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Investing to maintain high gas production at Troll

Equinor and the Troll partners have decided to invest just over NOK 12 billion to further develop the gas infrastructure in the Troll West gas province. This will accelerate production from the reservoir and thus maintain the current high gas export levels from the Troll and Kollsnes value chain leading up to 2030. Stage 2 of the Troll Phase 3 project includes eight new wells from two new templates with subsea controls extended from existing templates. A new gas flowline will be laid as a tie-back to the Troll A ...

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HOT PORT NEWS from GAC

Cyclone Remil approaching 24 May 2024, Bay of Bengal India A low-pressure area over the southwest & adjoining west-central Bay of Bengal is expected to intensify further. READ MORE Weather warning 24 May 2024, Fujairah United Arab Emirates The UAE National Center for Meteorology has issued a Weather Warning for all offshore areas of the Oman Sea. READ MORE Proposed ship channel project user fee 24 May 2024, Houston United States A proposed Project 11 User Fee is scheduled to be implemented mid-2025 to pay for channel widening. READ MORE ...

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Canada’s TMX pipeline expansion to boost Asian crude oil trade

Canada’s Trans Mountain pipeline expansion (TMX) commenced partial operations on 1 May, a milestone in the global energy market. The pipeline will ship 590 kbpd to Canada’s Pacific Coast from Alberta and will open up unparalleled access for Canadian crude oil to the booming Asian market. As a result, Aframax demand will be created amid this new trade route. Although new trade patterns, which emerged after the EU sanctions on Russia, will continue to support Aframax demand, there is little scope for a further alteration in trade patterns because of ...

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Asia Distillates-Margins hit one-year low as ample supplies weigh

Asia’s middle distillates markets remained soft, with refining margins GO10SGCKMc1 hitting below the $14 a barrel level for the first time in slightly more than a year as ample supplies remained a key bearish factor. Talks of more India-origin and Middle East-origin cargoes heading to Asia for May continued to weigh on overall discussion levels, though uncertainty on China-origin exports were still prevalent. Chinese refiners will likely focus their production yield on middle distillates still, several trade sources said. Some analysts expect regional demand to remain slightly better given some ...

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EU in talks with Germany after criticising gas tariff

The European Commission is continuing talks with Germany over a gas tariff Brussels and other countries have said undermines Europe’s energy market, the Commission said on Thursday. Germany’s gas levy, which charges its neighbours an extra fee for buying gas from its storage, has faced criticism from some EU countries, who say it hurts their efforts to quit Russian gas – by making it more expensive to buy non-Russian gas delivered via Germany. The Commission had prepared legal action against Germany last month over the issue, sources familiar with the ...

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MABUX: Bunker Outlook, Week 21, 2024

In Week 21, the MABUX global bunker indices showed irregular changes with no clear trend. The 380 HSFO index decreased by a symbolic 0.13 USD: from 544.26 USD/MT last week to 544.13 USD/MT. The VLSFO index fell by 2.53 USD (654.27 USD/MT versus 656.80 USD/MT last week). The MGO index, on the contrary, increased by 3.63 USD (from 838.55 USD/MT last week to 842.18 USD/MT). At the time of writing, a steady downward trend was observed in the global bunker market. The MABUX Global Scrubber Spread (SS) – the price ...

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ENGINE: Europe & Africa Bunker Fuel Availability Outlook

· Availability is normal in the ARA · Subdued bunker demand off Malta · VLSFO runs dry in Nacala and Maputo Northwest Europe Bunker fuel availability is normal in Rotterdam and in the wider ARA hub. Lead times of 3-5 days are recommended to ensure full coverage from suppliers, a trader said. These lead times are roughly unchanged from the previous week. The ARA’s independently held fuel oil stocks have averaged 4% higher so far this month than across April, according to Insights Global data. Higher imports have helped boost ...

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Asia Fuel Oil-VLSFO market gains as Singapore inventories slide

Asia’s low-sulphur fuel oil (VLSFO) market gained on Thursday after stocks at key trading hub Singapore plunged to the lowest in five-and-a-half years. Cash premiums for VLSFO rose by 41 cents to $8.16 a metric ton. Cash differential for 180-cst HSFO was pegged at a premium of $7.36 a ton, while the premium for 380-cst traded at $7.48 per ton. Inventories for fuel oil STKRS-SIN lost 17.46% weekly to log 15.778 million barrels (2.48 million metric tons), the lowest after the week ended Oct 31, 2018, Enterprise Singapore data showed. ...

