

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Iraq restarts Kirkuk-Doura Refinery crude oil pipeline

Iraq has completed the rehabilitation of a war-damaged oil pipeline from the Kirkuk oil fields to the Doura refinery in Baghdad, local Shafaq News Agency reported on Tuesday. The pipeline, operated by the Northern Oil Company, had ceased pumping crude after being damaged in 2014 due to the ISIS war. The report quoted an official source as saying that rehabilitation work was launched following directives issued by the Ministry of Oil and the Director-General of the Northern Oil Company, Burkan Hassan Abdullah to deliver crude oil to the Doura refinery ...

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Exxon warns Australia faces sharp drop in gas supply, calls for policy stability

Exxon Mobil Corp on Tuesday gave a dire warning about the outlook of Australia’s domestic gas supply, joining other gas producers in calling for policy stability and more investment in the sector. There is an urgent need for new investment in domestic gas supply and infrastructure to provide energy security and affordability for households and businesses, ExxonMobil Australia’s Commercial Director David Berman said in a speech to the Australian Domestic Gas Outlook (ADGO) conference in Sydney. “Without investment, ExxonMobil Australia estimates by 2030 domestic gas supply available to southern states ...

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Asia Distillates-Uptick in open market trading; jet fuel paper stays contango

Asia’s middle distillates markets saw a slight uptick in the window’s trading activity on Tuesday, though spot tenders for April cargoes were scant for the second straight day and jet fuel paper discussions remained in a contango structure. Talk of some flows from India to South America resurfaced after a six-month hiatus on the trade route, with some sources attributing it potentially to a lack of Russian supplies in the near term. “We estimate that a three-month 1 mb/d refining disruption would boost distillate (diesel, jet fuel) refining margins by ...

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Russian refineries targeted by Ukraine’s drones

Rosneft’s Kuibyshev oil refinery in Russia’s city of Samara halted refining unit CDU-5, knocking out half of its capacity following a drone attack over the weekend, two industry sources told Reuters on Monday. Russian oil refining capacity that was shut down in the first quarter due to Ukrainian drone attacks on at least seven refineries amounts to about 4.6 million tons (370,500 barrels per day), or some 7% of the total, Reuters calculations show, on top of maintenance related to other reasons. What was targeted and what do Russian oil ...

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EUROPE GAS-Prices ease on higher Norwegian supply, milder outlook

Dutch and British wholesale gas prices edged down on Tuesday morning as Norwegian supply ramped up to continental Europe and due to milder weather forecasts for the first week of April. The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub edged up by 0.03 euro to 28.0 euros per megawatt hour (MWh) by 1008 GMT, while the May contract TRNLTTFMc2 was 0.40 euro lower at 27.95 euros/MWh, LSEG data showed. In Britain, the front-month contract TRGBNBPMc1 was 0.70 pence lower at 71.90 pence/therm and the May contract TRGBNBPMK4 fell ...

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US natgas prices ease 1% to one-week low on mild forecasts

U.S. natural gas futures eased about 1% to a one-week closing lowon Fridayon forecasts for milder weather over the next two weeks than previously expected, ample gas in storage and expectations gas flows to liquefied natural gas (LNG) export plants would remain low through May due to outages at Freeport LNG’s plant in Texas. Freeport LNG anticipated two of the three liquefaction trains at itsexport plant will remain out of service for testing and repairs through May. Front-month gas futures NGc1 for April delivery on the New York Mercantile Exchange ...

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Exxon ahead of schedule on doubling LNG portfolio, exec says

Exxon Mobil XOM.N is ahead of schedule with its plan to double the size of its liquefied natural gas (LNG) portfolio to 40 million tons per annum (mtpa) by 2030 and will focus on selling its own gas rather than trading that of third parties, the company’s LNG chief said on Thursday. Exxon is revamping its LNG trading strategy amid growing production of the fuel and as part of a wider corporate reorganization that began in 2022. The oil major is relatively small in LNG trading compared to TotalEnergies TTEF.PA ...

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Europe Gas: Prices rise amid concerns following Moscow attack

Dutch and British wholesale gas prices rose on Monday morning amid cooler temperatures and market concerns following Friday’s shooting at a concert near Moscow. The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub was up by 1.44 euros at 28.59 euros per megawatt hour (MWh) by 0948 GMT, while the Dutch day-ahead TRNLTTFD1 contract rose 0.95 euros to 28.28 euros/MWh, LSEG data showed. In Britain, the front-month contract TRGBNBPMc1 was 1.86 pence higher at 73.60 pence/therm. The day-ahead contract TRGBNBPD1 rose 2.50 pence to 73.50 p/therm. “Terrorist attacks in ...

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Russian refining outages surge on Ukraine drone attacks: three key questions answered

The latest wave of Ukraine drone attacks on the Russian refinery system is likely to have a more meaningful impact on Russian refinery production than the ones in January and February, but ultimately are still unlikely to move the needle or impact sentiment around the softening global diesel/gasoil market. The latest attacks targeted primary refining processing units resulting in Russian waterborne product exports decreasing by an average 1 million b/d over the last two weeks. At a Wood Mackenzie briefing in February, we presented our data indicating there remained a ...

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US gas executives stress need for new storage capacity to accommodate growth

The US natural gas market has seen substantial growth in recent years but additions of new storage capacity have not kept pace, something expected to fuel volatility as the market continues to expand to meet rising gas demand, according to industry executives at the CERAWeek by S&P Global conference. “If you look back at 2010 until today, natural gas demand has grown 50%. Pipeline infrastructure has only grown 25%,” Toby Rice, CEO of Appalachian gas producer EQT, said in a March 18 interview on the sidelines of CERAWeek. “The volatility ...

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