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UK GAS-British wholesale gas prices mostly rise on maintenance, low wind output

British wholesale gas prices mostly rose on Friday morning, with planned maintenance at the St Fergus gas terminal expected to curb supply and low wind power output set to buoy demand. * Day-ahead gas prices were up 0.60 pence at 30.50 pence per therm by 0802 GMT. * Within-day gas prices were flat at 30.00 p/therm. * Analysts at Refinitiv said in a daily research note that the St Fergus outage was one of the major bullish drivers for the market. * St Fergus operator NSMP said the terminal’s capacity ...

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Nord Stream 2 launch could be delayed to next year: Ifax

Russia’s Nord Stream 2 gas pipeline project to Germany may launch in 2020, rather than the end of 2019, due to delays in obtaining permits from Denmark, Interfax news agency on Friday quoted Nord Stream 2 AG as saying. The Russian-led company has two pending route applications with Danish authorities, the first of which was submitted more than two years ago, but it was asked in March to assess a third route option in Danish waters. Nord Stream 2 was quoted by Interfax as saying that the launch date could ...

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Total halts German refinery units for checks on contaminated Russian crude

French oil and gas major Total said on Friday that it had suspended operations at some units of the 230,000 barrel-per-day Leuna refinery in Germany for technical checks due to contamination affecting Russian crude supply. “It is expected that operations will resume as early as Saturday, using alternative supply via Gdansk (in Poland),” the company said in a statement. “With the continuing problems in connection with the Druzhba pipeline, the capacity of the refinery will remain limited,” it said, adding that efforts would be made to limit the effect on ...

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MARKETS SNAPSHOT FOR 17/05/19

NASDAQ-Adv: 909 Dec: 2,242 NYSE-Adv: 747 Dec: 747 (Source: Nasdaq)

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Oil slips but ends week higher on Mideast supply disruption fears

Oil prices edged lower on Friday due to demand fears amid a standoff in Sino-U.S. trade talks, but both benchmarks ended the week higher on rising concerns over supply disruptions in Middle East shipments due to U.S.-Iran political tensions. Iran said on Friday it could “easily” hit U.S. warships in the Gulf, the latest in days of sabre-rattling between Washington and Tehran, while its top diplomat worked to counter U.S. sanctions and salvage a nuclear deal denounced by President Donald Trump. U.S. sanctions on Iran have already cut the OPEC ...

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Dollar gains as European concerns hurt euro, sterling

The dollar rose on Friday as concern about next week’s European parliamentary elections dented demand for the euro, while the British pound dropped to a four-month low on worries about Britain’s exit from the European Union. The dollar has been favoured as a safe-haven currency even as the U.S.-China trade war escalates. The euro has been hurt this week by Italian Deputy Prime Minister Matteo Salvini’s comments that European Union rules harm his country. The elections will shake up the continent, leading to a relaxation of budget rules and influencing ...

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NOURA Service update – Seasonal evolution

Willing to broaden our port coverage to East Africa, we would like to share with our customers the seasonal service evolution in our NOURA service. A direct weekly call to Maputo, Mozambique, will be added on NOURA during austral winter from Weeks 26 to 36, thus offering a competitive transit time from Jebel Ali to Maputo (29 days) Starting with M/V CMA CGM LA TOUR 0NL2BS1MA ETD Jebel Ali 01/06/2019, the new NOURA seasonal rotation will be: Primary route: Jebel Ali – Mombasa – Mogadishu – Longoni – Beira – ...

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Trans-Pacific Market: SC1 Void Sailing and EX1 Ad Hoc Yantian Call for Recovery/ AW4 Void Sailing

Please be informed that APL will be implementing the following void sailings on the South China Loop 1 (SC1) and China AW Loop 4 (AW4) services, as well as the recovery measures: SC1 Void Sailing Affected Vessel Port Original Schedule Port Rotation APL ESPLANADE Fuqing, China ETA 2 Jun 2019 Fuqing – Nansha – Hong Kong – Yantian – Xiamen – Los Angeles – Oakland – Fuqing Los Angeles, U.S. ETA 22 Jun 2019 Contingency Plans: • Fuqing exports to be loaded on next SC1 voyage CMA CGM CHRISTOPHE COLOMB ...