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Asia Naphtha/Gasoline-Gasoline margin little changed; stocks drop

Asia’s gasoline markets held steady on Thursday, above $8 per barrel over Brent crude, after stocks at major commercial hubs in the United States and Singapore declined. A cargo of 92-octane grade gasoline was traded at $90.20 a barrel for mid-June delivery at the window, market participants said. U.S. gasoline stocks USOILG=ECI fell by 945,000 barrels in the week to 226.8 million barrels, the Energy Information Administration said, more than forecasts for a 729,000-barrel draw. Traders are anticipating firm demand in the U.S. around the Memorial Day holiday this weekend. ...

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Oil falls for fourth straight session, US demand in focus

Oil prices fell on Thursday for the fourth session in a row, as the prospect of higher-for-longer U.S. interest rates raised worries around demand growth in the world’s biggest oil market. Brent crude oil futures were down 45 cents, or 0.6%, at $81.45 a barrel by 11:50 am ET (1550 GMT). U.S. West Texas Intermediate (WTI) crude futures were 57 cents, or 0.7%, lower at $77 a barrel. S&P Global data showed accelerating U.S. business activity this month, but manufacturers also reported a surge in prices for a range of ...

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Northport receives the largest ever container vessel to berth at its terminal

Northport (Malaysia) Bhd (“Northport”), a member of MMC Group, celebrated a historic milestone as it welcomed MV OOCL Japan on 20 May 2024, the largest ever container vessel to berth at its facilities. Owned by Orient Overseas Container Line (“OOCL”) Limited, MV OOCL Japan boasts a capacity of 21,413 TEUs, setting a new record for Northport by surpassing the previous largest ship to call at its port, Eugen Maersk, which had a capacity of 11,000 TEUs in 2013. This monumental event is a testament to Northport’s capability to accommodate Ultra ...

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Oil and gas contracts market sees 37% decline in value during Q1 2024, reveals GlobalData

The oil and gas contracts market faced turbulence, with a notable quarter-on-quarter (QoQ) decline of 37% in disclosed contract value, dropping from $50.2 billion in Q4 2023 to $31.4 billion in Q1 2024. This decline was accompanied by a decrease in overall contract volume, reveals GlobalData, a leading data and analytics company. GlobalData’s latest report, “Oil and Gas Industry Contracts Review by Sector, Region, Terrain, Planned and Awarded Contracts and Top Contractors and Issuers, Q1 2024 ,” reveals that the overall contract volume decreased from 1,346 in Q4 2023 to ...

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US natgas stockpiles seen up 85 bcf in week ended May 17

U.S. utilities likely added a smaller-than-usual 85 billion cubic feet (bcf) of natural gas into storage last week as low gas prices earlier this year caused drillers to cut output, a Reuters poll showed on Wednesday. The outlook compares with an injection of 97 bcf during the same week a year ago and a five-year (2019-2023) average increase of 92 bcf for this time of year. In the week ended May 10, utilities added 70 bcf of gas into storage USOILN=ECI. The forecast for the week ended May 17 would ...

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IMET to present next-gen remote control for more efficient pipeline construction

Radio remote control specialist IMET will use Pipeline & Gas Expo 2024, taking place 29th–31st May in Piacenza, Italy, to introduce its new TITAN transmitter for the safer, more efficient, and convenient operation of equipment, including excavators, trenching machines, and pipelayers. IMET, a company with over 30 years of experience in designing and manufacturing radio remote control solutions for industrial, construction, agricultural, and general mobile applications, will spotlight its new TITAN transmitter at the upcoming Pipeline & Gas Expo. While TITAN is suitable for a wide range of applications, this ...

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OPEC+ to discuss situation on oil market at June meeting, Russia’s Novak says

OPEC+ countries will be discussing the current situation on the global oil market at the alliance’s meeting scheduled for June 1, Russian Deputy Prime Minister Alexander Novak said on Wednesday, according to Interfax news agency. Novak, when asked about the possibility of revising the commitments under the current OPEC+ agreement, said he did not want to speculate about the outcome of the meeting. Source: Reuters (Writing by Maxim Rodionov)

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