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Germany’s national network regulator says gas consumption last week was down 31% compared to figures from 2018-2021. Officials say that has to do with unseasonably warm weather as well as heightened consumer awareness. According to the Bundesnetzagentur, Germany’s federal network regulator, households and light industry in the country consumed less gas last week than the average for the same period between 2018-2021. The news followed a similar find from the week prior. Agency President Klaus Müller said households consumed an average of 608 gigawatt-hours per day in calendar week 41, ...

Germany is currently in a “comfortable” position regarding its gas supply security, but demand reduction efforts are still needed to ensure there are no gas shortages this winter, the regulator Bundesnetzagentur said Oct. 20. The regulator presented four scenarios for the upcoming winter, which differ depending on the level of imports and winter weather-related demand projections in Germany and its neighbors. The scenarios, it said, had been recalculated since August given the improved market situation since then, in particular given the high level of gas storage stocks following government-mandated filling ...

Rising power demand following the post-covid opening up of the economy has brought thermal power generators into focus. While renewable capacities are growing at a fast pace, the dependence on thermal and hydropower will continue, considering that renewables contribute in low double digits, and may not be able to meet peak seasonal demand, said analysts. Hydropower generation is seasonal and gas-based generation has been impacted by rising natural gas prices. Hence, thermal power capacity addition is likely to continue, and even some stressed assets may find takers. Demand for thermal ...

Speaking at the 48th Annual South Carolina International Trade Conference on the “Customer Strategy Post Pandemic” panel, Narin Phol – Maersk North America’s Regional Managing Director recommended building resiliency into supply chains, developing technology solutions and decarbonization solutions. The messages underlined this year’s conference theme “Elevating the importance of Supply Chains.” “Supply chain disruption is a constant,” observed Mr. Phol, who added the past few years have elevated this reality and shown the importance of supply chains to everyone in the business community. “Don’t take anything for granted,” he warned ...

By sector, tech and financials obtained inflows worth $769 million and $595 million, respectively, after outflows in the previous week. Meanwhile, bond funds saw a fifth straight week of net selling, as investors withdrew a net $4.16 billion. U.S. short/intermediate investment-grade and loan participation funds recorded disposals worth $4.16 billion and $896 million, respectively, but safer government bond funds had an eighth weekly inflow, amounting to $4.52 billion. Money market funds had $5.85 billion of weekly outflows after $5.88 billion in inflows a week ago. Source: Reuters (Reporting by Gaurav ...

North America Prompt VLSFO and LSMGO grades are readily available in the Houston area and off the US Gulf Coast. Both grades can be tight for very prompt dates (0-3 days) in New Orleans. The earliest delivery dates with a supplier in New Orleans are about four days out. Several suppliers in the Galveston Offshore Lightering Area (GOLA) have held back offers for prompt delivery dates and for dates further out due to tight schedules and bad weather. Bad weather is forecast from Friday evening through to next Wednesday and ...

Confidence among British consumers remained close to the lowest level on record this month with households facing double-digit inflation, rising interest rates and political chaos, survey showed on Friday. Market research firm GfK’s consumer confidence index rose to -47 from -49 in September which was its weakest level since the survey was launched in 1974. Economists polled by Reuters had expected a worse reading of -52. The survey of 2,001 people was conducted between Oct. 3 and Oct. 13, covering the period after Prime Minister Liz Truss agreed to a ...

Olympia Ocean Carriers sold their vintage Capesize “Arethousa” 169/2001 Sasebo, Japan (SS 06/2026, DD 07/2024, BWTS fitted)

Offshore wind turbine installation is today only done in very benign weather conditions due to the risk of severe impact of the wind turbine installation vessels’ (WTIVs) legs with the sea bed, leading to structural damage to the vessel or cargo. If the weather deteriorates, vessels have to wait until conditions improve before work can resume. “However, high day rates make delays very costly and there is rising pressure to widen the weather window to undertake projects more efficiently as the industry gradually moves further into new territory with harsher ...

JSW Steel, one of the major steel producers of the country, may post a 90 percent decline in consolidated profit after tax to about Rs 700 crore in the quarter ended September, according to a poll of brokerages conducted by Moneycontrol. Consolidated revenue is expected to increase 21 percent on year to Rs 39,490 crore. On a sequential basis, profit is likely to slip 20 percent due to lower realisations even as revenue increases by 4 percent, aided by higher volumes. The decline in global metal prices impacted sentiment and ...

Seadrill Limited announces that it has entered into binding Share Purchase Agreements (“SPAs”) under which it will sell its entire 35% shareholding in Paratus Energy Services Limited (formerly Seadrill New Finance Limited) and certain other interests (“Sale”). Paratus Energy Services Limited is the entity through which investments in SeaMex Group, Seabras Sapura and Archer Ltd are held. Completion of the Sale is subject to customary closing conditions, including approval of competition authorities in relevant jurisdictions, and is anticipated to occur within the fourth quarter of 2022 or early 2023. Source: ...

Eastbound gas flows via the Yamal-Europe pipeline to Poland from Germany fell on Friday morning, data from pipeline operator Gascade showed. Exit flows at the Mallnow metering point on the German border of the Yamal pipeline were at 897,051 kilowatt hours (kWh) per hour between 0700 CET and 0800 CET, versus 1.382 million kWh/h between 0500 and 0600 CET, the data showed. Nominations for Russian gas into Slovakia from Ukraine via the Velke Kapusany border point stood at 36.7 million cubic metres (mcm), unchanged from the previous day, Ukrainian transmission ...

Low water levels on the Mississippi River are likely to persist this winter as drier-than-normal weather is expected across the southern United States and Gulf Coast, U.S. government forecasters said. Drought, which currently spans 59% of the country, is expected to continue or worsen in the middle and lower Mississippi River valley as well as in much of the West and the Great Plains, the National Oceanic and Atmospheric Administration’s (NOAA) Climate Prediction Center said in its winter (December-February) outlook. Above-average precipitation, however, expected in the Midwest and the Ohio ...

Britain’s biggest domestic bank Lloyds said it would not support direct financing to develop new oil and gas fields, joining a small number of lenders to push back on funding expansion of the industry. Lloyds updated its climate policy to make the change, which bars project financing or reserve-based lending to greenfield oil and gas projects, although the policy would still mean it could provide general lending to companies in the industry. Although Lloyds exposure to the sector is small, the move reflects growing pressure on banks to do more ...

In the first nine months of 2022, almost the same freight volume was handled in the port of Rotterdam as last year: 351 million tonnes (+0.3%). There are some underlying major differences, though, especially due to the war in Ukraine, the sanctions against Russia, and the changes in global energy flows. For instance, considerably higher volumes of coal and LNG were imported as alternatives to Russian natural gas. Container transhipment decreased, especially as a result of the loss of trade with Russia. Allard Castelein, CEO Port of Rotterdam Authority: “The ...