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China’s Zhejiang Energy plans to build LNG receiving terminal in Liuheng

China’s Zhejiang Energy has signed a cooperation framework agreement with Shenzhen Energy and Liuheng management committee, the local administrative agency in Zhejiang Zhoushan islands new district, to jointly invest and develop an LNG receiving terminal project in Liuheng island, east China, a source with the company said Friday. The first phase of the project will include building one berth capable of berthing 266,000 cubic meter LNG carriers, one LNG ship refueling terminal and three LNG storage tanks of 200,000 cu m each, which is expected to have a handling capacity ...

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Iron ore miners surge on record China steel production

Iron ore prices have leapt higher again pushing Rio Tinto shares through the landmark $100 level, in the wake of reports of low inventories and record steel production in China and fresh supply concerns from Brazil. Prosecutors in Brazil on Friday warned another dam belonging to the world’s biggest iron ore miner, Vale, could be at risk of rupture within days. The news underlines the massive challenges that have plagued Vale since the January collapse of its Brumadinho dam killed hundreds of people. Iron ore prices have jumped almost 30 ...

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India: Centre procures 29 million tonne of wheat so far

The Centre has purchased 29.26 million tonne of wheat from farmers in the ongoing 2019-20 marketing year so far, according to latest government data. The Centre has set the wheat procurement target at 35.7 million tonne for the 2019-20 marketing year (April-March) on hopes of a record 100 million tonne production this year. State-run Food Corporation of India (FCI) along with state government agencies buy wheat at the minimum support price to meet the demand of welfare schemes. Wheat MSP has been fixed at Rs 1,840 per quintal for this ...

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UK’s Flotta crude oil supplies shut in, adding to market tightness

The UK’s Flotta crude oil supplies have been shut in for repairs after hydraulic fluid was found to be leaking from a valve, the pipeline’s operator, Repsol Sinopec, said. The shutdown is likely to compound tightness in the North Sea crude oil market resulting from disruptions to Norwegian supply, seasonal maintenance and reduced volumes entering Europe from outside the region. Repsol Sinopec, a Chinese-Spanish joint venture, gave no indication of when supply would resume, adding that the issue was discovered last weekend at its Claymore platform, which also contributes to ...

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US oil and gas rig count falls by six on the week to 1,065: Platts Analytics

The US oil and natural gas rig count fell by six to 1,065 in the week ending Wednesday, according to the latest data from S&P Global Platts Analytics, as nationwide totals continued the steady decrease seen during the past six months. Oil-specific rigs accounted for the drop, falling by 14 to 838, while gas-driven rigs rose by six to 224. An increase of two was registered for rigs not specified for oil or gas. The total US rig count the same week a year ago was 1,117. The oil and ...

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China finance minister vows bolder moves in proactive fiscal policy

Chinese Finance Minister Liu Kun has vowed bolder and more effective measures to implement the government’s proactive fiscal policy. China’s fiscal policy remains proactive this year, but is bolder in terms of tax and fee cuts and focuses more on efficiency in the allocation and use of fiscal funds, Liu said in an article posted on the ministry’s website Thursday. “China will counter the uncertainties in the external environment with certainties in its policy,” Liu said in the article. The ministry will support the fight against financial risks, and put ...

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Euro zone April inflation confirmed at 1.7 percent, core rate revised up

Euro zone prices rose by 1.7 percent in April, EU statistics agency Eurostat confirmed on Friday, while slightly revising upwards its estimates for core inflation. Eurostat said consumer prices in the 19-nation euro zone were 1.7 percent higher year-on-year, the same level as the flash estimate published on May 3, from 1.4 percent in March. The acceleration offers some mild relief to the European Central Bank, which targets inflation of just below 2 percent, although the jump was likely related to the later timing of Easter this year. Month-on-month, euro ...

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